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. delivered a strong result and managed an all-around beat in the last quarter, surpassing expectations with revenue, gross margin, and EPS results at the upper end of the guidance range.</li><li>Notably, the quarter saw a significant revenue increase of $4 million from Mohawk Valley, reaching $197 million in total revenue from continuing operations.</li><li>The 150-millimeter substrate revenue achieved a significant quarter, surpassing expectations and driven by the Durham materials operations team's strong demand and exceptional manufacturing performance.</li></ul>

Wolfspeed, Inc. delivered a strong result and managed an all-around beat in the last quarter, surpassing expectations with revenue, gross margin, and EPS results at the upper end of the guidance range.Notably, the quarter saw a significant revenue increase of $4 million from Mohawk Valley, reaching $197 million in total revenue from continuing operations.The 150-millimeter substrate revenue achieved a significant quarter, surpassing expectations and driven by the Durham materials operations team's strong demand and exceptional manufacturing performance.

Wolfspeed Inc.: Tackling Industrial Demands with Advanced Technology! - 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>This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. </li><li>I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.</li><li>We are now seeing the beginning of Industrial weakening.</li></ul>

This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.We are now seeing the beginning of Industrial weakening.

<ul>
<li>The sickness in Silicon Carbide started at On semi.</li>
<li>Let’s look through the results and see the drivers, the big deal, and what we should do about it.</li>
<li>The market freaked out about Silicon Carbide, specifically On semiconductor, saying that automotive demand for the year will be weaker.</li>
</ul>


The sickness in Silicon Carbide started at On semi.
Let’s look through the results and see the drivers, the big deal, and what we should do about it.
The market freaked out about Silicon Carbide, specifically On semiconductor, saying that automotive demand for the year will be weaker.


<ul><li>Wolfspeed Inc. delivered mixed results in the last quarter, with revenues above Wall Street expectations but below-par earnings.</li><li>The company's Mohawk Valley Fab, the largest fully-automated 200-mm silicon carbide fab, started shipping products and continues to ramp production, thus contributing revenue.</li><li>With customers transitioning to silicon carbide, the company continues to see growth in the traditional energy and industrial segment.</li></ul>

Wolfspeed Inc. delivered mixed results in the last quarter, with revenues above Wall Street expectations but below-par earnings.The company's Mohawk Valley Fab, the largest fully-automated 200-mm silicon carbide fab, started shipping products and continues to ramp production, thus contributing revenue.With customers transitioning to silicon carbide, the company continues to see growth in the traditional energy and industrial segment.

Wolfspeed Inc.: Is The Recent Divestment Of RF Business A Positive Development? - Key Drivers

Infineon Technologies  / Equity Bottom-Up

<ul><li><p>Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.</p><section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li><li>Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.</li><li>So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.</li></ul>

Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

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.

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Wolfspeed (WOLF US)

Wolfspeed Inc.: Tackling Industrial Demands with Advanced Technology! - Major Drivers

Wolfspeed, Inc. delivered a strong result and managed an all-around beat in the last quarter, surpassing expectations with revenue, gross margin,...

Baptista Research

Semiconductor Cycles: Industrial and EVs

Plus my new taxonomy of cycles! Where I think each end market is in the cycle. This earnings season, Industrial semiconductor demand has been the...

Fabricated Knowledge

SiC as a Dog (Part 2)

The sickness in Silicon Carbide started at On semi. Let’s look through the results and see the drivers, the big deal, and what we should do about...

Fabricated Knowledge

Wolfspeed Inc.: Is The Recent Divestment Of RF Business A Positive Development? - Key Drivers

Wolfspeed Inc. delivered mixed results in the last quarter, with revenues above Wall Street expectations but below-par earnings. The company's...

Baptista Research

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Analog inventory, Coherent's ghost guide, and whipsaw China read through. Infineon’s big news is that they, too, will be building one of the...

Fabricated Knowledge

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