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 Capital Markets

<ul><li>Qualcomm reported a strong set of financial results to kickstart the new fiscal year and also provided a strong fiscal second-quarter guidance.</li><li>The company’s multi-sourcing and capacity expansion initiatives should provide incremental improvements to their supply throughout the year, despite ongoing challenges in the global supply chain.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Qualcomm reported a strong set of financial results to kickstart the new fiscal year and also provided a strong fiscal second-quarter guidance.The company’s multi-sourcing and capacity expansion initiatives should provide incremental improvements to their supply throughout the year, despite ongoing challenges in the global supply chain.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Qualcomm Inc.: Financial & Price Forecasts

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>The semiconductor market is now 45% above its normal revenue trend.</li>
<li>This situation is driven mostly by today's COVID-related demand changes.</li>
<li>Eventually the market will return to its normal growth, with revenues dropping by over 30%.</li>
</ul>


The semiconductor market is now 45% above its normal revenue trend.
This situation is driven mostly by today's COVID-related demand changes.
Eventually the market will return to its normal growth, with revenues dropping by over 30%.


Semiconductor Revenues Remain Well Above Trend

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. It was higher than the prior high-end guidance of $NTD141.5bn.</li>
<li>The 2nd quarter outlook could be slight growth of NTD$148.9bn/49.1% GM, which could be not much growth expected.</li>
<li>The expectation of the 5G deployment could be a bit slower because of COVID-19 impact and slow down in China handset shipment. </li>
</ul>


Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. It was higher than the prior high-end guidance of $NTD141.5bn.
The 2nd quarter outlook could be slight growth of NTD$148.9bn/49.1% GM, which could be not much growth expected.
The expectation of the 5G deployment could be a bit slower because of COVID-19 impact and slow down in China handset shipment. 


MediaTek (2454.TT): 1Q22 Results/​ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

<ul>
<li>JCET has reported 2021 annual results, and there was RMB$8.59bn/9.5% of revenue/NM percentage in 4Q21. JCET 2021 grew 6.0% QoQ and 11.5% YoY respectively.</li>
<li>Despite US-China trade war, the revenue from US clients are taking 50.2% in 2021, which is growing 23% from 2020 to 2021. </li>
<li>Given the 5G and China Automotive are developing actively, we believe these two applications shall be keeping the energetic momentum.</li>
</ul>


JCET has reported 2021 annual results, and there was RMB$8.59bn/9.5% of revenue/NM percentage in 4Q21. JCET 2021 grew 6.0% QoQ and 11.5% YoY respectively.
Despite US-China trade war, the revenue from US clients are taking 50.2% in 2021, which is growing 23% from 2020 to 2021. 
Given the 5G and China Automotive are developing actively, we believe these two applications shall be keeping the energetic momentum.


JCET (600584.CH): The Demand Was Strong in 2021, but 1Q22 Should Be a Seasonal Decline.

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

<ul>
<li>We think TSMC is still considering 1) at what time and 2) what technologies to further raise wafer price now.</li>
<li>TSMC’s largest client is Apple. Qualcomm should be the 2nd client because they will ship Snapdragon 8 Gen 1 from TSMC in 4Q22. Nvidia/MediaTek are the 3rd/4th clients. </li>
<li>TSMC is giving nearly 49% stock ownership to Sony for CMOS Image Sensor (CIS) Fab in Japan. It is mainly to obtain the CIS technology, to our thoughts. </li>
</ul>


We think TSMC is still considering 1) at what time and 2) what technologies to further raise wafer price now.
TSMC’s largest client is Apple. Qualcomm should be the 2nd client because they will ship Snapdragon 8 Gen 1 from TSMC in 4Q22. Nvidia/MediaTek are the 3rd/4th clients. 
TSMC is giving nearly 49% stock ownership to Sony for CMOS Image Sensor (CIS) Fab in Japan. It is mainly to obtain the CIS technology, to our thoughts. 


TSMC (TSM.US; 2303.TT): ASP Lifting Hasn't Decided Yet; QCOM Moves Back High-End Smartphone 8 Gen 1

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Qualcomm Inc.: Financial & Price Forecasts

Qualcomm reported a strong set of financial results to kickstart the new fiscal year and also provided a strong fiscal second-quarter...

Baptista Research

Semiconductor Revenues Remain Well Above Trend

Semiconductors are 45% above their long-term revenue trend. This is poised to continue for the near term, but a big change will occur further out.

Jim Handy

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. The 2nd quarter outlook could be slightly growth of NTD$148.9bn/49.1%...

Patrick Liao

JCET (600584.CH): The Demand Was Strong in 2021, but 1Q22 Should Be a Seasonal Decline.

JCET has reported 2021 annual results, and there is RMB$8.59bn/ 9.5% of revenue and NM percentage in 4Q21. In 1Q22, the revenue/NM percentage is...

Patrick Liao

TSMC (TSM.US; 2303.TT): ASP Lifting Hasn't Decided Yet; QCOM Moves Back High-End Smartphone 8 Gen 1

TSMC is still considering 1) at what time and 2) what technologies to further raising wafer price now. Qualcomm has come to the 2nd client because...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Qualcomm Inc.: Financial & Price Forecasts

Qualcomm reported a strong set of financial results to kickstart the new fiscal year and also provided a strong fiscal second-quarter...

Baptista Research

Semiconductor Revenues Remain Well Above Trend

Semiconductors are 45% above their long-term revenue trend. This is poised to continue for the near term, but a big change will occur further out.

Jim Handy

MediaTek (2454.TT): 1Q22 Results/​ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. The 2nd quarter outlook could be slightly growth of NTD$148.9bn/49.1%...

Patrick Liao

JCET (600584.CH): The Demand Was Strong in 2021, but 1Q22 Should Be a Seasonal Decline.

JCET has reported 2021 annual results, and there is RMB$8.59bn/ 9.5% of revenue and NM percentage in 4Q21. In 1Q22, the revenue/NM percentage is...

Patrick Liao

TSMC (TSM.US; 2303.TT): ASP Lifting Hasn't Decided Yet; QCOM Moves Back High-End Smartphone 8 Gen 1

TSMC is still considering 1) at what time and 2) what technologies to further raising wafer price now. Qualcomm has come to the 2nd client because...

Patrick Liao

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits