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>ON Semiconductor concluded the fourth quarter in 2023 with remarkable achievements depicted by its transformation and ability to mitigate headwinds in challenging market conditions.</li><li>The quarter delivered non-GAAP gross margins of 46.7%, surpassing previous expectations.</li><li>Though utilization shrank to 66%, the gross margin reflects significant structural adjustments made over the past three years.</li></ul>

ON Semiconductor concluded the fourth quarter in 2023 with remarkable achievements depicted by its transformation and ability to mitigate headwinds in challenging market conditions.The quarter delivered non-GAAP gross margins of 46.7%, surpassing previous expectations.Though utilization shrank to 66%, the gross margin reflects significant structural adjustments made over the past three years.

ON Semiconductor Corporation: Growth in Silicon Carbide Business

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><p>I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.</p></li><li>AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.</li><li><p>This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.</p></li></ul>

I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

<ul><li>ON Semiconductor Corporation delivered a positive result and managed an all-around beat in the quarter, achieving a revenue of $2.18 billion.</li><li>Significant revenue in the Automotive and Industrial segments was driven by robust demand for both silicon and silicon carbide.</li><li>The recent completion of the expansion of the world's largest silicon carbide fab in Bucheon positions ON Semiconductor to manufacture over 1 million 200-millimeter silicon carbide wafers annually.</li></ul>

ON Semiconductor Corporation delivered a positive result and managed an all-around beat in the quarter, achieving a revenue of $2.18 billion.Significant revenue in the Automotive and Industrial segments was driven by robust demand for both silicon and silicon carbide.The recent completion of the expansion of the world's largest silicon carbide fab in Bucheon positions ON Semiconductor to manufacture over 1 million 200-millimeter silicon carbide wafers annually.

ON Semiconductor Corporation: Revolutionizing Industrial and Commercial Imaging! - Major Drivers

<ul><li>Its a quarter too soon to go dumpster diving in the automotive semiconductor industry. Another round of cuts is likely coming. Consider this my earnings preview.</li><li><p>I have leaned bearish automotive semiconductors for a few months, and I think the call has been mostly correct.</p></li><li><p>For me, the beginning of my bearishness started when I highlighted that China would try to murder the supply aspect of the market for the foreseeable future</p></li></ul><div data-component-name="DigestPostEmbed"><a href="https://www.fabricatedknowledge.com/p/chinese-evs-and-the-lagging-edge" target="_blank" rel="noopener"></a></div>

Its a quarter too soon to go dumpster diving in the automotive semiconductor industry. Another round of cuts is likely coming. Consider this my earnings preview.I have leaned bearish automotive semiconductors for a few months, and I think the call has been mostly correct.For me, the beginning of my bearishness started when I highlighted that China would try to murder the supply aspect of the market for the foreseeable future

Hitting the Breaks: Automotive Semiconductors

<ul><li>ON Semiconductor Corporation managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>In the quarter, revenue, gross margin, and earnings per share increased significantly.</li><li>PSG revenue increased, with increases in the Auto and Energy infrastructure sectors.</li></ul>

ON Semiconductor Corporation managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.In the quarter, revenue, gross margin, and earnings per share increased significantly.PSG revenue increased, with increases in the Auto and Energy infrastructure sectors.

ON Semiconductor Corporation: 4 Pillars Behind The Company's Revenue Uptick! - Financial Forecasts

United States

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

On Semiconductor (ON US)

ON Semiconductor Corporation: Growth in Silicon Carbide Business

ON Semiconductor concluded the fourth quarter in 2023 with remarkable achievements depicted by its transformation and ability to mitigate...

Baptista Research

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

ON Semiconductor Corporation: Revolutionizing Industrial and Commercial Imaging! - Major Drivers

ON Semiconductor Corporation delivered a positive result and managed an all-around beat in the quarter, achieving a revenue of $2.18...

Baptista Research

Hitting the Breaks: Automotive Semiconductors

Its a quarter too soon to go dumpster diving in the automotive semiconductor industry. Another round of cuts is likely coming. Consider this my...

Fabricated Knowledge

ON Semiconductor Corporation: 4 Pillars Behind The Company's Revenue Uptick! - Financial Forecasts

ON Semiconductor Corporation managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. In the quarter,...

Baptista Research