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>This is our first report on Peloton Interactive, one of the most popular interactive fitness platforms in the world.</li><li>The company delivered a disappointing set of results as it failed to meet Wall Street expectations with respect to revenues as well as earnings.</li><li>We initiate coverage on the stock of Peloton Interactive, Inc. with a ‘Hold’ rating.</li></ul>

This is our first report on Peloton Interactive, one of the most popular interactive fitness platforms in the world.The company delivered a disappointing set of results as it failed to meet Wall Street expectations with respect to revenues as well as earnings.We initiate coverage on the stock of Peloton Interactive, Inc. with a ‘Hold’ rating.

Peloton Interactive Inc.: Initiation of Coverage – Challenging Macro Environment & Other Factors

<ul><li>This is our first report on Western Digital Corporation, one of the largest manufacturers and distributors of data storage devices and solutions in the world.</li><li>The HDD revenue of Western Digital during the quarter declined modestly.</li><li>Western Digital is deep into qualifying its most recent generation of hard drives, including its 26-terabyte UltraSMR hard drives, at numerous OEM and U.S. cloud customers.</li></ul>

This is our first report on Western Digital Corporation, one of the largest manufacturers and distributors of data storage devices and solutions in the world.The HDD revenue of Western Digital during the quarter declined modestly.Western Digital is deep into qualifying its most recent generation of hard drives, including its 26-terabyte UltraSMR hard drives, at numerous OEM and U.S. cloud customers.

Western Digital Corporation: Initiation of Coverage – Recent Collaborations & Other 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>The current semiconductor market meltdown can be expected to continue through the end of 2024</li>
<li>This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023</li>
<li>Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.</li>
</ul>


The current semiconductor market meltdown can be expected to continue through the end of 2024
This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023
Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.


2023 High Conviction: Semiconductor Down Market

<ul>
<li>Semiconductor collapses like today's are led by memory chips, which are a commodity</li>
<li>The leading memory manufacturers: Samsung, SK hynix, Micron, and WDC, have announced their 3Q22 earnings, with only Kioxia remaining.  All have suffered substantial revenue declines.</li>
<li>Memory prices are dropping to cost, and should remain at cost until demand catches back up with supply in late 2023</li>
</ul>


Semiconductor collapses like today's are led by memory chips, which are a commodity
The leading memory manufacturers: Samsung, SK hynix, Micron, and WDC, have announced their 3Q22 earnings, with only Kioxia remaining.  All have suffered substantial revenue declines.
Memory prices are dropping to cost, and should remain at cost until demand catches back up with supply in late 2023


<ul>
<li>Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019</li>
<li>Spot market prices, a leading indicator, are soft for both DRAM and NAND flash</li>
<li>It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%</li>
</ul>


Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019
Spot market prices, a leading indicator, are soft for both DRAM and NAND flash
It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%


Semiconductors Just Beginning a Long Slide

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Peloton Interactive Inc.: Initiation of Coverage – Challenging Macro Environment & Other Factors

This is our first report on Peloton Interactive, one of the most popular interactive fitness platforms in the world. The company delivered a...

Baptista Research

Western Digital Corporation: Initiation of Coverage – Recent Collaborations & Other Drivers

This is our first report on Western Digital Corporation, one of the largest manufacturers and distributors of data storage devices and solutions...

Baptista Research

2023 High Conviction: Semiconductor Down Market

What's happening in semiconductors? When will the downturn end? What does this mean to chip stock prices? This Insight provides some concrete...

Jim Handy

How Bad Is Today's Chip Collapse?

Do you understand the current chip collapse? It is following a path that it has followed in the past, and those who read this post can invest more...

Jim Handy

Semiconductors Just Beginning a Long Slide

The semiconductor market is falling and is likely to continue to drop through the end of the year. This presents an opportunity for shorts.

Jim Handy

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