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>ASML Holding N.V. reported net sales of EUR 8.8 billion in the first quarter of 2026, aligning with prior guidance.</li><li>Net system sales amounted to EUR 6.3 billion, including over EUR 4.1 billion from extreme ultraviolet (EUV) system sales, reflecting contributions from two High Numerical Aperture (High NA) systems.</li><li>The sales split between Logic and Memory segments was nearly balanced at 49% and 51%, respectively.</li></ul>

ASML Holding N.V. reported net sales of EUR 8.8 billion in the first quarter of 2026, aligning with prior guidance.Net system sales amounted to EUR 6.3 billion, including over EUR 4.1 billion from extreme ultraviolet (EUV) system sales, reflecting contributions from two High Numerical Aperture (High NA) systems.The sales split between Logic and Memory segments was nearly balanced at 49% and 51%, respectively.

ASML: A Close Look At The Memory Boom—What Rising EUV Adoption Means For Capacity And Revenues!

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>ASML reported 1Q26: just inline. 2Q26 guidance: just inline. Management revised up 2026 revenue guidance by 4%. Consensus has already revised up. Maybe flat margins is a disappointment.</li>
<li>After ~60 EUV machines sold in 2026, management is targeting ~80 in 2027, with higher ASP. Capacity at ~90 EUV machines – let’s say that’s for 2028.</li>
<li>The stock is trading at 44x ‘26 EPS (20% EPS growth in ’26), 34x ’27 (30% EPS growth in ’27). Probably that’s why the stock is down -5% now</li>
</ul>


ASML reported 1Q26: just inline. 2Q26 guidance: just inline. Management revised up 2026 revenue guidance by 4%. Consensus has already revised up. Maybe flat margins is a disappointment.
After ~60 EUV machines sold in 2026, management is targeting ~80 in 2027, with higher ASP. Capacity at ~90 EUV machines – let’s say that’s for 2028.
The stock is trading at 44x ‘26 EPS (20% EPS growth in ’26), 34x ’27 (30% EPS growth in ’27). Probably that’s why the stock is down -5% now


ASML: 1Q26 and 2Q26 Are Just Inline, 2026 Revenue Revised Up, but Consensus Already There

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>ASML reported Q126 revenues of €8.8 billion, above the midpoint of the guided range of €8.2 to €8.9 billion and comfortably ahead of street consensus of around €8.6 billion</li>
<li>Guided Q2 2026 net sales to €8.4 - €8.8 billion, and raised FY 2026 revenue outlook to €36- €40 billion, up from the previous range of €34 to €39 billion</li>
<li>The stock has had a remarkable run, up around 40% year to date, and the market’s initial reaction has been muted. At 40x forward earnings, that’s hardly a surprise.</li>
</ul>


ASML reported Q126 revenues of €8.8 billion, above the midpoint of the guided range of €8.2 to €8.9 billion and comfortably ahead of street consensus of around €8.6 billion
Guided Q2 2026 net sales to €8.4 - €8.8 billion, and raised FY 2026 revenue outlook to €36- €40 billion, up from the previous range of €34 to €39 billion
The stock has had a remarkable run, up around 40% year to date, and the market’s initial reaction has been muted. At 40x forward earnings, that’s hardly a surprise.


ASML Q1 2026. Revenue Beat, Guidance Raised. What’s Not To Like?

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: • Aegon | to sell Aegon UK for GBP 0.75bn cash and a 15.3% stake in Standard Life • ASML Holding | finetunes FY26 net sales outlook to upper end of initial range • bnode | labour dispute reached a new climax yesterday</li></ul>

In this edition: • Aegon | to sell Aegon UK for GBP 0.75bn cash and a 15.3% stake in Standard Life • ASML Holding | finetunes FY26 net sales outlook to upper end of initial range • bnode | labour dispute reached a new climax yesterday

What's News in Amsterdam - 15 April (Aegon | ASML Holding | bnode)

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.</li>
<li>A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. </li>
<li>China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.</li>
</ul>


During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.
A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. 
China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.


More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

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ASML Holding NV (ASML US)

ASML: A Close Look At The Memory Boom—What Rising EUV Adoption Means For Capacity And Revenues!

ASML Holding N.V. reported net sales of EUR 8.8 billion in the first quarter of 2026, aligning with prior guidance. Net system sales amounted to...

Baptista Research

ASML: 1Q26 and 2Q26 Are Just Inline, 2026 Revenue Revised Up, but Consensus Already There

ASML reports inline 1Q26 and 2Q26 guidance, raises 2026 revenue guidance by 4%. Targeting ~80 EUV machines in 2027. Stock trading at high...

Nicolas Baratte

ASML Q1 2026. Revenue Beat, Guidance Raised. What’s Not To Like?

ASML has had a remarkable run, up around 40% year to date, and the market’s initial reaction has been muted. At 40x forward earnings, that’s hardly...

William Keating

What's News in Amsterdam - 15 April (Aegon | ASML Holding | bnode)

In this edition: • Aegon | to sell Aegon UK for GBP 0.75bn cash and a 15.3% stake in Standard Life • ASML Holding | finetunes FY26 net sales...

The IDEA!

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

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ASML: A Close Look At The Memory Boom—What Rising EUV Adoption Means For Capacity And Revenues!

ASML Holding N.V. reported net sales of EUR 8.8 billion in the first quarter of 2026, aligning with prior guidance. Net system sales amounted to...

Baptista Research

ASML: 1Q26 and 2Q26 Are Just Inline, 2026 Revenue Revised Up, but Consensus Already There

​ASML reports inline 1Q26 and 2Q26 guidance, raises 2026 revenue guidance by 4%. Targeting ~80 EUV machines in 2027. Stock trading at high...

Nicolas Baratte

ASML Q1 2026. Revenue Beat, Guidance Raised. What’s Not To Like?

ASML has had a remarkable run, up around 40% year to date, and the market’s initial reaction has been muted. At 40x forward earnings, that’s hardly...

William Keating

What's News in Amsterdam - 15 April (Aegon | ASML Holding | bnode)

In this edition: • Aegon | to sell Aegon UK for GBP 0.75bn cash and a 15.3% stake in Standard Life • ASML Holding | finetunes FY26 net sales...

The IDEA!

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

ASML reports inline 1Q26 and 2Q26 guidance, raises 2026 revenue guidance by 4%. Targeting ~80 EUV machines in 2027. Stock trading at high...