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>Based on Amkor Technology's latest earnings call, the company's performance for the fourth quarter and full year 2024 presented a mixed outlook with various challenges and achievements across different market sectors.</li><li>For the fourth quarter, Amkor Technology reported revenues of $1.63 billion and an earnings per share (EPS) of $0.43, aligning with earlier guidance.</li><li>However, the company witnessed a 3% revenue decline year-over-year, closing the year with $6.3 billion.</li></ul>

Based on Amkor Technology's latest earnings call, the company's performance for the fourth quarter and full year 2024 presented a mixed outlook with various challenges and achievements across different market sectors.For the fourth quarter, Amkor Technology reported revenues of $1.63 billion and an earnings per share (EPS) of $0.43, aligning with earlier guidance.However, the company witnessed a 3% revenue decline year-over-year, closing the year with $6.3 billion.

Amkor Technology: Solid Tailwinds From CHIPS Act & Regulatory Environment Driving Our Bullishness!

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectronics Corp / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> experiences approximately a 5-10% quarter-over-quarter (QoQ) decline in 1Q25. For the full year of 2025, we anticipate a modest year-over-year (YoY) decline of around 5%.</li>
<li>We have observed some strength from Taiwanese Fabless companies, which could support the 1Q25 demand for UMC.  </li>
<li>It has been noted that mature wafer demand is not solely driven by China and may help offset the impacts of the US-China Trade War, benefiting foundries outside of China.</li>
</ul>



United Microelectron Sp Adr (UMC US) experiences approximately a 5-10% quarter-over-quarter (QoQ) decline in 1Q25. For the full year of 2025, we anticipate a modest year-over-year (YoY) decline of around 5%.
We have observed some strength from Taiwanese Fabless companies, which could support the 1Q25 demand for UMC.  
It has been noted that mature wafer demand is not solely driven by China and may help offset the impacts of the US-China Trade War, benefiting foundries outside of China.


UMC (2303.TT; UMC.US): 1Q25 Outlook; Surprise Support of Taiwanese Fabless.

<ul><li>Amkor Technology reported its second quarter 2024 results, meeting its performance expectations with revenue at $1.46 billion and earnings per share (EPS) of $0.27.</li><li>The revenue showed a 7% sequential increase, largely driven by the demand for advanced packaging, particularly in premium tier smartphones and 2.5D technology for AI solutions.</li><li>The company has been focusing on strategic investments to maintain its competitive edge.</li></ul>

Amkor Technology reported its second quarter 2024 results, meeting its performance expectations with revenue at $1.46 billion and earnings per share (EPS) of $0.27.The revenue showed a 7% sequential increase, largely driven by the demand for advanced packaging, particularly in premium tier smartphones and 2.5D technology for AI solutions.The company has been focusing on strategic investments to maintain its competitive edge.

Amkor Technology Inc.: Will The Recovery in the Automotive and Industrial Sectors Last? - Major Drivers

<ul><li>Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial revenue growth, innovative technological advances, and strategic partnerships.</li><li>While the revenues of the company stood at $1.37 billion, representing a 7% year-on-year decline, this was largely due to the considerable downturn from the automotive and industrial markets following a multi-quarter industry cycle.</li><li>However, the company remains positive about potential market recovery signs and increased demand for its specialized products and services.</li></ul>

Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial revenue growth, innovative technological advances, and strategic partnerships.While the revenues of the company stood at $1.37 billion, representing a 7% year-on-year decline, this was largely due to the considerable downturn from the automotive and industrial markets following a multi-quarter industry cycle.However, the company remains positive about potential market recovery signs and increased demand for its specialized products and services.

Amkor Technology: IoT Wearables and AR/VR Technologies & 5 Major Growth Drivers

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

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: Solid Tailwinds From CHIPS Act & Regulatory Environment Driving Our Bullishness!

Based on Amkor Technology's latest earnings call, the company's performance for the fourth quarter and full year 2024 presented a mixed outlook...

Baptista Research

UMC (2303.TT; UMC.US): 1Q25 Outlook; Surprise Support of Taiwanese Fabless.

UMC expects a 5-10% QoQ decline in 1Q25, with a modest 5% YoY decline for 2025. Taiwanese Fabless companies may boost 1Q25 demand, while mature...

Patrick Liao

Amkor Technology Inc.: Will The Recovery in the Automotive and Industrial Sectors Last? - Major Drivers

Amkor Technology reported its second quarter 2024 results, meeting its performance expectations with revenue at $1.46 billion and earnings per...

Baptista Research

Amkor Technology: IoT Wearables and AR/VR Technologies & 5 Major Growth Drivers

Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial...

Baptista Research

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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