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>Amphenol Corporation's third-quarter financial performance in 2024 showcased notable growth, driven by increased sales, efficient operations, and strategic acquisitions.</li><li>The company achieved record sales of $4.039 billion, marking a 26% increase in both U.S. dollars and local currencies compared to the third quarter of 2023, with organic growth reported at 15%.</li><li>Orders rose to a record $4.412 billion, up 39% from the previous year, reflecting a robust book-to-bill ratio of 1.09:1.</li></ul>

Amphenol Corporation's third-quarter financial performance in 2024 showcased notable growth, driven by increased sales, efficient operations, and strategic acquisitions.The company achieved record sales of $4.039 billion, marking a 26% increase in both U.S. dollars and local currencies compared to the third quarter of 2023, with organic growth reported at 15%.Orders rose to a record $4.412 billion, up 39% from the previous year, reflecting a robust book-to-bill ratio of 1.09:1.

Amphenol Corporation: Will The Acquisition of CommScope's Mobile Networks Be A Game Changer? - Major Drivers

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Rapid growth in tech and demand for personalized medicine drives need for efficient healthcare solutions.</li><li>Samsung faces threat as trifold race loss jeopardizes smartphone market lead.</li><li>ViewSonic’s AI technology displays target education and business markets with innovative solutions. Samsung diversifies global mobile phone production while Chinese MacBook case supplier faces quality issues.</li></ul>

Rapid growth in tech and demand for personalized medicine drives need for efficient healthcare solutions.Samsung faces threat as trifold race loss jeopardizes smartphone market lead.ViewSonic’s AI technology displays target education and business markets with innovative solutions. Samsung diversifies global mobile phone production while Chinese MacBook case supplier faces quality issues.

Tech Supply Chain Tracker (20-Sep-2024): Global AI healthcare market status.

<ul><li>Amphenol Corporation reported a significant increase in sales, achieving a record $3.61 billion, an 18% increase in U.S. dollars and 19% in local currencies compared to the same quarter the previous year.</li><li>This sales growth also correlates with a substantial 11% organic growth, underlining Amphenol Corporation's robust performance in its market domains.</li><li>The financial metrics from the firm suggest a healthy acceleration in demand across various segments, particularly from IT datacom customers focusing on artificial intelligence (AI), defense, and commercial air sectors.</li></ul>

Amphenol Corporation reported a significant increase in sales, achieving a record $3.61 billion, an 18% increase in U.S. dollars and 19% in local currencies compared to the same quarter the previous year.This sales growth also correlates with a substantial 11% organic growth, underlining Amphenol Corporation's robust performance in its market domains.The financial metrics from the firm suggest a healthy acceleration in demand across various segments, particularly from IT datacom customers focusing on artificial intelligence (AI), defense, and commercial air sectors.

Amphenol Corporation: How Is Their Expansion in Mobile Networks Technology Panning Out?   - Major Drivers

<ul><li>The Q1 2024 results of Amphenol Corporation depict both positive and negative aspects with respect to the company's financial health.</li><li>Focusing on the fiscal facts, the corporation closed the quarter with sales of $3.256 billion and an adjusted diluted EPS of $0.80.</li><li>The Q1 sales exhibited an increase of 9% in U.S. dollars, 10% in local currencies, and 6% organically in comparison to the first quarter of 2023.</li></ul>

The Q1 2024 results of Amphenol Corporation depict both positive and negative aspects with respect to the company's financial health.Focusing on the fiscal facts, the corporation closed the quarter with sales of $3.256 billion and an adjusted diluted EPS of $0.80.The Q1 sales exhibited an increase of 9% in U.S. dollars, 10% in local currencies, and 6% organically in comparison to the first quarter of 2023.

Amphenol Corporation: Increasing Penetration In The AI Data Centers Pushing Their Growth! - Major Drivers

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Maintain BUY and raise TP to HK$2.42 to reflect stronger demand of next-gen high-speed connectivity in AI servers in FY24/25E, backed by MCIO connectors /cables and high-speed I/O products, recent launch of 224G high-speed products at DesignCon, and collaboration with MediaTek for high-speed connectivity solutions in CPO sockets at OFC.</li><li>During our NDR last week, mgmt. was positive on rising copper connectivity trend in AI servers and expected 1) 15-20% YoY for networking/server in FY24E (30-40% GPM), and 2) AI server related revenue (mainly copper) to reach 8-10% FY24E sales (vs. 1% in FY23), backed by new copper products and high-speed connection products in AI server.</li><li>We lifted FY24-25 EPS by 9-10% to reflect stronger demand of AI-related products and share gain from the US peers (Amphenol, TEL, Molex) in global server connector market following mass production of new AI products in FY24/25E.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Maintain BUY and raise TP to HK$2.42 to reflect stronger demand of next-gen high-speed connectivity in AI servers in FY24/25E, backed by MCIO connectors /cables and high-speed I/O products, recent launch of 224G high-speed products at DesignCon, and collaboration with MediaTek for high-speed connectivity solutions in CPO sockets at OFC.During our NDR last week, mgmt. was positive on rising copper connectivity trend in AI servers and expected 1) 15-20% YoY for networking/server in FY24E (30-40% GPM), and 2) AI server related revenue (mainly copper) to reach 8-10% FY24E sales (vs. 1% in FY23), backed by new copper products and high-speed connection products in AI server.We lifted FY24-25 EPS by 9-10% to reflect stronger demand of AI-related products and share gain from the US peers (Amphenol, TEL, Molex) in global server connector market following mass production of new AI products in FY24/25E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FIT Hon Teng (6088 HK) - Opportunities in US$1.7bn Server Connector/Cable Market

United States

Amphenol Corporation designs, manufactures, and markets electrical, electronic and fiber optic connectors, interconnect systems, and coaxial and flat-ribbon cable.  The Company's products are used in a variety of industries, including telephone, wireless, and data communications systems, cable television systems, and commercial and military aerospace electronics.

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Amphenol Corp Cl A (APH US)

Amphenol Corporation: Will The Acquisition of CommScope's Mobile Networks Be A Game Changer? - Major Drivers

Amphenol Corporation's third-quarter financial performance in 2024 showcased notable growth, driven by increased sales, efficient operations, and...

Baptista Research

Tech Supply Chain Tracker (20-Sep-2024): Global AI healthcare market status.

Technology industry evolving rapidly with advancements in personalized medicine, Samsung faces smartphone market threats, ViewSonic offers AI...

Tech Supply Chain Tracker

Amphenol Corporation: How Is Their Expansion in Mobile Networks Technology Panning Out? - Major Drivers

Amphenol Corporation reported a significant increase in sales, achieving a record $3.61 billion, an 18% increase in U.S. dollars and 19% in local...

Baptista Research

Amphenol Corporation: Increasing Penetration In The AI Data Centers Pushing Their Growth! - Major Drivers

The Q1 2024 results of Amphenol Corporation depict both positive and negative aspects with respect to the company's financial health. Focusing on...

Baptista Research

FIT Hon Teng (6088 HK) - Opportunities in US$1.7bn Server Connector/Cable Market

Maintain BUY and raise TP to HK$2.42 to reflect stronger demand of next-gen high-speed connectivity in AI servers in FY24/25E, backed by MCIO...

CMB International

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