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

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul><li>Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges.</li><li>The revenue for the quarter was notably strong, increasing by 13.6% sequentially in NT or 10.3% in U.S. dollars.</li><li>This substantial growth was fueled by robust demand for the cutting-edge 3- and 5- nanometer technologies, although somewhat offset by smartphone seasonality.</li></ul>

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges.The revenue for the quarter was notably strong, increasing by 13.6% sequentially in NT or 10.3% in U.S. dollars.This substantial growth was fueled by robust demand for the cutting-edge 3- and 5- nanometer technologies, although somewhat offset by smartphone seasonality.

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

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 Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector</li>
<li>Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies</li>
<li>We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up </li>
</ul>


Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector
Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies
We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up 


Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>TSMC guided Q324 revenues of $22.8 billion at the midpoint, up 9.5% QoQ and up 32% YoY</li>
<li>Increased full year guidance to be above mid-20% YoY growth in US dollar terms</li>
<li>Share price has declined ~14% from its 52 week high but still up &gt;2x from its 52 week low. Many will view this pullback as a gift, we certainly do...</li>
</ul>


TSMC guided Q324 revenues of $22.8 billion at the midpoint, up 9.5% QoQ and up 32% YoY
Increased full year guidance to be above mid-20% YoY growth in US dollar terms
Share price has declined ~14% from its 52 week high but still up &gt;2x from its 52 week low. Many will view this pullback as a gift, we certainly do...


Top 10 Mega Caps | Artificial Intelligence, Mint Finance

Uttkarsh Kohli

Top 10 Mega Caps | Artificial Intelligence

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>TSMC's Q2 revenue hits NT$673.51 billion, exceeding expectations amid strong demand for advanced chips.</li>
<li>TSMC to grapple with tight supply through 2025, striving to meet soaring global demand across various sectors.</li>
<li>TSMC on track for 2025 mass production of 2nm chips, enhancing capabilities for more powerful and efficient technologies.</li>
</ul>


TSMC's Q2 revenue hits NT$673.51 billion, exceeding expectations amid strong demand for advanced chips.
TSMC to grapple with tight supply through 2025, striving to meet soaring global demand across various sectors.
TSMC on track for 2025 mass production of 2nm chips, enhancing capabilities for more powerful and efficient technologies.


TSMC Shatters Q2 Expectations Bolstered by Strong AI Chip Demand

<ul>
<li>Significant revenue guidance hike -- TSMC reported 2Q24 results, increasing 2024E revenue growth guidance to exceed 'mid-20's' percent, a significant hike from previous guidance.</li>
<li>Management is low-balling LT margins -- Latest figures and long-term margin color makes us believe that TSMC will be able to increase GM much higher than current official LT guidance.</li>
<li>Signs of Apple expecting strong iPhone 16 sales -- TSMC reported strength in smartphone end-applications and we believe this is reflective of Apple ramping up re: stronger iPhone volume expectations.</li>
</ul>


Significant revenue guidance hike -- TSMC reported 2Q24 results, increasing 2024E revenue growth guidance to exceed 'mid-20's' percent, a significant hike from previous guidance.
Management is low-balling LT margins -- Latest figures and long-term margin color makes us believe that TSMC will be able to increase GM much higher than current official LT guidance.
Signs of Apple expecting strong iPhone 16 sales -- TSMC reported strength in smartphone end-applications and we believe this is reflective of Apple ramping up re: stronger iPhone volume expectations.


We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Taiwan Semiconductor (TSMC) - ADR (TSM US)

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges. The revenue for...

Baptista Research

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

TSMC. Take The Pullback Gift

Q324 revenues $22.8 billion, up 9.5% QoQ & up 32% YoY. FY24 guidance raised to >25% YoY. Share price down 14% from 52 week high but still up >2x...

William Keating

TSMC Shatters Q2 Expectations Bolstered by Strong AI Chip Demand

Amid booming demand for advanced chips, TSMC's stellar Q2 performance highlights its leadership in AI technology, despite ongoing supply challenges...

Mint Finance

We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges. The revenue for...

Baptista Research

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

​Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

TSMC. Take The Pullback Gift

Q324 revenues $22.8 billion, up 9.5% QoQ & up 32% YoY. FY24 guidance raised to >25% YoY. Share price down 14% from 52 week high but still up >2x...

William Keating

TSMC Shatters Q2 Expectations Bolstered by Strong AI Chip Demand

Amid booming demand for advanced chips, TSMC's stellar Q2 performance highlights its leadership in AI technology, despite ongoing supply challenges...

Mint Finance

We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

​TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...

Vincent Fernando, CFA

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...