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>Texas Instruments recently presented their fourth-quarter earnings, offering insights into the performance and outlook of the company.</li><li>The financial results indicate both challenges and opportunities for investors to consider.</li><li>In the fourth quarter of 2024, Texas Instruments reported revenue of $4 billion, which marks a 3% sequential decrease and a 2% decline from the previous year.</li></ul>

Texas Instruments recently presented their fourth-quarter earnings, offering insights into the performance and outlook of the company.The financial results indicate both challenges and opportunities for investors to consider.In the fourth quarter of 2024, Texas Instruments reported revenue of $4 billion, which marks a 3% sequential decrease and a 2% decline from the previous year.

Texas Instruments: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond! - Major Drivers

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>TXN reported 3Q24 last night: EPS 7% above Consensus, small beat. However, 4Q guidance shows a delayed / tepid recovery: revenue to decline -6% YoY, EPS to decline -21% YoY.</li>
<li>Industrial demand is still declining steeply -23% YoY, “hovering at the bottom”. Auto revenue -2% YoY with growth in China but rest of world is declining. </li>
<li>The stock is trading at 31x 2025 and 25x 2026 Consensus EPS, way above its valuations range.</li>
</ul>


TXN reported 3Q24 last night: EPS 7% above Consensus, small beat. However, 4Q guidance shows a delayed / tepid recovery: revenue to decline -6% YoY, EPS to decline -21% YoY.
Industrial demand is still declining steeply -23% YoY, “hovering at the bottom”. Auto revenue -2% YoY with growth in China but rest of world is declining. 
The stock is trading at 31x 2025 and 25x 2026 Consensus EPS, way above its valuations range.


Texas Instrument: Small Beat in 3Q24, Uninspiring 4Q Guidance, the Stock Is Very Expensive.

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

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

<ul>
<li>
TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. </li>
<li>
AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. </li>
<li>
Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.</li>
</ul>



TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. 

AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. 

Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.


Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

<ul><li>Texas Instruments reported its third quarter 2024 results, evidencing a mixed financial landscape amid varying market conditions.</li><li>Revenue stood at $4.2 billion, reflecting a 9% sequential rise but an 8% decline year-over-year.</li><li>This revenue performance was underpinned by the company's significant presence in Analog revenue, which experienced a decline of 4% year-over-year, while Embedded Processing saw a more pronounced decrement of 27%.</li></ul>

Texas Instruments reported its third quarter 2024 results, evidencing a mixed financial landscape amid varying market conditions.Revenue stood at $4.2 billion, reflecting a 9% sequential rise but an 8% decline year-over-year.This revenue performance was underpinned by the company's significant presence in Analog revenue, which experienced a decline of 4% year-over-year, while Embedded Processing saw a more pronounced decrement of 27%.

Texas Instruments Incorporated: Will The Industrial and Automotive Market Recovery Save The Day? - 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.

Summary: 
<ul>
<li>
TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough.</li>
<li>
LRCX - 25 is a growth year, taking share from Litho.</li>
<li>
MXL - Clear growth off the bottom as telecom rebounds.</li>
<li>
SK Hynix - Memory cycle ain’t over, HBM is strong.</li>
<li>
TER - Apple designed it’s own modem next year.</li>
<li>
BESI - HBM4 is looking continuously questionable if it’s going to be Hybrid Bonding.</li>
</ul>

Summary: 


TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough.

LRCX - 25 is a growth year, taking share from Litho.

MXL - Clear growth off the bottom as telecom rebounds.

SK Hynix - Memory cycle ain’t over, HBM is strong.

TER - Apple designed it’s own modem next year.

BESI - HBM4 is looking continuously questionable if it’s going to be Hybrid Bonding.


Earnings: TXN, LRCX, MXL, SK Hynix, TER, BESI

United States

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments has manufacturing or sales operations worldwide.

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Texas Instruments (TXN US)

Texas Instruments: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond! - Major Drivers

Texas Instruments recently presented their fourth-quarter earnings, offering insights into the performance and outlook of the company. The...

Baptista Research

Texas Instrument: Small Beat in 3Q24, Uninspiring 4Q Guidance, the Stock Is Very Expensive.

TXN reported 3Q24 earnings above Consensus but 4Q guidance shows a delayed recovery, with declining revenue and EPS. Industrial demand is still...

Nicolas Baratte

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

Texas Instruments Incorporated: Will The Industrial and Automotive Market Recovery Save The Day? - Major Drivers

Texas Instruments reported its third quarter 2024 results, evidencing a mixed financial landscape amid varying market conditions. Revenue stood at...

Baptista Research

Earnings: TXN, LRCX, MXL, SK Hynix, TER, BESI

Summary: TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough. LRCX - 25 is a growth...

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Texas Instruments: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond! - Major Drivers

Texas Instruments recently presented their fourth-quarter earnings, offering insights into the performance and outlook of the company. The...

Baptista Research

Texas Instrument: Small Beat in 3Q24, Uninspiring 4Q Guidance, the Stock Is Very Expensive.

​TXN reported 3Q24 earnings above Consensus but 4Q guidance shows a delayed recovery, with declining revenue and EPS. Industrial demand is still...

Nicolas Baratte

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

​TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

Texas Instruments Incorporated: Will The Industrial and Automotive Market Recovery Save The Day? - Major Drivers

Texas Instruments reported its third quarter 2024 results, evidencing a mixed financial landscape amid varying market conditions. Revenue stood at...

Baptista Research

Earnings: TXN, LRCX, MXL, SK Hynix, TER, BESI

Summary: TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough. LRCX - 25 is a growth...

Fabricated Knowledge

TXN reported 3Q24 earnings above Consensus but 4Q guidance shows a delayed recovery, with declining revenue and EPS. Industrial demand is still...

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...