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>Applied Materials delivered a strong quarterly performance and managed to surpass Wall Street expectations in terms of revenues as well as earnings.</li><li>Demand remains very high in cutting-edge foundry/logic, with customers vying for leadership and driving significant technological inflections that decide their respective competitive positions.</li><li>AMAT should have a strong resilience because of their substantial backlog, expanding service business, and strong customer demand for their leading technologies that support significant technological inflection points.</li></ul>

Applied Materials delivered a strong quarterly performance and managed to surpass Wall Street expectations in terms of revenues as well as earnings.Demand remains very high in cutting-edge foundry/logic, with customers vying for leadership and driving significant technological inflections that decide their respective competitive positions.AMAT should have a strong resilience because of their substantial backlog, expanding service business, and strong customer demand for their leading technologies that support significant technological inflection points.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a>  guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> shares look at risk of near-term pullback.</li>
<li>Foreigners massively net-bought Taiwan over the last two weeks, and <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> has been a major recipient of capital. ADR premium still has legs.</li>
<li>
<a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> received 100,000+ new worker applications but now has trouble finding space for them! We remain structurally bullish on the company.</li>
</ul>



Applied Materials (AMAT US)  guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make Nanya Technology (2408 TT) shares look at risk of near-term pullback.
Foreigners massively net-bought Taiwan over the last two weeks, and United Microelectronics Corp (2303 TT) has been a major recipient of capital. ADR premium still has legs.

Hon Hai Precision Industry (2317 TT) received 100,000+ new worker applications but now has trouble finding space for them! We remain structurally bullish on the company.


Taiwan Tech Weekly: AMAT Results Buoy Market, But Nanya at Risk, Foreigners Massively Buy Taiwan

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.

<ul><li>The SET Index is expected to weaken, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points.</li><li>The Bank of Thailand expects the Thai economy in 3Q22E to grow more than 3% YoY, improving from the 2Q22 figure of +2.5% YoY and 1Q22's +2.2% YoY.</li><li>BofA's survey of 272 fund managers from November 4-10 showed that the global economy is at high risk of a recession (77%) and stagflation (92%).</li></ul>

The SET Index is expected to weaken, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points.The Bank of Thailand expects the Thai economy in 3Q22E to grow more than 3% YoY, improving from the 2Q22 figure of +2.5% YoY and 1Q22's +2.2% YoY.BofA's survey of 272 fund managers from November 4-10 showed that the global economy is at high risk of a recession (77%) and stagflation (92%).

<ul>
<li>AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.</li>
<li>U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.</li>
<li>TSMC results coming out this week, expecting all-time high revenue.</li>
</ul>


AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.
U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.
TSMC results coming out this week, expecting all-time high revenue.


Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

<ul>
<li>The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.</li>
<li>Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.</li>
<li>Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.</li>
</ul>


The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.
Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.
Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.


Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

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: Key Drivers

Applied Materials delivered a strong quarterly performance and managed to surpass Wall Street expectations in terms of revenues as well as...

Baptista Research

Taiwan Tech Weekly: AMAT Results Buoy Market, But Nanya at Risk, Foreigners Massively Buy Taiwan

Applied Materials (AMAT US) guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make Nanya Technology (2408 TT)...

Vincent Fernando, CFA

Market Outlook

The SET Index is expected to weaken, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points. The...

Krungthai XSpring

Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.

Vincent Fernando, CFA

Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Also more signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.

Vincent Fernando, CFA

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