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>Qorvo, Inc. has reported its financial results for the second quarter of fiscal 2025, revealing a mixed performance across its various business segments.</li><li>During the quarter, Qorvo achieved a revenue of $1.047 billion, marking an 18% sequential increase and exceeding their guided midpoint.</li><li>This growth was driven by double-digit increases across all three operating segments: Advanced Connectivity and Sensors Group (ACG), High Performance Analog (HPA), and Connectivity Systems (CSG).</li></ul>

Qorvo, Inc. has reported its financial results for the second quarter of fiscal 2025, revealing a mixed performance across its various business segments.During the quarter, Qorvo achieved a revenue of $1.047 billion, marking an 18% sequential increase and exceeding their guided midpoint.This growth was driven by double-digit increases across all three operating segments: Advanced Connectivity and Sensors Group (ACG), High Performance Analog (HPA), and Connectivity Systems (CSG).

Qorvo Inc.: Can Its Operational Optimization & Cost Efficiency Give Them A Competitive Edge? - Major Drivers

<ul><li>Qorvo, Inc's first quarter earnings for fiscal 2025 showed mixed outcomes with areas of growth and challenges.</li><li>The earnings revealed that the company continues to focus on diversification and differentiating its product offerings to meet evolving industry demands.</li><li>Qorvo, Inc. reported a quarterly revenue of $887 million, reflecting a 6% decrease sequentially and an increase of 36% year-over-year.</li></ul>

Qorvo, Inc's first quarter earnings for fiscal 2025 showed mixed outcomes with areas of growth and challenges.The earnings revealed that the company continues to focus on diversification and differentiating its product offerings to meet evolving industry demands.Qorvo, Inc. reported a quarterly revenue of $887 million, reflecting a 6% decrease sequentially and an increase of 36% year-over-year.

Qorvo Inc.: A Tale Of A Strengthening Position in Consumer Electronics & Automotives! - Major Drivers

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>KLA had a rare miss. The guidance was a bit light for the inspection execution machine.</li><li>KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.</li><li>KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91</li></ul>

KLA had a rare miss. The guidance was a bit light for the inspection execution machine.KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.</li>
<li>A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. </li>
<li>China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.</li>
</ul>


During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.
A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. 
China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.


More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> can be the unexpected addition by transition because of a high liquidity score and a close distance below the estimated transition threshold.</li>
<li>
<a href="https://www.smartkarma.com/entities/lennox-international-inc" target="_blank" data-smartkarma-citation="entities:16420:1" rel="noopener">Lennox International (LII US)</a> is the main candidate for addition by migration due to having the highest average mcap score and passing eligibility metrics.</li>
<li>
<a href="https://www.smartkarma.com/entities/illumina-inc" target="_blank" data-smartkarma-citation="entities:8015:1" rel="noopener">Illumina Inc (ILMN US)</a> has a muted conviction for addition because of ineligible earnings and a recent deletion from the index.</li>
</ul>



Coinbase Global (COIN US) can be the unexpected addition by transition because of a high liquidity score and a close distance below the estimated transition threshold.

Lennox International (LII US) is the main candidate for addition by migration due to having the highest average mcap score and passing eligibility metrics.

Illumina Inc (ILMN US) has a muted conviction for addition because of ineligible earnings and a recent deletion from the index.


S&P500 December 2024 Forecast (Final): Flipping the COIN

United States

Qorvo Inc, designs, develops, manufactures, and markets a variety of high performance analog and mixed signal integrated circuits for the communications markets. The Company's products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security and remote meter reading.

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Qorvo Inc (QRVO US)

Qorvo Inc.: Can Its Operational Optimization & Cost Efficiency Give Them A Competitive Edge? - Major Drivers

Qorvo, Inc. has reported its financial results for the second quarter of fiscal 2025, revealing a mixed performance across its various business...

Baptista Research

Qorvo Inc.: A Tale Of A Strengthening Position in Consumer Electronics & Automotives! - Major Drivers

Qorvo, Inc's first quarter earnings for fiscal 2025 showed mixed outcomes with areas of growth and challenges. The earnings revealed that the...

Baptista Research

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

S&P500 December 2024 Forecast (Final): Flipping the COIN

Lennox International (LII US) - the top migration candidate - was announced as an addition to the S&P 500 on 18 December, soon after the quarterly...

Dimitris Ioannidis

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