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>GlobalFoundries Inc's fourth quarter 2023 and full-year 2023 results show a commendable business bounce back in a rather tough year for the broader semiconductor industry and the global economy.</li><li>Despite an economic backdrop struggling with elevated inventory levels and weakened demand due to tighter monetary policies, GlobalFoundries mitigated the expected financial plunge by reporting fourth-quarter results that surpass its guidance range midpoint, credited to unwavering commitment, resilience, and dedication demonstrated by their global teams.</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>

GlobalFoundries Inc's fourth quarter 2023 and full-year 2023 results show a commendable business bounce back in a rather tough year for the broader semiconductor industry and the global economy.Despite an economic backdrop struggling with elevated inventory levels and weakened demand due to tighter monetary policies, GlobalFoundries mitigated the expected financial plunge by reporting fourth-quarter results that surpass its guidance range midpoint, credited to unwavering commitment, resilience, and dedication demonstrated by their global teams.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.

Globalfoundries Inc: Is It Really Operating In A Stable Pricing Environment Despite Competitive Landscape? - Major Drivers

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>Globalfoundries (GFS) reported Q423 revenues of $1.854 billion, marginally above the midpoint of the guidance range, down 12% YoY and essentially flat sequentially.</li>
<li>Guided Q124 down 18% QoQ with Gross Margin set to fall from 29% to 23%</li>
<li>SMIC will outspend GFS 10x in CapEx terms this year</li>
</ul>


Globalfoundries (GFS) reported Q423 revenues of $1.854 billion, marginally above the midpoint of the guidance range, down 12% YoY and essentially flat sequentially.
Guided Q124 down 18% QoQ with Gross Margin set to fall from 29% to 23%
SMIC will outspend GFS 10x in CapEx terms this year


Globalfoundries. Pressure Grows As Customer Penalties Soar

<ul>
<li>Q323 revenues of $1.85 billion, flat sequentially but down 11% YoY. Net income was $249 million, up 5% sequentially but down 26% YoY.</li>
<li>At a midpoint of $1.85 billion, forward guidance is once again flat sequentially. Overall it was a solid report with guidance slightly better than UMC delivered last week.</li>
<li>Despite the solid quarter, the company's outlook for 2024 was bleak with a 50% CapEx cut, LTAs under mounting pressure &amp; ominous-sounding LTA "True Up" on the horizon. </li>
</ul>


Q323 revenues of $1.85 billion, flat sequentially but down 11% YoY. Net income was $249 million, up 5% sequentially but down 26% YoY.
At a midpoint of $1.85 billion, forward guidance is once again flat sequentially. Overall it was a solid report with guidance slightly better than UMC delivered last week.
Despite the solid quarter, the company's outlook for 2024 was bleak with a 50% CapEx cut, LTAs under mounting pressure &amp; ominous-sounding LTA "True Up" on the horizon. 


GlobalFoundries Pops On Q323 Earnings. But Why?

<ul><li>Globalfoundries delivered an all-around beat in the previous quarter, reaching $1.845 billion, aligning perfectly with the upper echelons of their projected range.</li><li>Meanwhile, in smart mobile devices, they strategically tailored their products for the premium tier handset market, demonstrating resilience in demand.</li><li>Their advancements in the 28-nanometer High-K/Metal Gate platform catered to the increasing demand for sophisticated mobile device camera technologies.</li></ul>

Globalfoundries delivered an all-around beat in the previous quarter, reaching $1.845 billion, aligning perfectly with the upper echelons of their projected range.Meanwhile, in smart mobile devices, they strategically tailored their products for the premium tier handset market, demonstrating resilience in demand.Their advancements in the 28-nanometer High-K/Metal Gate platform catered to the increasing demand for sophisticated mobile device camera technologies.

GLOBALFOUNDRIES Inc.: How Their Strategic Partnerships Are Reshaping U.S. Security & Manufacturing! - 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.

Equity Capital Markets

<ul>
<li>ARM prices this Wednesday and trades on Thursday.</li>
<li>I have a lot of thoughts. This will be a great post if you want to learn about ARM. </li>
<li><span style="font-size: var(--content-font-size);">So, without further adieu, let’s dive into the most important IP company in the world.</span></li>
</ul>


ARM prices this Wednesday and trades on Thursday.
I have a lot of thoughts. This will be a great post if you want to learn about ARM. 
So, without further adieu, let’s dive into the most important IP company in the world.


United States

GLOBALFOUNDRIES Inc. operates as a semiconductor contract manufacturing and design company. The Company offers chips designed for markets such as mobility, automotive, computing and wired connectivity, and consumer internet of things (IoT). GLOBALFOUNDRIES serves customers worldwide.

GLOBALFOUNDRIES (GFS US)

Globalfoundries Inc: Is It Really Operating In A Stable Pricing Environment Despite Competitive Landscape? - Major Drivers

GlobalFoundries Inc's fourth quarter 2023 and full-year 2023 results show a commendable business bounce back in a rather tough year for the...

Baptista Research

Globalfoundries. Pressure Grows As Customer Penalties Soar

GFS Q423 revenues of $1.854 billion, -12% YoY, flat QoQ. Guided Q124 down 18% QoQ with GM set to fall from 29% to 23%. SMIC will outspend GFS 10x...

William Keating

GlobalFoundries Pops On Q323 Earnings. But Why?

Despite the solid quarter, the company's outlook for 2024 was bleak with a 50% CapEx cut, LTAs under mounting pressure & an ominous-sounding LTA...

William Keating

GLOBALFOUNDRIES Inc.: How Their Strategic Partnerships Are Reshaping U.S. Security & Manufacturing! - Major Drivers

Globalfoundries delivered an all-around beat in the previous quarter, reaching $1.845 billion, aligning perfectly with the upper echelons of their...

Baptista Research

ARM IPO Breakdown

ARM prices this Wednesday and trades on Thursday. I have a lot of thoughts. This will be a great post if you want to learn about ARM. So, without...

Fabricated Knowledge