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

Kulicke And Soffa Industries, / Equity Bottom-Up

<ul><li>Kulicke and Soffa Industries Inc. recently presented its fiscal second quarter results for 2024, revealing a mixed financial performance amid ongoing market challenges and strategic repositioning.</li><li>The company, a key player in the advanced semiconductor assembly equipment industry, has indicated both headwinds and promising engagements that suggest a complex yet potentially rewarding future.</li><li>Starting with the positives, Kulicke and Soffa has continued to innovate and secure significant purchase orders, such as the 1,000 unit RAPID Pro system order from a rapidly growing Assembly and Test company.</li></ul>

Kulicke and Soffa Industries Inc. recently presented its fiscal second quarter results for 2024, revealing a mixed financial performance amid ongoing market challenges and strategic repositioning.The company, a key player in the advanced semiconductor assembly equipment industry, has indicated both headwinds and promising engagements that suggest a complex yet potentially rewarding future.Starting with the positives, Kulicke and Soffa has continued to innovate and secure significant purchase orders, such as the 1,000 unit RAPID Pro system order from a rapidly growing Assembly and Test company.

Kulicke and Soffa Industries Inc.: The Story Behind The Memory Market Recovery and Technology Transition! - Major Drivers

<ul>
<li>This is our first report on capital equipment manufacturer, Kulicke and Soffa Industries Inc.</li>
<li>The company delivered their Q1 2024 earnings recently, announcing an impressive revenue of $171.2 million for the December quarter.</li>
<li>However, not all news from the call was as positive because GAAP net income stood at only $9.3 million, alongside non-GAAP earnings per share at $0.3. However, this was still slightly higher than the guidance midpoint.</li>
</ul>


This is our first report on capital equipment manufacturer, Kulicke and Soffa Industries Inc.
The company delivered their Q1 2024 earnings recently, announcing an impressive revenue of $171.2 million for the December quarter.
However, not all news from the call was as positive because GAAP net income stood at only $9.3 million, alongside non-GAAP earnings per share at $0.3. However, this was still slightly higher than the guidance midpoint.


Kulicke and Soffa Industries: A Story Of Continued Leadership in Core Markets

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.</li>
<li>However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index. </li>
<li>The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries' capex.</li>
</ul>


SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.
However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index. 
The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries' capex.


What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>The growth of China's semiconductor industry is inevitable and ever increasing sanctions on advanced semi supply chain components are adding fuel their self-sufficiency aspirations</li>
<li>Most Chinese semi stocks P/E ratios are sky high &amp; volatile to boot. Many US semi stocks have peaked as far as their exposure to China growth is concerned. </li>
<li>One sub-segment of the WFE sector may provide China semi growth exposure at reasonable valuation with relatively low risk. </li>
</ul>


The growth of China's semiconductor industry is inevitable and ever increasing sanctions on advanced semi supply chain components are adding fuel their self-sufficiency aspirations
Most Chinese semi stocks P/E ratios are sky high &amp; volatile to boot. Many US semi stocks have peaked as far as their exposure to China growth is concerned. 
One sub-segment of the WFE sector may provide China semi growth exposure at reasonable valuation with relatively low risk. 


China's Semi Mega Push Is Inevitable. But Is It Investable? Part 1.

United States

Kulicke and Soffa Industries, Inc. designs, manufactures, and markets capital equipment, related spare parts, and packaging materials used to assemble semiconductor devices. The Company also services, maintains, repairs, and upgrades assembly equipment. Kulicke's equipment is used in wire bonding systems, wafer dicing saws, and die bonders.

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Kulicke And Soffa Industries, (KLIC US)

Kulicke and Soffa Industries Inc.: The Story Behind The Memory Market Recovery and Technology Transition! - Major Drivers

Kulicke and Soffa Industries Inc. recently presented its fiscal second quarter results for 2024, revealing a mixed financial performance amid...

Baptista Research

Kulicke and Soffa Industries: A Story Of Continued Leadership in Core Markets

This is our first report on capital equipment manufacturer, Kulicke and Soffa Industries Inc. The company delivered their Q1 2024 earnings...

Baptista Research

What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us global semi vendors are consuming earlier overbuilt inventories first...

Andrew Lu

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

China's Semi Mega Push Is Inevitable. But Is It Investable? Part 1.

Most Chinese semi stocks P/E ratios are sky high & volatile to boot. Many US semi stocks have peaked as far as their exposure to China growth. One...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)