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>Onsemi's second quarter of 2024 showcased a mixed financial performance, marked by challenges in an inventory-heavy environment as well as significant strategic advancements.</li><li>The company posted revenue of $1.74 billion, aligning with its guidance but representing a decline from the previous year.</li><li>The non-GAAP gross margin stood at 45.3%, slightly down from previous quarters, attributed partially to underutilization due to softened demand.</li></ul>

Onsemi's second quarter of 2024 showcased a mixed financial performance, marked by challenges in an inventory-heavy environment as well as significant strategic advancements.The company posted revenue of $1.74 billion, aligning with its guidance but representing a decline from the previous year.The non-GAAP gross margin stood at 45.3%, slightly down from previous quarters, attributed partially to underutilization due to softened demand.

ON Semiconductor Corporation: Can The Silicon Carbide Business Expansion Offset These Challenges? - Major Drivers

<ul><li>In Q1 2024, ON Semiconductor Corporation reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share of $1.08, exceeding the midpoint of the guidance.</li><li>These figures demonstrate the company's adeptness at navigating market dynamics, supported by a 30% increase in new design wins and growth in silicon and silicon carbide market share due to its innovative power and sensing technologies.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

In Q1 2024, ON Semiconductor Corporation reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share of $1.08, exceeding the midpoint of the guidance.These figures demonstrate the company's adeptness at navigating market dynamics, supported by a 30% increase in new design wins and growth in silicon and silicon carbide market share due to its innovative power and sensing technologies.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

ON Semiconductor Corporation: Adoption in Low-Cost Electric Vehicles and Broad Technology Offering! - Major Drivers

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Vanguard should declare to established 12" Fab in Singapore within 2014.</li>
<li>Vanguard is likely to announce the establishment of 2 sets of 12" fabs in the next 6 months.  </li>
<li>China is expanding 28/22nm and above technologies, and we believe it's more appropriate for Vanguard to compete with others rather than TSMC.</li>
</ul>


Vanguard should declare to established 12" Fab in Singapore within 2014.
Vanguard is likely to announce the establishment of 2 sets of 12" fabs in the next 6 months.  
China is expanding 28/22nm and above technologies, and we believe it's more appropriate for Vanguard to compete with others rather than TSMC.


Vanguard (5347.TT): Planning to Announce the Construction of a 12" Fab in Singapore in 2024.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day EMA/25-day EMA).</li><li>However, despite this positive movement, the SET still faces potential external risk factors this week.</li><li>Investors are advised to be more cautious about investment in the Thai equity market amid risks of foreign fund outflows in case the Fed signals the tightening of monetary policies this week.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day EMA/25-day EMA).However, despite this positive movement, the SET still faces potential external risk factors this week.Investors are advised to be more cautious about investment in the Thai equity market amid risks of foreign fund outflows in case the Fed signals the tightening of monetary policies this week.

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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

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.

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On Semiconductor (ON US)

ON Semiconductor Corporation: Can The Silicon Carbide Business Expansion Offset These Challenges? - Major Drivers

Onsemi's second quarter of 2024 showcased a mixed financial performance, marked by challenges in an inventory-heavy environment as well as...

Baptista Research

ON Semiconductor Corporation: Adoption in Low-Cost Electric Vehicles and Broad Technology Offering! - Major Drivers

In Q1 2024, ON Semiconductor Corporation reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share...

Baptista Research

Vanguard (5347.TT): Planning to Announce the Construction of a 12" Fab in Singapore in 2024.

Vanguard plans to establish two 12" fabs in Singapore in 2014 to compete with other companies in the expanding Chinese market.

Patrick Liao

Weekly View & Earnings Results

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day...

Krungthai XSpring

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

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ON Semiconductor Corporation: Can The Silicon Carbide Business Expansion Offset These Challenges? - Major Drivers

Onsemi's second quarter of 2024 showcased a mixed financial performance, marked by challenges in an inventory-heavy environment as well as...

Baptista Research

ON Semiconductor Corporation: Adoption in Low-Cost Electric Vehicles and Broad Technology Offering! - Major Drivers

In Q1 2024, ON Semiconductor Corporation reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share...

Baptista Research

Vanguard (5347.TT): Planning to Announce the Construction of a 12" Fab in Singapore in 2024.

​Vanguard plans to establish two 12" fabs in Singapore in 2014 to compete with other companies in the expanding Chinese market.

Patrick Liao

Weekly View & Earnings Results

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day...

Krungthai XSpring

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Vanguard plans to establish two 12" fabs in Singapore in 2014 to compete with other companies in the expanding Chinese market.