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>Qualcomm has reported its Q1 fiscal year 2024 results, highlighting robust revenue growth across various business segments.</li><li>In the first fiscal quarter, non-GAAP revenues reached $9.9 billion and non-GAAP earnings per share were $2.75 which is above the high end of the company's guidance.</li><li>Healthy Android demand coupled with momentum in automotive drove revenues of $8.4 billion from the chipset business, while the licensing business posted revenues of $1.5 billion.</li></ul>

Qualcomm has reported its Q1 fiscal year 2024 results, highlighting robust revenue growth across various business segments.In the first fiscal quarter, non-GAAP revenues reached $9.9 billion and non-GAAP earnings per share were $2.75 which is above the high end of the company's guidance.Healthy Android demand coupled with momentum in automotive drove revenues of $8.4 billion from the chipset business, while the licensing business posted revenues of $1.5 billion.

Qualcomm Incorporated: Heavy Investments in On-Device AI and IoT And 5 Major Drivers

<ul><li>Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>They reported stellar non-GAAP revenues of $8.7 billion and non-GAAP earnings per share of $2.02.</li><li>As they embrace the era of generative AI, on-device Gen AI progresses in tandem with cloud-based Gen AI, promising novel use cases.</li></ul>

Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.They reported stellar non-GAAP revenues of $8.7 billion and non-GAAP earnings per share of $2.02.As they embrace the era of generative AI, on-device Gen AI progresses in tandem with cloud-based Gen AI, promising novel use cases.

Qualcomm Incorporated: Generative AI On The Next Wave Of Flagship Smartphones! - Major Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
<strong>No more Moore's Law</strong>: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Qualcomm Inc.’s handset chip business in China will not be affected by Huawei’s push for semiconductor self-sufficiency, said chief executive Cristiano Amon.</li><li>Despite Huawei’s return to the mobile arena spotlight with an in-house chip, the growth trajectory of Qualcomm’s business with Android handset-makers in China will remain unchanged, according to Amon on a post-earnings call on Wednesday.</li><li>Chief Financial Officer Akash Palkhiwala cited an estimated jump of more than 35% in chip sales to Chinese smartphone-makers in and outside China for the fourth quarter of fiscal 2023.</li></ul>

Qualcomm Inc.’s handset chip business in China will not be affected by Huawei’s push for semiconductor self-sufficiency, said chief executive Cristiano Amon.Despite Huawei’s return to the mobile arena spotlight with an in-house chip, the growth trajectory of Qualcomm’s business with Android handset-makers in China will remain unchanged, according to Amon on a post-earnings call on Wednesday.Chief Financial Officer Akash Palkhiwala cited an estimated jump of more than 35% in chip sales to Chinese smartphone-makers in and outside China for the fourth quarter of fiscal 2023.

Qualcomm Sees No Threat From Huawei-Developed Chips, CEO Says 

<ul>
<li>We see early signs of recovery in PC and smartphone markets, stable server market (strengths in AI server, stable in non-AI server market), but weaknesses in automotive and industrial.</li>
<li>We expect the PC semi market recovery of more than 10% y/y in 2024/2025, driven by inventory rebuild and silicon contents increase by adding AI into PC.</li>
<li>We expect the smartphone semi market recovery of 7-8% y/y in 2024/2025, driven by inventory rebuild and adopting 3nE foundry node. But, Huawei/HiSilicon will take some of the growth.</li>
</ul>


We see early signs of recovery in PC and smartphone markets, stable server market (strengths in AI server, stable in non-AI server market), but weaknesses in automotive and industrial.
We expect the PC semi market recovery of more than 10% y/y in 2024/2025, driven by inventory rebuild and silicon contents increase by adding AI into PC.
We expect the smartphone semi market recovery of 7-8% y/y in 2024/2025, driven by inventory rebuild and adopting 3nE foundry node. But, Huawei/HiSilicon will take some of the growth.


First Run of Global Semis' Guidances to Tell Early Signs of Recovery

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

Qualcomm Inc (QCOM US)

Qualcomm Incorporated: Heavy Investments in On-Device AI and IoT And 5 Major Drivers

Qualcomm has reported its Q1 fiscal year 2024 results, highlighting robust revenue growth across various business segments. In the first fiscal...

Baptista Research

Qualcomm Incorporated: Generative AI On The Next Wave Of Flagship Smartphones! - Major Drivers

Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. They reported stellar...

Baptista Research

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

Qualcomm Sees No Threat From Huawei-Developed Chips, CEO Says

Qualcomm Inc. ’s handset chip business in China will not be affected by Huawei’s push for semiconductor self-sufficiency, said chief executive...

Caixin Global

First Run of Global Semis' Guidances to Tell Early Signs of Recovery

After the first Run of global semis' guidance, it tells early signs of recovery in PC and smartphone but weaknesses in automotive and industrial,...

Andrew Lu