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>GlobalFoundries Inc., the U.S.-based contract semiconductor manufacturer, is reportedly exploring a high-stakes merger with Taiwan’s United Microelectronics Corporation (UMC).</li><li>This potential combination, though fraught with regulatory and geopolitical complexities, could mark one of the most significant developments in the mature-node chipmaking industry.</li><li>As reported by various sources including Nikkei Asia and Bloomberg, newly appointed CEO Tim Breen has been open to dealmaking, and this tie-up could be a strategic pivot amid rising global chip demand and evolving supply chain realities.</li></ul>

GlobalFoundries Inc., the U.S.-based contract semiconductor manufacturer, is reportedly exploring a high-stakes merger with Taiwan’s United Microelectronics Corporation (UMC).This potential combination, though fraught with regulatory and geopolitical complexities, could mark one of the most significant developments in the mature-node chipmaking industry.As reported by various sources including Nikkei Asia and Bloomberg, newly appointed CEO Tim Breen has been open to dealmaking, and this tie-up could be a strategic pivot amid rising global chip demand and evolving supply chain realities.

GlobalFoundries & United Microelectronics Merger Could Be the Silicon Power Combo No One Saw Coming!

<ul><li>GlobalFoundries Inc., a prominent player in the semiconductor manufacturing sector, exhibited a blend of positive outcomes and persistent challenges in its fourth quarter and full year 2024 financial results.</li><li>On the positive side, the fourth quarter slightly surpassed the midpoint of the company's revenue guidance, achieving approximately $1.83 billion, although this was a minor 1% decline compared to the same quarter in the prior year.</li><li>The company also reported a significant milestone, as it generated over $1 billion in adjusted free cash flow, exceeding its target and marking robust performance despite industry headwinds.</li></ul>

GlobalFoundries Inc., a prominent player in the semiconductor manufacturing sector, exhibited a blend of positive outcomes and persistent challenges in its fourth quarter and full year 2024 financial results.On the positive side, the fourth quarter slightly surpassed the midpoint of the company's revenue guidance, achieving approximately $1.83 billion, although this was a minor 1% decline compared to the same quarter in the prior year.The company also reported a significant milestone, as it generated over $1 billion in adjusted free cash flow, exceeding its target and marking robust performance despite industry headwinds.

GlobalFoundries: Will Its Geopolitical Strategy Help Tilt The Competitive Dynamics In Its Favor?

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>2Q25 guidance: Wafer shipments: increase 5~7%, ASP in USD: flat, GM: About 30%.</li>
<li>The US tariffs affect customer outcome visibility in 2Q25 and 2H25 is limited. </li>
<li>UMC is seeking a strategic plan to enhance shareholder value, and there is no ongoing merger plan at the moment, which implies no merger plan with GF. </li>
</ul>


2Q25 guidance: Wafer shipments: increase 5~7%, ASP in USD: flat, GM: About 30%.
The US tariffs affect customer outcome visibility in 2Q25 and 2H25 is limited. 
UMC is seeking a strategic plan to enhance shareholder value, and there is no ongoing merger plan at the moment, which implies no merger plan with GF. 


UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

<ul><li>GlobalFoundries' third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic initiatives.</li><li>The company reported revenue of $1.739 billion for the quarter, reflecting a 7% sequential growth, albeit a 6% decline year-over-year.</li><li>This revenue growth is commendable given the challenging industry conditions with lower factory utilization levels around mid-70s.</li></ul>

GlobalFoundries' third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic initiatives.The company reported revenue of $1.739 billion for the quarter, reflecting a 7% sequential growth, albeit a 6% decline year-over-year.This revenue growth is commendable given the challenging industry conditions with lower factory utilization levels around mid-70s.

GlobalFoundries Inc.: Automotive & Industrial IoT Integration As A Critical Growth Lever! - 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.

Equity Capital Markets

<ul>
<li>ARM prices this Wednesday and trades on Thursday.</li>
<li>I have a lot of thoughts. This will be a great post if you want to learn about ARM. </li>
<li><span style="font-size: var(--content-font-size);">So, without further adieu, let’s dive into the most important IP company in the world.</span></li>
</ul>


ARM prices this Wednesday and trades on Thursday.
I have a lot of thoughts. This will be a great post if you want to learn about ARM. 
So, without further adieu, let’s dive into the most important IP company in the world.


United States

GLOBALFOUNDRIES Inc. operates as a semiconductor contract manufacturing and design company. The Company offers chips designed for markets such as mobility, automotive, computing and wired connectivity, and consumer internet of things (IoT). GLOBALFOUNDRIES serves customers worldwide.

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GLOBALFOUNDRIES (GFS US)

GlobalFoundries & United Microelectronics Merger Could Be the Silicon Power Combo No One Saw Coming!

GlobalFoundries Inc., the U.S.-based contract semiconductor manufacturer, is reportedly exploring a high-stakes merger with Taiwan’s United...

Baptista Research

GlobalFoundries: Will Its Geopolitical Strategy Help Tilt The Competitive Dynamics In Its Favor?

GlobalFoundries Inc., a prominent player in the semiconductor manufacturing sector, exhibited a blend of positive outcomes and persistent...

Baptista Research

UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

UMC's 2Q25 guidance shows increased wafer shipments and flat ASP, with limited visibility due to US tariffs. Strategic plan in place to enhance...

Patrick Liao

GlobalFoundries Inc.: Automotive & Industrial IoT Integration As A Critical Growth Lever! - Major Drivers

GlobalFoundries' third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic...

Baptista Research

ARM IPO Breakdown

ARM prices this Wednesday and trades on Thursday. I have a lot of thoughts. This will be a great post if you want to learn about ARM. So, without...

Fabricated Knowledge

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GlobalFoundries & United Microelectronics Merger Could Be the Silicon Power Combo No One Saw Coming!

GlobalFoundries Inc., the U.S.-based contract semiconductor manufacturer, is reportedly exploring a high-stakes merger with Taiwan’s United...

Baptista Research

GlobalFoundries: Will Its Geopolitical Strategy Help Tilt The Competitive Dynamics In Its Favor?

GlobalFoundries Inc., a prominent player in the semiconductor manufacturing sector, exhibited a blend of positive outcomes and persistent...

Baptista Research

UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

​UMC's 2Q25 guidance shows increased wafer shipments and flat ASP, with limited visibility due to US tariffs. Strategic plan in place to enhance...

Patrick Liao

GlobalFoundries Inc.: Automotive & Industrial IoT Integration As A Critical Growth Lever! - Major Drivers

GlobalFoundries' third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic...

Baptista Research

ARM IPO Breakdown

ARM prices this Wednesday and trades on Thursday. I have a lot of thoughts. This will be a great post if you want to learn about ARM. So, without...

Fabricated Knowledge

UMC's 2Q25 guidance shows increased wafer shipments and flat ASP, with limited visibility due to US tariffs. Strategic plan in place to enhance...