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>ON Semiconductor outperformed analyst expectations in the quarter, with revenue of $1.96 billion and non-GAAP gross margin of 46.8%.</li><li>Even though the company's automotive revenue rose 38% year over year, it remained constant quarter over quarter.</li><li>In Q1, automotive and industrial made up 79% of the company's overall revenue, up from 65% in the same period last year.</li></ul>

ON Semiconductor outperformed analyst expectations in the quarter, with revenue of $1.96 billion and non-GAAP gross margin of 46.8%.Even though the company's automotive revenue rose 38% year over year, it remained constant quarter over quarter.In Q1, automotive and industrial made up 79% of the company's overall revenue, up from 65% in the same period last year.

ON Semiconductor Corporation: LTSA Agreements Provide Increased Demand Visibility – Key Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF tracks the index and has an AUM of US$7.2bn.</li>
<li>Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.</li>
</ul>


The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.
The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$7.2bn.
Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.


MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

<ul><li>ON Semiconductor had a strong 2022 and ended the year on a positive note, exceeding analyst expectations in terms of revenue and earnings.</li><li>While the company saw softness in parts of its industrial business, demand for medical applications and energy infrastructure like hearing aids and glucose monitors remain strong.</li><li>Hyundai Group selected the EliteSiC family of silicon carbide power modules of ON Semiconductor for their high-performance EVs.</li></ul>

ON Semiconductor had a strong 2022 and ended the year on a positive note, exceeding analyst expectations in terms of revenue and earnings.While the company saw softness in parts of its industrial business, demand for medical applications and energy infrastructure like hearing aids and glucose monitors remain strong.Hyundai Group selected the EliteSiC family of silicon carbide power modules of ON Semiconductor for their high-performance EVs.

ON Semiconductor Corporation: Major Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>China Balloon Incident -- Negative news for China semiconductor restrictions; Up to 45nm may now be hobbled by Japan &amp; Netherlands joining.</li>
<li>Hon Hai -- January sales results strong, could help market look forward to Hon Hai's future growth.</li>
<li>Mediatek Results &amp; Upcoming Results -- Signs of slight smartphone stablization, also we highlight key Auto &amp; Industrial Semiconductor related results ahead.</li>
</ul>


China Balloon Incident -- Negative news for China semiconductor restrictions; Up to 45nm may now be hobbled by Japan &amp; Netherlands joining.
Hon Hai -- January sales results strong, could help market look forward to Hon Hai's future growth.
Mediatek Results &amp; Upcoming Results -- Signs of slight smartphone stablization, also we highlight key Auto &amp; Industrial Semiconductor related results ahead.


Taiwan Tech Weekly: Balloon Incident Could Worsen China Restrictions & Key Earnings Readthroughs

<ul><li>ON Semiconductor Corporation delivered another all-around beat in its last result.</li><li>The company is a well-known provider of intelligent sensing and power solutions and has established a good market position within its niche in the semiconductor market.</li><li>More and more companies are considering ON Semiconductors as their long-term strategic partners as the company walks according to an amazing foresight.</li></ul>

ON Semiconductor Corporation delivered another all-around beat in its last result.The company is a well-known provider of intelligent sensing and power solutions and has established a good market position within its niche in the semiconductor market.More and more companies are considering ON Semiconductors as their long-term strategic partners as the company walks according to an amazing foresight.

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)

ON Semiconductor Corporation: LTSA Agreements Provide Increased Demand Visibility – Key Drivers

ON Semiconductor outperformed analyst expectations in the quarter, with revenue of $1.96 billion and non-GAAP gross margin of 46.8%. Even though...

Baptista Research

MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

No constituent changes, but there are float/capping changes. Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. Stocks are...

Brian Freitas

ON Semiconductor Corporation: Major Drivers

ON Semiconductor had a strong 2022 and ended the year on a positive note, exceeding analyst expectations in terms of revenue and earnings. While...

Baptista Research

Taiwan Tech Weekly: Balloon Incident Could Worsen China Restrictions & Key Earnings Readthroughs

Up to 45nm chips may now hobbled by Japan & Netherlands joining U.S. with restrictions. Mediatek sees signs of slight smartphone stablization; key...

Vincent Fernando, CFA

ON Semiconductor Corp: Major Drivers

ON Semiconductor Corporation delivered another all-around beat in its last result. The company is a well-known provider of intelligent sensing and...

Baptista Research

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