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 Bottom-Up

<ul><li>Intel Corporation's third-quarter earnings for 2024 presented a mixed image of its current performance and future prospects.</li><li>The company reported a revenue of $13.3 billion, which marks a sequential increase and aligns with the upper half of its previously provided guidance.</li><li>This indicates some resilience in its operational execution and ability to meet market expectations in a challenging economic environment.</li></ul>

Intel Corporation's third-quarter earnings for 2024 presented a mixed image of its current performance and future prospects.The company reported a revenue of $13.3 billion, which marks a sequential increase and aligns with the upper half of its previously provided guidance.This indicates some resilience in its operational execution and ability to meet market expectations in a challenging economic environment.

Intel's Make-or-Break Strategy: Why Data Centers, AI, and Cost-Cutting are Key to Its Future!

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Q324 revenues of $13.3 billion, $300 million above the guided midpoint, up 4% QoQ but down 6% YoY</li>
<li>Current quarter guidance of $13.8 billion at the midpoint, up 3.7% QoQ, with the now customary plus or minus $500 million for safety sake</li>
<li>Extraordinary reveals during Q&amp;A including defect density versus mature yield clarification, increasing outsourcing in 2025 &amp; why Lunar Lake is an accidental gross margin killer</li>
</ul>


Q324 revenues of $13.3 billion, $300 million above the guided midpoint, up 4% QoQ but down 6% YoY
Current quarter guidance of $13.8 billion at the midpoint, up 3.7% QoQ, with the now customary plus or minus $500 million for safety sake
Extraordinary reveals during Q&amp;A including defect density versus mature yield clarification, increasing outsourcing in 2025 &amp; why Lunar Lake is an accidental gross margin killer


Intel Q324. Restructuring & Impairment Charges Tank Gross Margin

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>3Q24 was hit by US$18.7bn restructuring charges. Intel says that post-restructuring, once 18A production starts late 2025, everything will be better. Streamlined portfolio, competitive process, high Fab loading, margins recovery...</li>
<li>We’ve heard that restructuring turnaround theory too many times. A lot of hope and no evidence for another 12-18 months. No AI strategy. Margins improvement depends on unproven 18A yields. </li>
<li>Consensus aligns with Management's rosy outlook. Yet, the stock trades at 22x 2025 and 13x 2026. Risks are too high, in our view.  Strangely, the stock is up 7% after-hours. </li>
</ul>


3Q24 was hit by US$18.7bn restructuring charges. Intel says that post-restructuring, once 18A production starts late 2025, everything will be better. Streamlined portfolio, competitive process, high Fab loading, margins recovery...
We’ve heard that restructuring turnaround theory too many times. A lot of hope and no evidence for another 12-18 months. No AI strategy. Margins improvement depends on unproven 18A yields. 
Consensus aligns with Management's rosy outlook. Yet, the stock trades at 22x 2025 and 13x 2026. Risks are too high, in our view.  Strangely, the stock is up 7% after-hours. 


Intel 3Q24: Big Restructuring Hit. Core Problem Remains Zero Visibility to Support Management Vision

<ul>
<li>The Oregonian reports that Intel has named a "long-term" successor for their Technology Development role, currently occupied by Dr. Ann Kelleher</li>
<li>It comes against the backdrop of ever increasing outsourcing to TSMC, despite the fact that Intel 3 and Intel 4 are supposedly in high volume manufacturing mode at Fab34 </li>
<li>The move is likely intended to provide greater scrutiny into what's happening within the Technology Development division, a classic "2-in-a-box" strategy within Intel.</li>
</ul>


The Oregonian reports that Intel has named a "long-term" successor for their Technology Development role, currently occupied by Dr. Ann Kelleher
It comes against the backdrop of ever increasing outsourcing to TSMC, despite the fact that Intel 3 and Intel 4 are supposedly in high volume manufacturing mode at Fab34 
The move is likely intended to provide greater scrutiny into what's happening within the Technology Development division, a classic "2-in-a-box" strategy within Intel.


Intel Names "Long Term" Successor To Technology Development Chief. Why & Why Now?

<ul>
<li>Four former Intel board members, led by David Yoffie, with a combined 70 years of service, publish an article highly critical of Intel's current management &amp; board</li>
<li>The article claims that the only solution to Intel's woes is to completely separate the foundry business into an entirely separate entity, similar to what AMD did with GlobalFoundries</li>
<li>Curiously, the article also proposes that the US government leverages its CHIPs Act funding to force Intel's management to make the split</li>
</ul>


Four former Intel board members, led by David Yoffie, with a combined 70 years of service, publish an article highly critical of Intel's current management &amp; board
The article claims that the only solution to Intel's woes is to completely separate the foundry business into an entirely separate entity, similar to what AMD did with GlobalFoundries
Curiously, the article also proposes that the US government leverages its CHIPs Act funding to force Intel's management to make the split


Intel. Pressure Mounts As Four Former Board Members Speak Out

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Intel's Make-or-Break Strategy: Why Data Centers, AI, and Cost-Cutting are Key to Its Future!

Intel Corporation's third-quarter earnings for 2024 presented a mixed image of its current performance and future prospects. The company reported...

Baptista Research

Intel Q324. Restructuring & Impairment Charges Tank Gross Margin

Q324 $13.3 billion, +4% QoQ but -6% YoY. Q424 guide of $13.8 billion, +3.7% QoQ, but -10,4% YoY. Amazingly frank Q&A session with multiple reveals,...

William Keating

Intel 3Q24: Big Restructuring Hit. Core Problem Remains Zero Visibility to Support Management Vision

Huge $18.7bn restructuring charges hit 3Q. Management reiterates its rosy outlook for a more focused and profitable future. We are skeptical on...

Nicolas Baratte

Intel Names "Long Term" Successor To Technology Development Chief. Why & Why Now?

Intel names long-term successor for Technology Development role amid increasing outsourcing to TSMC, possibly signaling a desire for greater...

William Keating

Intel. Pressure Mounts As Four Former Board Members Speak Out

Four former Intel board members believe that foundry must be spun out into a separate entity and that if Intel's management don't do it themselves,...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel's Make-or-Break Strategy: Why Data Centers, AI, and Cost-Cutting are Key to Its Future!

Intel Corporation's third-quarter earnings for 2024 presented a mixed image of its current performance and future prospects. The company reported...

Baptista Research

Intel Q324. Restructuring & Impairment Charges Tank Gross Margin

Q324 $13.3 billion, +4% QoQ but -6% YoY. Q424 guide of $13.8 billion, +3.7% QoQ, but -10,4% YoY. Amazingly frank Q&A session with multiple reveals,...

William Keating

Intel 3Q24: Big Restructuring Hit. Core Problem Remains Zero Visibility to Support Management Vision

Huge $18.7bn restructuring charges hit 3Q. Management reiterates its rosy outlook for a more focused and profitable future. We are skeptical on...

Nicolas Baratte

Intel Names "Long Term" Successor To Technology Development Chief. Why & Why Now?

​Intel names long-term successor for Technology Development role amid increasing outsourcing to TSMC, possibly signaling a desire for greater...

William Keating

Intel. Pressure Mounts As Four Former Board Members Speak Out

Four former Intel board members believe that foundry must be spun out into a separate entity and that if Intel's management don't do it themselves,...

William Keating

Intel names long-term successor for Technology Development role amid increasing outsourcing to TSMC, possibly signaling a desire for greater...