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>Western Digital performed exceptionally well in the third quarter of the fiscal year 2024, with revenue of $3.5 billion, a non-GAAP gross margin of 29.3%, and non-GAAP earnings per share of $0.63, surpassing market expectations.</li><li>The company's performance was bolstered by a diversified portfolio spanning multiple end markets, coupled with structural changes to its businesses enhancing its earning potential and ability to minimize business cycles.</li><li>It was also able to leverage a constrained supply environment for higher earnings per share.</li></ul>

Western Digital performed exceptionally well in the third quarter of the fiscal year 2024, with revenue of $3.5 billion, a non-GAAP gross margin of 29.3%, and non-GAAP earnings per share of $0.63, surpassing market expectations.The company's performance was bolstered by a diversified portfolio spanning multiple end markets, coupled with structural changes to its businesses enhancing its earning potential and ability to minimize business cycles.It was also able to leverage a constrained supply environment for higher earnings per share.

Western Digital Corporation: A Growing Customer Base in Enterprise SSD Space & 5 Major Growth Drivers

<ul><li>Peloton Interactive, Inc., the manufacturer and seller of indoor exercise bicycles and treadmills, released its Q2 2024 result addressing several impactful issues regarding market penetration and sustainability.</li><li>During the earnings, several overarching themes were pointed out, such as Tread and Tread+ growth, the strengthening of the all-important second leg to support growth, and the area's substantial rise in renewal growth.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Peloton Interactive, Inc., the manufacturer and seller of indoor exercise bicycles and treadmills, released its Q2 2024 result addressing several impactful issues regarding market penetration and sustainability.During the earnings, several overarching themes were pointed out, such as Tread and Tread+ growth, the strengthening of the all-important second leg to support growth, and the area's substantial rise in renewal growth.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Peloton Interactive: What Is The Impact Of The Recent TikTok & Lululemon Partnerships - Major Drivers

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

Thematic (Sector/Industry)

<ul>
<li>Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY</li>
<li>ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment</li>
<li>First quarter ASP increases for DRAM &amp; NAND for Micron, SK Hynix &amp; Samsung were almost identical. That's quite a coincidence..</li>
</ul>


Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY
ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment
First quarter ASP increases for DRAM &amp; NAND for Micron, SK Hynix &amp; Samsung were almost identical. That's quite a coincidence..


Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

<ul><li>In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD businesses.</li><li>The company reported revenue of $3 billion, a non-GAAP gross margin of 15.5%, and a non-GAAP loss per share of $0.69.</li><li>These numbers met or exceeded the guidance range provided in October.</li></ul>

In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD businesses.The company reported revenue of $3 billion, a non-GAAP gross margin of 15.5%, and a non-GAAP loss per share of $0.69.These numbers met or exceeded the guidance range provided in October.

Western Digital Corporation: A Tale Of  Improving Profitability Through Cost Reduction and Optimized Product Mix! - Major Drivers

<ul><li>Peloton Interactive, Inc. delivered a mixed set of results in its most recent results, with revenues above Wall Street expectations but below-par earnings.</li><li>Peloton's management anticipates a noteworthy upturn in Connected Fitness's gross margin for the upcoming quarter.</li><li>This positive shift is attributed to the expected leverage of fixed costs resulting from increased unit sales in Connected Fitness.</li></ul>

Peloton Interactive, Inc. delivered a mixed set of results in its most recent results, with revenues above Wall Street expectations but below-par earnings.Peloton's management anticipates a noteworthy upturn in Connected Fitness's gross margin for the upcoming quarter.This positive shift is attributed to the expected leverage of fixed costs resulting from increased unit sales in Connected Fitness.

Peloton Interactive Inc.: Tread+ & Other Major Factors Pushing Up Their Market Share! - Financial Forecasts

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Western Digital Corporation: A Growing Customer Base in Enterprise SSD Space & 5 Major Growth Drivers

Western Digital performed exceptionally well in the third quarter of the fiscal year 2024, with revenue of $3.5 billion, a non-GAAP gross margin...

Baptista Research

Peloton Interactive: What Is The Impact Of The Recent TikTok & Lululemon Partnerships - Major Drivers

Peloton Interactive, Inc., the manufacturer and seller of indoor exercise bicycles and treadmills, released its Q2 2024 result addressing several...

Baptista Research

Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY. Q124 ASP increases for Micron,...

William Keating

Western Digital Corporation: A Tale Of Improving Profitability Through Cost Reduction and Optimized Product Mix! - Major Drivers

In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Western Digital Corporation: A Growing Customer Base in Enterprise SSD Space & 5 Major Growth Drivers

Western Digital performed exceptionally well in the third quarter of the fiscal year 2024, with revenue of $3.5 billion, a non-GAAP gross margin...

Baptista Research

Peloton Interactive: What Is The Impact Of The Recent TikTok & Lululemon Partnerships - Major Drivers

Peloton Interactive, Inc., the manufacturer and seller of indoor exercise bicycles and treadmills, released its Q2 2024 result addressing several...

Baptista Research

Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY. Q124 ASP increases for Micron,...

William Keating

Western Digital Corporation: A Tale Of Improving Profitability Through Cost Reduction and Optimized Product Mix! - Major Drivers

In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD...

Baptista Research

Peloton Interactive Inc.: Tread+ & Other Major Factors Pushing Up Their Market Share! - Financial Forecasts

Peloton Interactive, Inc. delivered a mixed set of results in its most recent results, with revenues above Wall Street expectations but below-par...

Baptista Research