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>ASML Holding N.V., a Europe-based semiconductor company, reported its 2024 first quarter financial results in a recent conference call.</li><li>Notably, the total net sales for the period were EUR 5.3 billion, matching the midpoint of the company's guidance.</li><li>The company shipped 12 EUV systems and recognized revenue from 11 such units, amounting to EUR 1.8 billion in revenue.</li></ul>

ASML Holding N.V., a Europe-based semiconductor company, reported its 2024 first quarter financial results in a recent conference call.Notably, the total net sales for the period were EUR 5.3 billion, matching the midpoint of the company's guidance.The company shipped 12 EUV systems and recognized revenue from 11 such units, amounting to EUR 1.8 billion in revenue.

ASML Holding: Surge In Demand due to Electrification & AI But What Are The Real Challenges? - Major Drivers

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>ASML reported Q124 revenues of €5.3 billion, in line with expectations, down 27% QoQ and down 21% YoY.</li>
<li>Guided Q224 for €5.95 billion, down ~23% YoY. This implies H224 will have to be much stronger than H124 in order to maintain full year 2024 guidance of flat YoY</li>
<li>New order intake was €3.6 billion, down significantly from the €9.2 billion in the prior quarter, and challenging the narrative of a strong growth year in 2025</li>
</ul>


ASML reported Q124 revenues of €5.3 billion, in line with expectations, down 27% QoQ and down 21% YoY.
Guided Q224 for €5.95 billion, down ~23% YoY. This implies H224 will have to be much stronger than H124 in order to maintain full year 2024 guidance of flat YoY
New order intake was €3.6 billion, down significantly from the €9.2 billion in the prior quarter, and challenging the narrative of a strong growth year in 2025


ASML. Maintaining 2024 Guidance Despite Sharp Decline In New Bookings

<ul>
<li>ASML reported Q423 revenues of €7.2 billion, up 7.5% QoQ and ~€100 million above the guided midpoint for the quarter.</li>
<li>ASML guided Q124 at €5.25 billion, down a very significant 27% sequentially. Also reiterated their previous forecast for 2024 revenues to be remain flat with 2023</li>
<li>ASML shares surged &gt;8% in overnight trading. What's going on here?</li>
</ul>


ASML reported Q423 revenues of €7.2 billion, up 7.5% QoQ and ~€100 million above the guided midpoint for the quarter.
ASML guided Q124 at €5.25 billion, down a very significant 27% sequentially. Also reiterated their previous forecast for 2024 revenues to be remain flat with 2023
ASML shares surged &gt;8% in overnight trading. What's going on here?


ASML Guides Q124 Down 27% QoQ, Shares Surge >8%. What Gives?

<ul><li>ASML, a leading manufacturer of chip-making equipment, has reported its financial results for the fourth quarter and full year 2023, demonstrating strong financial performance despite a challenging macroeconomic landscape marked by uncertainties.</li><li>The company reported net sales of EUR 7.2 billion in Q4, coming in just above the guidance, mainly due to more installed base business.</li><li>This included EUV system revenue of EUR 2.3 billion and net system sales totalling EUR 5.7 billion, largely driven by Logic which accounted for 63% of net system sales, while Memory composes the remainder.</li></ul>

ASML, a leading manufacturer of chip-making equipment, has reported its financial results for the fourth quarter and full year 2023, demonstrating strong financial performance despite a challenging macroeconomic landscape marked by uncertainties.The company reported net sales of EUR 7.2 billion in Q4, coming in just above the guidance, mainly due to more installed base business.This included EUV system revenue of EUR 2.3 billion and net system sales totalling EUR 5.7 billion, largely driven by Logic which accounted for 63% of net system sales, while Memory composes the remainder.

ASML Holding ADR: Increasing Utilization Rates and Technology Transition Could Be A Transformative Force? - Major Drivers

<ul>
<li>FY'23 growth forecast increased despite push outs in the EUV order book and lower than expected IBB revenues.</li>
<li>Broad-Based recovery is now looking more like a H1'24 scenario with lingering uncertainty as to how it quickly it will unfold thereafter</li>
<li>System sales to China increased from 8% of revenues in Q1'23 to 24% in Q2'23. Non-China DUV order cancellations are being snapped up by China at an unprecedented rate. </li>
</ul>


FY'23 growth forecast increased despite push outs in the EUV order book and lower than expected IBB revenues.
Broad-Based recovery is now looking more like a H1'24 scenario with lingering uncertainty as to how it quickly it will unfold thereafter
System sales to China increased from 8% of revenues in Q1'23 to 24% in Q2'23. Non-China DUV order cancellations are being snapped up by China at an unprecedented rate. 


Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

ASML Holding NV (ASML NA)

ASML Holding: Surge In Demand due to Electrification & AI But What Are The Real Challenges? - Major Drivers

ASML Holding N.V., a Europe-based semiconductor company, reported its 2024 first quarter financial results in a recent conference call. Notably,...

Baptista Research

ASML. Maintaining 2024 Guidance Despite Sharp Decline In New Bookings

Q124 revenues of €5.3 billion, in line, -27% QoQ & -21% YoY. Q224 guidance of €5.95 billion, -23% YoY > H2 will must be ++ versus H1.New orders of...

William Keating

ASML Guides Q124 Down 27% QoQ, Shares Surge >8%. What Gives?

Q423 revenues of €7.2 billion, + 7.5% QoQ. Q124 guided at €5.25 billion, - 27% QoQ. Reiterated '24 guidance flat YoY. Share surge >8% overnight....

William Keating

ASML Holding ADR: Increasing Utilization Rates and Technology Transition Could Be A Transformative Force? - Major Drivers

ASML, a leading manufacturer of chip-making equipment, has reported its financial results for the fourth quarter and full year 2023, demonstrating...

Baptista Research

ASML. Sanctions? Moi?

FY'23 growth forecast increased despite push outs in the EUV order book and lower IBB revenues. Semi recovery now a H1'24 scenario with uncertainty...

William Keating