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>Intel Corporation delivered a positive result and managed an all-around beat last quarter, demonstrating ongoing financial improvement and validating its market approach.</li><li>As per the management, Intel's ability to successfully implement all of its process and product roadmaps is restoring consumer trust in the company.</li><li>We give Intel Corporation a 'Hold' rating with a revised target price.</li></ul>

Intel Corporation delivered a positive result and managed an all-around beat last quarter, demonstrating ongoing financial improvement and validating its market approach.As per the management, Intel's ability to successfully implement all of its process and product roadmaps is restoring consumer trust in the company.We give Intel Corporation a 'Hold' rating with a revised target price.

Intel Corporation: Can The 4th Gen AI Capabilities and Global Expansion Plans Change The Game? – Key Drivers

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q2’23 revenues of $12.9 billion, down 15% YoY but up ~10% QoQ and handily beating the guided midpoint of $12 billion.</li>
<li>Q3 outlook for $13.4 billion at the midpoint, up 3.8% sequentially</li>
<li>Mr Gelsinger envisages a centrino-like era of AI-enabled PCs, starting with Meteor Lake in H2'23. Is this realistic?</li>
</ul>


Q2’23 revenues of $12.9 billion, down 15% YoY but up ~10% QoQ and handily beating the guided midpoint of $12 billion.
Q3 outlook for $13.4 billion at the midpoint, up 3.8% sequentially
Mr Gelsinger envisages a centrino-like era of AI-enabled PCs, starting with Meteor Lake in H2'23. Is this realistic?


Intel. PC Recovery Nigh As Incentives No Longer Required To Shift Client CPUs

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

<ul>
<li>Japan's semiconductor technology export restrictions took effect on Sunday and are unlikely to ease for China any time soon.</li>
<li>Apple is reportedly telling suppliers that its flagship iPhone volumes will be similar to last year.</li>
<li>Hon Hai acquires 50% stake in German auto chassis maker, marking a significant expansion in its EV manufacturing efforts.</li>
</ul>


Japan's semiconductor technology export restrictions took effect on Sunday and are unlikely to ease for China any time soon.
Apple is reportedly telling suppliers that its flagship iPhone volumes will be similar to last year.
Hon Hai acquires 50% stake in German auto chassis maker, marking a significant expansion in its EV manufacturing efforts.


Taiwan Tech Weekly: Japan Semi Restrictions Take Effect; Apple IPhone Volumes; Hon Hai Acquisition

Thematic (Sector/Industry)

<ul>
<li>Gartner reports Q2’23 PC unit shipments amounted to 59.7 million units, a decrease of 16.6% YoY, but an increase of ~8% QoQ</li>
<li>TSMC Q2'23 revenue will marginally exceed midpoint of the guided range.</li>
<li>Intel CEO second trip to China in 3 months heightens speculation about China's approval of the pending Tower Semi acquisition. </li>
</ul>


Gartner reports Q2’23 PC unit shipments amounted to 59.7 million units, a decrease of 16.6% YoY, but an increase of ~8% QoQ
TSMC Q2'23 revenue will marginally exceed midpoint of the guided range.
Intel CEO second trip to China in 3 months heightens speculation about China's approval of the pending Tower Semi acquisition. 


Semiconductor Events Deserving Your Attention @ 16/7/23

<ul>
<li>By combining TMG+TD+IFS into a single reportable segment, all internal demand will move to this new entity, leapfrogging Intel to global #2 foundry by Q1'24 instead of by 2030</li>
<li>This new structure risks obfuscating the details of external foundry customer growth</li>
<li>A much simpler step by step approach which achieves all Intel's stated goals while retaining visibility into IFS would be far more preferable from a shareholder perspective</li>
</ul>


By combining TMG+TD+IFS into a single reportable segment, all internal demand will move to this new entity, leapfrogging Intel to global #2 foundry by Q1'24 instead of by 2030
This new structure risks obfuscating the details of external foundry customer growth
A much simpler step by step approach which achieves all Intel's stated goals while retaining visibility into IFS would be far more preferable from a shareholder perspective


United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Intel Corporation: Can The 4th Gen AI Capabilities and Global Expansion Plans Change The Game? – Key Drivers

Intel Corporation delivered a positive result and managed an all-around beat last quarter, demonstrating ongoing financial improvement and...

Baptista Research

Intel. PC Recovery Nigh As Incentives No Longer Required To Shift Client CPUs

Q2’23 revenues $12.9 billion, -15% YoY but up ~+10% QoQ, handily beating guidance. No more incentives to shore up client market share. Is an AI...

William Keating

Taiwan Tech Weekly: Japan Semi Restrictions Take Effect; Apple IPhone Volumes; Hon Hai Acquisition

Japan's semiconductor technology export restrictions took effect on Sunday and are unlikely to ease for China any time soon.

Vincent Fernando, CFA

Semiconductor Events Deserving Your Attention @ 16/7/23

Gartner reports Q2’23 PC shipments of 59.7 million units, -16.6% YoY, but +8% QoQ. TSMC Q2'23 revenue will marginally exceed guided midpoint....

William Keating

Intel Planing on Pulling A Samsung

Intel plans a restructuring designed to leapfrog the company to global #2 foundry by Q1'24 instead of by 2030. A simper approach which retains...

William Keating

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