Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

International Business Machines / Equity Bottom-Up

<ul>
<li>Announcements from Anthropic during the month of February 2026 roiled multiple segments of an already battered Software industry</li>
<li>One of those announcements targeted COBOL, highlighting an opportunity to have Claude "modernize" the "legacy" platform that runs 95% of ATM transactions in the US</li>
<li>IBM disagrees. COBOL is not their secret sauce, it's their purpose-built architecture from silicon through the operating system that delivers unmatched transactional resilience, security, performance, and efficiency at scale </li>
</ul>


Announcements from Anthropic during the month of February 2026 roiled multiple segments of an already battered Software industry
One of those announcements targeted COBOL, highlighting an opportunity to have Claude "modernize" the "legacy" platform that runs 95% of ATM transactions in the US
IBM disagrees. COBOL is not their secret sauce, it's their purpose-built architecture from silicon through the operating system that delivers unmatched transactional resilience, security, performance, and efficiency at scale 


Claude Is Gunning For COBOL. IBM Strikes Back

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.</li>
<li>It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)</li>
<li>Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.</li>
</ul>


Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.
It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)
Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.


Fractal Analytics - An AI First Enterprise SAAS Offering from India

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>BBIK offers the strongest growth potential in the technology sector, underpinned by its Digital Excellence and Delivery (Dx) business with one of the largest developer bases in Thailand and a solid outlook.</li><li>Net profit in 2025E is projected to rise 16% YoY to Bt349mn, the highest in the sector, despite a flat industry backdrop.</li><li>We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year PEG of 1.11x.</li></ul>

BBIK offers the strongest growth potential in the technology sector, underpinned by its Digital Excellence and Delivery (Dx) business with one of the largest developer bases in Thailand and a solid outlook.Net profit in 2025E is projected to rise 16% YoY to Bt349mn, the highest in the sector, despite a flat industry backdrop.We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year PEG of 1.11x.

BLUEBIK GROUP Plc. (BBIK): Top Performer In The Sector

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.

<ul><li>Accenture's most recent earnings discussion reveals significant insights into their fourth quarter and full fiscal year 2025 performance, as well as their strategic outlook for 2026.</li><li>The narrative reflects a blend of robust financial achievements, strategic realignments, and forward-looking initiatives centered around their ongoing investments in AI, digital transformation, and global footprint expansion.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Accenture's most recent earnings discussion reveals significant insights into their fourth quarter and full fiscal year 2025 performance, as well as their strategic outlook for 2026.The narrative reflects a blend of robust financial achievements, strategic realignments, and forward-looking initiatives centered around their ongoing investments in AI, digital transformation, and global footprint expansion.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Accenture: Strategic Acquisitions & Continuous Innovation to Shape Competitive Landscape & Future Growth Trajectory!

<ul><li>Accenture recently announced its intent to acquire Orlade Group, a specialist in advisory and project management services for capital-intensive sectors such as energy, utilities, rail, aerospace, and defense.</li><li>This move complements Accenture’s ongoing efforts to scale its infrastructure and capital projects capabilities, building atop recent acquisitions such as Soben, IQT Group, and BOSLAN.</li><li>The rationale is clear: add domain level expertise in organizing, planning and executing large-scale technical projects, especially where predictive models and best-practice governance are critical.</li></ul>

Accenture recently announced its intent to acquire Orlade Group, a specialist in advisory and project management services for capital-intensive sectors such as energy, utilities, rail, aerospace, and defense.This move complements Accenture’s ongoing efforts to scale its infrastructure and capital projects capabilities, building atop recent acquisitions such as Soben, IQT Group, and BOSLAN.The rationale is clear: add domain level expertise in organizing, planning and executing large-scale technical projects, especially where predictive models and best-practice governance are critical.

Why Accenture’s Bold Move To Acquire Orlade Could Reshape Capital Project Services!

Ireland

Accenture PLC provides management and technology consulting services and solutions.  The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis.  Accenture's network of businesses provides consulting, technology, outsourcing, and alliances.

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Accenture Plc Cl A (ACN US)

Claude Is Gunning For COBOL. IBM Strikes Back

It's not just COBOL, it's IBM's purpose-built architecture from silicon through the operating system that delivers unmatched transactional...

William Keating

Fractal Analytics - An AI First Enterprise SAAS Offering from India

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

BLUEBIK GROUP Plc. (BBIK): Top Performer In The Sector

We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year...

Krungthai XSpring

Accenture: Strategic Acquisitions & Continuous Innovation to Shape Competitive Landscape & Future Growth Trajectory!

Accenture's most recent earnings discussion reveals significant insights into their fourth quarter and full fiscal year 2025 performance, as well...

Baptista Research

Why Accenture’s Bold Move To Acquire Orlade Could Reshape Capital Project Services!

Accenture recently announced its intent to acquire Orlade Group, a specialist in advisory and project management services for capital-intensive...

Baptista Research

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Claude Is Gunning For COBOL. IBM Strikes Back

It's not just COBOL, it's IBM's purpose-built architecture from silicon through the operating system that delivers unmatched transactional...

William Keating

Fractal Analytics - An AI First Enterprise SAAS Offering from India

​Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

BLUEBIK GROUP Plc. (BBIK): Top Performer In The Sector

We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year...

Krungthai XSpring

Accenture: Strategic Acquisitions & Continuous Innovation to Shape Competitive Landscape & Future Growth Trajectory!

Accenture's most recent earnings discussion reveals significant insights into their fourth quarter and full fiscal year 2025 performance, as well...

Baptista Research

Why Accenture’s Bold Move To Acquire Orlade Could Reshape Capital Project Services!

Accenture recently announced its intent to acquire Orlade Group, a specialist in advisory and project management services for capital-intensive...

Baptista Research

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...