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>KLA Corporation has reported robust financial results for the September quarter of 2025, displaying significant growth in revenue and earnings.</li><li>The company generated total revenue of $3.21 billion, surpassing the midpoint of guidance at $3.15 billion.</li><li>It achieved a non-GAAP diluted EPS of $8.81, with GAAP EPS coming in at $8.47, both above the respective guidance midpoints.</li></ul>

KLA Corporation has reported robust financial results for the September quarter of 2025, displaying significant growth in revenue and earnings.The company generated total revenue of $3.21 billion, surpassing the midpoint of guidance at $3.15 billion.It achieved a non-GAAP diluted EPS of $8.81, with GAAP EPS coming in at $8.47, both above the respective guidance midpoints.

KLA-Tencor Corp - KLA Corporation Expands Beyond Taiwan: What This Global Shift Means for Investors!

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Guided down: ASML, Applied Materials, Tokyo Electron. Revised up: LAM. A number of reasons are mentioned for a slower outlook. China slowdown. TSMC lumpy. Export licenses. Geo-Globo uncertainty. </li>
<li>Yes, But: 1) Chinese firms bought too much equipment in 2022-24  2) Logic Capex of Intel Samsung will decline further  3) Chinese SPE vendors are gaining share </li>
<li>AI is real, HBM is real, SOCAMM is real, but TSMC and SK Hynix are not revising up Capex in 2025. Expect higher Capex in 2026 and 2027. </li>
</ul>


Guided down: ASML, Applied Materials, Tokyo Electron. Revised up: LAM. A number of reasons are mentioned for a slower outlook. China slowdown. TSMC lumpy. Export licenses. Geo-Globo uncertainty. 
Yes, But: 1) Chinese firms bought too much equipment in 2022-24  2) Logic Capex of Intel Samsung will decline further  3) Chinese SPE vendors are gaining share 
AI is real, HBM is real, SOCAMM is real, but TSMC and SK Hynix are not revising up Capex in 2025. Expect higher Capex in 2026 and 2027. 


SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

<ul><li>KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges.</li><li>Revenue was reported at $3.175 billion, with non-GAAP diluted EPS at $9.38 and GAAP diluted EPS at $9.06.</li><li>The company also achieved a record free cash flow of over $1 billion for the quarter.</li></ul>

KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges.Revenue was reported at $3.175 billion, with non-GAAP diluted EPS at $9.38 and GAAP diluted EPS at $9.06.The company also achieved a record free cash flow of over $1 billion for the quarter.

KLAC US - KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

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.

<ul><li>KLA had a rare miss. The guidance was a bit light for the inspection execution machine.</li><li>KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.</li><li>KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91</li></ul>

KLA had a rare miss. The guidance was a bit light for the inspection execution machine.KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

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>Q423 revenues of $2.49 billion, marginally above the guided midpoint, up 3.6% QoQ but down 15.6% YoY. Net income was $583 million, down $158 million QoQ.</li>
<li>Current quarter guidance of $2.3 billion, down 8% QoQ and also down around 5% YoY</li>
<li>Interesting Q&amp;A discussion on backlog. KLAC's order book is risker than their peers due to their shorter lead times. Something to watch...</li>
</ul>


Q423 revenues of $2.49 billion, marginally above the guided midpoint, up 3.6% QoQ but down 15.6% YoY. Net income was $583 million, down $158 million QoQ.
Current quarter guidance of $2.3 billion, down 8% QoQ and also down around 5% YoY
Interesting Q&amp;A discussion on backlog. KLAC's order book is risker than their peers due to their shorter lead times. Something to watch...


United States

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

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KLA-Tencor Corp (KLAC US)

KLA-Tencor Corp - KLA Corporation Expands Beyond Taiwan: What This Global Shift Means for Investors!

KLA Corporation has reported robust financial results for the September quarter of 2025, displaying significant growth in revenue and...

Baptista Research

SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...

Nicolas Baratte

KLAC US - KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges. Revenue was...

Baptista Research

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

KLAC. Looks a Lot Like LRCX!

Q423 $2.49 billion, +3.6% QoQ, -15.6% YoY. Net income was $583 million, down $158 million QoQ. Q124 guidance of $2.3 billion, -8% QoQ -5% YoY,...

William Keating

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KLA-Tencor Corp - KLA Corporation Expands Beyond Taiwan: What This Global Shift Means for Investors!

KLA Corporation has reported robust financial results for the September quarter of 2025, displaying significant growth in revenue and...

Baptista Research

SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

​Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...

Nicolas Baratte

KLAC US - KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges. Revenue was...

Baptista Research

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

KLAC. Looks a Lot Like LRCX!

Q423 $2.49 billion, +3.6% QoQ, -15.6% YoY. Net income was $583 million, down $158 million QoQ. Q124 guidance of $2.3 billion, -8% QoQ -5% YoY,...

William Keating

Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...