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>Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance despite prevailing macroeconomic and geopolitical challenges.</li><li>Revenue reached $2.42 billion, surpassing the midpoint of its outlook, although this marked a 4% year-over-year decline.</li><li>When adjusted for an extra week in the comparable period last year, sales represented a 4% year-over-year increase.</li></ul>

Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance despite prevailing macroeconomic and geopolitical challenges.Revenue reached $2.42 billion, surpassing the midpoint of its outlook, although this marked a 4% year-over-year decline.When adjusted for an extra week in the comparable period last year, sales represented a 4% year-over-year increase.

Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in March but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 3% resulting in a round-trip trade of US$1.2bn. Impact on the stocks is small given they are highly liquid.</li>
<li>There is expected to be US$600m to sell in <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> from the <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector</a> and <a href="https://www.smartkarma.com/entities/invesco-s-p-500-equal-weight-e" target="_blank" data-smartkarma-citation="entities:32932:1" rel="noopener">Invesco S&amp;P500 Equal Weight</a> ETFs at the same time as the selling from <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor</a>.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in March but there are a lot of float and capping changes.
Estimated one-way turnover is 3% resulting in a round-trip trade of US$1.2bn. Impact on the stocks is small given they are highly liquid.
There is expected to be US$600m to sell in Broadcom from the Technology Select Sector and Invesco S&amp;P500 Equal Weight ETFs at the same time as the selling from VanEck Vectors Semiconductor.


MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$1.2bn

<ul><li>Analog Devices, Inc. (ADI) recently reported its fourth-quarter and full-year fiscal year 2024 earnings.</li><li>The company's fourth-quarter results showed a steady recovery from the challenging environment faced earlier in the year due to post-pandemic inventory digestion and macroeconomic challenges.</li><li>Revenue for the full fiscal year was $9.4 billion, with an earnings per share (EPS) of $6.38.</li></ul>

Analog Devices, Inc. (ADI) recently reported its fourth-quarter and full-year fiscal year 2024 earnings.The company's fourth-quarter results showed a steady recovery from the challenging environment faced earlier in the year due to post-pandemic inventory digestion and macroeconomic challenges.Revenue for the full fiscal year was $9.4 billion, with an earnings per share (EPS) of $6.38.

Analog Devices Inc.: Will Its Expansion in Communications & Data Centers Be A Breakthrough Move? - Major Drivers

Technology / Semiconductor / Internet Research

Nicolas Baratte

SMIC (Semiconductor Manufacturing International Corp) / Equity Bottom-Up

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

<ul>
<li>Chinese Foundries (HuaHong, SMIC) have outgrown ex-China (GlobalFoundries, UMC, Vanguard) very significantly. Reacting to US sanctions, Chinese Chip Designers have shifted to domestic Foundries. China / ex-China supply-chains have decoupled.</li>
<li>End-Demand diverged up to 2Q24. Chinese Foundries were mentioning end-demand recovering, customers restocking, tight capacity. Ex-China Foundries mentioning the opposite: weak end-demand, customers destocking, low utilization. </li>
<li>Change of direction in 3Q24. Chinese Foundries become cautious, we see an obvious inventory problem on overblown end-demand growth expectations. Ex-China end-demand is stabilizing, destocking coming to an end.</li>
</ul>


Chinese Foundries (HuaHong, SMIC) have outgrown ex-China (GlobalFoundries, UMC, Vanguard) very significantly. Reacting to US sanctions, Chinese Chip Designers have shifted to domestic Foundries. China / ex-China supply-chains have decoupled.
End-Demand diverged up to 2Q24. Chinese Foundries were mentioning end-demand recovering, customers restocking, tight capacity. Ex-China Foundries mentioning the opposite: weak end-demand, customers destocking, low utilization. 
Change of direction in 3Q24. Chinese Foundries become cautious, we see an obvious inventory problem on overblown end-demand growth expectations. Ex-China end-demand is stabilizing, destocking coming to an end.


Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

<ul><li>Analog Devices recently presented their third quarter fiscal year 2024 financial results, demonstrating the company's performance and outlook amidst varying market conditions.</li><li>In the reported quarter, the company posted revenue exceeding $2.3 billion, with each end-market showing distinct trends.</li><li>The industrial sector, Analog Devices' largest and most profitable market, displayed resilience with a modest sequential revenue increase and a notable downtrend year-over-year, emphasizing the cyclical challenges yet underscoring possible recovery signs.</li></ul>

Analog Devices recently presented their third quarter fiscal year 2024 financial results, demonstrating the company's performance and outlook amidst varying market conditions.In the reported quarter, the company posted revenue exceeding $2.3 billion, with each end-market showing distinct trends.The industrial sector, Analog Devices' largest and most profitable market, displayed resilience with a modest sequential revenue increase and a notable downtrend year-over-year, emphasizing the cyclical challenges yet underscoring possible recovery signs.

Analog Devices Inc.: Expansion in High-Performance Solutions for Industrial Applications

United States

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

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Analog Devices (ADI US)

Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?

Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance...

Baptista Research

MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$1.2bn

No constituent changes but big capping changes. Estimated one-way turnover is 3% resulting in a round-trip trade of US$1.2bn. Broadcom will have...

Brian Freitas

Analog Devices Inc.: Will Its Expansion in Communications & Data Centers Be A Breakthrough Move? - Major Drivers

Analog Devices, Inc. (ADI) recently reported its fourth-quarter and full-year fiscal year 2024 earnings. The company's fourth-quarter results...

Baptista Research

Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...

Nicolas Baratte

Analog Devices Inc.: Expansion in High-Performance Solutions for Industrial Applications

Analog Devices recently presented their third quarter fiscal year 2024 financial results, demonstrating the company's performance and outlook...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?

Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance...

Baptista Research

MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$1.2bn

No constituent changes but big capping changes. Estimated one-way turnover is 3% resulting in a round-trip trade of US$1.2bn. Broadcom will have...

Brian Freitas

Analog Devices Inc.: Will Its Expansion in Communications & Data Centers Be A Breakthrough Move? - Major Drivers

Analog Devices, Inc. (ADI) recently reported its fourth-quarter and full-year fiscal year 2024 earnings. The company's fourth-quarter results...

Baptista Research

Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

​Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...

Nicolas Baratte

Analog Devices Inc.: Expansion in High-Performance Solutions for Industrial Applications

Analog Devices recently presented their third quarter fiscal year 2024 financial results, demonstrating the company's performance and outlook...

Baptista Research

Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...