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.

Thematic (Sector/Industry)

<ul><li>A partial earnings recap of companies so far this week: grouped by categories</li><li>Simo and Maxlinear are going to be in a separate note.</li><li>It’s too funny and interesting not to, but that will hopefully come out soon. It’s been quite a week of content.</li></ul>

A partial earnings recap of companies so far this week: grouped by categoriesSimo and Maxlinear are going to be in a separate note.It’s too funny and interesting not to, but that will hopefully come out soon. It’s been quite a week of content.

Auto Semiconductor Earnings, Testing, Semicap

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>Teradyne had a strong first quarter and delivered an all-around beat.</li><li>Its revenues were $618 million, which was $28 million higher than its mid-point estimate as well as analyst expectations.</li><li>The company's adaptable business strategy allowed it to convert increased revenue and profit from Semiconductor Test's improved component availability in Q1.</li></ul>

Teradyne had a strong first quarter and delivered an all-around beat.Its revenues were $618 million, which was $28 million higher than its mid-point estimate as well as analyst expectations.The company's adaptable business strategy allowed it to convert increased revenue and profit from Semiconductor Test's improved component availability in Q1.

Teradyne Inc.: Crushed The Market With Solid Results – Key Drivers

Independent Insight Provider, Japanese equities, LightStream Research

Scott Foster

Independent Insight Provider, Japanese equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Advantest's share price has risen by 21.5% since the beginning of January, but sales and profits are peaking and YoY comparisons are becoming increasingly difficult.</li>
<li>Competitor Teradyne's results and guidance give an indication of potential near-term risk, which could be more than 20%. </li>
<li>Visibility is deteriorating and the longer-term outlook uncertain. We doubt the share price can hold up as profits decline. </li>
</ul>


Advantest's share price has risen by 21.5% since the beginning of January, but sales and profits are peaking and YoY comparisons are becoming increasingly difficult.
Competitor Teradyne's results and guidance give an indication of potential near-term risk, which could be more than 20%. 
Visibility is deteriorating and the longer-term outlook uncertain. We doubt the share price can hold up as profits decline. 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pentamaster-corp-bhd" target="_blank" data-smartkarma-citation="entities:15302:1" rel="noopener">Pentamaster Corp (PENT MK)</a> specialises in the manufacturing of automated testing equipment (ATE segment) and the provision of factory automated solutions (FAS segment). </li>
<li>Pentamaster's solid track record, exposure to structural trends (electric vehicles), profitability, cash generation and healthy balance sheet are attractive. The shares are up 12.9% YTD.</li>
<li>However, the shares reflect this story and the valuation looks full compared to peers and historical multiples. We like the fundamentals and would be buyers of any prolonged weakness.</li>
</ul>



Pentamaster Corp (PENT MK) specialises in the manufacturing of automated testing equipment (ATE segment) and the provision of factory automated solutions (FAS segment). 
Pentamaster's solid track record, exposure to structural trends (electric vehicles), profitability, cash generation and healthy balance sheet are attractive. The shares are up 12.9% YTD.
However, the shares reflect this story and the valuation looks full compared to peers and historical multiples. We like the fundamentals and would be buyers of any prolonged weakness.


Pentamaster Corp (PENT MK): Good Story, at What Price?

<ul><li>Teradyne delivered a solid result in the last quarter as the company surpassed analyst expectations with respect to revenues as well as earnings.</li><li>At the operating level, it cleared some supply bottlenecks that allowed the company to ship more of semiconductor test products than previously planned.</li><li>Automation Group’s quarter revenue, in constant currency, grew.</li></ul>

Teradyne delivered a solid result in the last quarter as the company surpassed analyst expectations with respect to revenues as well as earnings.At the operating level, it cleared some supply bottlenecks that allowed the company to ship more of semiconductor test products than previously planned.Automation Group’s quarter revenue, in constant currency, grew.

Teradyne Inc: Merger of AutoGuide Mobile Robots & MiR & Other Drivers

United States

Teradyne, Inc. designs, manufactures, sells, and supports semiconductor test products and services on a world wide basis. The Company's test equipment products and services include: semiconductor test systems, military/aerospace test instrumentation and systems, circuit-board test and inspection systems and automotive diagnostic and test systems.

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Teradyne Inc (TER US)

Auto Semiconductor Earnings, Testing, Semicap

A partial earnings recap of companies so far this week: grouped by categories Simo and Maxlinear are going to be in a separate note. It’s too...

Fabricated Knowledge

Teradyne Inc.: Crushed The Market With Solid Results – Key Drivers

Teradyne had a strong first quarter and delivered an all-around beat. Its revenues were $618 million, which was $28 million higher than its...

Baptista Research

Advantest (6857): Sell into the Rebound

The share price has risen along with a strong Q3 and firm 4Q guidance, but sales and profits are headed down and the timing and extent of cyclical...

Scott Foster

Pentamaster Corp (PENT MK): Good Story, at What Price?

The shares have had a strong run and the valuation looks full compared to peers and historical multiples. We like the fundamentals and would be...

Arun George

Teradyne Inc: Merger of AutoGuide Mobile Robots & MiR & Other Drivers

Teradyne delivered a solid result in the last quarter as the company surpassed analyst expectations with respect to revenues as well as...

Baptista Research

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