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>FormFactor has delivered a robust performance in the second quarter of 2024, with notable achievements and challenges as they navigate through the evolving semiconductor market landscape.</li><li>On the positive side, FormFactor, a leading provider in the semiconductor testing space, exceeded its revenue, non-GAAP gross margin, and non-GAAP earnings per share (EPS) expectations for the quarter.</li><li>This success was largely driven by significant growth in the probe card business, especially in the DRAM sector, where revenue from high-bandwidth memory (HBM) doubled for the third consecutive quarter.</li></ul>

FormFactor has delivered a robust performance in the second quarter of 2024, with notable achievements and challenges as they navigate through the evolving semiconductor market landscape.On the positive side, FormFactor, a leading provider in the semiconductor testing space, exceeded its revenue, non-GAAP gross margin, and non-GAAP earnings per share (EPS) expectations for the quarter.This success was largely driven by significant growth in the probe card business, especially in the DRAM sector, where revenue from high-bandwidth memory (HBM) doubled for the third consecutive quarter.

FormFactor Inc: A Story Of Advanced Packaging Innovation! - Major Drivers

<ul><li>FormFactor delivered mixed first-quarter results for the fiscal year 2024, with its revenue closely aligning with the upper end of forecasts due to robust demand in the DRAM probe card sector, corroborated by significant advancements in setting standards for testing high-bandwidth memory (HBM).</li><li>However, the company encountered challenges as non-GAAP earnings per share (EPS) dipped below the anticipated range primarily due to a less favorable product mix across its segments and heightened warranty costs in the Probe Cards segment.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

FormFactor delivered mixed first-quarter results for the fiscal year 2024, with its revenue closely aligning with the upper end of forecasts due to robust demand in the DRAM probe card sector, corroborated by significant advancements in setting standards for testing high-bandwidth memory (HBM).However, the company encountered challenges as non-GAAP earnings per share (EPS) dipped below the anticipated range primarily due to a less favorable product mix across its segments and heightened warranty costs in the Probe Cards segment.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

FormFactor Inc.: Revenue Diversification & Expansion In Enterprise & Consumer Markets! - Major Drivers

<ul><li>This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and measurement of chips before they hit the market.</li><li>The company recently reported their fourth quarter 2023 earnings.</li><li>FormFactor has achieved a consistent performance throughout the past year with CEO, Mike Slessor, confirming top-line results to be steady across the four quarters.</li></ul>

This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and measurement of chips before they hit the market.The company recently reported their fourth quarter 2023 earnings.FormFactor has achieved a consistent performance throughout the past year with CEO, Mike Slessor, confirming top-line results to be steady across the four quarters.

FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model finds companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.</li>
<li>The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. </li>
<li>Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: Novavax, Micron, Generac, FormFactor</li>
</ul>


This model finds companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.
The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. 
Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: Novavax, Micron, Generac, FormFactor


Breaking Estimate Short Candidates: Novavax, Micron, Generac, FormFactor

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p style="text-align: justify;">In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our <span>Manufacturing, Transportation, M</span>aterials, Technology, &amp; Consumer Discretionary Sectors.</p>

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our Manufacturing, Transportation, Materials, Technology, &amp; Consumer Discretionary Sectors.

United States

FormFactor Inc, designs, develops, and manufactures advanced semiconductor wafer probe cards.  The Company's products are based on MicroSpring interconnect technology, which includes resilient spring-like contacts that are manufactured using micro-machining and scalable semiconductor-like wafer fabrication processes.

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Formfactor Inc (FORM US)

FormFactor Inc: A Story Of Advanced Packaging Innovation! - Major Drivers

FormFactor has delivered a robust performance in the second quarter of 2024, with notable achievements and challenges as they navigate through the...

Baptista Research

FormFactor Inc.: Revenue Diversification & Expansion In Enterprise & Consumer Markets! - Major Drivers

FormFactor delivered mixed first-quarter results for the fiscal year 2024, with its revenue closely aligning with the upper end of forecasts due...

Baptista Research

FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts

This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and...

Baptista Research

Breaking Estimate Short Candidates: Novavax, Micron, Generac, FormFactor

This model uncovers companies facing recent declines in estimates. This week we flag: Novavax, Micron, Generac, & FormFactor

Eric Fernandez, CFA

U.S. Equity Strategy: Remain Bullish

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight...

Vermilion Research

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