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 Capital Markets

Applied Materials / Equity Capital Markets

<ul><li>Applied Materials delivered record performance in their third quarter, capitalizing on strong, broad-based demand for their semiconductor products and services while navigating a challenging supply environment.</li><li>Applied Materials delivered the highest-ever operating profit, operating margin, and earnings per share with a record free cash flow generation of $1.5 billion.</li><li>The company also repurchased $1.5 billion of stock during the third quarter and returned 111% of free cash flow to stockholders, including dividends.</li></ul>

Applied Materials delivered record performance in their third quarter, capitalizing on strong, broad-based demand for their semiconductor products and services while navigating a challenging supply environment.Applied Materials delivered the highest-ever operating profit, operating margin, and earnings per share with a record free cash flow generation of $1.5 billion.The company also repurchased $1.5 billion of stock during the third quarter and returned 111% of free cash flow to stockholders, including dividends.

Applied Materials Inc. - Investment Thesis

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

The semiconductor market reached record revenues in June.  Much of this has been driven by a mild shortage in semiconductor memories, DRAM and NAND flash, but the larger shortage of older technologies has also had a hand in this.

The semiconductor market reached record revenues in June.  Much of this has been driven by a mild shortage in semiconductor memories, DRAM and NAND flash, but the larger shortage of older technologies has also had a hand in this.

June Semiconductor Revenues Reach New Record

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

We think its a bonkers idea for Intel to acquire Global Foundries. Unless it wants to accelerate its margin demise. <div class="content-highlight">Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  </div>

We think its a bonkers idea for Intel to acquire Global Foundries. Unless it wants to accelerate its margin demise. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  

The SIA has released May semiconductor revenue statistics and the month broke all records for both revenues and unit shipments.  This is a continuation of the trend that this analyst has been reporting on since this time last year.  It appears that there is still plenty of strength in this market to allow further records to be broken.

The SIA has released May semiconductor revenue statistics and the month broke all records for both revenues and unit shipments.  This is a continuation of the trend that this analyst has been reporting on since this time last year.  It appears that there is still plenty of strength in this market to allow further records to be broken.

May Semiconductor Revenues Break a Record Once Again

Our expectations for Micron's upcoming earnings call are very positive for four reasons:<ul>
<li>DRAM and NAND pricing is up</li>
<li>Demand has been solid for the whole first half, with no signs of softening</li>
<li>The company is shifting its mix to higher-margin products</li>
<li>Costs are being reduced through process leadership</li>
</ul>

Our expectations for Micron's upcoming earnings call are very positive for four reasons:
DRAM and NAND pricing is up
Demand has been solid for the whole first half, with no signs of softening
The company is shifting its mix to higher-margin products
Costs are being reduced through process leadership


What to Expect from the June 30 Micron Earnings Call

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

Applied Materials Inc. - Investment Thesis

Applied Materials delivered record performance in their third quarter, capitalizing on strong, broad-based demand for their semiconductor products...

Baptista Research

June Semiconductor Revenues Reach New Record

Semiconductor revenues are breaking historic records. Can this trend continue? Trend analysis indicates that it should end. We will be watching...

Jim Handy

Why Would Intel Buy Global Foundries?

We think its a bonkers idea for Intel to acquire Global Foundries. Unless it wants to accelerate its margin demise. We would increase a short...

Aaron Gabin

May Semiconductor Revenues Break a Record Once Again

Even the semiconductors that are not in a dire shortage are in tight supply, driving prices and revenues to extraordinary heights. This Insight...

Jim Handy

What to Expect from the June 30 Micron Earnings Call

Micron Technology is poised to disclose strong growth and earnings in tomorrow's quarterly call. This Smartkarma Insight provides four reasons why.

Jim Handy

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