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 strong financial performance for the second quarter of 2025 with revenue reaching $1.51 billion, representing a sequential increase of 14% and a year-on-year rise of 3%.</li><li>All end markets saw double-digit sequential growth, spearheading the revenue uplift.</li><li>Gross profit stood at $182 million with a gross margin of 12%, reflecting costs associated with ramping up new high-density fan-out products and advanced system-in-package (SiP) for upcoming high-volume production.</li></ul>

Amkor Technology reported strong financial performance for the second quarter of 2025 with revenue reaching $1.51 billion, representing a sequential increase of 14% and a year-on-year rise of 3%.All end markets saw double-digit sequential growth, spearheading the revenue uplift.Gross profit stood at $182 million with a gross margin of 12%, reflecting costs associated with ramping up new high-density fan-out products and advanced system-in-package (SiP) for upcoming high-volume production.

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>TSMC’s Next Generation 2nm Node Gathers Momentum as Intel Lags Behind</li>
<li>TSMC’s Arizona Plant Ships First AI Chips — But Taiwan Remains Core to Packaging</li>
<li>MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026. </li>
</ul>


TSMC’s Next Generation 2nm Node Gathers Momentum as Intel Lags Behind
TSMC’s Arizona Plant Ships First AI Chips — But Taiwan Remains Core to Packaging
MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026. 


Taiwan Tech Weekly: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

<ul><li>Amkor Technology reported its first-quarter financial results for 2025, delivering revenue of $1.32 billion, which reached the upper end of the company’s guidance.</li><li>Earnings per share (EPS) stood at $0.09, pressured by increased research and development (R&D) expenses dedicated to advancing RDL technology for upcoming programs.</li><li>The company's global manufacturing operations have largely remained insulated from current tariffs and ongoing trade regulations due to their presence in free trade zones, minimizing direct impacts from U.S. import tariffs.</li></ul>

Amkor Technology reported its first-quarter financial results for 2025, delivering revenue of $1.32 billion, which reached the upper end of the company’s guidance.Earnings per share (EPS) stood at $0.09, pressured by increased research and development (R&D) expenses dedicated to advancing RDL technology for upcoming programs.The company's global manufacturing operations have largely remained insulated from current tariffs and ongoing trade regulations due to their presence in free trade zones, minimizing direct impacts from U.S. import tariffs.

Amkor Technology: The Advanced Packaging Solutions, Semiconductor Growth & Other Major Drivers!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Last night, the S&amp;P announced that with the deletion of <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc-2f9bfa3a-65a7-41f9-a157-e59603846420" target="_blank" data-smartkarma-citation="entities:40439:1" rel="noopener">Arcadium Lithium (ALTM US)</a> from the S&amp;P Midcap 400, <a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493:1" rel="noopener">Entegris Inc (ENTG US)</a> would replace it.</li>
<li>Entegris is a company providing Materials Solutions and Purity Solutions to the semiconductor industry (they sell to circuit/memory cos, SPE mfrs, gas/chem cos, wafer growers, etc.</li>
<li>Because of how this company is being added, it is a bit interesting. It will be effective Wednesday 5 March at the close with US$1.2bn to buy.</li>
</ul>


Last night, the S&amp;P announced that with the deletion of Arcadium Lithium (ALTM US) from the S&amp;P Midcap 400, Entegris Inc (ENTG US) would replace it.
Entegris is a company providing Materials Solutions and Purity Solutions to the semiconductor industry (they sell to circuit/memory cos, SPE mfrs, gas/chem cos, wafer growers, etc.
Because of how this company is being added, it is a bit interesting. It will be effective Wednesday 5 March at the close with US$1.2bn to buy.


Entegris (ENTG US) Promotion to S&P MidCap400

<ul>
<li>ChipMOS Revenue Growth for the 2024, but a Weak Fourth Quarter; Gross Margin Hammered</li>
<li>ChipMOS Sees Relative Weakness in Displays, Smartphones / Areas of Strength: Automotive and OLED</li>
<li>Underperform Rating -- Falling Utilization and Conservative Capex Signal OSAT Industry Challenges</li>
</ul>


ChipMOS Revenue Growth for the 2024, but a Weak Fourth Quarter; Gross Margin Hammered
ChipMOS Sees Relative Weakness in Displays, Smartphones / Areas of Strength: Automotive and OLED
Underperform Rating -- Falling Utilization and Conservative Capex Signal OSAT Industry Challenges


ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

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: Advanced Packaging

Amkor Technology reported strong financial performance for the second quarter of 2025 with revenue reaching $1.51 billion, representing a...

Baptista Research

Taiwan Tech Weekly: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

TSMC's advancements in 2nm node technology outpace Intel, while Arizona plant ships AI chips and Taiwan remains central to packaging. MediaTek...

Vincent Fernando, CFA

Amkor Technology: The Advanced Packaging Solutions, Semiconductor Growth & Other Major Drivers!

Amkor Technology reported its first-quarter financial results for 2025, delivering revenue of $1.32 billion, which reached the upper end of the...

Baptista Research

Entegris (ENTG US) Promotion to S&P MidCap400

The S&P Index Committee for the US main indices has announced that semiconductor mfg supplier Entegris will replace Arcadium Lithium next Weds at...

Travis Lundy

ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...

Vincent Fernando, CFA

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Amkor Technology: Advanced Packaging

Amkor Technology reported strong financial performance for the second quarter of 2025 with revenue reaching $1.51 billion, representing a...

Baptista Research

Taiwan Tech Weekly: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

​TSMC's advancements in 2nm node technology outpace Intel, while Arizona plant ships AI chips and Taiwan remains central to packaging. MediaTek...

Vincent Fernando, CFA

Amkor Technology: The Advanced Packaging Solutions, Semiconductor Growth & Other Major Drivers!

Amkor Technology reported its first-quarter financial results for 2025, delivering revenue of $1.32 billion, which reached the upper end of the...

Baptista Research

Entegris (ENTG US) Promotion to S&P MidCap400

The S&P Index Committee for the US main indices has announced that semiconductor mfg supplier Entegris will replace Arcadium Lithium next Weds at...

Travis Lundy

ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

​ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...

Vincent Fernando, CFA

TSMC's advancements in 2nm node technology outpace Intel, while Arizona plant ships AI chips and Taiwan remains central to packaging. MediaTek...

ChipMOS struggled in the fourth quarter. Automotive and OLED sectors show strength, but falling margins and the stock's precarious valuation...