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>Cirrus Logic has had an eventful year so far with solid bolt-on M&A and operating momentum.</li><li>This has been possible through a noteworthy expansion in the product mix and technology of Cirrus Logic.</li><li>Lastly, it is worth highlighting that Cirrus Logic operates with quite a strong balance sheet with more firepower to pursue diversification attempts further.</li></ul>

Cirrus Logic has had an eventful year so far with solid bolt-on M&A and operating momentum.This has been possible through a noteworthy expansion in the product mix and technology of Cirrus Logic.Lastly, it is worth highlighting that Cirrus Logic operates with quite a strong balance sheet with more firepower to pursue diversification attempts further.

Cirrus Logic Inc.: Initiation of Coverage – Heavy Dependence on Apple

Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>What's new?</h2><p>Nikkei News reported <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> is designing its own main power management chips for use in iPhones as early as in 2018, cutting dependence on <a href="https://www.smartkarma.com/entities/21607" target="_blank" data-smartkarma-citation="entities:21607:1">Dialog Semiconductor PLC (DLG GR)</a>, according to industry sources, as shares in the U.K. developer plunged after the news out. The main power management chip controls an iPhone's charging function, battery management, and energy consumption. "Based on Apple's current plan, they are set to replace partially, or around half of its power…</p>

What's new?Nikkei News reported Apple Inc (AAPL US) is designing its own main power management chips for use in iPhones as early as in 2018, cutting dependence on Dialog Semiconductor PLC (DLG GR), according to industry sources, as shares in the U.K. developer plunged after the news out. The main power management chip controls an iPhone's charging function, battery management, and energy consumption. "Based on Apple's current plan, they are set to replace partially, or around half of its power…

Nikkei Said Apple Cuts Dialog on Power ICs Supply; We Highlighted This in May and More to Come

<h2>Summary</h2><ul>
<li><em><strong>Miss on 2Q17 guidance</strong>: Apple guides 2Q17 midpoint sales of US$44.5bn sales (-16% q/q and +5% y/y) which is 3% worse than Bloomberg consensus' US$45.7bn. Also, midpoint op margin guidance of 23% and net margin of 18% each is 0.9 and 0.6ppts lower than Bloomberg consensus, respectively. Thus, Bloomberg consensus should adjust down its 2Q17 EPS forecast by US$11 cents to US$1.52 from US$1.63.</em></li>
<li>
<em><strong>No exciting but not actually miss on iPhone shipment</strong>:  Apple reports 1Q17 iPhone shipment of 50.8mn</em>…</li>
</ul>

Summary
Miss on 2Q17 guidance: Apple guides 2Q17 midpoint sales of US$44.5bn sales (-16% q/q and +5% y/y) which is 3% worse than Bloomberg consensus' US$45.7bn. Also, midpoint op margin guidance of 23% and net margin of 18% each is 0.9 and 0.6ppts lower than Bloomberg consensus, respectively. Thus, Bloomberg consensus should adjust down its 2Q17 EPS forecast by US$11 cents to US$1.52 from US$1.63.

No exciting but not actually miss on iPhone shipment:  Apple reports 1Q17 iPhone shipment of 50.8mn…


Apple Misses on Guidance; Understood Now Why Apple Is Suing Qualcomm and Expanding In-House Design

United States

Cirrus Logic, Inc. is a fabless semiconductor company that develops audio and voice IC and software solutions for mobile communications, automotive entertainment, and consumer audio applications. Cirrus Logic is headquartered in Austin, Texas.

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Cirrus Logic (CRUS US)

Cirrus Logic Inc.: Initiation of Coverage – Heavy Dependence on Apple

Cirrus Logic has had an eventful year so far with solid bolt-on M&A and operating momentum. This has been possible through a noteworthy...

Baptista Research

Nikkei Said Apple Cuts Dialog on Power ICs Supply; We Highlighted This in May and More to Come

What's new?Nikkei News reported Apple Inc (AAPL US) is designing its own main power management chips for use in iPhones as early as in 2018,...

Andrew Lu

Apple Misses on Guidance; Understood Now Why Apple Is Suing Qualcomm and Expanding In-House Design

Summary Miss on 2Q17 guidance: Apple guides 2Q17 midpoint sales of US$44.5bn sales (-16% q/q and +5% y/y) which is 3% worse than Bloomberg...

Andrew Lu

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