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>Micron Technology's fiscal fourth quarter 2024 earnings call underscores a period of noteworthy developments and strategic pivots, reflecting both positives and challenges that face the company.</li><li>The call, led by Sumit Sadana and other executives, provided insights into various aspects including demand trends, inventory levels, operational execution, and financial outlook which are critical for understanding Micron’s trajectory and market dynamics.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Micron Technology's fiscal fourth quarter 2024 earnings call underscores a period of noteworthy developments and strategic pivots, reflecting both positives and challenges that face the company.The call, led by Sumit Sadana and other executives, provided insights into various aspects including demand trends, inventory levels, operational execution, and financial outlook which are critical for understanding Micron’s trajectory and market dynamics.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Micron Technology Inc.: Tackling The Shifts in Customer Demand & Evolving Market Dynamics! - Major Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Micron's latest results show a clear improvement in the Memory cycle. The company's gross margin increased and guided for a further strong margin increase next quarter.</li>
<li>Micron increased its overall DRAM industry growth forecast while maintaining its NAND flash forecast. Micron reiterated expectations for FY2025E to deliver record revenue for the company, with improving profitability.</li>
<li>Positive news for fallen Memory industry shares -- Within our Memory universe we have Structural Long ratings for Micron Technology (MU US), SK Hynix (000660 KS), and Silicon Motion Technology (SIMO US).</li>
</ul>


Micron's latest results show a clear improvement in the Memory cycle. The company's gross margin increased and guided for a further strong margin increase next quarter.
Micron increased its overall DRAM industry growth forecast while maintaining its NAND flash forecast. Micron reiterated expectations for FY2025E to deliver record revenue for the company, with improving profitability.
Positive news for fallen Memory industry shares -- Within our Memory universe we have Structural Long ratings for Micron Technology (MU US), SK Hynix (000660 KS), and Silicon Motion Technology (SIMO US).


Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

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.

<ul><li>Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.</li><li>I mainly supported the memory companies if you didn’t read between the lines (<a href="https://www.smartkarma.com/insights/chatgpt-o1-strawberry-and-memory" target="_blank" rel="noopener">ChatGPT o1 (Strawberry) and Memory)</a></li><li>Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.</li></ul>

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.I mainly supported the memory companies if you didn’t read between the lines (ChatGPT o1 (Strawberry) and Memory)Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Q424 revenue $7.8 billion which was $200 million above the guided midpoint, up 14% QoQ and up 93% YoY.</li>
<li>Q125 revenue of $8.7 billion with gross margin 39.5%. This will be the company’s highest ever quarterly revenue</li>
<li>On track for ~20% share of a $25 billion HBM market in 2025</li>
</ul>


Q424 revenue $7.8 billion which was $200 million above the guided midpoint, up 14% QoQ and up 93% YoY.
Q125 revenue of $8.7 billion with gross margin 39.5%. This will be the company’s highest ever quarterly revenue
On track for ~20% share of a $25 billion HBM market in 2025


Micron. Zoom, Zoom, Zoom, We're Going To The Moon...

<ul>
<li>Memory stocks underperformed the market, falling sharply with the recent overall market rout and failing to rebound sufficiently with the latest market rally.</li>
<li>Leading Memory names Micron, SK Hynix, Samsung are all substantially below their 52-week highs after market reports of slowing memory demand from PC and mobile industries and inventory liquidation.</li>
<li>Taiwan names Nanya Tech, Silicon Motion, Phison are all we below their highs. Micron results on September 25th MT will provide a major outlook update for the market.</li>
</ul>


Memory stocks underperformed the market, falling sharply with the recent overall market rout and failing to rebound sufficiently with the latest market rally.
Leading Memory names Micron, SK Hynix, Samsung are all substantially below their 52-week highs after market reports of slowing memory demand from PC and mobile industries and inventory liquidation.
Taiwan names Nanya Tech, Silicon Motion, Phison are all we below their highs. Micron results on September 25th MT will provide a major outlook update for the market.


Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Micron Technology Inc.: Tackling The Shifts in Customer Demand & Evolving Market Dynamics! - Major Drivers

Micron Technology's fiscal fourth quarter 2024 earnings call underscores a period of noteworthy developments and strategic pivots, reflecting both...

Baptista Research

Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.

Vincent Fernando, CFA

Micron and WFE

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle. I mainly supported the memory companies if you didn’t read between...

Fabricated Knowledge

Micron. Zoom, Zoom, Zoom, We're Going To The Moon...

Q424 $7.8 billion +14% QoQ & +93% YoY. Q125 revenue, $8.7 billion, highest ever. On track for ~20% share of a $25 billion HBM market in 2025. Zoom...

William Keating

Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

Stay Long Micron, SK Hynix, and Silicon Motion into upcoming Micron results on September 25th Mountain Time. Memory outlook unlikely to be overly...

Vincent Fernando, CFA

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Micron Technology Inc.: Tackling The Shifts in Customer Demand & Evolving Market Dynamics! - Major Drivers

Micron Technology's fiscal fourth quarter 2024 earnings call underscores a period of noteworthy developments and strategic pivots, reflecting both...

Baptista Research

Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

​Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.

Vincent Fernando, CFA

Micron and WFE

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle. I mainly supported the memory companies if you didn’t read between...

Fabricated Knowledge

Micron. Zoom, Zoom, Zoom, We're Going To The Moon...

Q424 $7.8 billion +14% QoQ & +93% YoY. Q125 revenue, $8.7 billion, highest ever. On track for ~20% share of a $25 billion HBM market in 2025. Zoom...

William Keating

Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

Stay Long Micron, SK Hynix, and Silicon Motion into upcoming Micron results on September 25th Mountain Time. Memory outlook unlikely to be overly...

Vincent Fernando, CFA

Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.