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.'s Q1 2024 earnings reflected a mixed performance amidst challenging global economic conditions, as well as the potential for future growth and leadership in the intelligent edge era.</li><li>The company reported its revenues above the midpoint of their outlook at more than $2.5 billion, backed by operating margins of 42% and an earnings per share of $1.73.</li><li>While these figures are positive, the call also acknowledges an existing inventory rationalization at customers which began in mid-2023 and is expected to continue through Q2.</li></ul>

Analog Devices Inc.'s Q1 2024 earnings reflected a mixed performance amidst challenging global economic conditions, as well as the potential for future growth and leadership in the intelligent edge era.The company reported its revenues above the midpoint of their outlook at more than $2.5 billion, backed by operating margins of 42% and an earnings per share of $1.73.While these figures are positive, the call also acknowledges an existing inventory rationalization at customers which began in mid-2023 and is expected to continue through Q2.

Analog Devices Inc.: AI and Machine Learning In Data Centers As A Massive Growth Catalyst! - Major 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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally</li>
<li>Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting</li>
<li>Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break </li>
</ul>


Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally
Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting
Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break 


Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

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.

<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

<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%.

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 Inc.: AI and Machine Learning In Data Centers As A Massive Growth Catalyst! - Major Drivers

Analog Devices Inc.'s Q1 2024 earnings reflected a mixed performance amidst challenging global economic conditions, as well as the potential for...

Baptista Research

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

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

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Analog Devices Inc.: AI and Machine Learning In Data Centers As A Massive Growth Catalyst! - Major Drivers

Analog Devices Inc.'s Q1 2024 earnings reflected a mixed performance amidst challenging global economic conditions, as well as the potential for...

Baptista Research

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

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

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