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>In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD businesses.</li><li>The company reported revenue of $3 billion, a non-GAAP gross margin of 15.5%, and a non-GAAP loss per share of $0.69.</li><li>These numbers met or exceeded the guidance range provided in October.</li></ul>

In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD businesses.The company reported revenue of $3 billion, a non-GAAP gross margin of 15.5%, and a non-GAAP loss per share of $0.69.These numbers met or exceeded the guidance range provided in October.

Western Digital Corporation: A Tale Of  Improving Profitability Through Cost Reduction and Optimized Product Mix! - 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>SK hynix' earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung's for 10:00 AM Korea, January 31.  What can investors expect to hear?</li>
<li>Three indicators have provided a preview of the two calls' directions: WSTS, Spot Pricing, and Micron's earnings call one month earlier.</li>
<li>The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.</li>
</ul>


SK hynix' earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung's for 10:00 AM Korea, January 31.  What can investors expect to hear?
Three indicators have provided a preview of the two calls' directions: WSTS, Spot Pricing, and Micron's earnings call one month earlier.
The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.


What to Expect In SK Hynix and Samsung Earnings Calls

<ul><li>Peloton Interactive, Inc. delivered a mixed set of results in its most recent results, with revenues above Wall Street expectations but below-par earnings.</li><li>Peloton's management anticipates a noteworthy upturn in Connected Fitness's gross margin for the upcoming quarter.</li><li>This positive shift is attributed to the expected leverage of fixed costs resulting from increased unit sales in Connected Fitness.</li></ul>

Peloton Interactive, Inc. delivered a mixed set of results in its most recent results, with revenues above Wall Street expectations but below-par earnings.Peloton's management anticipates a noteworthy upturn in Connected Fitness's gross margin for the upcoming quarter.This positive shift is attributed to the expected leverage of fixed costs resulting from increased unit sales in Connected Fitness.

Peloton Interactive Inc.: Tread+ & Other Major Factors Pushing Up Their Market Share! - Financial Forecasts

<ul><li>Western Digital Corporation managed to exceed Wall Street's revenue and earnings expectations.</li><li>The expansive opportunity in the cloud sector, propelled by ongoing infrastructure expansion and high-speed networks, positions Western Digital favorably.</li><li>In HDD, expectations include higher nearline shipments, seasonal demand in the consumer end market, and ongoing value-based price efforts, fostering sequential revenue and gross margin improvement throughout fiscal year 2024.</li></ul>

Western Digital Corporation managed to exceed Wall Street's revenue and earnings expectations.The expansive opportunity in the cloud sector, propelled by ongoing infrastructure expansion and high-speed networks, positions Western Digital favorably.In HDD, expectations include higher nearline shipments, seasonal demand in the consumer end market, and ongoing value-based price efforts, fostering sequential revenue and gross margin improvement throughout fiscal year 2024.

Western Digital Corporation: Navigating Market Fluctuations – A Look at Their Future Strategy! - Major Drivers

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Recent results from Micron and SK Hynix did not only signal a recovery for DRAM but also for NAND flash memory. Micron expects improving NAND pricing through CY2025E.</li>
<li>Latest data shows a surge in NAND pricing -- 512GB NAND pricing is now up 116% from its 2023 lows.</li>
<li>Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer a laggard play.</li>
</ul>


Recent results from Micron and SK Hynix did not only signal a recovery for DRAM but also for NAND flash memory. Micron expects improving NAND pricing through CY2025E.
Latest data shows a surge in NAND pricing -- 512GB NAND pricing is now up 116% from its 2023 lows.
Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer a laggard play.


Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

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)

Western Digital Corporation: A Tale Of Improving Profitability Through Cost Reduction and Optimized Product Mix! - Major Drivers

In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD...

Baptista Research

What to Expect In SK Hynix and Samsung Earnings Calls

How will the SK hynix earnings call on Jan 25 and the Samsung earnings call on Jan 31 play out? Certain indicators, spelled out in this insight,...

Jim Handy

Western Digital Corporation: Navigating Market Fluctuations – A Look at Their Future Strategy! - Major Drivers

Western Digital Corporation managed to exceed Wall Street's revenue and earnings expectations. The expansive opportunity in the cloud sector,...

Baptista Research

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Western Digital Corporation: A Tale Of Improving Profitability Through Cost Reduction and Optimized Product Mix! - Major Drivers

In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD...

Baptista Research

What to Expect In SK Hynix and Samsung Earnings Calls

How will the SK hynix earnings call on Jan 25 and the Samsung earnings call on Jan 31 play out? Certain indicators, spelled out in this insight,...

Jim Handy

Peloton Interactive Inc.: Tread+ & Other Major Factors Pushing Up Their Market Share! - Financial Forecasts

Peloton Interactive, Inc. delivered a mixed set of results in its most recent results, with revenues above Wall Street expectations but below-par...

Baptista Research

Western Digital Corporation: Navigating Market Fluctuations – A Look at Their Future Strategy! - Major Drivers

Western Digital Corporation managed to exceed Wall Street's revenue and earnings expectations. The expansive opportunity in the cloud sector,...

Baptista Research

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer...

Vincent Fernando, CFA