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 Capital Markets

TSMC (Taiwan Semiconductor Manufacturing) / Equity Capital Markets

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Taiwan Semiconductor had a weak quarter and the company's revenue declined 16.1% in U.S. dollars due to weaker macroeconomic conditions and declining end-market demand.</li><li>However, fabless semiconductor inventories increased in the fourth quarter at a significantly greater level.</li><li>Additionally, the end market demand recovery due to the channels' reopening is considerably less than the company anticipated.</li></ul>

Taiwan Semiconductor had a weak quarter and the company's revenue declined 16.1% in U.S. dollars due to weaker macroeconomic conditions and declining end-market demand.However, fabless semiconductor inventories increased in the fourth quarter at a significantly greater level.Additionally, the end market demand recovery due to the channels' reopening is considerably less than the company anticipated.

Taiwan Semiconductor Manufacturing: 3 nm Technology Saving The Day? – Key Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Investors in the U.S. market seem to be having a more bullish outlook towards U.S.-listed semiconductor names than investors are having for Taiwan's semi names so far.</li>
<li>Stocks with highest short interest as % of float -- Some of the top names squeezed... Is HTC next? Also can consider Long Wiwynn vs. Short Wistron.</li>
<li>Highest short ratios -- Asus, UMC, Transcend shorts squeezed... Could WPG be next? Also can consider continuing Long Asus vs. Short Acer.</li>
</ul>


Investors in the U.S. market seem to be having a more bullish outlook towards U.S.-listed semiconductor names than investors are having for Taiwan's semi names so far.
Stocks with highest short interest as % of float -- Some of the top names squeezed... Is HTC next? Also can consider Long Wiwynn vs. Short Wistron.
Highest short ratios -- Asus, UMC, Transcend shorts squeezed... Could WPG be next? Also can consider continuing Long Asus vs. Short Acer.


Taiwan Shorts Monitor: Top Shorted Names Have Been Squeezed; U.S. Semis Outperforming Taiwan

<ul>
<li>The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to near all-time highs.</li>
<li>TSMC and UMC's ADR premiums don't appear sustainable given their trading history.</li>
<li>Telecom CHT wasn't affected by the Nvidia rally and now has one of the lowest ADR discounts in its history.</li>
</ul>


The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to near all-time highs.
TSMC and UMC's ADR premiums don't appear sustainable given their trading history.
Telecom CHT wasn't affected by the Nvidia rally and now has one of the lowest ADR discounts in its history.


Taiwan Dual-Listings: ADR Premiums Surge to Near All-Time Highs on 'Nvidia-Rally'

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>The steep part of the chip collapse has run its course, and prices are now following cost</li>
<li>Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter</li>
<li>The market will regain profitability only after a new shortage develops, which may be the middle of 2024</li>
</ul>


The steep part of the chip collapse has run its course, and prices are now following cost
Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter
The market will regain profitability only after a new shortage develops, which may be the middle of 2024


<ul>
<li>China bans Micron chips for critical information infrastructure -- Taiwanese firms could benefit by straddling both sides of the trade tensions.</li>
<li>TSMC rallies as U.S. and Japan advance incentives for TSMC and Taiwanese firms.</li>
<li>Nvida earnings this week -- We'll see if the AI leader can keep the market excited about AI's brave new world.</li>
</ul>


China bans Micron chips for critical information infrastructure -- Taiwanese firms could benefit by straddling both sides of the trade tensions.
TSMC rallies as U.S. and Japan advance incentives for TSMC and Taiwanese firms.
Nvida earnings this week -- We'll see if the AI leader can keep the market excited about AI's brave new world.


Taiwan Tech Weekly: China Micron Restrictions; Taiwan Benefit From 'Chip Tensions'; Nvidia Earnings

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.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Taiwan Semiconductor Manufacturing: 3 nm Technology Saving The Day? – Key Drivers

Taiwan Semiconductor had a weak quarter and the company's revenue declined 16.1% in U.S. dollars due to weaker macroeconomic conditions and...

Baptista Research

Taiwan Shorts Monitor: Top Shorted Names Have Been Squeezed; U.S. Semis Outperforming Taiwan

Investors in the U.S. market seem to be having a more bullish outlook towards U.S.-listed semiconductor names than investors are having for...

Vincent Fernando, CFA

Taiwan Dual-Listings: ADR Premiums Surge to Near All-Time Highs on 'Nvidia-Rally'

The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to...

Vincent Fernando, CFA

Where Are We in the Semiconductor Cycle?

Will the semiconductor market turn around? Revenues are likely to regain modest growth in the fourth quarter, but profits shouldn't return until...

Jim Handy

Taiwan Tech Weekly: China Micron Restrictions; Taiwan Benefit From 'Chip Tensions'; Nvidia Earnings

Nvida earnings this week -- We'll see if the AI leader can keep the market excited about AI's brave new world. Mediatek a potential future winnner...

Vincent Fernando, CFA

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