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>Lam Research Corporation reported its earnings for the December 2024 quarter with results largely exceeding guidance midpoints, showcasing strong operational execution and strategic positioning.</li><li>The company reported a revenue of $4.38 billion, an increase of 5% from the previous quarter.</li><li>This growth was driven by a balance of increased spending in the DRAM and NAND segments, despite muted NAND spending levels earlier in the year.</li></ul>

Lam Research Corporation reported its earnings for the December 2024 quarter with results largely exceeding guidance midpoints, showcasing strong operational execution and strategic positioning.The company reported a revenue of $4.38 billion, an increase of 5% from the previous quarter.This growth was driven by a balance of increased spending in the DRAM and NAND segments, despite muted NAND spending levels earlier in the year.

Lam Research Corporation: Can Its Advanced Packaging & High Bandwidth Memory Expansion Reinforce Footprint In The Semiconductor Landscape?- Major Drivers

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.</li>
<li>HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. </li>
<li>140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). </li>
</ul>


An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.
HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. 
140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). 


US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

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>Q324 revenues of $2.84 billion, at the upper end of the guided range, up 10.5% QoQ and up 18.3% YoY</li>
<li>Q424 revenue guide of 2.95 billion, plus or minus $150 million. This represents a ~4% QoQ increase and a 18.6% increase YoY</li>
<li>CEO Rick Wallace: "for years now, we've really had primarily one major player at the leading edge”. That's an interesting comment to make.</li>
</ul>


Q324 revenues of $2.84 billion, at the upper end of the guided range, up 10.5% QoQ and up 18.3% YoY
Q424 revenue guide of 2.95 billion, plus or minus $150 million. This represents a ~4% QoQ increase and a 18.6% increase YoY
CEO Rick Wallace: "for years now, we've really had primarily one major player at the leading edge”. That's an interesting comment to make.


KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

<ul><li>Lam Research recently conducted its September Q1 Earnings Conference Call for 2024.</li><li>Tim Archer, President and CEO of Lam Research, along with Doug Bettinger, Executive Vice President and CFO, provided insights into the company's financial performance and future outlook.</li><li>During the quarter, Lam Research reported a strong financial performance with revenues and earnings per share exceeding expectations.</li></ul>

Lam Research recently conducted its September Q1 Earnings Conference Call for 2024.Tim Archer, President and CEO of Lam Research, along with Doug Bettinger, Executive Vice President and CFO, provided insights into the company's financial performance and future outlook.During the quarter, Lam Research reported a strong financial performance with revenues and earnings per share exceeding expectations.

Lam Research Corporation:  Can It Truly Benefit From The Favorable Market Conditions in NAND & Foundry/Logic? - 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.

Summary: 
<ul>
<li>
TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough.</li>
<li>
LRCX - 25 is a growth year, taking share from Litho.</li>
<li>
MXL - Clear growth off the bottom as telecom rebounds.</li>
<li>
SK Hynix - Memory cycle ain’t over, HBM is strong.</li>
<li>
TER - Apple designed it’s own modem next year.</li>
<li>
BESI - HBM4 is looking continuously questionable if it’s going to be Hybrid Bonding.</li>
</ul>

Summary: 


TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough.

LRCX - 25 is a growth year, taking share from Litho.

MXL - Clear growth off the bottom as telecom rebounds.

SK Hynix - Memory cycle ain’t over, HBM is strong.

TER - Apple designed it’s own modem next year.

BESI - HBM4 is looking continuously questionable if it’s going to be Hybrid Bonding.


Earnings: TXN, LRCX, MXL, SK Hynix, TER, BESI

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

Lam Research Corporation: Can Its Advanced Packaging & High Bandwidth Memory Expansion Reinforce Footprint In The Semiconductor Landscape?- Major Drivers

Lam Research Corporation reported its earnings for the December 2024 quarter with results largely exceeding guidance midpoints, showcasing strong...

Baptista Research

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

Q324 $2.84 billion, +10.5% QoQ & +18.3% YoY. Q424 guide $2.95 billion, +4% QoQ & +18.6% YoY. CEO states "for years now, we've really had primarily...

William Keating

Lam Research Corporation: Can It Truly Benefit From The Favorable Market Conditions in NAND & Foundry/Logic? - Major Drivers

Lam Research recently conducted its September Q1 Earnings Conference Call for 2024. Tim Archer, President and CEO of Lam Research, along with Doug...

Baptista Research

Earnings: TXN, LRCX, MXL, SK Hynix, TER, BESI

Summary: TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough. LRCX - 25 is a growth...

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lam Research Corporation: Can Its Advanced Packaging & High Bandwidth Memory Expansion Reinforce Footprint In The Semiconductor Landscape?- Major Drivers

Lam Research Corporation reported its earnings for the December 2024 quarter with results largely exceeding guidance midpoints, showcasing strong...

Baptista Research

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

​New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

Q324 $2.84 billion, +10.5% QoQ & +18.3% YoY. Q424 guide $2.95 billion, +4% QoQ & +18.6% YoY. CEO states "for years now, we've really had primarily...

William Keating

Lam Research Corporation: Can It Truly Benefit From The Favorable Market Conditions in NAND & Foundry/Logic? - Major Drivers

Lam Research recently conducted its September Q1 Earnings Conference Call for 2024. Tim Archer, President and CEO of Lam Research, along with Doug...

Baptista Research

Earnings: TXN, LRCX, MXL, SK Hynix, TER, BESI

Summary: TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough. LRCX - 25 is a growth...

Fabricated Knowledge

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...