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>Teradyne, Inc delivered first quarter 2024 financial results that exceeded its revenue, gross margin and earnings guidance ranges, led by stronger than projected performance in Memory and System on a Chip (SOC) driven primarily by AI applications.</li><li>Teradyne capitalized on the impact of AI in networking as well as in Edge AI applications like Advanced Driver Assistance Systems (ADAS), with AI applications driving over 40% of memory shipments in Q1.</li><li>Nonetheless, the mobile sector was weaker than expected for the same period, but the company's Robotics business met its plan for a third consecutive quarter.</li></ul>

Teradyne, Inc delivered first quarter 2024 financial results that exceeded its revenue, gross margin and earnings guidance ranges, led by stronger than projected performance in Memory and System on a Chip (SOC) driven primarily by AI applications.Teradyne capitalized on the impact of AI in networking as well as in Edge AI applications like Advanced Driver Assistance Systems (ADAS), with AI applications driving over 40% of memory shipments in Q1.Nonetheless, the mobile sector was weaker than expected for the same period, but the company's Robotics business met its plan for a third consecutive quarter.

Teradyne Inc.: How Will The Memory Market Volatility Impact Its Business? - Major Drivers

<ul><li>In the fourth quarter of 2023, Teradyne, a provider of computer-controlled configurations, and collaborative robots, reported financial results in line with its guidance.</li><li>The company highlighted strong performance in the Memory Test sector, which saw the double year-over-year revenue from DRAM testers due to HBM demand, and in the Industrial Automation marketplace.</li><li>Additionally, Teradyne experienced robust growth sequentially in sales from its Robotics team, as it elevated shipments to meet the record backlog of its UR20 Cobot at Universal Robots.</li></ul>

In the fourth quarter of 2023, Teradyne, a provider of computer-controlled configurations, and collaborative robots, reported financial results in line with its guidance.The company highlighted strong performance in the Memory Test sector, which saw the double year-over-year revenue from DRAM testers due to HBM demand, and in the Industrial Automation marketplace.Additionally, Teradyne experienced robust growth sequentially in sales from its Robotics team, as it elevated shipments to meet the record backlog of its UR20 Cobot at Universal Robots.

Teradyne Inc.: Diversification into AI and Robotics Could Catalyze Growth! - Major Drivers

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 earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.</p></li><li><p>Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.</p></li><li>Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.</li></ul>

This earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> released record 2H21 results which indicate <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> ramp continues as expected. Management expects more of the same in FY22.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has a variety of issues but it will spend massive amounts of cash to keep up with rivals. <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> remains a major beneficiary.</li>
<li>Fair value unchanged at 8 SGD, or 78% upside from current 4.5 SGD share price.</li>
</ul>



AEM (AEM SP) released record 2H21 results which indicate Intel Corp (INTC US) ramp continues as expected. Management expects more of the same in FY22.

Intel Corp (INTC US) has a variety of issues but it will spend massive amounts of cash to keep up with rivals. AEM (AEM SP) remains a major beneficiary.
Fair value unchanged at 8 SGD, or 78% upside from current 4.5 SGD share price.


AEM Holdings: 2H21 Revenue Acceleration to Continue into FY22. Fair Value Maintained at 8 SGD

<ul><li>Teradyne delivered an all-around beat in the previous quarter.</li><li>The company's performance met expectations, but segment-wise, the test business showed more strength, while robotics faced challenges with softer demand.</li><li>Teradyne also recently introduced the Teradyne Archimedes analytics solution, an open architecture that brings real-time analytics to semiconductor testing.</li></ul>

Teradyne delivered an all-around beat in the previous quarter.The company's performance met expectations, but segment-wise, the test business showed more strength, while robotics faced challenges with softer demand.Teradyne also recently introduced the Teradyne Archimedes analytics solution, an open architecture that brings real-time analytics to semiconductor testing.

Teradyne Inc.: Can The New Archimedes Analytics Solution Be A Game Changer? - Key Drivers

United States

Teradyne, Inc. designs, manufactures, sells, and supports semiconductor test products and services on a world wide basis. The Company's test equipment products and services include: semiconductor test systems, military/aerospace test instrumentation and systems, circuit-board test and inspection systems and automotive diagnostic and test systems.

Teradyne Inc (TER US)

Teradyne Inc.: How Will The Memory Market Volatility Impact Its Business? - Major Drivers

Teradyne, Inc delivered first quarter 2024 financial results that exceeded its revenue, gross margin and earnings guidance ranges, led by stronger...

Baptista Research

Teradyne Inc.: Diversification into AI and Robotics Could Catalyze Growth! - Major Drivers

In the fourth quarter of 2023, Teradyne, a provider of computer-controlled configurations, and collaborative robots, reported financial results in...

Baptista Research

Earnings Week of April 26th

TXN, NOD, TER, INTC, MXL, ASM, STM, ON, KLA, LRCX, VRT, Aixtron, MXL. This earnings post will be a bit less detailed than usual....

Fabricated Knowledge

AEM Holdings: 2H21 Revenue Acceleration to Continue into FY22. Fair Value Maintained at 8 SGD

AEM continues to deliver solid results. FY22 guidance points to another record year for the company. AEM remains major beneficiary of Intel Capex...

Nicolas Van Broekhoven

Teradyne Inc.: Can The New Archimedes Analytics Solution Be A Game Changer? - Key Drivers

Teradyne delivered an all-around beat in the previous quarter. The company's performance met expectations, but segment-wise, the test business...

Baptista Research