Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>We assume that <a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> will see an upside in its 2Q25 outlook by a few percentage points.</li>
<li>The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products. </li>
</ul>


We assume that Vanguard Intl Semiconductor (5347 TT) will see an upside in its 2Q25 outlook by a few percentage points.
The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.

Vanguard Intl Semiconductor (5347 TT) and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products. 


Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

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.

<ul><li>On Semiconductor Corporation's latest earnings call for the fourth quarter and full year 2024 reveals a mixed set of results, shaped by a combination of strategic decisions and challenging market conditions.</li><li>The company's revenue for the full year was $7.1 billion, with a non-GAAP gross margin of 45.5%.</li><li>This reflects a commitment to their transformation strategy focusing on intelligent power and sensing technologies, particularly in automotive, industrial, and AI data centers.</li></ul>

On Semiconductor Corporation's latest earnings call for the fourth quarter and full year 2024 reveals a mixed set of results, shaped by a combination of strategic decisions and challenging market conditions.The company's revenue for the full year was $7.1 billion, with a non-GAAP gross margin of 45.5%.This reflects a commitment to their transformation strategy focusing on intelligent power and sensing technologies, particularly in automotive, industrial, and AI data centers.

ON Semiconductor: Silicon Carbide Growth & Market Positioning Driving Our Optimism!

<ul><li>ON Semiconductor Corporation's recent earnings report for the third quarter of 2024 reveals a balance between challenges in the macroeconomic environment and strategic developments positioning the company for long term growth.</li><li>The results indicated that the company met or exceeded its guidance midpoint for revenue, gross margin, and earnings per share, showcasing operational resilience despite softer market conditions.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

ON Semiconductor Corporation's recent earnings report for the third quarter of 2024 reveals a balance between challenges in the macroeconomic environment and strategic developments positioning the company for long term growth.The results indicated that the company met or exceeded its guidance midpoint for revenue, gross margin, and earnings per share, showcasing operational resilience despite softer market conditions.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

ON Semiconductor Corporation: Mass Market Strategy & Inventory Management Driving Our Optimism!  - Major Drivers

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at 1,456 points (25-day EMA) and 1,450 points.</li><li>We remain cautious of the risk of continued foreign fund outflows, as indicated by the KTX USD/THB Carry Trade, which suggests that although the baht has depreciated by 4.2% MTD, it still has potential to weaken further, possibly returning to its normal range at Bt34.60/USD.</li><li>This implies that the Thai stock market index is nearing a level where investors may return to do trading buy.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at 1,456 points (25-day EMA) and 1,450 points.We remain cautious of the risk of continued foreign fund outflows, as indicated by the KTX USD/THB Carry Trade, which suggests that although the baht has depreciated by 4.2% MTD, it still has potential to weaken further, possibly returning to its normal range at Bt34.60/USD.This implies that the Thai stock market index is nearing a level where investors may return to do trading buy.

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

<ul>
<li>Rohm’s cyclical turning points in revenue typically lag the turn METI production %YoY less inventory % YoY for electronic devices and components by 12 months.</li>
<li>Investors were disappointed with Q1 results, but the company cleanly outperformed most peers in the power semiconductor space, and recovery now looks inevitable. </li>
<li>We believe the fair value of shares to be around ¥3,300, 2x the current price, but investors should ask, “When?” Not “How much.”</li>
</ul>


Rohm’s cyclical turning points in revenue typically lag the turn METI production %YoY less inventory % YoY for electronic devices and components by 12 months.
Investors were disappointed with Q1 results, but the company cleanly outperformed most peers in the power semiconductor space, and recovery now looks inevitable. 
We believe the fair value of shares to be around ¥3,300, 2x the current price, but investors should ask, “When?” Not “How much.”


United States

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

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On Semiconductor (ON US)

Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

Vanguard Intl Semiconductor expected to see slight upside in 2Q25 outlook, with PMIC segment showing potential growth and no impact from Beijing's...

Patrick Liao

ON Semiconductor: Silicon Carbide Growth & Market Positioning Driving Our Optimism!

On Semiconductor Corporation's latest earnings call for the fourth quarter and full year 2024 reveals a mixed set of results, shaped by a...

Baptista Research

ON Semiconductor Corporation: Mass Market Strategy & Inventory Management Driving Our Optimism! - Major Drivers

ON Semiconductor Corporation's recent earnings report for the third quarter of 2024 reveals a balance between challenges in the macroeconomic...

Baptista Research

Weekly Strategy & 3Q24 Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at...

Krungthai XSpring

Rohm (6963): Search for the Bottom

Growth of production less growth of inventory turned positive last September, which could lead to an upturn in Rohm’s sales by the third quarter. ...

Michael Allen

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Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

​Vanguard Intl Semiconductor expected to see slight upside in 2Q25 outlook, with PMIC segment showing potential growth and no impact from Beijing's...

Patrick Liao

ON Semiconductor: Silicon Carbide Growth & Market Positioning Driving Our Optimism!

On Semiconductor Corporation's latest earnings call for the fourth quarter and full year 2024 reveals a mixed set of results, shaped by a...

Baptista Research

ON Semiconductor Corporation: Mass Market Strategy & Inventory Management Driving Our Optimism! - Major Drivers

ON Semiconductor Corporation's recent earnings report for the third quarter of 2024 reveals a balance between challenges in the macroeconomic...

Baptista Research

Weekly Strategy & 3Q24 Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at...

Krungthai XSpring

Rohm (6963): Search for the Bottom

Growth of production less growth of inventory turned positive last September, which could lead to an upturn in Rohm’s sales by the third quarter. ...

Michael Allen

Vanguard Intl Semiconductor expected to see slight upside in 2Q25 outlook, with PMIC segment showing potential growth and no impact from Beijing's...