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, Inc.'s Q4 2023 earnings call outlined a year of challenges due to macroeconomic headwinds, excess inventory, and geopolitical tensions, which led to an 8% decline in annual revenue.</li><li>However, the firm also reported steady performance with Q4 revenue standing at $1.75 billion and full-year revenue at $6.5 billion.</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>

Amkor Technology, Inc.'s Q4 2023 earnings call outlined a year of challenges due to macroeconomic headwinds, excess inventory, and geopolitical tensions, which led to an 8% decline in annual revenue.However, the firm also reported steady performance with Q4 revenue standing at $1.75 billion and full-year revenue at $6.5 billion.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.

Amkor Technology: Engagement in Secular Growth Markets & Other Major Drivers

<ul><li>Amkor Technology delivered an all-around beat in the most recent quarterly result, surpassing revenue and profitability expectations.</li><li>Despite a year-to-date revenue decrease of 8% compared to the previous year, Amkor outperformed the estimated semiconductor industry decline of over 15%.</li><li>Despite an anticipated decline in overall smartphone units, the communication end market experienced significant third-quarter revenue, surpassing $1 billion.</li></ul>

Amkor Technology delivered an all-around beat in the most recent quarterly result, surpassing revenue and profitability expectations.Despite a year-to-date revenue decrease of 8% compared to the previous year, Amkor outperformed the estimated semiconductor industry decline of over 15%.Despite an anticipated decline in overall smartphone units, the communication end market experienced significant third-quarter revenue, surpassing $1 billion.

Amkor Technology Inc.: Beating the Odds in Semiconductor Industry! - Major Drivers

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>Another week in earnings, the big theme I can point out is the continued and persistent weakness in the Industrial market.</li><li>Reminder: in a first-in-first-out (FIFO) framework, the first into the inventory correction were PCs and Smartphones.</li><li>Then, networking and data center, and we are now seeing Industrial start their inventory correction cycle. I don’t think this is the last we will hear about this. </li></ul>

Another week in earnings, the big theme I can point out is the continued and persistent weakness in the Industrial market.Reminder: in a first-in-first-out (FIFO) framework, the first into the inventory correction were PCs and Smartphones.Then, networking and data center, and we are now seeing Industrial start their inventory correction cycle. I don’t think this is the last we will hear about this. 

Earnings Season Post (ANET, AMKR, RMBS, LSCC, AMD, Advantest, SLAB, QCOM, QRVO, ENTG, SITM...)

<ul><li>Amkor Technology, Inc. delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>Amkor met its estimates for the second quarter with revenue of $1.46 billion and EPS of $0.26.</li><li>Due to decreased end-market demand, particularly in the Android supply chain, inventory consumption is taking longer than expected.</li></ul>

Amkor Technology, Inc. delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par earnings.Amkor met its estimates for the second quarter with revenue of $1.46 billion and EPS of $0.26.Due to decreased end-market demand, particularly in the Android supply chain, inventory consumption is taking longer than expected.

Amkor Technology Inc.: The Unseen Forces Propelling Demand! - Major Drivers

Taiwan Tech Focused Senior Analyst

Patrick Liao

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> drives <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> stock price, but their growth is still limited in 2023F.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> acts as a buffer for <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> end demand during 2023F.</li>
<li>Although it is not yet the time to reverse the downturn in 2023F, <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> is expected to continue its upward trend throughout 2H23F.</li>
</ul>



NVIDIA Corp (NVDA US) drives King Yuan Electronics Co, Ltd. (2449 TT) stock price, but their growth is still limited in 2023F.

King Yuan Electronics Co, Ltd. (2449 TT) acts as a buffer for Mediatek Inc (2454 TT) end demand during 2023F.
Although it is not yet the time to reverse the downturn in 2023F, King Yuan Electronics Co, Ltd. (2449 TT) is expected to continue its upward trend throughout 2H23F.


KYEC (2449.TT): Beneficiary of AI with Contribution of CoWoS Testing

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: Engagement in Secular Growth Markets & Other Major Drivers

Amkor Technology, Inc.'s Q4 2023 earnings call outlined a year of challenges due to macroeconomic headwinds, excess inventory, and geopolitical...

Baptista Research

Amkor Technology Inc.: Beating the Odds in Semiconductor Industry! - Major Drivers

Amkor Technology delivered an all-around beat in the most recent quarterly result, surpassing revenue and profitability expectations. Despite a...

Baptista Research

Earnings Season Post (ANET, AMKR, RMBS, LSCC, AMD, Advantest, SLAB, QCOM, QRVO, ENTG, SITM...)

Another week in earnings, the big theme I can point out is the continued and persistent weakness in the Industrial market.

Fabricated Knowledge

Amkor Technology Inc.: The Unseen Forces Propelling Demand! - Major Drivers

Amkor Technology, Inc. delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but...

Baptista Research

KYEC (2449.TT): Beneficiary of AI with Contribution of CoWoS Testing

It is not yet the time to judge, the upturn in 2023F, KYEC is expected to continue its upward trend throughout 2H23F. Nvidia is the driver of...

Patrick Liao

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