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. reported its fiscal third-quarter results for 2026, delivering revenue of $993 million, a non-GAAP gross margin of 49.1%, and non-GAAP diluted earnings per share of $2.17.</li><li>The company’s performance was generally in line with guidance and showed sequential improvements, with operating cash flow generation of approximately $265 million and free cash flow of $237 million during the quarter.</li><li>The balance sheet reflected liquidity of $1.3 billion in cash and equivalents against $1.5 billion in long-term debt, with no near-term maturities.</li></ul>

Qorvo, Inc. reported its fiscal third-quarter results for 2026, delivering revenue of $993 million, a non-GAAP gross margin of 49.1%, and non-GAAP diluted earnings per share of $2.17.The company’s performance was generally in line with guidance and showed sequential improvements, with operating cash flow generation of approximately $265 million and free cash flow of $237 million during the quarter.The balance sheet reflected liquidity of $1.3 billion in cash and equivalents against $1.5 billion in long-term debt, with no near-term maturities.

Qorvo: Is This Strategic Smartphone Retreat The Hidden Catalyst Investors Are Missing?

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

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

<ul><li>Let’s first talk about Intel. Intel reported earnings last week, and what a surprise; they managed to have a beat and raise!</li><li>I wrote about this in “<a href="https://www.fabricatedknowledge.com/p/is-this-the-intel-inflection" target="_blank" rel="noopener">Is this the Intel Inflection</a>,” noting that, for once, they had low enough hurdles to jump over.</li><li>Most of this quarter’s strength came from Client computing, while Datacenter looked better than feared. There is a slight restocking event with the back-to-school season, which implies that the worst is done for PC CPU inventories.</li></ul>

Let’s first talk about Intel. Intel reported earnings last week, and what a surprise; they managed to have a beat and raise!I wrote about this in “Is this the Intel Inflection,” noting that, for once, they had low enough hurdles to jump over.Most of this quarter’s strength came from Client computing, while Datacenter looked better than feared. There is a slight restocking event with the back-to-school season, which implies that the worst is done for PC CPU inventories.

Earnings: Intel, AMD, ANET, ON, RMBS, SITM, QCOM, QRVO

<ul><li>Qorvo, Inc. delivered a mixed set of results for its fiscal third quarter of 2026.</li><li>The company's overall performance showed a combination of strategic progress and market challenges.</li><li>On one hand, Qorvo achieved notable accomplishments in several segments, while on the other hand, it faced headwinds that affected its financial performance and outlook.</li></ul>

Qorvo, Inc. delivered a mixed set of results for its fiscal third quarter of 2026.The company's overall performance showed a combination of strategic progress and market challenges.On one hand, Qorvo achieved notable accomplishments in several segments, while on the other hand, it faced headwinds that affected its financial performance and outlook.

Qorvo’s High-Frequency Bet Is Paying Off — But the Bigger Story Is Where It’s Walking Away!

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: Is This Strategic Smartphone Retreat The Hidden Catalyst Investors Are Missing?

Qorvo, Inc. reported its fiscal third-quarter results for 2026, delivering revenue of $993 million, a non-GAAP gross margin of 49.1%, and non-GAAP...

Baptista Research

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

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

Earnings: Intel, AMD, ANET, ON, RMBS, SITM, QCOM, QRVO

Let’s first talk about Intel. Intel reported earnings last week, and what a surprise; they managed to have a beat and raise! I wrote about this in...

Fabricated Knowledge

Qorvo’s High-Frequency Bet Is Paying Off — But the Bigger Story Is Where It’s Walking Away!

Qorvo, Inc. delivered a mixed set of results for its fiscal third quarter of 2026. The company's overall performance showed a combination of...

Baptista Research

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