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

Monolithic Power Systems, Inc / Equity Bottom-Up

<ul><li>Monolithic Power Systems delivered an all-around beat in the previous quarter, achieving third-quarter revenue of $474.9 million, signifying a 7.6% increase from the previous quarter of 2023.</li><li>Within the enterprise data market, MPS reported a noteworthy increase in third-quarter revenue, reaching $98.9 million, a remarkable 106.2% surge from the second quarter of 2023.</li><li>Consumer revenue in the third quarter decreased to $62.4 million primarily due to TV and home appliance sales declines.</li></ul>

Monolithic Power Systems delivered an all-around beat in the previous quarter, achieving third-quarter revenue of $474.9 million, signifying a 7.6% increase from the previous quarter of 2023.Within the enterprise data market, MPS reported a noteworthy increase in third-quarter revenue, reaching $98.9 million, a remarkable 106.2% surge from the second quarter of 2023.Consumer revenue in the third quarter decreased to $62.4 million primarily due to TV and home appliance sales declines.

Monolithic Power Systems Inc.: The Future Looks Bright - Inside Their Growth Strategy! - 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.

Thematic (Sector/Industry)

<ul><li>This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. </li><li>I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.</li><li>We are now seeing the beginning of Industrial weakening.</li></ul>

This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.We are now seeing the beginning of Industrial weakening.

<ul><li>Monolithic Power Systems managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Storage and computing revenue increased in the quarter.</li><li>Industrial revenue for the second quarter of 2023 also increased due to higher equipment sales for power sources and industrial meter applications.</li></ul>

Monolithic Power Systems managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.Storage and computing revenue increased in the quarter.Industrial revenue for the second quarter of 2023 also increased due to higher equipment sales for power sources and industrial meter applications.

Monolithic Power Systems Inc.: An Exciting Leap into EV & AI Domains! - Major Drivers

<ul><li>This is our first report on Monolithic Power Systems, one of the largest semiconductor-based equipment companies.</li><li>Revenue from communications also increased due to a slight increase in revenue from the 5G infrastructure.</li><li>We initiate coverage on the stock of Monolithic Power Systems, Inc. with a 'Hold' rating.</li></ul>

This is our first report on Monolithic Power Systems, one of the largest semiconductor-based equipment companies.Revenue from communications also increased due to a slight increase in revenue from the 5G infrastructure.We initiate coverage on the stock of Monolithic Power Systems, Inc. with a 'Hold' rating.

Monolithic Power Systems Inc.: Initiation of Coverage – Product Portfolio

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 16 June. There are no constituent changes, but there are float and capping changes.</li>
<li>The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$9.26bn.</li>
<li>Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. The stocks are extremely liquid, the impact on the stock in terms of ADV to trade is small.</li>
</ul>


The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 16 June. There are no constituent changes, but there are float and capping changes.
The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$9.26bn.
Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. The stocks are extremely liquid, the impact on the stock in terms of ADV to trade is small.


MVIS US Listed Semiconductor 25 Index Rebalance: Chipping Away

United States

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

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Monolithic Power Systems, Inc (MPWR US)

Monolithic Power Systems Inc.: The Future Looks Bright - Inside Their Growth Strategy! - Major Drivers

Monolithic Power Systems delivered an all-around beat in the previous quarter, achieving third-quarter revenue of $474.9 million, signifying a...

Baptista Research

Semiconductor Cycles: Industrial and EVs

Plus my new taxonomy of cycles! Where I think each end market is in the cycle. This earnings season, Industrial semiconductor demand has been the...

Fabricated Knowledge

Monolithic Power Systems Inc.: An Exciting Leap into EV & AI Domains! - Major Drivers

Monolithic Power Systems managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. Storage and computing...

Baptista Research

Monolithic Power Systems Inc.: Initiation of Coverage – Product Portfolio

This is our first report on Monolithic Power Systems, one of the largest semiconductor-based equipment companies. Revenue from communications also...

Baptista Research

MVIS US Listed Semiconductor 25 Index Rebalance: Chipping Away

No constituent changes, but there are float/capping changes. Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. Stocks are...

Brian Freitas

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