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>Cirrus Logic has presented its financial results for the fourth quarter and the entire fiscal year 2024, revealing mixed outcomes that highlight both challenges and growth opportunities.</li><li>The company reported a fourth-quarter revenue of $378.1 million, surpassing the upper edge of the guidance range.</li><li>This surge was attributed to an unexpected rise in demand for smartphone components.</li></ul>

Cirrus Logic has presented its financial results for the fourth quarter and the entire fiscal year 2024, revealing mixed outcomes that highlight both challenges and growth opportunities.The company reported a fourth-quarter revenue of $378.1 million, surpassing the upper edge of the guidance range.This surge was attributed to an unexpected rise in demand for smartphone components.

Cirrus Logic Inc.: Market Expansion Into Laptops & PCs & Major Drivers

<ul><li>Cirrus Logic's financial results for the third quarter of the fiscal year 2024 came in with record revenue of $619 million and non-GAAP earnings per share of $2.89.</li><li>The noteworthy results were driven by its strategy of leading smartphone audio and their push for improved mixed-signal solutions.</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>

Cirrus Logic's financial results for the third quarter of the fiscal year 2024 came in with record revenue of $619 million and non-GAAP earnings per share of $2.89.The noteworthy results were driven by its strategy of leading smartphone audio and their push for improved mixed-signal solutions.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.

Cirrus Logic Inc: Progressing Power Management and Conversion Technology! - Major Drivers

<ul><li>Cirrus Logic, Inc. exceeded analyst expectations in terms of revenue as well as earnings, reporting a commendable revenue of $481.1 million, reaching the upper echelon of the guidance range.</li><li>The gross margin exhibited notable strength, with a non-GAAP gross profit of $247 million and a margin of 51.3%, surpassing the high end of the provided guidance range.</li><li>Looking ahead to the Q3 fiscal year '24, their team forecasts revenue between $510 million and $570 million, with a gross margin ranging from 49% to 51%.</li></ul>

Cirrus Logic, Inc. exceeded analyst expectations in terms of revenue as well as earnings, reporting a commendable revenue of $481.1 million, reaching the upper echelon of the guidance range.The gross margin exhibited notable strength, with a non-GAAP gross profit of $247 million and a margin of 51.3%, surpassing the high end of the provided guidance range.Looking ahead to the Q3 fiscal year '24, their team forecasts revenue between $510 million and $570 million, with a gross margin ranging from 49% to 51%.

Cirrus Logic Inc.: Unveiling the Strategy Behind Their Financial Triumph! - Major Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.</li>
<li>A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. </li>
<li>China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.</li>
</ul>


During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.
A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. 
China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.


More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

<ul><li>Cirrus Logic, Inc. delivered an all-around beat in the most recent quarterly result.</li><li>With the help of its products, shipments, and smartphones, Cirrus Logic achieved revenue of $317 million, which was near the high end of its forecast for the quarter.</li><li>Beyond the laptop market, Cirrus Logic also continues to invest in additional products and client relationships that, in the long run, may increase both its revenue and market variety.</li></ul>

Cirrus Logic, Inc. delivered an all-around beat in the most recent quarterly result.With the help of its products, shipments, and smartphones, Cirrus Logic achieved revenue of $317 million, which was near the high end of its forecast for the quarter.Beyond the laptop market, Cirrus Logic also continues to invest in additional products and client relationships that, in the long run, may increase both its revenue and market variety.

Cirrus Logic Inc.: Exploring The Factors That Broaden Revenue and Market Diversity! - Major Drivers

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.

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.

Impinj, Inc. provides radio-frequency identification solutions for identifying, locating, and authenticating items. The Company offers radio chips, gateways, readers and antennas, and software. Impinj serves customers worldwide.

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.

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

Tianjin Zhonghuan Semiconductor Co., Ltd. manufactures discrete semiconductor devices. The Company's main products are High Voltage Diode, Silicon Rectifier Diode, Silicon Bridge Rectifier, MWO High Voltage Silicon Diode and special High Voltage Silicon Diode .

Tianjin Zhonghuan Semiconductor (002129 CH)

Hua Hong Semiconductor Limited manufactures semiconductors on 200mm wafers for specialty applications. The Company's products are used in the consumer electronic, communication, computing and industrial, and automotive industries.

TongFu Microelectronics Co., Ltd. manufactures integrated chips. The Company provides assembling and testing service for memory, microprocessor, micro-controller, hybrid circuit, analog circuit, and other related services throughout China.

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.

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Cirrus Logic (CRUS US)

Cirrus Logic Inc.: Market Expansion Into Laptops & PCs & Major Drivers

Cirrus Logic has presented its financial results for the fourth quarter and the entire fiscal year 2024, revealing mixed outcomes that highlight...

Baptista Research

Cirrus Logic Inc: Progressing Power Management and Conversion Technology! - Major Drivers

Cirrus Logic's financial results for the third quarter of the fiscal year 2024 came in with record revenue of $619 million and non-GAAP earnings...

Baptista Research

Cirrus Logic Inc.: Unveiling the Strategy Behind Their Financial Triumph! - Major Drivers

Cirrus Logic, Inc. exceeded analyst expectations in terms of revenue as well as earnings, reporting a commendable revenue of $481.1 million,...

Baptista Research

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

Cirrus Logic Inc.: Exploring The Factors That Broaden Revenue and Market Diversity! - Major Drivers

Cirrus Logic, Inc. delivered an all-around beat in the most recent quarterly result. With the help of its products, shipments, and smartphones,...

Baptista Research

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