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>In the last quarter, Marvell delivered a disappointing result as its revenues and earnings failed to meet Wall Street expectations.</li><li>The company’s top-line continues to be driven by its auto, 5G, and cloud businesses.</li><li>On a sequential basis, the data center revenue of the company declined because of softness in its on-premise business.</li></ul>

In the last quarter, Marvell delivered a disappointing result as its revenues and earnings failed to meet Wall Street expectations.The company’s top-line continues to be driven by its auto, 5G, and cloud businesses.On a sequential basis, the data center revenue of the company declined because of softness in its on-premise business.

Marvell Technologies: New Product Launch & Other Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> is looking to raise up to US$463m in its Japan IPO. </li>
<li>Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.</li>
<li>In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.</li>
</ul>



Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. 
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.
In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.


Socionext IPO - Ample Upside Even After Discount

<ul><li>Marvell Technologies continued to drive operating leverage and delivered an earnings beat in the recent result while its revenues were on par with market expectations.</li><li>In spite of the choppy supply environment, the strong end market demand and the successful adoption of its new products have enabled the company to grow revenue significantly.</li><li>We provide the stock of Marvell Technologies with a ‘Buy’ rating with a revision in the target price.</li></ul>

Marvell Technologies continued to drive operating leverage and delivered an earnings beat in the recent result while its revenues were on par with market expectations.In spite of the choppy supply environment, the strong end market demand and the successful adoption of its new products have enabled the company to grow revenue significantly.We provide the stock of Marvell Technologies with a ‘Buy’ rating with a revision in the target price.

Marvell Technologies: The Tanzanite Acquisition & Other Drivers

Credit

<ul><li>Marvell Technologies has emerged as a strong player in the networking chips market over the years.</li><li>The management is aggressively investing in the data infrastructure market to drive strong long-term growth.</li><li>They saw a significant increase in design wins, the completion of two significant acquisitions, and strong revenue growth with great momentum.</li></ul>

Marvell Technologies has emerged as a strong player in the networking chips market over the years.The management is aggressively investing in the data infrastructure market to drive strong long-term growth.They saw a significant increase in design wins, the completion of two significant acquisitions, and strong revenue growth with great momentum.

Marvell Technologies: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Skyworks Solutions, Inc., a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications.  The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Entegris Inc. provides materials management products and services to the microelectronics industry on a worldwide basis.  The Company provides products such as wafer shippers, wafer transport and process carriers, pods, and work-in-process boxes.  Entegris also provides chemical delivery products such as valves, fittings, tubing, pipe, and containers.

Teradyne, Inc. designs, manufactures, sells, and supports semiconductor test products and services on a world wide basis. The Company's test equipment products and services include: semiconductor test systems, military/aerospace test instrumentation and systems, circuit-board test and inspection systems and automotive diagnostic and test systems.

First Solar, Inc. designs and manufactures solar modules.  The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

MKS Instruments, Inc. develops, manufactures, and supplies instruments and components used to control and analyze gases in semiconductor manufacturing and similar industrial manufacturing processes. The Company's products are used to manufacture flat panel displays, magnetic and optical storage devices and media, solar cells, fiber optic cables, and diamond thin films.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

LONGi Green Energy Technology Co., Ltd. develops, manufactures and sells silicon rods and silicon wafers. The Company's main products include 6 inch, 6.5 inch and 8 inch monocrystalline silicon rods and wafers.

LONGi Green Energy Technology (601012 CH)

Semiconductor Manufacturing International Corporation operates a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

DISCO CORPORATION manufactures abrasive and precision industrial machinery for cutting and grinding purposes.  The Company's products are applied in the semiconductor, electronics, and construction industries to produce consumer goods such as personal computers, digital cameras, video game systems, and Digital Video Disc (DVD) players.

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Marvell Technologies: New Product Launch & Other Drivers

In the last quarter, Marvell delivered a disappointing result as its revenues and earnings failed to meet Wall Street expectations. The company’s...

Baptista Research

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

Socionext IPO - Ample Upside Even After Discount

Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. In this note, we will look at the updated deal dynamics, our earlier...

Clarence Chu

Marvell Technologies: The Tanzanite Acquisition & Other Drivers

Marvell Technologies continued to drive operating leverage and delivered an earnings beat in the recent result while its revenues were on par with...

Baptista Research

Marvell Technologies: Detailed Credit Analysis & Financial Strength Evaluation Report

Marvell Technologies has emerged as a strong player in the networking chips market over the years. The management is aggressively investing in the...

Baptista Research

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Market Cap (USDm)

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