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>Amdocs recently announced its financial performance for the third quarter of fiscal year 2025, which showcased mixed results and highlighted the company's strategic focus areas and operational achievements.</li><li>The company recorded a revenue of $1.14 billion, marking a 3.5% increase in pro forma constant currency compared to the previous year.</li><li>This was aided by significant contributions from various regions, most notably a record quarter in Europe.</li></ul>

Amdocs recently announced its financial performance for the third quarter of fiscal year 2025, which showcased mixed results and highlighted the company's strategic focus areas and operational achievements.The company recorded a revenue of $1.14 billion, marking a 3.5% increase in pro forma constant currency compared to the previous year.This was aided by significant contributions from various regions, most notably a record quarter in Europe.

Amdocs: Surging Ahead By Transforming Cloud, Data, & Network Monetization!

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul>
<li>The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not. We have practiced the same strategy throughout our careers in investment management.</li>
<li>The combination of falling stock prices and attractive small cap multiples appears to present a powerful case for buying aggressively. We do not share this view.</li>
<li>Non-cash share-based compensation accounts for roughly one-third of the collective free cash flow of small caps in the S&amp;P 600 Index.</li>
<li>The current 33x median price-to-free cash flow multiple for better quality small caps (S&amp;P 600) is the highest this cycle.</li>
<li>Market volatility is important to Palm Valley’s absolute return strategy.</li>
</ul>


The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not. We have practiced the same strategy throughout our careers in investment management.
The combination of falling stock prices and attractive small cap multiples appears to present a powerful case for buying aggressively. We do not share this view.
Non-cash share-based compensation accounts for roughly one-third of the collective free cash flow of small caps in the S&amp;P 600 Index.
The current 33x median price-to-free cash flow multiple for better quality small caps (S&amp;P 600) is the highest this cycle.
Market volatility is important to Palm Valley’s absolute return strategy.


Palm Valley Capital Fund Q3 2022 Commentary

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Asiainfo Technologies / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27475" target="_blank" data-smartkarma-citation="entities:27475:1">Asiainfo Technologies (1119892D CH)</a> is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. It announced its IPO price range of HK$10.50-13.50 per share. At the mid-point of the IPO price range, AsiaInfo will raise proceeds of $132 million, resulting in a fully diluted market cap of $1.1 billion. Cornerstone investors which include <a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179:1">Baidu Inc (ADR) (BIDU US)</a> and <a href="https://www.smartkarma.com/entities/13359" target="_blank" data-smartkarma-citation="entities:13359:1">Lenovo (992 HK)</a> have together agreed to purchase $60 million worth of shares in the offering.</p><div class="content-highlight"><p>We had previously expressed our concerns about AsiaInfo's fundamentals. Overall, we believe that the proposed IPO price range in unattractive and would not participate in the deal.</p></div>

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. It announced its IPO price range of HK$10.50-13.50 per share. At the mid-point of the IPO price range, AsiaInfo will raise proceeds of $132 million, resulting in a fully diluted market cap of $1.1 billion. Cornerstone investors which include Baidu Inc (ADR) (BIDU US) and Lenovo (992 HK) have together agreed to purchase $60 million worth of shares in the offering.We had previously expressed our concerns about AsiaInfo's fundamentals. Overall, we believe that the proposed IPO price range in unattractive and would not participate in the deal.

AsiaInfo IPO Valuation: Not Enough of a Discount

<p><a href="https://www.smartkarma.com/entities/27475" target="_blank" data-smartkarma-citation="entities:27475:1">Asiainfo Technologies (1119892D CH)</a> is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. AsiaInfo has started pre-marketing a Hong Kong IPO to raise $300-400 million, according to press reports. It is backed by CITIC Capital, Temasek and Qatar Investment Authority.</p><div class="content-highlight"><p>The 1H18 results solidify our view that AsiaInfo’s fundamentals are an unappetising mix of declining revenue growth and cost-cutting driven margin improvement. As things stand, we are inclined to give this IPO a pass but will provide a final recommendation on the announcement of the IPO price range. </p></div>

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. AsiaInfo has started pre-marketing a Hong Kong IPO to raise $300-400 million, according to press reports. It is backed by CITIC Capital, Temasek and Qatar Investment Authority.The 1H18 results solidify our view that AsiaInfo’s fundamentals are an unappetising mix of declining revenue growth and cost-cutting driven margin improvement. As things stand, we are inclined to give this IPO a pass but will provide a final recommendation on the announcement of the IPO price range. 

AsiaInfo IPO Update: An Unappealing Mix of Declining Revenue Growth and Cost-Cutting

<p><a href="https://www.smartkarma.com/entities/27475" target="_blank" data-smartkarma-citation="entities:27475:1">Asiainfo Technologies (1119892D CH)</a> is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. AsiaInfo is seeking a listing hearing for a Hong Kong IPO this week to raise $300-400 million, according to press reports. It is backed by CITIC Capital, Temasek and Qatar Investment Authority.</p><div class="content-highlight"><p>AsiaInfo is appealing due to its high market share, customer retention and cash conversion. However, AsiaInfo pays the price to access China's oligopolistic telecom operator market through low pricing power and returns on capital. Overall, we are cautious as we believe that AsiaInfo’s fundamentals offer both positives and negatives.</p></div>

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in 2017. AsiaInfo is seeking a listing hearing for a Hong Kong IPO this week to raise $300-400 million, according to press reports. It is backed by CITIC Capital, Temasek and Qatar Investment Authority.AsiaInfo is appealing due to its high market share, customer retention and cash conversion. However, AsiaInfo pays the price to access China's oligopolistic telecom operator market through low pricing power and returns on capital. Overall, we are cautious as we believe that AsiaInfo’s fundamentals offer both positives and negatives.

AsiaInfo Tech IPO Preview: Crossed Wires

United States

Amdocs Limited provides product-driven information system solutions to major telecommunications companies in the United States and internationally.  The Company provides integrated customer care and billing systems for wireless and wireline network operators and service providers, as well as for companies that offer multiple service packages.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Amdocs Ltd (DOX US)

Amdocs: Surging Ahead By Transforming Cloud, Data, & Network Monetization!

Amdocs recently announced its financial performance for the third quarter of fiscal year 2025, which showcased mixed results and highlighted the...

Baptista Research

Palm Valley Capital Fund Q3 2022 Commentary

The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not....

Fund Newsletters

AsiaInfo IPO Valuation: Not Enough of a Discount

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in...

Arun George

AsiaInfo IPO Update: An Unappealing Mix of Declining Revenue Growth and Cost-Cutting

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in...

Arun George

AsiaInfo Tech IPO Preview: Crossed Wires

Asiainfo Technologies (1119892D CH) is a leading Chinese telecom software and services provider with a 25% market share as measured by revenue in...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)