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

Kulicke And Soffa Industries / Equity Bottom-Up

<ul><li>Kulicke & Soffa Industries Inc. reported its fiscal second quarter 2025 earnings during a period marked by significant challenges and strategic pivots.</li><li>Despite a reduction in revenue and gross margin pressures due to restructuring efforts, the company has maintained a focus on long-term growth paths, especially in the semiconductor assembly and packaging sectors.</li><li>A significant development in the quarter was Kulicke & Soffa's decision to exit the electronics assembly (EA) equipment business.</li></ul>

Kulicke & Soffa Industries Inc. reported its fiscal second quarter 2025 earnings during a period marked by significant challenges and strategic pivots.Despite a reduction in revenue and gross margin pressures due to restructuring efforts, the company has maintained a focus on long-term growth paths, especially in the semiconductor assembly and packaging sectors.A significant development in the quarter was Kulicke & Soffa's decision to exit the electronics assembly (EA) equipment business.

Kulicke & Soffa Industries: An Insight into its Thermo-Compression Bonding Advancements & Other Major Drivers!

<ul><li>Kulicke & Soffa's recent Q1 FY2025 earnings call reveals a nuanced picture of its current performance, set against both opportunities and challenges.</li><li>The company, which operates primarily in the semiconductor and automotive markets, reported revenues for the first quarter at $166.1 million, achieving a gross margin of 52.4% and a non-GAAP EPS of $0.37.</li><li>Noteworthy is a GAAP EPS of $1.51 bolstered by a customer settlement related to an earlier impairment charge, which may not recur in future quarters.</li></ul>

Kulicke & Soffa's recent Q1 FY2025 earnings call reveals a nuanced picture of its current performance, set against both opportunities and challenges.The company, which operates primarily in the semiconductor and automotive markets, reported revenues for the first quarter at $166.1 million, achieving a gross margin of 52.4% and a non-GAAP EPS of $0.37.Noteworthy is a GAAP EPS of $1.51 bolstered by a customer settlement related to an earlier impairment charge, which may not recur in future quarters.

Kulicke and Soffa Industries: An Insight Into Its Vertical Wire Adoption in Memory Applications!

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Event-Driven

<ul>
<li>The second PE rumoured interest in ASMPT in 18 months, with KKR circling.</li>
<li>Semiconductor M&amp;A has surged in 2024 YTD with a 33% increase in deal activity compared to 2023.</li>
<li>ASM's leadership in TCB, potential growth within HBM, expansion at TSM and enabling the Nvidia Blackwell platform are all reasons for M&amp;A interest.</li>
</ul>


The second PE rumoured interest in ASMPT in 18 months, with KKR circling.
Semiconductor M&amp;A has surged in 2024 YTD with a 33% increase in deal activity compared to 2023.
ASM's leadership in TCB, potential growth within HBM, expansion at TSM and enabling the Nvidia Blackwell platform are all reasons for M&amp;A interest.


ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.</li>
<li>However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index. </li>
<li>The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries' capex.</li>
</ul>


SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.
However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index. 
The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries' capex.


What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

United States

Kulicke and Soffa Industries, Inc. designs, manufactures, and markets capital equipment, related spare parts, and packaging materials used to assemble semiconductor devices. The Company also services, maintains, repairs, and upgrades assembly equipment. Kulicke's equipment is used in wire bonding systems, wafer dicing saws, and die bonders.

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Kulicke And Soffa Industries (KLIC US)

Kulicke & Soffa Industries: An Insight into its Thermo-Compression Bonding Advancements & Other Major Drivers!

Kulicke & Soffa Industries Inc. reported its fiscal second quarter 2025 earnings during a period marked by significant challenges and...

Baptista Research

Kulicke and Soffa Industries: An Insight Into Its Vertical Wire Adoption in Memory Applications!

Kulicke & Soffa's recent Q1 FY2025 earnings call reveals a nuanced picture of its current performance, set against both opportunities and...

Baptista Research

ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...

Neil Campling

What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us global semi vendors are consuming earlier overbuilt inventories first...

Andrew Lu

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kulicke & Soffa Industries: An Insight into its Thermo-Compression Bonding Advancements & Other Major Drivers!

Kulicke & Soffa Industries Inc. reported its fiscal second quarter 2025 earnings during a period marked by significant challenges and...

Baptista Research

Kulicke and Soffa Industries: An Insight Into Its Vertical Wire Adoption in Memory Applications!

Kulicke & Soffa's recent Q1 FY2025 earnings call reveals a nuanced picture of its current performance, set against both opportunities and...

Baptista Research

ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

​Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...

Neil Campling

What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us global semi vendors are consuming earlier overbuilt inventories first...

Andrew Lu

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...