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>Amkor Technology reported its financial results for the fourth quarter and full year 2025, highlighting a revenue of $1.89 billion for Q4—down 5% sequentially but up 16% year-over-year—and $6.7 billion for the full year, marking a 6% increase compared to 2024.</li><li>The company posted quarterly earnings per share (EPS) of $0.69, reflecting solid profitability, and achieved a full-year EPS of $1.50.</li><li>Growth was driven predominantly by the computing segment, which showed a 6% year-over-year increase in Q4 and 16% for the year, fueled by demand related to artificial intelligence (AI) and high-performance computing (HPC).</li></ul>

Amkor Technology reported its financial results for the fourth quarter and full year 2025, highlighting a revenue of $1.89 billion for Q4—down 5% sequentially but up 16% year-over-year—and $6.7 billion for the full year, marking a 6% increase compared to 2024.The company posted quarterly earnings per share (EPS) of $0.69, reflecting solid profitability, and achieved a full-year EPS of $1.50.Growth was driven predominantly by the computing segment, which showed a 6% year-over-year increase in Q4 and 16% for the year, fueled by demand related to artificial intelligence (AI) and high-performance computing (HPC).

Amkor Technology: Supply Chain Diversification And Advanced Packaging—A Powerful Competitive Edge!

<ul><li>Amkor Technology's third-quarter 2025 financial results showcased strong performance and strategic advancements, yet they also highlighted some areas of pressure and challenges.</li><li>The company reported a revenue of $1.99 billion, marking a 31% sequential increase and a 7% year-over-year growth, exceeding expectations.</li><li>Earnings per share (EPS) for the quarter stood at $0.51, also above the guidance provided.</li></ul>

Amkor Technology's third-quarter 2025 financial results showcased strong performance and strategic advancements, yet they also highlighted some areas of pressure and challenges.The company reported a revenue of $1.99 billion, marking a 31% sequential increase and a 7% year-over-year growth, exceeding expectations.Earnings per share (EPS) for the quarter stood at $0.51, also above the guidance provided.

Amkor Technology Doubles Down on Ultra-High-Density Packaging – Is This the Next Tech Revolution?

AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan.</li><li>Its chief executive says those factories, not electricity, are what limits AI today, and the company's own numbers show why: a new chip factory takes years to build and more years to fill.</li><li>That is a fair point, and it changes how long I think the chip side of the shortage lasts.</li></ul>

Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan.Its chief executive says those factories, not electricity, are what limits AI today, and the company's own numbers show why: a new chip factory takes years to build and more years to fill.That is a fair point, and it changes how long I think the chip side of the shortage lasts.

TSMC's chief says the AI bottleneck is its factories, not the power grid

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul>
<li>Welcome back to Monday Delights!</li>
<li>This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li>
<li>The ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li>
</ul>


Welcome back to Monday Delights!
This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
The ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.


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.

<ul>
<li>This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be honest - it’s a bit scuffed, but if I don’t put it out, I’ll get further behind on semiconductor earnings.</li>
<li>On semiconductor beat on Chinese industrial strength. It looks cheap.</li>
<li>Lattice is likely stuffing the channel, and the divergence between AMD’s embedded and Lattice means their channel is worse off. Amkor saw real weakness in industrial, and that’s what made the guide miss. Arista had a clean beat; I think they are sandbagging forward revenue.</li>
</ul>


This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be honest - it’s a bit scuffed, but if I don’t put it out, I’ll get further behind on semiconductor earnings.
On semiconductor beat on Chinese industrial strength. It looks cheap.
Lattice is likely stuffing the channel, and the divergence between AMD’s embedded and Lattice means their channel is worse off. Amkor saw real weakness in industrial, and that’s what made the guide miss. Arista had a clean beat; I think they are sandbagging forward revenue.


Earnings: ON, LSCC, RMBS, AMKR, ANET, AMD

United States

Amkor Technology, Inc. provides semiconductor packaging and test services.  The Company offers deep submicron wafer fabrication, wafer probe testing, integrated circuit packaging assembly and design, final testing, reliability testing, burn-in, and electrical characterization.

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Amkor Technology (AMKR US)

Amkor Technology: Supply Chain Diversification And Advanced Packaging—A Powerful Competitive Edge!

Amkor Technology reported its financial results for the fourth quarter and full year 2025, highlighting a revenue of $1.89 billion for Q4—down 5%...

Baptista Research

Amkor Technology Doubles Down on Ultra-High-Density Packaging – Is This the Next Tech Revolution?

Amkor Technology's third-quarter 2025 financial results showcased strong performance and strategic advancements, yet they also highlighted some...

Baptista Research

TSMC's chief says the AI bottleneck is its factories, not the power grid

Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan. Its chief executive says those factories, not...

The Physical Layer

Monday Delight: 03/02/25

Welcome back to Monday Delights! This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that...

Contrarian Cashflows

Earnings: ON, LSCC, RMBS, AMKR, ANET, AMD

This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be...

Fabricated Knowledge

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