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>Wolfspeed Inc. has reported its results for the first quarter of fiscal year 2025, indicating a period of strategic transitions and adjustments amidst a challenging macroeconomic environment.</li><li>The company is emphasizing the transition to a 200-millimeter silicon carbide (SiC) platform, which is seen as critical to its operational efficiency and market leadership.</li><li>Wolfspeed aims to optimize its manufacturing processes to lower costs and accelerate profitability—key components of its broader strategy to tap into the growing demand for SiC in electric vehicles (EVs) and other industrial applications.</li></ul>

Wolfspeed Inc. has reported its results for the first quarter of fiscal year 2025, indicating a period of strategic transitions and adjustments amidst a challenging macroeconomic environment.The company is emphasizing the transition to a 200-millimeter silicon carbide (SiC) platform, which is seen as critical to its operational efficiency and market leadership.Wolfspeed aims to optimize its manufacturing processes to lower costs and accelerate profitability—key components of its broader strategy to tap into the growing demand for SiC in electric vehicles (EVs) and other industrial applications.

Wolfspeed Inc.: Are Its Financial Restructuring & Capital Structure Changes Expected To Improve Margins? - Major Drivers

<ul><li>Wolfspeed, Inc., a leading manufacturer in silicon carbide materials, provided a detailed update on its operational and financial performance during the Q4 Fiscal Year 2024 Earnings Call.</li><li>Wolfspeed is positioned to take advantage of the increasing demand for silicon carbide-based solutions, which are essential for electric vehicles and high-power applications.</li><li>The company’s progress in improving manufacturing efficiency, particularly with the 200-millimeter wafer technology at its Mohawk Valley facility, is a key strategic step.</li></ul>

Wolfspeed, Inc., a leading manufacturer in silicon carbide materials, provided a detailed update on its operational and financial performance during the Q4 Fiscal Year 2024 Earnings Call.Wolfspeed is positioned to take advantage of the increasing demand for silicon carbide-based solutions, which are essential for electric vehicles and high-power applications.The company’s progress in improving manufacturing efficiency, particularly with the 200-millimeter wafer technology at its Mohawk Valley facility, is a key strategic step.

Wolfspeed Inc.: Capitalizing On EV Growth & Silicon Carbide’s Role in Energy Efficiency Markets! - 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.

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Microchip used to be the bellwether for semiconductor demand After many semis guided weaknesses in automotive, industrial, and digital consumer much earlier, Microchip's 19% miss in 1Q24 gives no surprise.</li>
<li>
<strong>Why the worst among all?</strong> We attributed Microchip to over 85% of its products on automotive, industrial, and digital consumer. Other semis have higher exposure on PC and comm.</li>
<li>
<strong>Priced in?</strong> We estimate over 20% y/y decline in 2024 sales vs. Bloomberg's -8% y/y. 2024E EPS of US$2.94 is likely below US$1. Price is only 10% below historical peak.</li>
</ul>


Microchip used to be the bellwether for semiconductor demand After many semis guided weaknesses in automotive, industrial, and digital consumer much earlier, Microchip's 19% miss in 1Q24 gives no surprise.

Why the worst among all? We attributed Microchip to over 85% of its products on automotive, industrial, and digital consumer. Other semis have higher exposure on PC and comm.

Priced in? We estimate over 20% y/y decline in 2024 sales vs. Bloomberg's -8% y/y. 2024E EPS of US$2.94 is likely below US$1. Price is only 10% below historical peak.


From the Bellwether to a Lagging Indicator- Why Does Microchip Guide the Worst Among All?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

United States

Wolfspeed, Inc. develops and manufactures semiconductor products. The Company offers silicon carbide and GaN solutions for both high power and RF applications. Wolfspeed serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wolfspeed (WOLF US)

Wolfspeed Inc.: Are Its Financial Restructuring & Capital Structure Changes Expected To Improve Margins? - Major Drivers

Wolfspeed Inc. has reported its results for the first quarter of fiscal year 2025, indicating a period of strategic transitions and adjustments...

Baptista Research

Wolfspeed Inc.: Capitalizing On EV Growth & Silicon Carbide’s Role in Energy Efficiency Markets! - Major Drivers

Wolfspeed, Inc., a leading manufacturer in silicon carbide materials, provided a detailed update on its operational and financial performance...

Baptista Research

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

From the Bellwether to a Lagging Indicator- Why Does Microchip Guide the Worst Among All?

From the Bellwether to a Lagging Indicator- Why Does Microchip Guide the Worst Among All? For next six months, we like both Intel and Qualcomm more...

Andrew Lu

[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

There are a number of intra-review events (before the Sep rebal) which will likely prompt changes, possibly shrinking the existing pool of likely...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)