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>Synaptics Incorporated reported its third quarter fiscal 2026 results with a continuation of its growth trend, marking the sixth consecutive quarter of double-digit year-over-year revenue increases.</li><li>The quarter's revenue reached $294.2 million, representing a 10% year-over-year growth primarily driven by a 31% increase in Core IoT products.</li><li>Enterprise & Automotive revenues grew by 9%, while Mobile Touch products decreased by 16% year-over-year.</li></ul>

Synaptics Incorporated reported its third quarter fiscal 2026 results with a continuation of its growth trend, marking the sixth consecutive quarter of double-digit year-over-year revenue increases.The quarter's revenue reached $294.2 million, representing a 10% year-over-year growth primarily driven by a 31% increase in Core IoT products.Enterprise & Automotive revenues grew by 9%, while Mobile Touch products decreased by 16% year-over-year.

Edge AI: How Synaptics Is Disrupting The Market With New Generative AI Deals!

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

<ul>
<li>We hosted a conference call with Elan Microelectronics management; We view the company as a Structural Long position for the AI PC upgrade cycle.</li>
<li>From the company's perspective, significant impact from AI PC demand will come but not until 4Q24E or 1H25E. However, supply chain excess inventory improved and prepping for upcycle.</li>
<li>An estimated 90% of AI PC models launched at CES 2024 use Elan's products in their design; Elan well positioned for the upcycle and entrenching its position. Maintain Structural Long.</li>
</ul>


We hosted a conference call with Elan Microelectronics management; We view the company as a Structural Long position for the AI PC upgrade cycle.
From the company's perspective, significant impact from AI PC demand will come but not until 4Q24E or 1H25E. However, supply chain excess inventory improved and prepping for upcycle.
An estimated 90% of AI PC models launched at CES 2024 use Elan's products in their design; Elan well positioned for the upcycle and entrenching its position. Maintain Structural Long.


TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

<ul><li>Synaptics delivered a strong start to fiscal year 2026, underscored by a 14% year-over-year revenue growth, primarily driven by its Core IoT portfolio, which saw a 74% increase.</li><li>The successful launch of the Astra Edge AI processors marked a key milestone, reflecting the company’s focus on Edge AI and positioning itself as a significant player in this sector.</li><li>The new Astra series, along with the integration of Synaptics Torq AI and collaboration with Google Research, positions Synaptics well to tap into the expanding AI inference market, suggesting potential for future growth as these products are anticipated to begin contributing revenues in the second half of 2026.</li></ul>

Synaptics delivered a strong start to fiscal year 2026, underscored by a 14% year-over-year revenue growth, primarily driven by its Core IoT portfolio, which saw a 74% increase.The successful launch of the Astra Edge AI processors marked a key milestone, reflecting the company’s focus on Edge AI and positioning itself as a significant player in this sector.The new Astra series, along with the integration of Synaptics Torq AI and collaboration with Google Research, positions Synaptics well to tap into the expanding AI inference market, suggesting potential for future growth as these products are anticipated to begin contributing revenues in the second half of 2026.

Synaptics: The Stunning 74% Core IoT Surge Powering Its Next Growth Leg!

<ul><li>Synaptics, Inc. reported positive financial results for its third quarter of fiscal year 2025, delivering strong performance across its business segments despite a challenging macroeconomic environment.</li><li>The company's revenue grew by 12% year-over-year to $267 million, slightly exceeding the midpoint of its guidance range.</li><li>The non-GAAP gross margin was noted at 53.5%, in line with expectations, while non-GAAP earnings per share (EPS) rose significantly by 70% year-over-year to $0.90, surpassing the midpoint of Synaptics' guidance.</li></ul>

Synaptics, Inc. reported positive financial results for its third quarter of fiscal year 2025, delivering strong performance across its business segments despite a challenging macroeconomic environment.The company's revenue grew by 12% year-over-year to $267 million, slightly exceeding the midpoint of its guidance range.The non-GAAP gross margin was noted at 53.5%, in line with expectations, while non-GAAP earnings per share (EPS) rose significantly by 70% year-over-year to $0.90, surpassing the midpoint of Synaptics' guidance.

Synaptics Inc.: Strength in Enterprise & Automotive Segments Could Lay A Steady Foundation For Future Growth!

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><p>This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.</p></li><li>First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).</li><li>This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.</li></ul>

This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.

Fabricated Knowledge Q2 2024 Quarterly Review

United States

Synaptics Incorporated develops custom-designed user interface solutions.  The Company's solutions enable people to interact with a variety of mobile computing and communications devices.  Synaptics offers a touch-sensitive pad that senses the position of a person's finger on its surface to provide screen navigation, cursor movement, and a platform of interactive input.

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Synaptics Inc (SYNA US)

Edge AI: How Synaptics Is Disrupting The Market With New Generative AI Deals!

Synaptics Incorporated reported its third quarter fiscal 2026 results with a continuation of its growth trend, marking the sixth consecutive...

Baptista Research

TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Vincent Fernando, CFA

Synaptics: The Stunning 74% Core IoT Surge Powering Its Next Growth Leg!

Synaptics delivered a strong start to fiscal year 2026, underscored by a 14% year-over-year revenue growth, primarily driven by its Core IoT...

Baptista Research

Synaptics Inc.: Strength in Enterprise & Automotive Segments Could Lay A Steady Foundation For Future Growth!

Synaptics, Inc. reported positive financial results for its third quarter of fiscal year 2025, delivering strong performance across its business...

Baptista Research

Fabricated Knowledge Q2 2024 Quarterly Review

Here's everything that happened this quarter, and some thoughts and ideas. This is my quarterly piece, where I round up all of my favorite ideas...

Fabricated Knowledge

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Edge AI: How Synaptics Is Disrupting The Market With New Generative AI Deals!

Synaptics Incorporated reported its third quarter fiscal 2026 results with a continuation of its growth trend, marking the sixth consecutive...

Baptista Research

TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

​Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Vincent Fernando, CFA

Synaptics: The Stunning 74% Core IoT Surge Powering Its Next Growth Leg!

Synaptics delivered a strong start to fiscal year 2026, underscored by a 14% year-over-year revenue growth, primarily driven by its Core IoT...

Baptista Research

Synaptics Inc.: Strength in Enterprise & Automotive Segments Could Lay A Steady Foundation For Future Growth!

Synaptics, Inc. reported positive financial results for its third quarter of fiscal year 2025, delivering strong performance across its business...

Baptista Research

Fabricated Knowledge Q2 2024 Quarterly Review

Here's everything that happened this quarter, and some thoughts and ideas. This is my quarterly piece, where I round up all of my favorite ideas...

Fabricated Knowledge

Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...