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.

Equity Bottom-Up

Summary: 
<ul>
<li>
TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough.</li>
<li>
LRCX - 25 is a growth year, taking share from Litho.</li>
<li>
MXL - Clear growth off the bottom as telecom rebounds.</li>
<li>
SK Hynix - Memory cycle ain’t over, HBM is strong.</li>
<li>
TER - Apple designed it’s own modem next year.</li>
<li>
BESI - HBM4 is looking continuously questionable if it’s going to be Hybrid Bonding.</li>
</ul>

Summary: 


TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough.

LRCX - 25 is a growth year, taking share from Litho.

MXL - Clear growth off the bottom as telecom rebounds.

SK Hynix - Memory cycle ain’t over, HBM is strong.

TER - Apple designed it’s own modem next year.

BESI - HBM4 is looking continuously questionable if it’s going to be Hybrid Bonding.


Earnings: TXN, LRCX, MXL, SK Hynix, TER, BESI

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.

<ul><li>Teradyne, a leading provider of automated test equipment, exhibited mixed financial results in the second quarter of 2024, grappling with various segment-specific dynamics and macroeconomic factors.</li><li>The company reported a robust performance in its System on Chip (SOC) and Memory segments, primarily boosted by elevated demand from cloud AI applications.</li><li>Additionally, Teradyne noted solid deliveries in the Compute sector, attributed to the dense network requirements of AI data centers.</li></ul>

Teradyne, a leading provider of automated test equipment, exhibited mixed financial results in the second quarter of 2024, grappling with various segment-specific dynamics and macroeconomic factors.The company reported a robust performance in its System on Chip (SOC) and Memory segments, primarily boosted by elevated demand from cloud AI applications.Additionally, Teradyne noted solid deliveries in the Compute sector, attributed to the dense network requirements of AI data centers.

Teradyne Inc.: Expansion into High-Payload Robotics and Channel Growth Is A Critical Growth Lever! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Shenzhen Yuejiang Technology (Dobot), a Shenzhen-based cobot company with a diversified customer base globally, filed publicly for Hong Kong IPO.</li>
<li>The terms of the IPO were not disclosed. The robotics company plans to increase production capacity due to high demand in the coming years.</li>
<li>Dobot may be trading above the last round valuation of ~RMB3.5b, but I believe investors should focus on the company’s long-term growth prospects and rapidly growing TAM.</li>
</ul>


Shenzhen Yuejiang Technology (Dobot), a Shenzhen-based cobot company with a diversified customer base globally, filed publicly for Hong Kong IPO.
The terms of the IPO were not disclosed. The robotics company plans to increase production capacity due to high demand in the coming years.
Dobot may be trading above the last round valuation of ~RMB3.5b, but I believe investors should focus on the company’s long-term growth prospects and rapidly growing TAM.


Shenzhen Yuejiang Technology IPO: What’s The IPO Valuation? Long-Term Growth Prospects

<ul>
<li>Shenzhen Yuejiang Technology (Dobot), a China-based cobot company, filed for a Hong Kong IPO. Cobots are robots with operational robotic arms intended for collaboration within a shared space.</li>
<li>Dobot was backed by CICC, CRRC VC, Greenpine Growth, Qianhai Equity, and China Internet Investment Fund, among others. The company was founded in 2015 in Shenzhen, PRC.</li>
<li>The offering may attract significant investor interest after South Korea’s robotics company Doosan Robotics could raise ~$318M in October 2023.</li>
</ul>


Shenzhen Yuejiang Technology (Dobot), a China-based cobot company, filed for a Hong Kong IPO. Cobots are robots with operational robotic arms intended for collaboration within a shared space.
Dobot was backed by CICC, CRRC VC, Greenpine Growth, Qianhai Equity, and China Internet Investment Fund, among others. The company was founded in 2015 in Shenzhen, PRC.
The offering may attract significant investor interest after South Korea’s robotics company Doosan Robotics could raise ~$318M in October 2023.


Shenzhen Yuejiang Technology IPO Preview: Dobot Files to List IPO on Hong Kong Stock Exchange

<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

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.

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Teradyne Inc (TER US)

Earnings: TXN, LRCX, MXL, SK Hynix, TER, BESI

Summary: TXN - Rebound in almost all end markets, even Automotive in China. Weakness in ROW, but I think it’s trough. LRCX - 25 is a growth...

Fabricated Knowledge

Teradyne Inc.: Expansion into High-Payload Robotics and Channel Growth Is A Critical Growth Lever! - Major Drivers

Teradyne, a leading provider of automated test equipment, exhibited mixed financial results in the second quarter of 2024, grappling with various...

Baptista Research

Shenzhen Yuejiang Technology IPO: What’s The IPO Valuation? Long-Term Growth Prospects

China’s Shenzhen Yuejiang Technology (Dobot) is set to raise fresh capital in an IPO in Hong Kong, and I expect the cobot company will price its...

Andrei Zakharov

Shenzhen Yuejiang Technology IPO Preview: Dobot Files to List IPO on Hong Kong Stock Exchange

Shenzhen Yuejiang Technology (Dobot) is seeking to raise capital in Hong Kong. The robotics company is a #1 cobot exporter in China in terms of...

Andrei Zakharov

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

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