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 Capital Markets

Micron Technology / Equity Capital Markets

<ul><li>Micron delivered a strong fiscal Q1 result with decent year-over-year revenue growth and solid profitability.</li><li>Their strong start to the year, combined with the momentum of their robust portfolio, keeps the company on track to deliver a positive financial performance in fiscal 2022.</li><li>These announcements reflect Micron's belief in long-term memory and storage demand growth.</li></ul>

Micron delivered a strong fiscal Q1 result with decent year-over-year revenue growth and solid profitability.Their strong start to the year, combined with the momentum of their robust portfolio, keeps the company on track to deliver a positive financial performance in fiscal 2022.These announcements reflect Micron's belief in long-term memory and storage demand growth.

Micron Technology Inc. - Investment Thesis

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Equity Bottom-Up

<ul>
<li>Micron Technology posted revenues of 7.7 billion for its most recent quarter, down 7% Q/Q but up 33% Y/Y with a 47% gross margin</li>
<li>The company provided a positive outlook for the upcoming quarter and for its future in general</li>
<li>This is in stark contrast with recent forecasts based on a big decline in spot market DRAM and NAND flash prices.  We show spot prices to be unreliable predictors.</li>
</ul>


Micron Technology posted revenues of 7.7 billion for its most recent quarter, down 7% Q/Q but up 33% Y/Y with a 47% gross margin
The company provided a positive outlook for the upcoming quarter and for its future in general
This is in stark contrast with recent forecasts based on a big decline in spot market DRAM and NAND flash prices.  We show spot prices to be unreliable predictors.


Micron Bullish After Strong Showing, Counter to Certain Forecasts

<ul>
<li>Privately-Held Kioxia is ripe for an IPO, but there's been no announcement</li>
<li>Meanwhile, the company's end market, NAND flash chips, is setting new revenue records</li>
<li>Bain &amp; Company may miss an important window by waiting too long to go public</li>
</ul>


Privately-Held Kioxia is ripe for an IPO, but there's been no announcement
Meanwhile, the company's end market, NAND flash chips, is setting new revenue records
Bain &amp; Company may miss an important window by waiting too long to go public


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Quantitative Analysis

<ul>
<li>The four major Korean metaverse ETFs' market caps surged by 934% from 76.2 billion won in 13 October to 788 billion won in 23 November.</li>
<li>Since 18 to 23 November, there has been a big sector rotation from the metaverse related stocks to Samsung Electronics and SK Hynix.</li>
<li>There will likely be high volatility among the metaverse related stocks with less than 1 trillion won in market cap in the upcoming metaverse ETFs rebalancing in December.</li>
</ul>


The four major Korean metaverse ETFs' market caps surged by 934% from 76.2 billion won in 13 October to 788 billion won in 23 November.
Since 18 to 23 November, there has been a big sector rotation from the metaverse related stocks to Samsung Electronics and SK Hynix.
There will likely be high volatility among the metaverse related stocks with less than 1 trillion won in market cap in the upcoming metaverse ETFs rebalancing in December.


Korean Metaverse ETFs Rebalancing & A Sector Rotation into Semis?

<p>Samsung announced near-record semiconductor revenues in its third quarter on 28 October 2021.  Management indicated that this strength, that has bolstered the firm's overall revenues, seems likely to continue into 2022.</p>

Samsung announced near-record semiconductor revenues in its third quarter on 28 October 2021.  Management indicated that this strength, that has bolstered the firm's overall revenues, seems likely to continue into 2022.

Samsung Reports Near-Record Semi Revenues With Strong Outlook

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Micron Technology Inc. - Investment Thesis

Micron delivered a strong fiscal Q1 result with decent year-over-year revenue growth and solid profitability. Their strong start to the year,...

Baptista Research

Micron Bullish After Strong Showing, Counter to Certain Forecasts

Micron announced its earnings December 21. After a strong quarter the company has an outlook for continuing strength. Why is this when certain...

Jim Handy

Will Kioxia IPO Miss Its Window?

Privately-held Kioxia has been hinting at an IPO for a year, and its end market has just set a record. Can the company afford to delay any longer,...

Jim Handy

Korean Metaverse ETFs Rebalancing & A Sector Rotation into Semis?

Despite the tremendous surge in the Korean metaverse ETFs in the past five weeks, the metaverse ETFs have been underperforming relative to Samsung...

Douglas Kim

Samsung Reports Near-Record Semi Revenues With Strong Outlook

Like its competitors Micron and SK hynix, Samsung has profited well from memories and promises to continue along this path, perhaps to replicate...

Jim Handy

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