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

<ul><li>NVIDIA had a solid quarter, with revenue increasing by 53% year over year to $7.6 billion.</li><li>Their GeForce RTX 30 Series products drove record desktop revenue in the quarter, with continued strength in the high end.</li><li>Overall, we remain optimistic about the company's growth and give it a 'Buy' rating with a revised target price.</li></ul>

NVIDIA had a solid quarter, with revenue increasing by 53% year over year to $7.6 billion.Their GeForce RTX 30 Series products drove record desktop revenue in the quarter, with continued strength in the high end.Overall, we remain optimistic about the company's growth and give it a 'Buy' rating with a revised target price.

NVIDIA Corp.: The ARM Failure & The Story After

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

Thematic (Sector/Industry)

<ul>
<li>The semiconductor market is now 45% above its normal revenue trend.</li>
<li>This situation is driven mostly by today's COVID-related demand changes.</li>
<li>Eventually the market will return to its normal growth, with revenues dropping by over 30%.</li>
</ul>


The semiconductor market is now 45% above its normal revenue trend.
This situation is driven mostly by today's COVID-related demand changes.
Eventually the market will return to its normal growth, with revenues dropping by over 30%.


Semiconductor Revenues Remain Well Above Trend

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.</li>
<li>For SK Shieldus and OneStore, we took the mid-points of the IPO price ranges and applied SK Square's post IPO ownership stakes, respectively. </li>
<li>SK Square's CEO Park Jung-Ho announced that the SK Group is interested in investing in Arm Holdings. SK Group is well positioned to participate in the investment of ARM Holdings. </li>
</ul>


Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.
For SK Shieldus and OneStore, we took the mid-points of the IPO price ranges and applied SK Square's post IPO ownership stakes, respectively. 
SK Square's CEO Park Jung-Ho announced that the SK Group is interested in investing in Arm Holdings. SK Group is well positioned to participate in the investment of ARM Holdings. 


SK Square: NAV Post IPOs of SK Shieldus/OneStore and a Major Investment in ARM Holdings?

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC is still focusing on their delivery targets for 3nm and 2nm for the next goals.</li>
<li>Nvidia CEO Mr. Jensen Huang said he wants to diversify his company’s suppliers as much as possible, and he will consider working with Intel. </li>
<li>We have to leave a big question mark that Intel declares to deliver 3~4 technologies within 2024.</li>
</ul>


TSMC is still focusing on their delivery targets for 3nm and 2nm for the next goals.
Nvidia CEO Mr. Jensen Huang said he wants to diversify his company’s suppliers as much as possible, and he will consider working with Intel. 
We have to leave a big question mark that Intel declares to deliver 3~4 technologies within 2024.


TSMC (TSM.US; 2330.TT): It's Too Aggressive Intel Wants to Deliver 4 Technology Nodes Within 2024.

Taiwan Tech Focused Asia L/S Analyst

Henry King

<ul>
<li>Our latest checks with VGA card makers, ABF substate companies and mining system thermal suppliers all indicate VGA card demand is weakening.</li>
<li>Sanction on Russia and Shenzhen lockdown also dampens the VGA card downward trend</li>
<li>GPU prices remain unchanged though VGA card prices continue to fall. VGA card makers' sales and profit premium from the ASP hike shrinks gradually.</li>
</ul>


Our latest checks with VGA card makers, ABF substate companies and mining system thermal suppliers all indicate VGA card demand is weakening.
Sanction on Russia and Shenzhen lockdown also dampens the VGA card downward trend
GPU prices remain unchanged though VGA card prices continue to fall. VGA card makers' sales and profit premium from the ASP hike shrinks gradually.


More Evidences Show VGA Card Demand Is Weakening. Maintain Our Conservative View on VGA Card Market

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NVIDIA Corp (NVDA US)

NVIDIA Corp.: The ARM Failure & The Story After

NVIDIA had a solid quarter, with revenue increasing by 53% year over year to $7.6 billion. Their GeForce RTX 30 Series products drove record...

Baptista Research

Semiconductor Revenues Remain Well Above Trend

Semiconductors are 45% above their long-term revenue trend. This is poised to continue for the near term, but a big change will occur further out.

Jim Handy

SK Square: NAV Post IPOs of SK Shieldus/OneStore and a Major Investment in ARM Holdings?

Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.

Douglas Kim

TSMC (TSM.US; 2330.TT): It's Too Aggressive Intel Wants to Deliver 4 Technology Nodes Within 2024.

TSMC is still focusing on their delivery targets for 3nm and 2nm for the next goals. We have to leave a big question mark here that Intel declares...

Patrick Liao

More Evidences Show VGA Card Demand Is Weakening. Maintain Our Conservative View on VGA Card Market

After several years of robust growth on mining demand, we are likely to see the turning point for VGA cards in 1H22. We see more data points in...

Henry King

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)