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>Lam Research Corporation reported its results for the June 2024 quarter, demonstrating a solid performance with revenue, profitability, and earnings per share exceeding the midpoint of its guidance.</li><li>The quarter saw a significant 22% sequential increase in revenue from its Customer Support Business Group (CSBG), largely driven by its Reliant systems and spare parts sales.</li><li>Furthermore, the company celebrated a key operational milestone with its Malaysian factory shipping its 5,000th chamber, which is a critical step toward achieving long-term cost reduction goals through a more globalized manufacturing footprint.</li></ul>

Lam Research Corporation reported its results for the June 2024 quarter, demonstrating a solid performance with revenue, profitability, and earnings per share exceeding the midpoint of its guidance.The quarter saw a significant 22% sequential increase in revenue from its Customer Support Business Group (CSBG), largely driven by its Reliant systems and spare parts sales.Furthermore, the company celebrated a key operational milestone with its Malaysian factory shipping its 5,000th chamber, which is a critical step toward achieving long-term cost reduction goals through a more globalized manufacturing footprint.

Lam Research Corporation: How Are They Benefitting From Advanced Memory Technologies? - Major Drivers

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>DOW +0.59%, Russell -1.06%, SPX -1.39%, Nasdaq -2.77%, SOX -6.81% as investors shifted from growth to value stocks. UST10 was flat at 4.16%, and the yen strengthened to Y156.18.</li>
<li>Commodities were mixed with copper -0.3%, nickel -0.83%, and Brent +1.72%. Energy and consumer staples rose, with VSF +13.6% after Essilor Luxottica agreed to buy Supreme. US homebuilders lost ground. </li>
<li>Tech stocks fell sharply after ASML's earnings missed estimates and news of potential US export restrictions to China. Focus on SPE names with high China exposure as shorts.</li>
</ul>


DOW +0.59%, Russell -1.06%, SPX -1.39%, Nasdaq -2.77%, SOX -6.81% as investors shifted from growth to value stocks. UST10 was flat at 4.16%, and the yen strengthened to Y156.18.
Commodities were mixed with copper -0.3%, nickel -0.83%, and Brent +1.72%. Energy and consumer staples rose, with VSF +13.6% after Essilor Luxottica agreed to buy Supreme. US homebuilders lost ground. 
Tech stocks fell sharply after ASML's earnings missed estimates and news of potential US export restrictions to China. Focus on SPE names with high China exposure as shorts.


Japan Morning Connection – 18 July, 2024

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR</a> and KSP Kokusai Investments are looking to raise approximately US$1.7bn through an extended secondary follow-on offering, via selling approximately 22.3% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>. </li>
<li>We have looked at the lockup expiry and deal dynamics in our earlier notes.</li>
<li>In this note, we talk about share price performance since then.</li>
</ul>



KKR and KSP Kokusai Investments are looking to raise approximately US$1.7bn through an extended secondary follow-on offering, via selling approximately 22.3% of Kokusai Electric (6525 JP). 
We have looked at the lockup expiry and deal dynamics in our earlier notes.
In this note, we talk about share price performance since then.


Kokusai Electric Placement Updates - Misbehaving

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> and KSP Kokusai Investments are looking to raise approximately US$1.7bn through an extended secondary follow-on offering, selling approximately 52.5m shares of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)'s</a> stock.</li>
<li>The deal is a large one to digest at 19 days of three month ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



KKR &amp; Co (KKR US) and KSP Kokusai Investments are looking to raise approximately US$1.7bn through an extended secondary follow-on offering, selling approximately 52.5m shares of Kokusai Electric (6525 JP)'s stock.
The deal is a large one to digest at 19 days of three month ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kokusai Electric Placement - US$1.7bn Selldown for a Good Quality Name

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth</li>
<li>Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.</li>
<li>Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend</li>
</ul>


We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth
Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.
Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend


Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

Lam Research Corporation: How Are They Benefitting From Advanced Memory Technologies? - Major Drivers

Lam Research Corporation reported its results for the June 2024 quarter, demonstrating a solid performance with revenue, profitability, and...

Baptista Research

Japan Morning Connection – 18 July, 2024

Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...

Andrew Jackson

Kokusai Electric Placement Updates - Misbehaving

KKR and KSP Kokusai Investments are looking to raise approximately US$1.7bn through selling a large stake in Kokusai. In this note, we talk about...

Sumeet Singh

Kokusai Electric Placement - US$1.7bn Selldown for a Good Quality Name

KKR & Co (KKR US) and KSP Kokusai Investments are looking to raise approximately US$1.7bn selling approximately 52.5m shares of Kokusai Electric...

Ethan Aw

Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Play the Hand You're Dealt; Bullish Outlook Intact $SPX $QQQ $IWM; Remain Overweight Large-Cap Growth $IWF $NVDA $AVGO $TSM $AMD $ASML $AAPL $MSFT...

Vermilion Research

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52-week Range

Market Cap (USDm)

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Lam Research Corporation: How Are They Benefitting From Advanced Memory Technologies? - Major Drivers

Lam Research Corporation reported its results for the June 2024 quarter, demonstrating a solid performance with revenue, profitability, and...

Baptista Research

Japan Morning Connection – 18 July, 2024

​Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...

Andrew Jackson

Kokusai Electric Placement Updates - Misbehaving

KKR and KSP Kokusai Investments are looking to raise approximately US$1.7bn through selling a large stake in Kokusai. In this note, we talk about...

Sumeet Singh

Kokusai Electric Placement - US$1.7bn Selldown for a Good Quality Name

KKR & Co (KKR US) and KSP Kokusai Investments are looking to raise approximately US$1.7bn selling approximately 52.5m shares of Kokusai Electric...

Ethan Aw

Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Play the Hand You're Dealt; Bullish Outlook Intact $SPX $QQQ $IWM; Remain Overweight Large-Cap Growth $IWF $NVDA $AVGO $TSM $AMD $ASML $AAPL $MSFT...

Vermilion Research

Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...