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>Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial revenue growth, innovative technological advances, and strategic partnerships.</li><li>While the revenues of the company stood at $1.37 billion, representing a 7% year-on-year decline, this was largely due to the considerable downturn from the automotive and industrial markets following a multi-quarter industry cycle.</li><li>However, the company remains positive about potential market recovery signs and increased demand for its specialized products and services.</li></ul>

Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial revenue growth, innovative technological advances, and strategic partnerships.While the revenues of the company stood at $1.37 billion, representing a 7% year-on-year decline, this was largely due to the considerable downturn from the automotive and industrial markets following a multi-quarter industry cycle.However, the company remains positive about potential market recovery signs and increased demand for its specialized products and services.

Amkor Technology: IoT Wearables and AR/VR Technologies & 5 Major Growth Drivers

<ul><li>Amkor Technology, Inc.'s Q4 2023 earnings call outlined a year of challenges due to macroeconomic headwinds, excess inventory, and geopolitical tensions, which led to an 8% decline in annual revenue.</li><li>However, the firm also reported steady performance with Q4 revenue standing at $1.75 billion and full-year revenue at $6.5 billion.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Amkor Technology, Inc.'s Q4 2023 earnings call outlined a year of challenges due to macroeconomic headwinds, excess inventory, and geopolitical tensions, which led to an 8% decline in annual revenue.However, the firm also reported steady performance with Q4 revenue standing at $1.75 billion and full-year revenue at $6.5 billion.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Amkor Technology: Engagement in Secular Growth Markets & Other Major Drivers

<ul><li>Amkor Technology delivered an all-around beat in the most recent quarterly result, surpassing revenue and profitability expectations.</li><li>Despite a year-to-date revenue decrease of 8% compared to the previous year, Amkor outperformed the estimated semiconductor industry decline of over 15%.</li><li>Despite an anticipated decline in overall smartphone units, the communication end market experienced significant third-quarter revenue, surpassing $1 billion.</li></ul>

Amkor Technology delivered an all-around beat in the most recent quarterly result, surpassing revenue and profitability expectations.Despite a year-to-date revenue decrease of 8% compared to the previous year, Amkor outperformed the estimated semiconductor industry decline of over 15%.Despite an anticipated decline in overall smartphone units, the communication end market experienced significant third-quarter revenue, surpassing $1 billion.

Amkor Technology Inc.: Beating the Odds in Semiconductor Industry! - Major Drivers

<ul><li>Amkor Technology, Inc. delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>Amkor met its estimates for the second quarter with revenue of $1.46 billion and EPS of $0.26.</li><li>Due to decreased end-market demand, particularly in the Android supply chain, inventory consumption is taking longer than expected.</li></ul>

Amkor Technology, Inc. delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par earnings.Amkor met its estimates for the second quarter with revenue of $1.46 billion and EPS of $0.26.Due to decreased end-market demand, particularly in the Android supply chain, inventory consumption is taking longer than expected.

Amkor Technology Inc.: The Unseen Forces Propelling Demand! - Major Drivers

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.

Thematic (Sector/Industry)

<ul>
<li>Micron said we bottomed, wrung their hands a ton about gross margins and comparability, and said oh, inventory accounting has helped us out</li>
<li>Oracle had a huge announcement that majorly snubbed Intel.</li>
<li>There’s another rumored AI winner. Amkor was rumored (heavy emphasis, Digitimes can be untrustworthy) to be helping Nvidia with packaging.</li>
</ul>


Micron said we bottomed, wrung their hands a ton about gross margins and comparability, and said oh, inventory accounting has helped us out
Oracle had a huge announcement that majorly snubbed Intel.
There’s another rumored AI winner. Amkor was rumored (heavy emphasis, Digitimes can be untrustworthy) to be helping Nvidia with packaging.


Micron, Oracle Database Spending, GPU Restrictions, MLPerf, Amkor, and V Icor

United States

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

MKS Instruments, Inc. develops, manufactures, and supplies instruments and components used to control and analyze gases in semiconductor manufacturing and similar industrial manufacturing processes. The Company's products are used to manufacture flat panel displays, magnetic and optical storage devices and media, solar cells, fiber optic cables, and diamond thin films.

Rambus Inc. designs, develops, licenses, and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of consumer electronics, computer systems, and other electronic systems.  The Company licenses semiconductor companies to manufacture and sell memory and logic ICs incorporating Rambus interface technology.

Lattice Semiconductor Corporation designs, develops, and markets high speed programmable logic devices.  The Company's products provide electronic systems customers with quickly designed, easily configured components.  Lattice markets its products to original equipment manufacturers of communication, computing, industrial, and military systems.

Onto Innovation Inc. provides process control solutions and inspection systems. The Company offers solutions which primarily used in the fabrication of semiconductors and other solid-state devices, as well as industrial and scientific applications. Onto Innovation serves customers in the United States.

Cirrus Logic, Inc. is a fabless semiconductor company that develops audio and voice IC and software solutions for mobile communications, automotive entertainment, and consumer audio applications. Cirrus Logic is headquartered in Austin, Texas.

Qorvo Inc, designs, develops, manufactures, and markets a variety of high performance analog and mixed signal integrated circuits for the communications markets. The Company's products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security and remote meter reading.

Axcelis Technologies, Inc. manufactures components for the semiconductor industry. The Company designs, manufactures and services ion implantation, dry strip, thermal processing and curing equipment used in the fabrication of semiconductor chips. Axcelis Technologies sells their products to semiconductor chip manufacturers worldwide.

Diodes Incorporated manufactures and supplies discrete, logic, and analog semiconductor devices to consumers in the electronics, computing, industrial, communications, and automotive markets. The Company's products include diodes, transistors, MOSFETs, single gate logic, LED drivers, and USB switches.

Advanced Energy Industries, Inc. manufactures power conversion, solar inverters and control systems used in plasma-based thin film production equipment. The Company's systems are integrated in semiconductor, data storage, flat panel display, and other industrial manufacturing equipment that use gaseous  plasmas to depositor etch thin film layers on materials such as silicon and glass.

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

eMemory Technology, Inc. develops and provides logic non-volatile memory (LogicNVM) technology. The company licenses its intellectual property to semiconductor foundries, integrated devices manufacturers (IDMs), and fabless design houses around the world.

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

Sanan Optoelectronics Co., Ltd. operates in the business of researching, producing and selling of LED epitaxial wafers and wafers.

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

JCET Group Co., Ltd. operates in the semiconductor industry.  The Company's products include discrete devices and integrated circuits.  Through its subsidiaries, Jiangsu Changjiang also manufactures signal lamps used in industrial equipment and anti-theft door systems for consumer use.

Global Unichip Corporation designs and produces a wide variety of silicon chips.

Novatek Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs).  The Company's products are used in telecommunication, computer peripherals, and LCD (liquid crystal display) drivers.

Amkor Technology, Inc. provides semiconductor packaging and test services.  The Company offers deep submicron wafer fabrication, wafer probe testing, integrated circuit packaging assembly and design, final testing, reliability testing, burn-in, and electrical characterization.

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Amkor Technology (AMKR US)

Amkor Technology: IoT Wearables and AR/VR Technologies & 5 Major Growth Drivers

Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial...

Baptista Research

Amkor Technology: Engagement in Secular Growth Markets & Other Major Drivers

Amkor Technology, Inc.'s Q4 2023 earnings call outlined a year of challenges due to macroeconomic headwinds, excess inventory, and geopolitical...

Baptista Research

Amkor Technology Inc.: Beating the Odds in Semiconductor Industry! - Major Drivers

Amkor Technology delivered an all-around beat in the most recent quarterly result, surpassing revenue and profitability expectations. Despite a...

Baptista Research

Amkor Technology Inc.: The Unseen Forces Propelling Demand! - Major Drivers

Amkor Technology, Inc. delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but...

Baptista Research

Micron, Oracle Database Spending, GPU Restrictions, MLPerf, Amkor, and V Icor

Micron's earnings are boring. And a Vicor signal boost. Micron said we bottomed, wrung their hands a ton about gross margins and comparability...

Fabricated Knowledge

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