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>Qorvo Inc.'s latest earnings report presents a multifaceted picture of the company's current position and strategic outlook.</li><li>The report outlines several key areas where the company is making notable progress, as well as some areas of concern.</li><li>On the positive side, Qorvo revealed robust performance in its Advanced Cellular Group (ACG), High Performance Analog (HPA), and Connectivity and Sensors Group (CSG).</li></ul>

Qorvo Inc.'s latest earnings report presents a multifaceted picture of the company's current position and strategic outlook.The report outlines several key areas where the company is making notable progress, as well as some areas of concern.On the positive side, Qorvo revealed robust performance in its Advanced Cellular Group (ACG), High Performance Analog (HPA), and Connectivity and Sensors Group (CSG).

Qorvo’s Proprietary Chip Tech Might Just Help Lock In Billion-Dollar Smartphone Wins; What’s The Expected Revenue Impact?

<ul><li>Qorvo Inc., a leading provider of innovative radio frequency (RF) solutions, outlined its fiscal 2025 third-quarter results and offered insights into its strategic initiatives and market dynamics during its investor communications.</li><li>The company, with diverse end markets including automotive, consumer, defense, aerospace, industrial, enterprise infrastructure, and mobile, reports financial outcomes in both GAAP and non-GAAP measures.</li><li>This quarter saw specific emphasis on their non-GAAP results to provide clearer insights into operational performance.</li></ul>

Qorvo Inc., a leading provider of innovative radio frequency (RF) solutions, outlined its fiscal 2025 third-quarter results and offered insights into its strategic initiatives and market dynamics during its investor communications.The company, with diverse end markets including automotive, consumer, defense, aerospace, industrial, enterprise infrastructure, and mobile, reports financial outcomes in both GAAP and non-GAAP measures.This quarter saw specific emphasis on their non-GAAP results to provide clearer insights into operational performance.

Qorvo Inc.: Can It Successfully Move Beyond Mobile Communications To HPA & CSG?

<ul><li>The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments signal a potential turning point for the chip maker.</li><li>On January 17, 2025, it was revealed that Starboard Value, one of Wall Street's most aggressive activist investors, has acquired a 7.7% stake in Qorvo, equating to a $500 million investment.</li><li>This announcement comes after a challenging year for Qorvo, during which its stock fell by 29%, weighed down by declining revenues in its mobile segment and an unfavorable product mix in the Android ecosystem.</li></ul>

The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments signal a potential turning point for the chip maker.On January 17, 2025, it was revealed that Starboard Value, one of Wall Street's most aggressive activist investors, has acquired a 7.7% stake in Qorvo, equating to a $500 million investment.This announcement comes after a challenging year for Qorvo, during which its stock fell by 29%, weighed down by declining revenues in its mobile segment and an unfavorable product mix in the Android ecosystem.

Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects

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.

<ul><li>KLA had a rare miss. The guidance was a bit light for the inspection execution machine.</li><li>KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.</li><li>KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91</li></ul>

KLA had a rare miss. The guidance was a bit light for the inspection execution machine.KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.</li>
<li>A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. </li>
<li>China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.</li>
</ul>


During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.
A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. 
China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.


More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

United States

Qorvo Inc, designs, develops, manufactures, and markets a variety of high performance analog and mixed signal integrated circuits for the communications markets. The Company's products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security and remote meter reading.

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Qorvo Inc (QRVO US)

Qorvo’s Proprietary Chip Tech Might Just Help Lock In Billion-Dollar Smartphone Wins; What’s The Expected Revenue Impact?

Qorvo Inc.'s latest earnings report presents a multifaceted picture of the company's current position and strategic outlook. The report outlines...

Baptista Research

Qorvo Inc.: Can It Successfully Move Beyond Mobile Communications To HPA & CSG?

Qorvo Inc., a leading provider of innovative radio frequency (RF) solutions, outlined its fiscal 2025 third-quarter results and offered insights...

Baptista Research

Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects

The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments...

Baptista Research

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

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52-week Range

Market Cap (USDm)

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