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

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

<ul><li>Apple Inc.'s recent earnings call for Q4 Fiscal Year 2025 presents a mixed yet enlightening perspective on the company's performance and outlook.</li><li>Apple reported revenue of $102.5 billion, marking an 8% increase year-over-year, a record for the September quarter.</li><li>This growth was significantly driven by the Services segment, which achieved an all-time revenue record of $28.8 billion, up 15% from the previous year.</li></ul>

Apple Inc.'s recent earnings call for Q4 Fiscal Year 2025 presents a mixed yet enlightening perspective on the company's performance and outlook.Apple reported revenue of $102.5 billion, marking an 8% increase year-over-year, a record for the September quarter.This growth was significantly driven by the Services segment, which achieved an all-time revenue record of $28.8 billion, up 15% from the previous year.

Apple’s AI Gamble: Out With Giannandrea, In With Subramanya!

Sitime Corporation develops silicon-based timing solutions. The Company manufacturers oscillators, clock generators, and embedded resonators used for ethernet switches, computing devices, graphics cards, disk drives, mobile phones, and subscriber identity module cards. Sitime serves customers worldwide.

<ul><li>SiTime Corporation reported a notably strong financial performance for the third quarter of 2025, marked by significant revenue growth and enhanced profitability metrics.</li><li>The revenue for the quarter reached $83.6 million, representing a 45% increase year-over-year, underscoring robust demand across SiTime's diversified markets, particularly in AI-driven sectors.</li><li>This performance was buoyed by considerable growth in the communications, enterprise, and datacenter (CED) sectors, which grew by 115% compared to the same period last year, and now constitute 51% of the company's total revenue.</li></ul>

SiTime Corporation reported a notably strong financial performance for the third quarter of 2025, marked by significant revenue growth and enhanced profitability metrics.The revenue for the quarter reached $83.6 million, representing a 45% increase year-over-year, underscoring robust demand across SiTime's diversified markets, particularly in AI-driven sectors.This performance was buoyed by considerable growth in the communications, enterprise, and datacenter (CED) sectors, which grew by 115% compared to the same period last year, and now constitute 51% of the company's total revenue.

SiTime’s $2 Billion Timing Bet? Why Renesas’s Clock Unit Could Be A Game-Changer!

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

LG Innotek Co., Ltd. develops and produces cellular phone parts such as mini vibration motors, LCD modules, light emitting diode (LED), camera modules, protection circuit modules. The Company also manufactures liquid crystal displays (LCD) and plasma display panels (PDP) parts such as inverters, intelligent power modules, multi chip modules, and tuners.

<ul><li>We lift our target price for LG Innotek to W320,000 (from W300,000), as we revised up our 2026 operating profit forecast (+30% for substrates) and reduced the discount applied to the substrate unit’s target multiple (from 30% to 20%).</li><li>As global competitors increasingly orient their product portfolios around AI, the company is gaining share in the RF-SiP market.</li><li>At the same time, in memory substrates, the company is seeing continued steep demand growth as it begins supplying substrates to big tech companies for GDDR7 applications. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We lift our target price for LG Innotek to W320,000 (from W300,000), as we revised up our 2026 operating profit forecast (+30% for substrates) and reduced the discount applied to the substrate unit’s target multiple (from 30% to 20%).As global competitors increasingly orient their product portfolios around AI, the company is gaining share in the RF-SiP market.At the same time, in memory substrates, the company is seeing continued steep demand growth as it begins supplying substrates to big tech companies for GDDR7 applications. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LG Innotek (011070 KS/Buy)Raise TP on Stronger Substrate Earnings Outlook

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

<ul>
<li>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).</li>
<li>We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.</li>
<li>The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).
We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.
The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.


TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul>
<li>Samsung is positioned as a global hub for the AI Supercycle, driven by a pivot to memory technology, and evidenced by a KRW 450T ($310 billion) local investment plan.</li>
<li>The Device Solutions division's Q3 2025 rebound (sales +19% sequentially) and an estimated 43.4% Fwd 2-Yr EPS CAGR support potential upside for the stock</li>
<li>The company has demonstrated a commitment to enhancing shareholder value by completing its 10T share repurchase program ahead of schedule and maintaining a consistent annual dividend payout through 2026.</li>
</ul>


Samsung is positioned as a global hub for the AI Supercycle, driven by a pivot to memory technology, and evidenced by a KRW 450T ($310 billion) local investment plan.
The Device Solutions division's Q3 2025 rebound (sales +19% sequentially) and an estimated 43.4% Fwd 2-Yr EPS CAGR support potential upside for the stock
The company has demonstrated a commitment to enhancing shareholder value by completing its 10T share repurchase program ahead of schedule and maintaining a consistent annual dividend payout through 2026.


[2026 High Conviction] Korean Mega Cap Investment: Samsung’s $310B Tech Spend, the AI-Momentum Trade

Insights on Companies in the Apple Supply Chain

Apple Supply Chain
Insights on Companies in the Apple Supply Chain

Apple’s AI Gamble: Out With Giannandrea, In With Subramanya!

Apple Inc.'s recent earnings call for Q4 Fiscal Year 2025 presents a mixed yet enlightening perspective on the company's performance and...

Baptista Research

SiTime’s $2 Billion Timing Bet? Why Renesas’s Clock Unit Could Be A Game-Changer!

SiTime Corporation reported a notably strong financial performance for the third quarter of 2025, marked by significant revenue growth and...

Baptista Research

LG Innotek (011070 KS/Buy)Raise TP on Stronger Substrate Earnings Outlook

We lift our target price for LG Innotek to W320,000 (from W300,000), as we revised up our 2026 operating profit forecast (+30% for substrates)...

Mirae Asset Securities

TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn....

Brian Freitas

[2026 High Conviction] Korean Mega Cap Investment: Samsung’s $310B Tech Spend, the AI-Momentum Trade

Samsung is leading the Memory Supercycle with a focus on memory technology, backed by a massive investment plan and strong financial performance,...

Jay Cameron

Apple’s AI Gamble: Out With Giannandrea, In With Subramanya!

Apple Inc.'s recent earnings call for Q4 Fiscal Year 2025 presents a mixed yet enlightening perspective on the company's performance and...

Baptista Research

SiTime’s $2 Billion Timing Bet? Why Renesas’s Clock Unit Could Be A Game-Changer!

SiTime Corporation reported a notably strong financial performance for the third quarter of 2025, marked by significant revenue growth and...

Baptista Research

LG Innotek (011070 KS/Buy)Raise TP on Stronger Substrate Earnings Outlook

We lift our target price for LG Innotek to W320,000 (from W300,000), as we revised up our 2026 operating profit forecast (+30% for substrates)...

Mirae Asset Securities

TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn....

Brian Freitas

[2026 High Conviction] Korean Mega Cap Investment: Samsung’s $310B Tech Spend, the AI-Momentum Trade

​Samsung is leading the Memory Supercycle with a focus on memory technology, backed by a massive investment plan and strong financial performance,...

Jay Cameron

Samsung is leading the Memory Supercycle with a focus on memory technology, backed by a massive investment plan and strong financial performance,...