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>Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>They reported stellar non-GAAP revenues of $8.7 billion and non-GAAP earnings per share of $2.02.</li><li>As they embrace the era of generative AI, on-device Gen AI progresses in tandem with cloud-based Gen AI, promising novel use cases.</li></ul>

Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.They reported stellar non-GAAP revenues of $8.7 billion and non-GAAP earnings per share of $2.02.As they embrace the era of generative AI, on-device Gen AI progresses in tandem with cloud-based Gen AI, promising novel use cases.

Qualcomm Incorporated: Generative AI On The Next Wave Of Flagship Smartphones! - Major Drivers

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Smartphones units sold in 3Q24 increased by +4% YoY. That’s a slowdown from +7% YoY in 1H24.</li>
<li>Growth comes from low-price Emerging Markets demand. But the Premium segment sees increasing ASP with AI-enabled phones.  </li>
<li>Hence for Mediatek and Qualcomm, the investment thesis rests on increasing ASP as AI is propagating – not volume growth. MTK had a nice rally, time to take a breather. </li>
</ul>


Smartphones units sold in 3Q24 increased by +4% YoY. That’s a slowdown from +7% YoY in 1H24.
Growth comes from low-price Emerging Markets demand. But the Premium segment sees increasing ASP with AI-enabled phones.  
Hence for Mediatek and Qualcomm, the investment thesis rests on increasing ASP as AI is propagating – not volume growth. MTK had a nice rally, time to take a breather. 


Smartphone Growth Is Slowing Down to +4% YoY in 3Q. Mediatek Had a Good Rally, Time to Take a Break

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>Given UMC's partnership with Intel to produce chips using Intel's 12nm fab capacity, we believe latest Intel developments increase the opportunity for Intel Foundry to take a stake in UMC.</li>
<li>Intel's Foundry business makes a strong partner for UMC who has deep foundry experience and talent, but doesn't have leading edge fabs nor the balance sheet to build them.</li>
<li>If Intel Foundry Services spins out or Intel strengthens its balance sheet through a deal with Qualcomm/Apollo, the potential for a deeper UMC-Intel Foundry partnership becomes even more compelling.</li>
</ul>


Given UMC's partnership with Intel to produce chips using Intel's 12nm fab capacity, we believe latest Intel developments increase the opportunity for Intel Foundry to take a stake in UMC.
Intel's Foundry business makes a strong partner for UMC who has deep foundry experience and talent, but doesn't have leading edge fabs nor the balance sheet to build them.
If Intel Foundry Services spins out or Intel strengthens its balance sheet through a deal with Qualcomm/Apollo, the potential for a deeper UMC-Intel Foundry partnership becomes even more compelling.


United Microelectronics: Intel Foundry Should Take a Stake; Latest News Makes This More Likely

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17</li>
<li>Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong </li>
<li>Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. </li>
</ul>


TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17
Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong 
Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. 


Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener"><strong>Aptiv PLC (APTV US)</strong></a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
</ul>


For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


United States

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Qualcomm Inc (QCOM US)

Qualcomm Incorporated: Generative AI On The Next Wave Of Flagship Smartphones! - Major Drivers

Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. They reported stellar...

Baptista Research

Smartphone Growth Is Slowing Down to +4% YoY in 3Q. Mediatek Had a Good Rally, Time to Take a Break

Smartphone growth is slowing down but ASP are increasing for Mediatek with 5G AI-enabled phones. Mediatek has other drivers, AI chips and Auto GPU....

Nicolas Baratte

United Microelectronics: Intel Foundry Should Take a Stake; Latest News Makes This More Likely

UMC's partnership with Intel could lead to Intel Foundry taking a stake in UMC due to Intel's latest developments and UMC's foundry experience.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Qualcomm Incorporated: Generative AI On The Next Wave Of Flagship Smartphones! - Major Drivers

Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. They reported stellar...

Baptista Research

Smartphone Growth Is Slowing Down to +4% YoY in 3Q. Mediatek Had a Good Rally, Time to Take a Break

Smartphone growth is slowing down but ASP are increasing for Mediatek with 5G AI-enabled phones. Mediatek has other drivers, AI chips and Auto GPU....

Nicolas Baratte

United Microelectronics: Intel Foundry Should Take a Stake; Latest News Makes This More Likely

​UMC's partnership with Intel could lead to Intel Foundry taking a stake in UMC due to Intel's latest developments and UMC's foundry experience.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

​TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

UMC's partnership with Intel could lead to Intel Foundry taking a stake in UMC due to Intel's latest developments and UMC's foundry experience.

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...