Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings markets its products worldwide.

<ul>
<li>Kioxia is getting ready to complete its IPO in Japan as soon as in October. Kioxia's valuation is expected to exceed JPY 1.5 trillion (about USD 10.3 billion).</li>
<li>SK Hynix's stake in Kioxia (through Bain led consortium) is 19%. SK Hynix's stake in Kioxia would rise to 34% if the CBs are converted into equity. </li>
<li>The IPO of Kioxia has mixed implications for SK Hynix which is a major shareholder. However, the IPO of Kioxia has a more direct negative impact on Samsung Electronics.</li>
</ul>


Kioxia is getting ready to complete its IPO in Japan as soon as in October. Kioxia's valuation is expected to exceed JPY 1.5 trillion (about USD 10.3 billion).
SK Hynix's stake in Kioxia (through Bain led consortium) is 19%. SK Hynix's stake in Kioxia would rise to 34% if the CBs are converted into equity. 
The IPO of Kioxia has mixed implications for SK Hynix which is a major shareholder. However, the IPO of Kioxia has a more direct negative impact on Samsung Electronics.


Initial Thoughts on the Kioxia IPO - Impact on SK Hynix and Samsung Electronics

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

<ul><li>Nvidia posted earnings yesterday, and guidance was light of buy-side bogeys. I’m not going to step into the mind game of bogeys here, but there are some finer points to focus on.</li><li>NVIDIA reports Q3 EPS $0.81 ex-items vs FactSet $0.75. Reports Q3: Revenue $35.08B vs FactSet $33.17B (2 billion beat like clockwork)</li><li>Q4 Guidance: Revenue $37.5B +/- 2% vs FactSet $37.09B (a bit light). GAAP and non-GAAP gross margins are expected to be 73.0% and 73.5%, respectively, +/- 50 bps. (also light)</li></ul>

Nvidia posted earnings yesterday, and guidance was light of buy-side bogeys. I’m not going to step into the mind game of bogeys here, but there are some finer points to focus on.NVIDIA reports Q3 EPS $0.81 ex-items vs FactSet $0.75. Reports Q3: Revenue $35.08B vs FactSet $33.17B (2 billion beat like clockwork)Q4 Guidance: Revenue $37.5B +/- 2% vs FactSet $37.09B (a bit light). GAAP and non-GAAP gross margins are expected to be 73.0% and 73.5%, respectively, +/- 50 bps. (also light)

NVIDIA: Waiting on Blackwell, and the Networking Question

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Monolithic Power Systems, Inc / Equity Bottom-Up

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

<ul><li>Monolithic Power Systems (MPS) recently reported a robust performance for the third quarter of 2024, epitomizing significant revenue growth and diversification across its product portfolio.</li><li>The company attained a record quarterly revenue of $620.1 million, marking a 22% increase from the previous quarter and an impressive 30% growth year-over-year.</li><li>This growth trajectory is attributed to MPS's advancing market strategy diversity and the beneficial onset of revenue steams from past design wins.</li></ul>

Monolithic Power Systems (MPS) recently reported a robust performance for the third quarter of 2024, epitomizing significant revenue growth and diversification across its product portfolio.The company attained a record quarterly revenue of $620.1 million, marking a 22% increase from the previous quarter and an impressive 30% growth year-over-year.This growth trajectory is attributed to MPS's advancing market strategy diversity and the beneficial onset of revenue steams from past design wins.

Monolithic Power Systems: Expansion in Diversified Markets Driving Our 'Buy' Rating! - Major Drivers

Synaptics Incorporated develops custom-designed user interface solutions.  The Company's solutions enable people to interact with a variety of mobile computing and communications devices.  Synaptics offers a touch-sensitive pad that senses the position of a person's finger on its surface to provide screen navigation, cursor movement, and a platform of interactive input.

<ul><li>Synaptics Incorporated's recent earnings call provided a detailed overview of their first-quarter fiscal year 2025 performance, highlighting both positive and challenging aspects of their operations.</li><li>A positive takeaway from the call is the company's solid financial performance in the quarter.</li><li>Revenue increased by 8% year-over-year to $257.7 million, surpassing the midpoint of guidance.</li></ul>

Synaptics Incorporated's recent earnings call provided a detailed overview of their first-quarter fiscal year 2025 performance, highlighting both positive and challenging aspects of their operations.A positive takeaway from the call is the company's solid financial performance in the quarter.Revenue increased by 8% year-over-year to $257.7 million, surpassing the midpoint of guidance.

Synaptics Incorporated: Can Its Core IoT Growth & Pipeline Expansion Give Them A Competitive Edge? - Major Drivers

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

<ul><li>Qualcomm is aggressively pushing into the PC market, aiming to transform its identity from a mobile chip giant to a diversified computing powerhouse.</li><li>At its recent investor day, Qualcomm announced bold revenue projections of $4 billion from PC chips by 2029, alongside significant strides in automotive, industrial IoT, and XR markets.</li><li>This marks a pivotal moment as Qualcomm ventures beyond its traditional smartphone business, which currently accounts for 75% of its chip revenue.</li></ul>

Qualcomm is aggressively pushing into the PC market, aiming to transform its identity from a mobile chip giant to a diversified computing powerhouse.At its recent investor day, Qualcomm announced bold revenue projections of $4 billion from PC chips by 2029, alongside significant strides in automotive, industrial IoT, and XR markets.This marks a pivotal moment as Qualcomm ventures beyond its traditional smartphone business, which currently accounts for 75% of its chip revenue.

Qualcomm’s $4 Billion PC Chip Bet: Can It Dominate Beyond Smartphones?

Semiconductors
Insights on Semiconductor Supply Chain

Initial Thoughts on the Kioxia IPO - Impact on SK Hynix and Samsung Electronics

Kioxia plans to complete its IPO on 18 December, valuing Kioxia at ¥750 billion ($4.8 billion). The IPO is priced at ¥1,390 ($9) per share. The...

Douglas Kim

NVIDIA: Waiting on Blackwell, and the Networking Question

Nvidia posted earnings yesterday, and guidance was light of buy-side bogeys. I’m not going to step into the mind game of bogeys here, but there...

Fabricated Knowledge

Monolithic Power Systems: Expansion in Diversified Markets Driving Our 'Buy' Rating! - Major Drivers

Monolithic Power Systems (MPS) recently reported a robust performance for the third quarter of 2024, epitomizing significant revenue growth and...

Baptista Research

Synaptics Incorporated: Can Its Core IoT Growth & Pipeline Expansion Give Them A Competitive Edge? - Major Drivers

Synaptics Incorporated's recent earnings call provided a detailed overview of their first-quarter fiscal year 2025 performance, highlighting both...

Baptista Research

Qualcomm’s $4 Billion PC Chip Bet: Can It Dominate Beyond Smartphones?

Qualcomm is aggressively pushing into the PC market, aiming to transform its identity from a mobile chip giant to a diversified computing...

Baptista Research