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>Coherent Corp. reported a solid third-quarter performance for Fiscal Year 2024, signaling strong underlying business dynamics despite some operational hitches.</li><li>The company emphasized a noteworthy sequential revenue increase of almost 7% and an almost 50% rise in non-GAAP EPS which marked significant growth.</li><li>Operating cash flow stood robust at $117 million, with a substantial portion directed towards capital investments and debt repayment.</li></ul>

Coherent Corp. reported a solid third-quarter performance for Fiscal Year 2024, signaling strong underlying business dynamics despite some operational hitches.The company emphasized a noteworthy sequential revenue increase of almost 7% and an almost 50% rise in non-GAAP EPS which marked significant growth.Operating cash flow stood robust at $117 million, with a substantial portion directed towards capital investments and debt repayment.

Coherent Corp: Expansion and Diversification in Telecom and Datacom Optics & Other Major Drivers

<ul><li>Coherent Corp.'s second quarter fiscal 2024 earnings demonstrated signs of gradual improvement in its financial performance, furthering confidence in its outlook for growth and profitability.</li><li>They reported solid sequential growth in both revenue and margins.</li><li>Significant developments from Q2 include increasing gross and operating margins and improving demand across its communications and industrial markets.</li></ul>

Coherent Corp.'s second quarter fiscal 2024 earnings demonstrated signs of gradual improvement in its financial performance, furthering confidence in its outlook for growth and profitability.They reported solid sequential growth in both revenue and margins.Significant developments from Q2 include increasing gross and operating margins and improving demand across its communications and industrial markets.

Coherent Corp.: Launch of New WaveShaper Instruments For U- And Super C-Bands & Other Major Developments

<ul><li>This is our first report on major manufacurer of engineered materials and optoelectronic components, Coherent Corp.</li><li>Its recent earnings call, several key topics of discussion included the firm's financial performance, market trends, and future outlook.</li><li>In terms of financial performance, Coherent reported revenue of $1.053 billion in Q1 FY '24, slightly above the midpoint of their guidance, with an operating cash flow of $199 million marking an improvement over both the sequential and year-over-year figures.</li></ul>

This is our first report on major manufacurer of engineered materials and optoelectronic components, Coherent Corp.Its recent earnings call, several key topics of discussion included the firm's financial performance, market trends, and future outlook.In terms of financial performance, Coherent reported revenue of $1.053 billion in Q1 FY '24, slightly above the midpoint of their guidance, with an operating cash flow of $199 million marking an improvement over both the sequential and year-over-year figures.

Coherent Corp: Initiation of Coverage - Silicon Carbide Success! Inside Their Strategy to Conquer Supply Chain Challenges - Major Drivers

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Infineon Technologies  / Equity Bottom-Up

<ul><li><p>Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.</p><section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li><li>Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.</li><li>So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.</li></ul>

Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Coherent’s (COHR US, not rated) stock plunged after releasing 2Q23 earnings on Wednesday.</li><li>The Company gave a bullish outlook on demand within the Datacom AI/ML sector, combined with their perspective that the present AI demand, constitutes a transformative shift rather than a short-lived cycle, which has likely influenced market sentiment.</li><li>However, Coherent’s exclusion of US$200mn AI-related sales might suggest a slower-than-expected pace in its capacity ramp-up. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Coherent’s (COHR US, not rated) stock plunged after releasing 2Q23 earnings on Wednesday.The Company gave a bullish outlook on demand within the Datacom AI/ML sector, combined with their perspective that the present AI demand, constitutes a transformative shift rather than a short-lived cycle, which has likely influenced market sentiment.However, Coherent’s exclusion of US$200mn AI-related sales might suggest a slower-than-expected pace in its capacity ramp-up. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hardware – Optical transceivers: Implications from Coherent 2Q23 results and guidance

United States

Coherent, Inc. is a global company that manufactures and sells a variety of laser-based photonic products.  The Company's products are used in manufacturing and instrumentation applications that include optical telecommunication, semiconductor manufacturing, inspection and test, advance packaging, and reprographics.  The electro-optical market consists of Fortune 500 customers.

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Coherent Inc (COHR US)

Coherent Corp: Expansion and Diversification in Telecom and Datacom Optics & Other Major Drivers

Coherent Corp. reported a solid third-quarter performance for Fiscal Year 2024, signaling strong underlying business dynamics despite some...

Baptista Research

Coherent Corp.: Launch of New WaveShaper Instruments For U- And Super C-Bands & Other Major Developments

Coherent Corp.'s second quarter fiscal 2024 earnings demonstrated signs of gradual improvement in its financial performance, furthering confidence...

Baptista Research

Coherent Corp: Initiation of Coverage - Silicon Carbide Success! Inside Their Strategy to Conquer Supply Chain Challenges - Major Drivers

This is our first report on major manufacurer of engineered materials and optoelectronic components, Coherent Corp. Its recent earnings call,...

Baptista Research

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Analog inventory, Coherent's ghost guide, and whipsaw China read through. Infineon’s big news is that they, too, will be building one of the...

Fabricated Knowledge

Hardware – Optical transceivers: Implications from Coherent 2Q23 results and guidance

The Company gave a bullish outlook on demand within the Datacom AI/ML sector, combined with their perspective that the present AI demand

CMB International

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