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>Microsoft, a technology giant with a market-leading position across various sectors, finds itself at a crossroads.</li><li>The company has demonstrated remarkable growth, with annual revenue surpassing $245 billion, driven largely by its cloud services and AI-driven innovations.</li><li>However, recent events have cast a shadow over its future prospects.</li></ul>

Microsoft, a technology giant with a market-leading position across various sectors, finds itself at a crossroads.The company has demonstrated remarkable growth, with annual revenue surpassing $245 billion, driven largely by its cloud services and AI-driven innovations.However, recent events have cast a shadow over its future prospects.

Microsoft in Troubled Waters: Navigating the Post-Outage Storm!

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> switched positions in June setting off huge flows. Those flows could reverse in September if the current index methodology is used.</li>
<li>To avoid frequent reverse turnover, S&amp;P DJI have started a market consultation to change the index weighting methodology. We believe feedback will be positive and the proposals will be approved.</li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> will have inflows in September while there will be outflows from <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>. </li>
</ul>



NVIDIA Corp (NVDA US) and Apple (AAPL US) switched positions in June setting off huge flows. Those flows could reverse in September if the current index methodology is used.
To avoid frequent reverse turnover, S&amp;P DJI have started a market consultation to change the index weighting methodology. We believe feedback will be positive and the proposals will be approved.

Apple (AAPL US) will have inflows in September while there will be outflows from Microsoft Corp (MSFT US) and NVIDIA Corp (NVDA US). 


Technology Select Sector Index (XLK US): Market Consultation to Avoid Reverse Turnover (NVDA/AAPL)

<ul>
<li>The <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> ETF tracks the Technology Select Sector Index and has an AUM of over US$65bn.</li>
<li>The recent drop in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> has taken its market cap and free float market cap lower than <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> and <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>. </li>
<li>If that continues to be the case on 13 September, there will be huge outflows for <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA)</a> and huge inflows for <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL)</a> at the close on 20 September.</li>
</ul>


The Technology Select Sector SPDR (XLK US) ETF tracks the Technology Select Sector Index and has an AUM of over US$65bn.
The recent drop in NVIDIA Corp (NVDA US) has taken its market cap and free float market cap lower than Microsoft Corp (MSFT US) and Apple (AAPL US). 
If that continues to be the case on 13 September, there will be huge outflows for NVIDIA (NVDA) and huge inflows for Apple (AAPL) at the close on 20 September.


Technology Select Sector Index (XLK US): Reversing the Huge Flows from June

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>A week dominated by earnings reports, particularly in the semiconductor industry</li><li>Microsoft and AWS's strong capex spending indicates a positive outlook for data center infrastructure</li><li>AMD's revenue growth driven by data center and client segments, with potential for further growth in the next quarter due to capacity constraints and solid execution under CEO Lisa Su</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

A week dominated by earnings reports, particularly in the semiconductor industryMicrosoft and AWS's strong capex spending indicates a positive outlook for data center infrastructureAMD's revenue growth driven by data center and client segments, with potential for further growth in the next quarter due to capacity constraints and solid execution under CEO Lisa SuThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 78: What a Week in Semis! AMD! ARM! Qualcomm! Intel?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Tough Start to the Week -- Negative News for Nvidia and Apple Supply Chains</li>
<li>Key Events: Asustek &amp; Novatek Results; Mediatek &amp; TSMC July Sales Data</li>
<li>UMC Signals Non-AI Industry Inventory Correction Through 2024E; Why Intel Is Increasingly Important </li>
</ul>


Tough Start to the Week -- Negative News for Nvidia and Apple Supply Chains
Key Events: Asustek &amp; Novatek Results; Mediatek &amp; TSMC July Sales Data
UMC Signals Non-AI Industry Inventory Correction Through 2024E; Why Intel Is Increasingly Important 


Taiwan Tech Weekly: Tough Start for Nvidia and Apple Supply Chains; Asustek, Novatek Results Ahead

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft in Troubled Waters: Navigating the Post-Outage Storm!

Microsoft, a technology giant with a market-leading position across various sectors, finds itself at a crossroads. The company has demonstrated...

Baptista Research

Technology Select Sector Index (XLK US): Market Consultation to Avoid Reverse Turnover (NVDA/AAPL)

To reduce reverse turnover, SnP have started a consultation to change the index weighting methodology. Passives will need to buy US$7bn in Apple...

Brian Freitas

Technology Select Sector Index (XLK US): Reversing the Huge Flows from June

NVIDIA has dropped relative to MSFT and AAPL in the last 6 weeks. That could lead to big selling in NVDA and big buying in AAPL from the XLK ETF in...

Brian Freitas

Episode 78: What a Week in Semis! AMD! ARM! Qualcomm! Intel?

Semiconductor companies, including AMD, showed strong earnings driven by data center demand and capex spending, with a bullish outlook for the...

The Circuit

Taiwan Tech Weekly: Tough Start for Nvidia and Apple Supply Chains; Asustek, Novatek Results Ahead

Nvidia and Apple negative news sets the Taiwan Tech universe off to a tough start of the week. This week look for Asustek, Novatek, Himax results...

Vincent Fernando, CFA

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