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>ASML Holding had a mixed first quarter with below par revenues but performing better than expected on the revenues front.</li><li>Net sales increased significantly due to higher-than-anticipated EUV and deep UV revenue from quicker system installation and earlier acceptance in the quarter.</li><li>The company also shipped 9 EUV systems with significant revenue from 17 systems.</li></ul>

ASML Holding had a mixed first quarter with below par revenues but performing better than expected on the revenues front.Net sales increased significantly due to higher-than-anticipated EUV and deep UV revenue from quicker system installation and earlier acceptance in the quarter.The company also shipped 9 EUV systems with significant revenue from 17 systems.

ASML Holding N.V.: Does It Have A Strong Enough Moat? – Key Drivers

Japan Specialist

Mark Chadwick

<ul>
<li>Hoya has an impressive business model that results in high Returns on Invested Capital</li>
<li>Hoya reported strong Q4 results but there is little for investors to get excited about in the outlook</li>
<li>We see a lack of catalysts and an expensive valuation as working against the stock in the short term</li>
</ul>


Hoya has an impressive business model that results in high Returns on Invested Capital
Hoya reported strong Q4 results but there is little for investors to get excited about in the outlook
We see a lack of catalysts and an expensive valuation as working against the stock in the short term


Hoya (7741) | A Visionary Company with a Blurry Future

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Q1’23 revenues of $2.43 billion, marginally above the guided midpoint $2.35 billion, down 17.5% sequentially and up 6.4% YoY.</li>
<li>For Q2’23, the company expects revenues of $2.25 billion at the midpoint, down 4% sequentially.</li>
<li>KLAC historically outperforms its peers during semi down cycles. This time will be no different.</li>
</ul>


Q1’23 revenues of $2.43 billion, marginally above the guided midpoint $2.35 billion, down 17.5% sequentially and up 6.4% YoY.
For Q2’23, the company expects revenues of $2.25 billion at the midpoint, down 4% sequentially.
KLAC historically outperforms its peers during semi down cycles. This time will be no different.


KLAC Q1'23 Earnings Report. So Far, So Good

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>SK Hynix and Samsung reported results in the last week, showing major losses for their memory businesses. More evidence of a 'two-track recovery' for different parts of the chip industry.</li>
<li>SK Hynix's inventory situation worsened based on our analysis; Micron appears to be managing inventory moderately better than peers based on recent results.</li>
<li>Long Micron vs. Short Nanya Technology: Micron has continued to outperform Nanya Tech, as well as SK Hynix and Samsung.</li>
</ul>


SK Hynix and Samsung reported results in the last week, showing major losses for their memory businesses. More evidence of a 'two-track recovery' for different parts of the chip industry.
SK Hynix's inventory situation worsened based on our analysis; Micron appears to be managing inventory moderately better than peers based on recent results.
Long Micron vs. Short Nanya Technology: Micron has continued to outperform Nanya Tech, as well as SK Hynix and Samsung.


Memory Monitor: SK Hynix & Samsung Losses & Conservative Guidance Indicate Two-Track Chip Recovery

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

<ul>
<li>TSMC and ASML reported results last week, with both companies beating consensus earnings expectations.</li>
<li>TSMC and ASML both expect their historically high margins to persist and have both shown a major decline in inventory levels. </li>
<li>TSMC expects utilization to bottom in 2Q23E and improve thereafter; which we believe is strong indication of the cycle bottoming for leaders. TSMC however sees the overall industry taking longer.</li>
</ul>


TSMC and ASML reported results last week, with both companies beating consensus earnings expectations.
TSMC and ASML both expect their historically high margins to persist and have both shown a major decline in inventory levels. 
TSMC expects utilization to bottom in 2Q23E and improve thereafter; which we believe is strong indication of the cycle bottoming for leaders. TSMC however sees the overall industry taking longer.


Nvidia, TSMC, ASML Trading Monitor -  TSMC & ASML Results Indicate Cycle Bottom 2Q23E for Leaders

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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

ASML Holding NV (ASML NA)

ASML Holding N.V.: Does It Have A Strong Enough Moat? – Key Drivers

ASML Holding had a mixed first quarter with below par revenues but performing better than expected on the revenues front. Net sales increased...

Baptista Research

Hoya (7741) | A Visionary Company with a Blurry Future

We like Hoya long-term, but see a lack of catalysts and an expensive valuation as working against the stock in the short-term

Mark Chadwick

KLAC Q1'23 Earnings Report. So Far, So Good

Q1’23 revenues of $2.43 billion, down 17.5% sequentially and up 6.4% YoY. KLAC historically outperforms its peers during semi down cycles. This...

William Keating

Memory Monitor: SK Hynix & Samsung Losses & Conservative Guidance Indicate Two-Track Chip Recovery

SK Hynix's inventory metrics worsened while Micron appears to be managing inventory better than peers. We see more evidence of a 'two-track...

Vincent Fernando, CFA

Nvidia, TSMC, ASML Trading Monitor - TSMC & ASML Results Indicate Cycle Bottom 2Q23E for Leaders

TSMC and ASML both expect their historically high margins to persist and have both shown a major decline in inventory levels.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)