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>Lumentum Holdings delivered a disappointing set of results as the company was unable to meet the revenue as well as earnings expectations of Wall Street.</li><li>The company's commercial lasers business is also expanding into high-growth areas such as solar cells, advanced semiconductors, electric vehicles, and display manufacturing.</li><li>We give Lumentum Holdings Inc. a 'Hold' rating with a revised target price.</li></ul>

Lumentum Holdings delivered a disappointing set of results as the company was unable to meet the revenue as well as earnings expectations of Wall Street.The company's commercial lasers business is also expanding into high-growth areas such as solar cells, advanced semiconductors, electric vehicles, and display manufacturing.We give Lumentum Holdings Inc. a 'Hold' rating with a revised target price.

Lumentum Holdings Inc.: What Is Its Competitive Edge? – Key Drivers

Equity Capital Markets

Lumentum Holdings / Equity Capital Markets

<ul><li>Lumentum Holdings delivered a strong result in the last quarter and managed an all-around beat.</li><li>This quarter reported strong demand from customers.</li><li>Overall, the demand for the Telecom products of Lumentum remains strong, particularly in edge networking applications.</li></ul>

Lumentum Holdings delivered a strong result in the last quarter and managed an all-around beat.This quarter reported strong demand from customers.Overall, the demand for the Telecom products of Lumentum remains strong, particularly in edge networking applications.

Lumentum Holdings: R&D Expansion & Other Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

<ul>
<li>Taiwan’s tech space fell hard last week, with the tech sector down 5.4%, compared to a 4.9% drop for the overall market. Semiconductors performed the worst, down 6.2%.</li>
<li>Hon Hai, Delta, Lite-On -- EV a major theme for the first-ever Taiwan Expo USA coming October 12th.</li>
<li>Taiwan wafer exports were at an all-time high in August. We note that wafer names have underperformed TSMC.</li>
</ul>


Taiwan’s tech space fell hard last week, with the tech sector down 5.4%, compared to a 4.9% drop for the overall market. Semiconductors performed the worst, down 6.2%.
Hon Hai, Delta, Lite-On -- EV a major theme for the first-ever Taiwan Expo USA coming October 12th.
Taiwan wafer exports were at an all-time high in August. We note that wafer names have underperformed TSMC.


Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines

<ul><li>This is our first report on Lumentum Holdings, a manufacturing company operating in the niche of optical and photonic products.</li><li>In its result result, the company delivered an all-around beat with strong revenue in Datacom EMLs, coherent components, pump lasers, tunable products, and sub-sea components.</li><li>Overall, Lumentum is in a good position to profit from the expanding applications for photonics in various end markets.</li></ul>

This is our first report on Lumentum Holdings, a manufacturing company operating in the niche of optical and photonic products.In its result result, the company delivered an all-around beat with strong revenue in Datacom EMLs, coherent components, pump lasers, tunable products, and sub-sea components.Overall, Lumentum is in a good position to profit from the expanding applications for photonics in various end markets.

Lumentum Holdings Inc.- Initiation of Coverage – Recent Acquisitions & Other Drivers

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>In our estimate, WinSemi’s 4Q21 revenue/GM is NT$70bn/38.9% and 1Q22 revenue/GM is NT$68bn/38% respectively . Usually, the first quarter of the year is a low season. </li>
<li>For WinSemi capacity management, the company will expand once they find the utilization being reaching to 85%, or above. </li>
<li>For the inventory issues that some people might be arguing with, WinSemi did not see any sign to worry about so far. </li>
</ul>


In our estimate, WinSemi’s 4Q21 revenue/GM is NT$70bn/38.9% and 1Q22 revenue/GM is NT$68bn/38% respectively . Usually, the first quarter of the year is a low season. 
For WinSemi capacity management, the company will expand once they find the utilization being reaching to 85%, or above. 
For the inventory issues that some people might be arguing with, WinSemi did not see any sign to worry about so far. 


WinSemi (3105.TT): Usually, the First Quarter of the Year Is a Low Season.

United States

Lumentum Holdings Inc. operates as a holding company. The Company, through its subsidiaries, supplies optical and photonic products. Lumentum Holdings serves data communications and telecommunications, networking, and life-sciences markets worldwide.

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Lumentum Holdings (LITE US)

Lumentum Holdings Inc.: What Is Its Competitive Edge? – Key Drivers

Lumentum Holdings delivered a disappointing set of results as the company was unable to meet the revenue as well as earnings expectations of Wall...

Baptista Research

Lumentum Holdings: R&D Expansion & Other Drivers

Lumentum Holdings delivered a strong result in the last quarter and managed an all-around beat. This quarter reported strong demand from...

Baptista Research

Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines

AU Optronics stock suspended, Intel's Mobileye IPO is back, Samsung takes share from TSMC, Taiwan wafer exports are at an all-time high.

Vincent Fernando, CFA

Lumentum Holdings Inc.- Initiation of Coverage – Recent Acquisitions & Other Drivers

This is our first report on Lumentum Holdings, a manufacturing company operating in the niche of optical and photonic products. In its result...

Baptista Research

WinSemi (3105.TT): Usually, the First Quarter of the Year Is a Low Season.

In our estimate, WinSemi’s 4Q21 revenue/GM is NT$70bn/38.9% and 1Q22 revenue/GM is NT$65bn/36% respectively . Usually, the first quarter of the...

Patrick Liao

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