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 expanded its semiconductor portfolio through the acquisition of INVENTVM Semiconductor, a Pavia, Italy-based fabless chip company specializing in mixed-signal power management and audio integrated circuits.</li><li>Announced on October 6, 2026, the transaction adds engineering capabilities that closely overlap with Cirrus Logic’s strategic push beyond its traditional smartphone audio franchise and deeper into high-performance mixed-signal, power, battery, sensing, and edge-device applications.</li><li>Financial terms were not disclosed, while management indicated that INVENTVM is not expected to have a material near-term impact on revenue.</li></ul>

Cirrus Logic has expanded its semiconductor portfolio through the acquisition of INVENTVM Semiconductor, a Pavia, Italy-based fabless chip company specializing in mixed-signal power management and audio integrated circuits.Announced on October 6, 2026, the transaction adds engineering capabilities that closely overlap with Cirrus Logic’s strategic push beyond its traditional smartphone audio franchise and deeper into high-performance mixed-signal, power, battery, sensing, and edge-device applications.Financial terms were not disclosed, while management indicated that INVENTVM is not expected to have a material near-term impact on revenue.

Cirrus Logic Acquisition Adds Firepower To Its High-Performance Mixed-Signal Strategy!

<ul><li>Cirrus Logic reported record first quarter fiscal 2027 results with revenue of $460 million, reflecting a 2% sequential and 13% year-over-year increase, predominantly driven by stronger smartphone component sales despite anticipated pricing reductions.</li><li>Non-GAAP gross margin reached 52.7%, slightly increasing year-over-year due to favorable product mix but offset by higher freight and supply chain costs, and reflecting a sequential decline tied to pricing pressures partially mitigated by cost reductions.</li><li>Operating expenses increased both sequentially and year-over-year, driven mainly by elevated employee-related costs, professional services, and R&D investments.</li></ul>

Cirrus Logic reported record first quarter fiscal 2027 results with revenue of $460 million, reflecting a 2% sequential and 13% year-over-year increase, predominantly driven by stronger smartphone component sales despite anticipated pricing reductions.Non-GAAP gross margin reached 52.7%, slightly increasing year-over-year due to favorable product mix but offset by higher freight and supply chain costs, and reflecting a sequential decline tied to pricing pressures partially mitigated by cost reductions.Operating expenses increased both sequentially and year-over-year, driven mainly by elevated employee-related costs, professional services, and R&D investments.

Cirrus Logic Unlocks New Markets With Camera, Battery And Power Management Chips!

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantinuum-inc" target="_blank" data-smartkarma-citation="entities:49399:1" rel="noopener">Quantinuum (QNT US)</a> will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.</li>
<li>Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.</li>
<li>There are inflows for <a href="https://www.smartkarma.com/entities/honeywell-aerospace-inc" target="_blank" data-smartkarma-citation="entities:50307:1" rel="noopener">Honeywell Aerospace</a>, <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell International</a> and <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor</a> and outflows for <a href="https://www.smartkarma.com/entities/arqit-quantum-inc" target="_blank" data-smartkarma-citation="entities:35381:1" rel="noopener">Arqit Quantum</a>, <a href="https://www.smartkarma.com/entities/horizon-quantum-holdings-ltd" target="_blank" data-smartkarma-citation="entities:36891:1" rel="noopener">Horizon Quantum Holdings</a> and <a href="https://www.smartkarma.com/entities/global-unichip-corp" target="_blank" data-smartkarma-citation="entities:10305:1" rel="noopener">Global Unichip</a>.</li>
</ul>



Quantinuum (QNT US) will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.
Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.
There are inflows for Honeywell Aerospace, Honeywell International and On Semiconductor and outflows for Arqit Quantum, Horizon Quantum Holdings and Global Unichip.


BlueStar Machine Learning and Quantum Computing Index: 1 Add & US$1bn Trade

<ul><li>Cirrus Logic reported strong financial performance for the fourth quarter and full fiscal year 2026, achieving record revenue and earnings per share.</li><li>Quarterly revenue reached $448.5 million, surpassing guidance midpoint, while full-year revenue totaled $2 billion, marking a 5% increase over the previous year.</li><li>This growth was primarily driven by demand for smartphone components and increased sales in the PC segment.</li></ul>

Cirrus Logic reported strong financial performance for the fourth quarter and full fiscal year 2026, achieving record revenue and earnings per share.Quarterly revenue reached $448.5 million, surpassing guidance midpoint, while full-year revenue totaled $2 billion, marking a 5% increase over the previous year.This growth was primarily driven by demand for smartphone components and increased sales in the PC segment.

Cirrus Logic’s $2 Billion Year: Can PC Growth Reduce Smartphone Dependence?

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 Acquisition Adds Firepower To Its High-Performance Mixed-Signal Strategy!

Cirrus Logic has expanded its semiconductor portfolio through the acquisition of INVENTVM Semiconductor, a Pavia, Italy-based fabless chip company...

Baptista Research

Cirrus Logic Unlocks New Markets With Camera, Battery And Power Management Chips!

Cirrus Logic reported record first quarter fiscal 2027 results with revenue of $460 million, reflecting a 2% sequential and 13% year-over-year...

Baptista Research

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

BlueStar Machine Learning and Quantum Computing Index: 1 Add & US$1bn Trade

There is 1 add for BQTUM in Sep. Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with multiple...

Brian Freitas

Cirrus Logic’s $2 Billion Year: Can PC Growth Reduce Smartphone Dependence?

Cirrus Logic reported strong financial performance for the fourth quarter and full fiscal year 2026, achieving record revenue and earnings per...

Baptista Research

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