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>Texas Instruments delivered a strong set of results in the quarter, with revenue of $4.7 billion and a gross profit of $3.1 billion resulting in an all-around beat.</li><li>The company’s gross profit fell from a year ago due to lower revenue, higher capital expenses, and the conversion of LFAB-related charges to the cost of revenue.</li><li>However, given the strong earnings, the company distributed $1.1 billion in dividends during the quarter and spent $848 million on stock repurchases.</li></ul>

Texas Instruments delivered a strong set of results in the quarter, with revenue of $4.7 billion and a gross profit of $3.1 billion resulting in an all-around beat.The company’s gross profit fell from a year ago due to lower revenue, higher capital expenses, and the conversion of LFAB-related charges to the cost of revenue.However, given the strong earnings, the company distributed $1.1 billion in dividends during the quarter and spent $848 million on stock repurchases.

Texas Instruments Inc: New Chip Launches & Other Drivers

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.</li><li>Technically, the index may continue to swing in the range of 1,670 to 1,690 points until there is a clearer direction, and it will return to an uptrend if it manages to close above 1,690 points.</li><li>Tactically, we recommend trading buy on reopening plays that are likely to benefit from the recovery of tourist arrivals after China reopened the country, as well as stocks benefiting from the MPC's potential interest rate hike in the meeting on January 25, such as those in the insurance sector.</li></ul>

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.Technically, the index may continue to swing in the range of 1,670 to 1,690 points until there is a clearer direction, and it will return to an uptrend if it manages to close above 1,690 points.Tactically, we recommend trading buy on reopening plays that are likely to benefit from the recovery of tourist arrivals after China reopened the country, as well as stocks benefiting from the MPC's potential interest rate hike in the meeting on January 25, such as those in the insurance sector.

<ul><li>Texas Instruments had a good third quarter, with revenue increasing by 13% year over year to $5.2 billion, surpassing Wall Street expectations.</li><li>After two years of construction, the company's new semiconductor chip facility has begun producing chips.</li><li>The management anticipates Texas Instruments' fourth-quarter revenue to be in the $4.4 billion to $4.8 billion range.</li></ul>

Texas Instruments had a good third quarter, with revenue increasing by 13% year over year to $5.2 billion, surpassing Wall Street expectations.After two years of construction, the company's new semiconductor chip facility has begun producing chips.The management anticipates Texas Instruments' fourth-quarter revenue to be in the $4.4 billion to $4.8 billion range.

Texas Instruments: Production At New Facility & Other Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.</li>
<li>Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.</li>
<li>Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.</li>
</ul>


ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.
Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.
Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.


Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>We've been pessimistic on prospects for ARM and recent news flow and share price performance hasn't helped but a decent report from TSMC eases some of our concerns</li>
<li>Softbank needs high teens royalty revenue growth for ARM and TSMC as a bellwether (+30% for Q3 and Q4 guidance) is better than AMD or Nvidia</li>
<li>We remain more conservative on valuation ($37bn) than Softbank assuming high single-digit growth and c. 43% EBITDA margins</li>
</ul>


We've been pessimistic on prospects for ARM and recent news flow and share price performance hasn't helped but a decent report from TSMC eases some of our concerns
Softbank needs high teens royalty revenue growth for ARM and TSMC as a bellwether (+30% for Q3 and Q4 guidance) is better than AMD or Nvidia
We remain more conservative on valuation ($37bn) than Softbank assuming high single-digit growth and c. 43% EBITDA margins


Softbank Group - The Most Important Number in Q2 Results May Be ARM Royalty Revenue

United States

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments has manufacturing or sales operations worldwide.

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Texas Instruments (TXN US)

Texas Instruments Inc: New Chip Launches & Other Drivers

Texas Instruments delivered a strong set of results in the quarter, with revenue of $4.7 billion and a gross profit of $3.1 billion resulting in...

Baptista Research

Market Outlook

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points. Technically, the...

Krungthai XSpring

Texas Instruments: Production At New Facility & Other Drivers

Texas Instruments had a good third quarter, with revenue increasing by 13% year over year to $5.2 billion, surpassing Wall Street...

Baptista Research

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

Vincent Fernando, CFA

Softbank Group - The Most Important Number in Q2 Results May Be ARM Royalty Revenue

Recent semiconductor weakness is worrisome but results from TSMC are reassuring on the timing of an ARM IPO. We value ARM at $37bn v Softbank's $40bn.

Kirk Boodry

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