Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways, with resistance at 1,263/1,270 points and support at 1,252/1,244 points.</li><li>In the medium term, the index remains in a zig-zag down downtrend, searching for a bottom within a range of 1,220-1,506 points.</li><li>The minutes are expected to signal a policy rate hold.</li></ul>

Technically, the SET Index is expected to move sideways, with resistance at 1,263/1,270 points and support at 1,252/1,244 points.In the medium term, the index remains in a zig-zag down downtrend, searching for a bottom within a range of 1,220-1,506 points.The minutes are expected to signal a policy rate hold.

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.

<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

<ul><li>During the Analog Devices' second quarter fiscal year 2024 earnings, the company reported revenue of $2.16 billion, with profitability and earnings per share exceeding expectations.</li><li>The management believes that the business is past the low point of this cycle, with positive signs of improvement particularly in the industrial sector.</li><li>However, there is still economic and geopolitical uncertainty that can potentially impact short-term performance, as such, careful cost and inventory management will be key.</li></ul>

During the Analog Devices' second quarter fiscal year 2024 earnings, the company reported revenue of $2.16 billion, with profitability and earnings per share exceeding expectations.The management believes that the business is past the low point of this cycle, with positive signs of improvement particularly in the industrial sector.However, there is still economic and geopolitical uncertainty that can potentially impact short-term performance, as such, careful cost and inventory management will be key.

Analog Devices Inc.: Expansion in Automotive Market & AI Investments Reaping Solid Profits? - Major Drivers

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)

US FOMC Minutes

Technically, the SET Index is expected to move sideways, with resistance at 1,263/1,270 points and support at 1,252/1,244 points. In the medium...

Krungthai XSpring

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

Analog Devices Inc.: Expansion in Automotive Market & AI Investments Reaping Solid Profits? - Major Drivers

During the Analog Devices' second quarter fiscal year 2024 earnings, the company reported revenue of $2.16 billion, with profitability and...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US FOMC Minutes

Technically, the SET Index is expected to move sideways, with resistance at 1,263/1,270 points and support at 1,252/1,244 points. In the medium...

Krungthai XSpring

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

Analog Devices Inc.: Expansion in Automotive Market & AI Investments Reaping Solid Profits? - Major Drivers

During the Analog Devices' second quarter fiscal year 2024 earnings, the company reported revenue of $2.16 billion, with profitability and...

Baptista Research

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