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>Skyworks Solutions recently presented its earnings for the first quarter of fiscal 2026, where they reported solid results, achieving revenue of $1.04 billion and exceeding their own guidance expectations.</li><li>The company's earnings per share stood at $1.54, with a significant contribution from free cash flow of $339 million, and a quarterly dividend payout of $106 million.</li><li>This robust performance was driven by notable improvements in both the mobile and broad markets segments.</li></ul>

Skyworks Solutions recently presented its earnings for the first quarter of fiscal 2026, where they reported solid results, achieving revenue of $1.04 billion and exceeding their own guidance expectations.The company's earnings per share stood at $1.54, with a significant contribution from free cash flow of $339 million, and a quarterly dividend payout of $106 million.This robust performance was driven by notable improvements in both the mobile and broad markets segments.

Skyworks Solutions: How 800G and 1.6T Data Centers Are Creating a New Design-Win Cycle!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li>There are several notable ETFs (SMH ETF, VanEck Semiconductor UCITS ETF, and KODEX US Semiconductor ETF) that will include SK Hynix (SKHY US) ADRs in their upcoming rebalances.</li>
<li>The expected capital inflow from the passive funds is expected to be significant at about $3.8 billion (5.2 trillion won). </li>
<li>A $3.8 billion inflow represents 11.3% of the total ADR market cap. ADTV is $4.3 billion. Flow/ADTV (no of days) is 0.88. </li>
</ul>


There are several notable ETFs (SMH ETF, VanEck Semiconductor UCITS ETF, and KODEX US Semiconductor ETF) that will include SK Hynix (SKHY US) ADRs in their upcoming rebalances.
The expected capital inflow from the passive funds is expected to be significant at about $3.8 billion (5.2 trillion won). 
A $3.8 billion inflow represents 11.3% of the total ADR market cap. ADTV is $4.3 billion. Flow/ADTV (no of days) is 0.88. 


SK Hynix ADR Inclusions in the SMH ETF, VanEck Semi UCITS ETF, and KODEX US Semi ETF Rebalances

<ul><li>Skyworks Solutions, Inc. has showcased a noteworthy performance in its fourth fiscal quarter of 2025, reflecting strategic progress and operational resilience.</li><li>In this recent earnings call, the company reported financial results that exceeded expectations, marking its third consecutive quarter of both revenue and non-GAAP EPS surpassing forecasts.</li><li>Skyworks announced a revenue of $1.1 billion for the quarter, along with earnings per share (EPS) of $1.76.</li></ul>

Skyworks Solutions, Inc. has showcased a noteworthy performance in its fourth fiscal quarter of 2025, reflecting strategic progress and operational resilience.In this recent earnings call, the company reported financial results that exceeded expectations, marking its third consecutive quarter of both revenue and non-GAAP EPS surpassing forecasts.Skyworks announced a revenue of $1.1 billion for the quarter, along with earnings per share (EPS) of $1.76.

Skyworks Solutions Makes a High-Voltage Push Into Mobile—Will It Rewrite the RF Game?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There was one ADD and one DEL for the MV US Semiconductor 25 index and the MV US Semiconductor 10% capped ESG-screened index.</li>
<li>We expect MVSemi25 to trade US$4.45bn and MVSemi10% to trade US$900mm one-way for September 2026. Some small flows offset. The event is on the 18th at the close (Friday).</li>
<li>SK Hynix (SKHY US) is expected to see US$4.3bn to buy.</li>
</ul>


There was one ADD and one DEL for the MV US Semiconductor 25 index and the MV US Semiconductor 10% capped ESG-screened index.
We expect MVSemi25 to trade US$4.45bn and MVSemi10% to trade US$900mm one-way for September 2026. Some small flows offset. The event is on the 18th at the close (Friday).
SK Hynix (SKHY US) is expected to see US$4.3bn to buy.


[Quiddity Index] MV Semiconductor Indices Sep26 Rebal Results: One ADD/DEL; US$5bn+ to Trade One-Way

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

<ul>
<li>Following its ADR listing, <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> will be added to 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 in September. <a href="https://www.smartkarma.com/entities/skyworks-solutions-inc" target="_blank" data-smartkarma-citation="entities:6121:1" rel="noopener">Skyworks Solutions (SWKS US)</a> will be deleted.</li>
<li>Estimated one-way turnover is 6.4% resulting in a round-trip trade of US$8.8bn. There are 2 stocks with over a yard and a half to trade.</li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a>, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a>, <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a>, <a href="https://www.smartkarma.com/entities/kla-tencor-corp" target="_blank" data-smartkarma-citation="entities:1115:1" rel="noopener">KLA-Tencor (KLAC US)</a> and <a href="https://www.smartkarma.com/entities/asml-holding-nv-b0092428-e3ec-4a92-bdd6-2f6eff7f1879" target="_blank" data-smartkarma-citation="entities:28204:1" rel="noopener">ASML Holding (ASML US)</a>. </li>
</ul>


Following its ADR listing, SK Hynix (SKHY US) will be added to the VanEck Vectors Semiconductor (SMH US) ETF in September. Skyworks Solutions (SWKS US) will be deleted.
Estimated one-way turnover is 6.4% resulting in a round-trip trade of US$8.8bn. There are 2 stocks with over a yard and a half to trade.
The largest flows will be in SK Hynix (SKHY US), NVIDIA (NVDA US), Advanced Micro Devices (AMD US), Micron Technology (MU US), KLA-Tencor (KLAC US) and ASML Holding (ASML US). 


MV US Listed Semiconductor 25 Index Rebalance: SK Hynix ADR Added as Trade Nears US$9bn

United States

Skyworks Solutions, Inc., a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications.  The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

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Skyworks Solutions (SWKS US)

Skyworks Solutions: How 800G and 1.6T Data Centers Are Creating a New Design-Win Cycle!

Skyworks Solutions recently presented its earnings for the first quarter of fiscal 2026, where they reported solid results, achieving revenue of...

Baptista Research

SK Hynix ADR Inclusions in the SMH ETF, VanEck Semi UCITS ETF, and KODEX US Semi ETF Rebalances

With the expiration of the lock-up period for SK Hynix’s ADRs (7 October), it has become possible to issue additional ADRs. I think SK Hynix could...

Douglas Kim

Skyworks Solutions Makes a High-Voltage Push Into Mobile—Will It Rewrite the RF Game?

Skyworks Solutions, Inc. has showcased a noteworthy performance in its fourth fiscal quarter of 2025, reflecting strategic progress and...

Baptista Research

[Quiddity Index] MV Semiconductor Indices Sep26 Rebal Results: One ADD/DEL; US$5bn+ to Trade One-Way

The MV Global US Semi and US Semi 10% Capped Indices announced rebals on Friday. The rebal is 18 Sep. $5+bn one-way to trade across these two...

Travis Lundy

MV US Listed Semiconductor 25 Index Rebalance: SK Hynix ADR Added as Trade Nears US$9bn

SK Hynix ADR replaces Skyworks in the index. Estimated one-way turnover is 6.4% resulting in a round-trip trade of US$8.8bn. Watch the Hynix ADR...

Brian Freitas

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