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>The Texas Instruments had a mixed Q2, reporting revenue of $3.8 billion, a 4% sequential increase but 16% YoY decline.</li><li>This contrasted with their optimistic revenue predictions for Q3, forecasting in the range of $3.94 billion to $4.26 billion.</li><li>This could have been due to the decline in Analog revenue by 11% YoY, Embedded Processing by 31%, and its Other segment by 22% from YoY quarter.</li></ul>

The Texas Instruments had a mixed Q2, reporting revenue of $3.8 billion, a 4% sequential increase but 16% YoY decline.This contrasted with their optimistic revenue predictions for Q3, forecasting in the range of $3.94 billion to $4.26 billion.This could have been due to the decline in Analog revenue by 11% YoY, Embedded Processing by 31%, and its Other segment by 22% from YoY quarter.

Texas Instruments: Is Its China Revival Here To Stay? - 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>August's WSTS semiconductor revenues registered a record high of more than $53 billion</li>
<li>Nobody seemed to notice, including the organization making the announcement</li>
<li>There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales</li>
</ul>


August's WSTS semiconductor revenues registered a record high of more than $53 billion
Nobody seemed to notice, including the organization making the announcement
There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales


Semis Just Broke a Record.  Why Did Nobody Notice?

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 June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17</li>
<li>Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong </li>
<li>Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. </li>
</ul>


TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17
Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong 
Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. 


Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>We presume Silergy is likely to see demand recovery or inventory rebuilding starting from 2Q24.</li>
<li>Silergy's wafer demand is projected to increase by 30-40% QoQ from 2Q24 onwards.  </li>
<li>Silergy's primary focus remains on China, Taiwan, and Korea, but the US market is promising for potential growth.  </li>
</ul>


We presume Silergy is likely to see demand recovery or inventory rebuilding starting from 2Q24.
Silergy's wafer demand is projected to increase by 30-40% QoQ from 2Q24 onwards.  
Silergy's primary focus remains on China, Taiwan, and Korea, but the US market is promising for potential growth.  


Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Again, Tesla reports a 1Q24 sales with 4% miss but post market share price up more than 10% for 6 reasons. 1. Gross margin was stable on 15% sales drop;</li>
<li>2. ASP was stable; 3. Affordable EV on track for 2025; 4. Factory expansion to slow; 5. Optimus to sell end of 2025; 6. 2024 EV shipment higher than 2023.</li>
<li>
<strong>Near term risks to remain</strong>: 1. When will margin trough? 2. Why bother to buy EV if 2nd hand market collapsing? 3. Will Robotaxi/FSD bring in meaningful sales/profits soon?</li>
</ul>


Again, Tesla reports a 1Q24 sales with 4% miss but post market share price up more than 10% for 6 reasons. 1. Gross margin was stable on 15% sales drop;
2. ASP was stable; 3. Affordable EV on track for 2025; 4. Factory expansion to slow; 5. Optimus to sell end of 2025; 6. 2024 EV shipment higher than 2023.

Near term risks to remain: 1. When will margin trough? 2. Why bother to buy EV if 2nd hand market collapsing? 3. Will Robotaxi/FSD bring in meaningful sales/profits soon?


Why Tesla Shows Post Results Rebound of over 10%?

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: Is Its China Revival Here To Stay? - Major Drivers

The Texas Instruments had a mixed Q2, reporting revenue of $3.8 billion, a 4% sequential increase but 16% YoY decline. This contrasted with their...

Baptista Research

Semis Just Broke a Record. Why Did Nobody Notice?

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...

Patrick Liao

Why Tesla Shows Post Results Rebound of over 10%?

Why Tesla Shows Post Results Rebound of over 10%? Tesla reports a 1Q24 sales with 4% miss but post market share price up more than 10% for 6 reasons.

Andrew Lu

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Texas Instruments: Is Its China Revival Here To Stay? - Major Drivers

The Texas Instruments had a mixed Q2, reporting revenue of $3.8 billion, a 4% sequential increase but 16% YoY decline. This contrasted with their...

Baptista Research

Semis Just Broke a Record. Why Did Nobody Notice?

​August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

​TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

​Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...

Patrick Liao

Why Tesla Shows Post Results Rebound of over 10%?

Why Tesla Shows Post Results Rebound of over 10%? Tesla reports a 1Q24 sales with 4% miss but post market share price up more than 10% for 6 reasons.

Andrew Lu

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...