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>According to the latest Q1 earnings, Apple Inc.</li><li>showcased an upward trajectory with revenue reaching $119.6 billion for the December quarter - a 2% increase from a year ago.</li><li>The electronics giant reached revenue records in more than two dozen countries and regions, with substantial growth in many emerging markets.</li></ul>

According to the latest Q1 earnings, Apple Inc.showcased an upward trajectory with revenue reaching $119.6 billion for the December quarter - a 2% increase from a year ago.The electronics giant reached revenue records in more than two dozen countries and regions, with substantial growth in many emerging markets.

Apple Inc.: An Impressive 2024 Lineup But What Does It Mean For Shareholders? - Major Drivers

Independent Research, US Dominant Players, Investment Talk

Investment Talk

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

<ul><li>The world does not need another opinion on the Vision Pro, the Apple mixed reality device whose launch coincided with Meta earnings, but I will share mine so I can understand my thought process in the future.</li><li><em>I have the right to be wrong.</em> The revenue share of Meta’s FRL is so small it might seem redundant to give it so much limelight.</li><li>But, directionally, it’s an important category for the company. With a launch of this scale, the hyperbole and sensationalism rhyme with things we’ve seen in decades past.</li></ul>

The world does not need another opinion on the Vision Pro, the Apple mixed reality device whose launch coincided with Meta earnings, but I will share mine so I can understand my thought process in the future.I have the right to be wrong. The revenue share of Meta’s FRL is so small it might seem redundant to give it so much limelight.But, directionally, it’s an important category for the company. With a launch of this scale, the hyperbole and sensationalism rhyme with things we’ve seen in decades past.

Energy Transition | AI | Shifting World Order, Mint Finance

Srinidhi Raghavendra

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Despite being a hated stock among the Super Sevens, Apple shares are up &gt;51% YTD this year. Apple has had little to claim for within captivating AI hype.</li>
<li>Apple is not a first mover. Its reputation is of a late comer. But its superior products with mind bending experiences blows competition out of the water.</li>
<li>Outperformance of iPhone 15, deepening services penetration, and roll out of AI-features will propel Apple to a USD 4 trillion market cap in 2024.</li>
</ul>


Despite being a hated stock among the Super Sevens, Apple shares are up &gt;51% YTD this year. Apple has had little to claim for within captivating AI hype.
Apple is not a first mover. Its reputation is of a late comer. But its superior products with mind bending experiences blows competition out of the water.
Outperformance of iPhone 15, deepening services penetration, and roll out of AI-features will propel Apple to a USD 4 trillion market cap in 2024.


2024 High Conviction: Apple’s AI Foray & Services to Power Its Journey to USD 4 Trillion Valuation

<ul><li>Apple Inc. managed to exceed Wall Street's revenue and earnings expectations.</li><li>Notably, iPhone revenue exceeded expectations.</li><li>Despite facing challenges in the macroeconomic environment, Apple's Services segment achieved an all-time revenue high, surpassing expectations with double-digit growth.</li></ul>

Apple Inc. managed to exceed Wall Street's revenue and earnings expectations.Notably, iPhone revenue exceeded expectations.Despite facing challenges in the macroeconomic environment, Apple's Services segment achieved an all-time revenue high, surpassing expectations with double-digit growth.

Apple Inc.: China Revenue Growth & Market Dynamics! - Major Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
<strong>No more Moore's Law</strong>: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

United States

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.

Apple (AAPL US)

Apple Inc.: An Impressive 2024 Lineup But What Does It Mean For Shareholders? - Major Drivers

According to the latest Q1 earnings, Apple Inc. showcased an upward trajectory with revenue reaching $119.6 billion for the December quarter - a...

Baptista Research

The Reality of Mixed Reality

I have the right to be wrong. The revenue share of Meta’s FRL is so small it might seem redundant to give it so much limelight.

Investment Talk

2024 High Conviction: Apple’s AI Foray & Services to Power Its Journey to USD 4 Trillion Valuation

iPhone15 outperformance, deepening services penetration, and roll out of AI-features will propel Apple to a USD 4 trillion market cap in 2024....

Mint Finance

Apple Inc.: China Revenue Growth & Market Dynamics! - Major Drivers

Apple Inc. managed to exceed Wall Street's revenue and earnings expectations. Notably, iPhone revenue exceeded expectations. Despite facing...

Baptista Research

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu