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>FormFactor has delivered a robust performance in the second quarter of 2024, with notable achievements and challenges as they navigate through the evolving semiconductor market landscape.</li><li>On the positive side, FormFactor, a leading provider in the semiconductor testing space, exceeded its revenue, non-GAAP gross margin, and non-GAAP earnings per share (EPS) expectations for the quarter.</li><li>This success was largely driven by significant growth in the probe card business, especially in the DRAM sector, where revenue from high-bandwidth memory (HBM) doubled for the third consecutive quarter.</li></ul>

FormFactor has delivered a robust performance in the second quarter of 2024, with notable achievements and challenges as they navigate through the evolving semiconductor market landscape.On the positive side, FormFactor, a leading provider in the semiconductor testing space, exceeded its revenue, non-GAAP gross margin, and non-GAAP earnings per share (EPS) expectations for the quarter.This success was largely driven by significant growth in the probe card business, especially in the DRAM sector, where revenue from high-bandwidth memory (HBM) doubled for the third consecutive quarter.

FormFactor Inc: A Story Of Advanced Packaging Innovation! - Major Drivers

<ul><li>FormFactor delivered mixed first-quarter results for the fiscal year 2024, with its revenue closely aligning with the upper end of forecasts due to robust demand in the DRAM probe card sector, corroborated by significant advancements in setting standards for testing high-bandwidth memory (HBM).</li><li>However, the company encountered challenges as non-GAAP earnings per share (EPS) dipped below the anticipated range primarily due to a less favorable product mix across its segments and heightened warranty costs in the Probe Cards segment.</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>

FormFactor delivered mixed first-quarter results for the fiscal year 2024, with its revenue closely aligning with the upper end of forecasts due to robust demand in the DRAM probe card sector, corroborated by significant advancements in setting standards for testing high-bandwidth memory (HBM).However, the company encountered challenges as non-GAAP earnings per share (EPS) dipped below the anticipated range primarily due to a less favorable product mix across its segments and heightened warranty costs in the Probe Cards segment.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.

FormFactor Inc.: Revenue Diversification & Expansion In Enterprise & Consumer Markets! - Major Drivers

<ul><li>This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and measurement of chips before they hit the market.</li><li>The company recently reported their fourth quarter 2023 earnings.</li><li>FormFactor has achieved a consistent performance throughout the past year with CEO, Mike Slessor, confirming top-line results to be steady across the four quarters.</li></ul>

This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and measurement of chips before they hit the market.The company recently reported their fourth quarter 2023 earnings.FormFactor has achieved a consistent performance throughout the past year with CEO, Mike Slessor, confirming top-line results to be steady across the four quarters.

FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> announced a new CEO as of 30th of May 2024. The new CEO officially starts 1st of July 2024.</li>
<li>Amy Leong will take over from Chandran Nair as she leaves her Chief Commercial Officer role at <a href="https://www.smartkarma.com/entities/formfactor-inc" target="_blank" data-smartkarma-citation="entities:20309:1" rel="noopener">Formfactor Inc (FORM US)</a>. </li>
<li>Given the weak business results and inventory management issues it should be expected that Mrs Leong would want to clean the proverbial house before she starts in her new role.</li>
</ul>



AEM (AEM SP) announced a new CEO as of 30th of May 2024. The new CEO officially starts 1st of July 2024.
Amy Leong will take over from Chandran Nair as she leaves her Chief Commercial Officer role at Formfactor Inc (FORM US). 
Given the weak business results and inventory management issues it should be expected that Mrs Leong would want to clean the proverbial house before she starts in her new role.


AEM Holdings: New CEO = One Final Kitchen Sink in 2Q24?

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model finds companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.</li>
<li>The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. </li>
<li>Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: Novavax, Micron, Generac, FormFactor</li>
</ul>


This model finds companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.
The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. 
Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: Novavax, Micron, Generac, FormFactor


Breaking Estimate Short Candidates: Novavax, Micron, Generac, FormFactor

United States

FormFactor Inc, designs, develops, and manufactures advanced semiconductor wafer probe cards.  The Company's products are based on MicroSpring interconnect technology, which includes resilient spring-like contacts that are manufactured using micro-machining and scalable semiconductor-like wafer fabrication processes.

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Formfactor Inc (FORM US)

FormFactor Inc: A Story Of Advanced Packaging Innovation! - Major Drivers

FormFactor has delivered a robust performance in the second quarter of 2024, with notable achievements and challenges as they navigate through the...

Baptista Research

FormFactor Inc.: Revenue Diversification & Expansion In Enterprise & Consumer Markets! - Major Drivers

FormFactor delivered mixed first-quarter results for the fiscal year 2024, with its revenue closely aligning with the upper end of forecasts due...

Baptista Research

FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts

This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and...

Baptista Research

AEM Holdings: New CEO = One Final Kitchen Sink in 2Q24?

AEM Holdings announced new CEO Amy Leong, who will start on July 1, 2024. She is likely to kitchen sink results and the outlook as she takes control.

Nicolas Van Broekhoven

Breaking Estimate Short Candidates: Novavax, Micron, Generac, FormFactor

This model uncovers companies facing recent declines in estimates. This week we flag: Novavax, Micron, Generac, & FormFactor

Eric Fernandez, CFA

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FormFactor Inc: A Story Of Advanced Packaging Innovation! - Major Drivers

FormFactor has delivered a robust performance in the second quarter of 2024, with notable achievements and challenges as they navigate through the...

Baptista Research

FormFactor Inc.: Revenue Diversification & Expansion In Enterprise & Consumer Markets! - Major Drivers

FormFactor delivered mixed first-quarter results for the fiscal year 2024, with its revenue closely aligning with the upper end of forecasts due...

Baptista Research

FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts

This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and...

Baptista Research

AEM Holdings: New CEO = One Final Kitchen Sink in 2Q24?

​AEM Holdings announced new CEO Amy Leong, who will start on July 1, 2024. She is likely to kitchen sink results and the outlook as she takes control.

Nicolas Van Broekhoven

Breaking Estimate Short Candidates: Novavax, Micron, Generac, FormFactor

This model uncovers companies facing recent declines in estimates. This week we flag: Novavax, Micron, Generac, & FormFactor

Eric Fernandez, CFA

AEM Holdings announced new CEO Amy Leong, who will start on July 1, 2024. She is likely to kitchen sink results and the outlook as she takes control.