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 has delivered a mixed performance in their first quarter of fiscal 2025, marked by both positive developments and notable challenges.</li><li>On the positive side, the company reported revenues of $1.585 billion, representing a 2% increase year-over-year despite a sequential decline of 13%, achieved partly through significant contributions from its automotive and communications infrastructure and data center segments.</li><li>Notably, the automotive segment accounted for 19% of total revenue and saw a 16% increase year-over-year, driven by increasing silicon content in vehicles that offset a decline in unit sales.</li></ul>

GlobalFoundries has delivered a mixed performance in their first quarter of fiscal 2025, marked by both positive developments and notable challenges.On the positive side, the company reported revenues of $1.585 billion, representing a 2% increase year-over-year despite a sequential decline of 13%, achieved partly through significant contributions from its automotive and communications infrastructure and data center segments.Notably, the automotive segment accounted for 19% of total revenue and saw a 16% increase year-over-year, driven by increasing silicon content in vehicles that offset a decline in unit sales.

GlobalFoundries: Silicon Photonics & Co-Packaged Optics Progress & Other Major Drivers

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>We assume that <a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> will see an upside in its 2Q25 outlook by a few percentage points.</li>
<li>The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products. </li>
</ul>


We assume that Vanguard Intl Semiconductor (5347 TT) will see an upside in its 2Q25 outlook by a few percentage points.
The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.

Vanguard Intl Semiconductor (5347 TT) and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products. 


Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.</li>
<li>
 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.</li>
<li>
UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.</li>
</ul>



Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.

 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.

UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.


Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>
UMC guides for 2Q25 rebound, expecting 5–7% QoQ wafer shipment growth and margin recovery to ~30%, though 2H25 visibility remains low due to tariff and inventory uncertainty.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> 12nm project progressing; Initial client orders planned for 2026E, with management leaving the door open to future partnerships—including rumored <a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a> collaboration—amid strategic diversification efforts.</li>
<li>
Tariff-Driven pull-forward of orders IS happening but impact reportedly limited so far, with UMC noting mixed customer behavior; near-term demand strength appears broad-based. We have a Neutral rating for UMC.</li>
</ul>



UMC guides for 2Q25 rebound, expecting 5–7% QoQ wafer shipment growth and margin recovery to ~30%, though 2H25 visibility remains low due to tariff and inventory uncertainty.

Intel Corp (INTC US) 12nm project progressing; Initial client orders planned for 2026E, with management leaving the door open to future partnerships—including rumored GLOBALFOUNDRIES (GFS US) collaboration—amid strategic diversification efforts.

Tariff-Driven pull-forward of orders IS happening but impact reportedly limited so far, with UMC noting mixed customer behavior; near-term demand strength appears broad-based. We have a Neutral rating for UMC.


UMC Sees Broad Rebound in Demand Ahead But Is Demand Being Pulled Forward by Tariffs?

<ul>
<li>2Q25 guidance: Wafer shipments: increase 5~7%, ASP in USD: flat, GM: About 30%.</li>
<li>The US tariffs affect customer outcome visibility in 2Q25 and 2H25 is limited. </li>
<li>UMC is seeking a strategic plan to enhance shareholder value, and there is no ongoing merger plan at the moment, which implies no merger plan with GF. </li>
</ul>


2Q25 guidance: Wafer shipments: increase 5~7%, ASP in USD: flat, GM: About 30%.
The US tariffs affect customer outcome visibility in 2Q25 and 2H25 is limited. 
UMC is seeking a strategic plan to enhance shareholder value, and there is no ongoing merger plan at the moment, which implies no merger plan with GF. 


UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

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.

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GLOBALFOUNDRIES (GFS US)

GlobalFoundries: Silicon Photonics & Co-Packaged Optics Progress & Other Major Drivers

GlobalFoundries has delivered a mixed performance in their first quarter of fiscal 2025, marked by both positive developments and notable...

Baptista Research

Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

Vanguard Intl Semiconductor expected to see slight upside in 2Q25 outlook, with PMIC segment showing potential growth and no impact from Beijing's...

Patrick Liao

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

UMC Sees Broad Rebound in Demand Ahead But Is Demand Being Pulled Forward by Tariffs?

UMC expects 2Q25 rebound with wafer shipment growth and margin recovery, but 2H25 visibility remains low due to tariff and inventory uncertainty.

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

UMC's 2Q25 guidance shows increased wafer shipments and flat ASP, with limited visibility due to US tariffs. Strategic plan in place to enhance...

Patrick Liao

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GlobalFoundries: Silicon Photonics & Co-Packaged Optics Progress & Other Major Drivers

GlobalFoundries has delivered a mixed performance in their first quarter of fiscal 2025, marked by both positive developments and notable...

Baptista Research

Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

​Vanguard Intl Semiconductor expected to see slight upside in 2Q25 outlook, with PMIC segment showing potential growth and no impact from Beijing's...

Patrick Liao

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

​Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

UMC Sees Broad Rebound in Demand Ahead But Is Demand Being Pulled Forward by Tariffs?

​UMC expects 2Q25 rebound with wafer shipment growth and margin recovery, but 2H25 visibility remains low due to tariff and inventory uncertainty.

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

​UMC's 2Q25 guidance shows increased wafer shipments and flat ASP, with limited visibility due to US tariffs. Strategic plan in place to enhance...

Patrick Liao

Vanguard Intl Semiconductor expected to see slight upside in 2Q25 outlook, with PMIC segment showing potential growth and no impact from Beijing's...

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

UMC expects 2Q25 rebound with wafer shipment growth and margin recovery, but 2H25 visibility remains low due to tariff and inventory uncertainty.

UMC's 2Q25 guidance shows increased wafer shipments and flat ASP, with limited visibility due to US tariffs. Strategic plan in place to enhance...