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.

Equity Capital Markets

<ul><li>Analog Devices has delivered a strong set of results driven by resilient demand for the company’s diverse portfolio.</li><li>Its strong financial discipline resulted in an increase in the operating and gross margins and the company delivered an all-around beat.</li><li>Analog Devices strengthened its market position in BMS with wins at the two finest European auto manufacturers, one being the company’s wireless BMS solution.</li></ul>

Analog Devices has delivered a strong set of results driven by resilient demand for the company’s diverse portfolio.Its strong financial discipline resulted in an increase in the operating and gross margins and the company delivered an all-around beat.Analog Devices strengthened its market position in BMS with wins at the two finest European auto manufacturers, one being the company’s wireless BMS solution.

Analog Devices Inc: New Product Launches & Other Drivers

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, with revenue growing 50% YoY and -2.6% QoQ. Silergy considers its own business will grow quarter by quarter in 2022.</li>
<li>Silergy expects to see ~3% revenue contribution for Automotive in 2022, which means it should grow over 3% by the end of 2022.</li>
<li>Silergy’s order visibility is extended from 3 quarters to over 6~8 quarters now. Meanwhile, Silergy aims to split the share to let more retail investors to hold their shares.    </li>
</ul>


The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, with revenue growing 50% YoY and -2.6% QoQ. Silergy considers its own business will grow quarter by quarter in 2022.
Silergy expects to see ~3% revenue contribution for Automotive in 2022, which means it should grow over 3% by the end of 2022.
Silergy’s order visibility is extended from 3 quarters to over 6~8 quarters now. Meanwhile, Silergy aims to split the share to let more retail investors to hold their shares.    


Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.

Credit

<ul><li>Analog Devices has benefitted well from the fast-growing demand for semiconductors.</li><li>ADI’s long-term demand is strong as it continues to capture synergies from past acquisitions and effectively passes on inflationary costs to customers.</li><li>We also have a dedicated analysis of the company's Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.</li></ul>

Analog Devices has benefitted well from the fast-growing demand for semiconductors.ADI’s long-term demand is strong as it continues to capture synergies from past acquisitions and effectively passes on inflationary costs to customers.We also have a dedicated analysis of the company's Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.

Analog Devices Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>Analog Devices had a solid start to 2022 with the first quarter generating new highs in revenue, profitability, and earnings.</li><li>The company saw a 20% growth in revenues with double-digit growth across all segments with industrial and automotive leading the way.</li><li>ADI’s long-term demand is strong as it continues to capture synergies from past acquisitions and effectively passes on inflationary costs to customers.</li></ul>

Analog Devices had a solid start to 2022 with the first quarter generating new highs in revenue, profitability, and earnings.The company saw a 20% growth in revenues with double-digit growth across all segments with industrial and automotive leading the way.ADI’s long-term demand is strong as it continues to capture synergies from past acquisitions and effectively passes on inflationary costs to customers.

<ul>
<li>The 1st quarter is relatively a lower season. Therefore, we expect that the revenue/NM is about RMB$8. 7bn/9.0% in 1Q22 respectively, which declines ~10% QoQ and grow 30% YoY. </li>
<li>To our understanding, QCOM is still the biggest client in JCET. The rest of clients have changing a bit in JCET since Huawei was being driven out.</li>
<li>Overall speaking, China is devoted in developing OSAT (Outsource Semiconductor Assembly and Packaging) business, and the gap shall be close to ASEH and Amkor. </li>
</ul>


The 1st quarter is relatively a lower season. Therefore, we expect that the revenue/NM is about RMB$8. 7bn/9.0% in 1Q22 respectively, which declines ~10% QoQ and grow 30% YoY. 
To our understanding, QCOM is still the biggest client in JCET. The rest of clients have changing a bit in JCET since Huawei was being driven out.
Overall speaking, China is devoted in developing OSAT (Outsource Semiconductor Assembly and Packaging) business, and the gap shall be close to ASEH and Amkor. 


JCET (600584.CN): The 1Q22 Will Be a Lower Season, and the Recent Ukraine Crisis Did Post a Shadow.

United States

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

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Analog Devices (ADI US)

Analog Devices Inc: New Product Launches & Other Drivers

Analog Devices has delivered a strong set of results driven by resilient demand for the company’s diverse portfolio. Its strong financial...

Baptista Research

Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.

The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, which revenue grew 50% YoY and -2.6% QoQ. Silergy considers its own business will grow...

Patrick Liao

Analog Devices Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Analog Devices has benefitted well from the fast-growing demand for semiconductors. ADI’s long-term demand is strong as it continues to capture...

Baptista Research

Analog Devices Inc.: Market Positioning

Analog Devices had a solid start to 2022 with the first quarter generating new highs in revenue, profitability, and earnings. The company saw a...

Baptista Research

JCET (600584.CN): The 1Q22 Will Be a Lower Season, and the Recent Ukraine Crisis Did Post a Shadow.

Usually, the 1st quarter is relatively a lower season. Therefore, we will expect that the revenue/NM is about RMB$8. 7bn/9.0% in 1Q22 respectively,...

Patrick Liao

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