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>In Q1 2024, ON Semiconductor Corporation reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share of $1.08, exceeding the midpoint of the guidance.</li><li>These figures demonstrate the company's adeptness at navigating market dynamics, supported by a 30% increase in new design wins and growth in silicon and silicon carbide market share due to its innovative power and sensing technologies.</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>

In Q1 2024, ON Semiconductor Corporation reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share of $1.08, exceeding the midpoint of the guidance.These figures demonstrate the company's adeptness at navigating market dynamics, supported by a 30% increase in new design wins and growth in silicon and silicon carbide market share due to its innovative power and sensing technologies.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: Adoption in Low-Cost Electric Vehicles and Broad Technology Offering! - Major Drivers

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Vanguard should declare to established 12" Fab in Singapore within 2014.</li>
<li>Vanguard is likely to announce the establishment of 2 sets of 12" fabs in the next 6 months.  </li>
<li>China is expanding 28/22nm and above technologies, and we believe it's more appropriate for Vanguard to compete with others rather than TSMC.</li>
</ul>


Vanguard should declare to established 12" Fab in Singapore within 2014.
Vanguard is likely to announce the establishment of 2 sets of 12" fabs in the next 6 months.  
China is expanding 28/22nm and above technologies, and we believe it's more appropriate for Vanguard to compete with others rather than TSMC.


Vanguard (5347.TT): Planning to Announce the Construction of a 12" Fab in Singapore in 2024.

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.

Thematic (Sector/Industry)

<ul><li>I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.</li><li>AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.</li><li>This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.</li></ul>

I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

<ul><li>This earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.</li><li>Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.</li><li>Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.</li></ul>

This earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

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: Adoption in Low-Cost Electric Vehicles and Broad Technology Offering! - Major Drivers

In Q1 2024, ON Semiconductor Corporation reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share...

Baptista Research

Vanguard (5347.TT): Planning to Announce the Construction of a 12" Fab in Singapore in 2024.

Vanguard plans to establish two 12" fabs in Singapore in 2014 to compete with other companies in the expanding Chinese market.

Patrick Liao

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

Earnings Week of April 26th

TXN, NOD, TER, INTC, MXL, ASM, STM, ON, KLA, LRCX, VRT, Aixtron, MXL. This earnings post will be a bit less detailed than usual....

Fabricated Knowledge

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ON Semiconductor Corporation: Adoption in Low-Cost Electric Vehicles and Broad Technology Offering! - Major Drivers

In Q1 2024, ON Semiconductor Corporation reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share...

Baptista Research

Vanguard (5347.TT): Planning to Announce the Construction of a 12" Fab in Singapore in 2024.

​Vanguard plans to establish two 12" fabs in Singapore in 2014 to compete with other companies in the expanding Chinese market.

Patrick Liao

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

Earnings Week of April 26th

TXN, NOD, TER, INTC, MXL, ASM, STM, ON, KLA, LRCX, VRT, Aixtron, MXL. This earnings post will be a bit less detailed than usual....

Fabricated Knowledge

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Vanguard plans to establish two 12" fabs in Singapore in 2014 to compete with other companies in the expanding Chinese market.