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.

Equity Bottom-Up

<ul>
<li>Mobileye surprised markets with <a href="https://substack.com/redirect/3fc360ae-f88e-43b3-82aa-f1bfc3fe83c0?j=eyJ1IjoiMmh6Z2Z6In0.muIDtmM5oyqUKBSSZiLNsipOMwhSsKSSacAB3JlN14Y" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/3fc360ae-f88e-43b3-82aa-f1bfc3fe83c0?j%3DeyJ1IjoiMmh6Z2Z6In0.muIDtmM5oyqUKBSSZiLNsipOMwhSsKSSacAB3JlN14Y&amp;source=gmail&amp;ust=1704936787096000&amp;usg=AOvVaw3gN2WPAAz1H7pZBsCshbzm" rel="noopener">an extensive guide down to their results</a>.</li>
<li>Shares reacted poorly, but at first blush, it makes sense given the magnitude of the guide.  Let’s walk through the release.</li>
<li>It starts with inventory, and it’s clear their customers have too much inventory.</li>
</ul>


Mobileye surprised markets with an extensive guide down to their results.
Shares reacted poorly, but at first blush, it makes sense given the magnitude of the guide.  Let’s walk through the release.
It starts with inventory, and it’s clear their customers have too much inventory.


Mobileye Guides Down; Automotive Inventory, Memory Strength, and Marvell

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. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings, reaching $2.7 billion, primarily fueled by substantial growth in the automotive sector.</li><li>Amid challenging times, ADI's design win pipeline witnessed double-digit growth, buoyed by sustained momentum in Maxim revenue synergies, surpassing initial expectations.</li><li>In the consumer sector, ADI secured multiple power management sockets in portable applications, showcasing the success of its acquisition strategy.</li></ul>

Analog Devices, Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings, reaching $2.7 billion, primarily fueled by substantial growth in the automotive sector.Amid challenging times, ADI's design win pipeline witnessed double-digit growth, buoyed by sustained momentum in Maxim revenue synergies, surpassing initial expectations.In the consumer sector, ADI secured multiple power management sockets in portable applications, showcasing the success of its acquisition strategy.

Analog Devices Inc.: Revolutionizing AI ML Systems with Innovative Power Solutions! - Major Drivers

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>A recent news report speculates that Analog Devices (ADI US)  is planning to raise prices by ~20%.</li>
<li>Silergy Corp (6415 TT) is reportedly considering a price increase of over 15% in the Chinese market.</li>
<li>We believe that now is a good time to invest in Silergy.</li>
</ul>


A recent news report speculates that Analog Devices (ADI US)  is planning to raise prices by ~20%.
Silergy Corp (6415 TT) is reportedly considering a price increase of over 15% in the Chinese market.
We believe that now is a good time to invest in Silergy.


Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

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

TSMC (Taiwan Semiconductor Manufacturing) / Index Rebalance

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<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> in December but there are a lot of float and capping changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is the biggest sell while <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> is the biggest buy.</li>
<li>Estimated one-way turnover is 6.6% resulting in a one-way trade of US$682m. Couple of stocks have greater than 0.2x ADV to trade.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) in December but there are a lot of float and capping changes.

Taiwan Semiconductor (TSMC) - ADR (TSM US) is the biggest sell while NVIDIA Corp (NVDA US) is the biggest buy.
Estimated one-way turnover is 6.6% resulting in a one-way trade of US$682m. Couple of stocks have greater than 0.2x ADV to trade.


MVIS US Listed Semiconductor 25 Index Rebalance: TSMC Is the Big Sell

<ul><li>Analog Devices delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.</li><li>The operating margin was almost 48%, the gross margin was above 72%, and the EPS was $249 million.</li><li>Analog Devices anticipates revenue of around $2.7 billion for the fourth quarter.</li></ul>

Analog Devices delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.The operating margin was almost 48%, the gross margin was above 72%, and the EPS was $249 million.Analog Devices anticipates revenue of around $2.7 billion for the fourth quarter.

Analog Devices: Wireless BMS Integration Could Be The Next Big Thing! 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)

Mobileye Guides Down; Automotive Inventory, Memory Strength, and Marvell

Mobileye surprised markets with an extensive guide down to their results. Shares reacted poorly, but at first blush, it makes sense given the...

Fabricated Knowledge

Analog Devices Inc.: Revolutionizing AI ML Systems with Innovative Power Solutions! - Major Drivers

Analog Devices, Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par...

Baptista Research

Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

Patrick Liao

MVIS US Listed Semiconductor 25 Index Rebalance: TSMC Is the Big Sell

There are no constituent changes. Estimated one-way turnover is 6.6% resulting in a one-way trade of US$682m. Couple of stocks have greater than...

Brian Freitas

Analog Devices: Wireless BMS Integration Could Be The Next Big Thing! Major Drivers

Analog Devices delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mobileye Guides Down; Automotive Inventory, Memory Strength, and Marvell

Mobileye surprised markets with an extensive guide down to their results. Shares reacted poorly, but at first blush, it makes sense given the...

Fabricated Knowledge

Analog Devices Inc.: Revolutionizing AI ML Systems with Innovative Power Solutions! - Major Drivers

Analog Devices, Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par...

Baptista Research

Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

​Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

Patrick Liao

MVIS US Listed Semiconductor 25 Index Rebalance: TSMC Is the Big Sell

There are no constituent changes. Estimated one-way turnover is 6.6% resulting in a one-way trade of US$682m. Couple of stocks have greater than...

Brian Freitas

Analog Devices: Wireless BMS Integration Could Be The Next Big Thing! Major Drivers

Analog Devices delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall...

Baptista Research

Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.