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>Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to the same period last year.</li><li>The operating profit also rose by 44% year-on year.</li><li>This performance can be largely attributed to the growth in AI revenue, accelerated bookings at VMware, and the stabilization of non-AI semiconductor revenue.</li></ul>

Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to the same period last year.The operating profit also rose by 44% year-on year.This performance can be largely attributed to the growth in AI revenue, accelerated bookings at VMware, and the stabilization of non-AI semiconductor revenue.

Broadcom’s Revenue Forecast A Bit Optimistic? Can AI and VMware Keep the Growth Streak Alive?

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Revenue's surged 47% YoY, driven by a 200% increase in infrastructure software revenue. Despite strong revenue growth, the company posted a $1.88B net loss due to a $4.5B tax provision</li>
<li>AI revenue is projected to grow by 10% sequentially in Q4, surpassing $3.5B, and is expected to total $12B for fiscal 2024. VMware annualized booking value increased 32% QoQ.</li>
<li>Despite beating Q3 estimates, Broadcom’s Q4 revenue guidance of $14B fell short of the $14.04B expected by analysts. This led to a 7% drop in shares post-earnings.</li>
</ul>


Revenue's surged 47% YoY, driven by a 200% increase in infrastructure software revenue. Despite strong revenue growth, the company posted a $1.88B net loss due to a $4.5B tax provision
AI revenue is projected to grow by 10% sequentially in Q4, surpassing $3.5B, and is expected to total $12B for fiscal 2024. VMware annualized booking value increased 32% QoQ.
Despite beating Q3 estimates, Broadcom’s Q4 revenue guidance of $14B fell short of the $14.04B expected by analysts. This led to a 7% drop in shares post-earnings.


Broadcom Surpasses Q3 Earnings Estimates but Guidance Worries Investors, Shares Drop 7%

<ul>
<li>Broadcom's Strong Q2 Performance: Broadcom's Q2 revenue surged 43% year-over-year to USD 12.5 billion, driven by AI demand and VMware contributions.</li>
<li>Dominance in AI ASIC Market: Broadcom holds a 60% market share in AI-specific integrated circuits, serving major clients like Alphabet and Meta.</li>
<li>Lead up to Stock Split Upside Potential: Mega caps have seen an average 17% outperformance relative to S&amp;P 500 from announcement to actual stock split, signaling sharp upside for Broadcom.</li>
</ul>


Broadcom's Strong Q2 Performance: Broadcom's Q2 revenue surged 43% year-over-year to USD 12.5 billion, driven by AI demand and VMware contributions.
Dominance in AI ASIC Market: Broadcom holds a 60% market share in AI-specific integrated circuits, serving major clients like Alphabet and Meta.
Lead up to Stock Split Upside Potential: Mega caps have seen an average 17% outperformance relative to S&amp;P 500 from announcement to actual stock split, signaling sharp upside for Broadcom.


Broadcom's AI-Driven Growth Signals Upside Amid Stock Split Surges

<ul><li>Broadcom Inc. presented its second quarter fiscal year 2024 financial results, underscoring notable growth and strategic advancements, particularly through its semiconductor and software segments.</li><li>The revenue recorded was $12.5 billion, a substantial 43% increase year-on-year, buoyed significantly by the inclusion of a full quarter's financial contribution from VMware.</li><li>Excluding this factor, revenue was up 12% from the previous year.</li></ul>

Broadcom Inc. presented its second quarter fiscal year 2024 financial results, underscoring notable growth and strategic advancements, particularly through its semiconductor and software segments.The revenue recorded was $12.5 billion, a substantial 43% increase year-on-year, buoyed significantly by the inclusion of a full quarter's financial contribution from VMware.Excluding this factor, revenue was up 12% from the previous year.

Broadcom Inc: How Are They Expanding AI and Networking Technologies! - Major Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
<strong>No more Moore's Law</strong>: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Broadcom’s Revenue Forecast A Bit Optimistic? Can AI and VMware Keep the Growth Streak Alive?

Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to...

Baptista Research

Broadcom Surpasses Q3 Earnings Estimates but Guidance Worries Investors, Shares Drop 7%

Broadcom’s Q3 revenue reached $13.07B (vs. $12.97B est.) and EPS was $1.24 (vs. $1.20 est.). Yet, shares fell 7% on weaker Q4 revenue guidance and...

Mint Finance

Broadcom's AI-Driven Growth Signals Upside Amid Stock Split Surges

Broadcom’s dominance in AI-specific circuits, stunning Q2 earnings & stock split could send its shares soaring akin to those of NVIDIA. Initial...

Mint Finance

Broadcom Inc: How Are They Expanding AI and Networking Technologies! - Major Drivers

Broadcom Inc. presented its second quarter fiscal year 2024 financial results, underscoring notable growth and strategic advancements,...

Baptista Research

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

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