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

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASE Technology Holdings reported first quarter 2026 financial results marked by resilience amid typical seasonal patterns and ongoing structural adjustments in product mix.</li>
<li>Consolidated net revenues reached NTD 173.7 billion, declining 2% sequentially but increasing 17% year-over-year in local currency terms, with a 4% sequential decrease and 22% annual increase on a U.S. dollar basis.</li>
<li>Earnings per share stood at NTD 3.08 (fully diluted) and NTD 3.24 (basic).</li>
</ul>


ASE Technology Holdings reported first quarter 2026 financial results marked by resilience amid typical seasonal patterns and ongoing structural adjustments in product mix.
Consolidated net revenues reached NTD 173.7 billion, declining 2% sequentially but increasing 17% year-over-year in local currency terms, with a 4% sequential decrease and 22% annual increase on a U.S. dollar basis.
Earnings per share stood at NTD 3.08 (fully diluted) and NTD 3.24 (basic).


ASE Technology’s 30% ATM Growth: Is Advanced Packaging Rewriting The Story?

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday</li>
<li>UMC: +4.7% Premium; One of the Highest Levels in History -- Short</li>
<li>ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday
UMC: +4.7% Premium; One of the Highest Levels in History -- Short
ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short


Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

<ul>
<li>TSMC: +15.9% Premium; Sales Rose 33% YoY in August &amp; Headroom Increased</li>
<li>UMC: +1.8% Premium; Largest Monthly Decrease in ADR Headroom, Has Consistently Been Decreasing Since May</li>
<li>ASE: +2.0% Premium; At Current Level Can Consider Going Long the Premium</li>
</ul>


TSMC: +15.9% Premium; Sales Rose 33% YoY in August &amp; Headroom Increased
UMC: +1.8% Premium; Largest Monthly Decrease in ADR Headroom, Has Consistently Been Decreasing Since May
ASE: +2.0% Premium; At Current Level Can Consider Going Long the Premium


Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>1Q26 Outlook Both ATM and EMS better than past seasonality; overall revenue -5~-7% QoQ, GM down 0.5-1pts QoQ. ATM revenue down mid-single digits.</li>
<li>Expect ATM to outgrow EMS in 2026. ATM revenue/profit share to rise further. ATM 2026 LEAP at least doubles YoY (to $3.2B USD), demand far exceeds supply.</li>
<li>Foundries have wafer-level priority, but as volumes scale, customers need second sources.</li>
</ul>


1Q26 Outlook Both ATM and EMS better than past seasonality; overall revenue -5~-7% QoQ, GM down 0.5-1pts QoQ. ATM revenue down mid-single digits.
Expect ATM to outgrow EMS in 2026. ATM revenue/profit share to rise further. ATM 2026 LEAP at least doubles YoY (to $3.2B USD), demand far exceeds supply.
Foundries have wafer-level priority, but as volumes scale, customers need second sources.


ASEH (3711.TT; ASX.US): Both ATM and EMS Better than past Seasonality in 1Q26.

<ul>
<li>TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level</li>
<li>UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread</li>
<li>ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread</li>
</ul>


TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level
UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread
ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread


Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

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ASE Technology Holding (ASX US)

ASE Technology’s 30% ATM Growth: Is Advanced Packaging Rewriting The Story?

ASE Technology Holdings reported first quarter 2026 financial results marked by resilience amid typical seasonal patterns and ongoing structural...

Baptista Research

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

ASEH (3711.TT; ASX.US): Both ATM and EMS Better than past Seasonality in 1Q26.

2026 outlook shows ATM outperforming EMS, with revenue down but profit share rising. Foundries prioritizing wafer production, but demand exceeds...

Patrick Liao

Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASE Technology’s 30% ATM Growth: Is Advanced Packaging Rewriting The Story?

ASE Technology Holdings reported first quarter 2026 financial results marked by resilience amid typical seasonal patterns and ongoing structural...

Baptista Research

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

ASEH (3711.TT; ASX.US): Both ATM and EMS Better than past Seasonality in 1Q26.

​2026 outlook shows ATM outperforming EMS, with revenue down but profit share rising. Foundries prioritizing wafer production, but demand exceeds...

Patrick Liao

Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

2026 outlook shows ATM outperforming EMS, with revenue down but profit share rising. Foundries prioritizing wafer production, but demand exceeds...