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>Despite a sluggish macro environment, Microchip Technology's quarterly earnings were solid due to resilient end markets and broad client base.</li><li>The company's net sales increased 2.5% sequentially and 16.6% annually to reach $2.29 billion.</li><li>From a product line standpoint, their mixed-signal microcontroller net sales hit another all-time high, increasing 0.8% sequentially and 22.5% annually in the quarter.</li></ul>

Despite a sluggish macro environment, Microchip Technology's quarterly earnings were solid due to resilient end markets and broad client base.The company's net sales increased 2.5% sequentially and 16.6% annually to reach $2.29 billion.From a product line standpoint, their mixed-signal microcontroller net sales hit another all-time high, increasing 0.8% sequentially and 22.5% annually in the quarter.

Microchip Technology: Navigating Through Market Sluggishness! - Major Drivers

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Semiconductor revenues have enjoyed month over month growth since April</li>
<li>This growth is higher than the industry's long-term average 3.9% growth</li>
<li>It looks as if the industry is starting another of its typical cycles.</li>
</ul>


Semiconductor revenues have enjoyed month over month growth since April
This growth is higher than the industry's long-term average 3.9% growth
It looks as if the industry is starting another of its typical cycles.


SIA: Semiconductors Up for Fourth Consecutive Month

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.

Infineon Technologies  / Equity Bottom-Up

<ul><li><p>Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.</p><section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li><li>Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.</li><li>So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.</li></ul>

Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

<ul>
<li>This earnings season has highlighted the robust performance of older-generation ("trailing edge") companies.</li>
<li>Their inventories have also been rising. At the same time, there's a noticeable demand slump in China.</li>
<li>Surprisingly, Chinese semiconductor firms are increasing their investments in older technology, known as the "lagging edge" capacity. Put the pieces together, and there’s a big story here.</li>
</ul>


This earnings season has highlighted the robust performance of older-generation ("trailing edge") companies.
Their inventories have also been rising. At the same time, there's a noticeable demand slump in China.
Surprisingly, Chinese semiconductor firms are increasing their investments in older technology, known as the "lagging edge" capacity. Put the pieces together, and there’s a big story here.


Chinese EV's and the Lagging Edge Price War

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.</li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


United States

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.

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Microchip Technology (MCHP US)

Microchip Technology: Navigating Through Market Sluggishness! - Major Drivers

Despite a sluggish macro environment, Microchip Technology's quarterly earnings were solid due to resilient end markets and broad client base. The...

Baptista Research

SIA: Semiconductors Up for Fourth Consecutive Month

The semiconductor industry seems to be starting another cycle, with revenues increasing for the past four months. This Insight compares past...

Jim Handy

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Analog inventory, Coherent's ghost guide, and whipsaw China read through. Infineon’s big news is that they, too, will be building one of the...

Fabricated Knowledge

Chinese EV's and the Lagging Edge Price War

Prices cuts imply price wars, Western chip subsidies are against strategy spending in China. Full stack margin at Chinese Automotive makers means...

Fabricated Knowledge

Fadu IPO - Thoughts on Valuation

Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO. Previously, we looked at the company’s past performance and undertook a peer...

Ethan Aw

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