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>Adobe Inc. delivered an all-around beat in the fourth quarter.</li><li>The success can be attributed to pioneering innovations in Creative Cloud and Document businesses, positioning Creative Cloud as the preferred platform for content creation globally.</li><li>Creative Cloud had a stellar quarter, generating a significant $3 billion in revenue.</li></ul>

Adobe Inc. delivered an all-around beat in the fourth quarter.The success can be attributed to pioneering innovations in Creative Cloud and Document businesses, positioning Creative Cloud as the preferred platform for content creation globally.Creative Cloud had a stellar quarter, generating a significant $3 billion in revenue.

Adobe Inc.: The Creative Cloud Revolution Helping Them Lead The Way! - Major Drivers

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

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.

Cross Asset Strategy

<ul>
<li>The Federal Trust Commission (FTC) and Department of Justice (DoJ) issued new guidelines for mergers and acquisitions addressing modern market realities.</li>
<li>Guidelines are aimed at preventing large corporations in highly concentrated markets from acquiring current and/or potential competitors with a view to monopolising their industries.</li>
<li>The new guidelines give regulators better ammunition to scrutinise vertical and cross mergers, giving them much needed “teeth” to challenge “clever” M&amp;A transactions.</li>
</ul>


The Federal Trust Commission (FTC) and Department of Justice (DoJ) issued new guidelines for mergers and acquisitions addressing modern market realities.
Guidelines are aimed at preventing large corporations in highly concentrated markets from acquiring current and/or potential competitors with a view to monopolising their industries.
The new guidelines give regulators better ammunition to scrutinise vertical and cross mergers, giving them much needed “teeth” to challenge “clever” M&amp;A transactions.


FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. </li>
<li>Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. </li>
<li>Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. </li>
</ul>


Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. 
Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. 
Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. 


Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

<ul><li>Adobe Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>In the third quarter, Adobe accomplished remarkable feats in Digital Media.</li><li>Acrobat and PDF solutions thrive as indispensable tools for professionals and personal users in the Document Cloud business.</li></ul>

Adobe Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.In the third quarter, Adobe accomplished remarkable feats in Digital Media.Acrobat and PDF solutions thrive as indispensable tools for professionals and personal users in the Document Cloud business.

Adobe Inc.: New AI Investments That Are About To Change Everything! - Major Drivers

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

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

<ul>
<li>Intel kicked off its Innovation conference and announced that its new PC processors with built-in AI coprocessors would launch December 14th. This is positive for the PC supply chain.</li>
<li>Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer apps could be in plain sight.</li>
<li>Himax Long vs. Novatek Short. Himax is at historically very cheap level relative to Novatek, yet both are exposed to similar display end-markets.</li>
</ul>


Intel kicked off its Innovation conference and announced that its new PC processors with built-in AI coprocessors would launch December 14th. This is positive for the PC supply chain.
Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer apps could be in plain sight.
Himax Long vs. Novatek Short. Himax is at historically very cheap level relative to Novatek, yet both are exposed to similar display end-markets.


Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Adobe Inc.: The Creative Cloud Revolution Helping Them Lead The Way! - Major Drivers

Adobe Inc. delivered an all-around beat in the fourth quarter. The success can be attributed to pioneering innovations in Creative Cloud and...

Baptista Research

FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals

Clever business models are essential to outperform which includes astute M&A deals. With regulators getting trigger happy and equipped with shrewd...

Mint Finance

Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

Braze shares could outperform its peers in 2023, and the company’s management sees signs of stabilization. I see shares as undervalued and would be...

Andrei Zakharov

Adobe Inc.: New AI Investments That Are About To Change Everything! - Major Drivers

Adobe Inc. managed to exceed analyst expectations in terms of revenue as well as earnings. In the third quarter, Adobe accomplished remarkable...

Baptista Research

Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer...

Vincent Fernando, CFA

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