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>The mega-cap tech landscape is undergoing a significant reshuffle, with Apple standing out—not through bold declarations or eye-catching AI launches—but by quietly reclaiming record highs.</li><li>While Alphabet grabs headlines with its rapid rise past $4 trillion in valuation on the back of its Gemini AI breakthroughs, and Nvidia reels from a staggering $720 billion market cap drawdown, Apple has surged more than 36% since early summer.</li><li>This momentum is driven by robust iPhone 15 demand and a noticeable absence from the aggressive AI capital arms race dominating the likes of Meta, Oracle, and SoftBank.</li></ul>

The mega-cap tech landscape is undergoing a significant reshuffle, with Apple standing out—not through bold declarations or eye-catching AI launches—but by quietly reclaiming record highs.While Alphabet grabs headlines with its rapid rise past $4 trillion in valuation on the back of its Gemini AI breakthroughs, and Nvidia reels from a staggering $720 billion market cap drawdown, Apple has surged more than 36% since early summer.This momentum is driven by robust iPhone 15 demand and a noticeable absence from the aggressive AI capital arms race dominating the likes of Meta, Oracle, and SoftBank.

Apple's Strategic Distance From The AI Spending War: Discipline Or Delay?

<ul><li>Apple Inc. reported robust financial results for the fourth quarter of fiscal year 2025, showcasing an impressive performance with total revenue reaching $102.5 billion, an 8% increase from the same period last year, marking a record for the September quarter.</li><li>The company's services sector set an all-time revenue record with $28.8 billion, reflecting a substantial 15% growth, largely driven by strong demand across developed and emerging markets.</li><li>Additionally, the company saw a record earning per share (EPS) of $1.85, marking another significant achievement.</li></ul>

Apple Inc. reported robust financial results for the fourth quarter of fiscal year 2025, showcasing an impressive performance with total revenue reaching $102.5 billion, an 8% increase from the same period last year, marking a record for the September quarter.The company's services sector set an all-time revenue record with $28.8 billion, reflecting a substantial 15% growth, largely driven by strong demand across developed and emerging markets.Additionally, the company saw a record earning per share (EPS) of $1.85, marking another significant achievement.

Apple’s Global Conquest Just Got Real—How It’s Winning in India, Brazil, & Beyond!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>SPX is pulling back after hitting all-time highs; the gap at 6750-6772 is short-term support, and it is a clear sign bulls remain in control if this gap remains unfilled.</li>
<li>We will stay near-term bullish as long as the 3+ month uptrend continues (currently at ~6675). Additional supports include 6550-6569, 6480-6520, 6450, 6400-6410, 6340-6360, 6290, 6200, and 6100-6150</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
SPX is pulling back after hitting all-time highs; the gap at 6750-6772 is short-term support, and it is a clear sign bulls remain in control if this gap remains unfilled.
We will stay near-term bullish as long as the 3+ month uptrend continues (currently at ~6675). Additional supports include 6550-6569, 6480-6520, 6450, 6400-6410, 6340-6360, 6290, 6200, and 6100-6150


Magnificent Seven's Turn to Shine; Buy Pullbacks to 3+ Month SPX Uptrend and 50-Day MA

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>Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.</li><li>For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).</li><li>We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. </li></ul>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.

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. 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.

Technology - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Apple's formidable ecosystem and brand loyalty provide a strong foundation, but the company faces significant headwinds from a maturing smartphone market and increasing regulatory pressure worldwide.</li>
 <li>While financially robust with strong cash flow and improving margins, recent top-line growth has decelerated, highlighting the critical need for new growth catalysts beyond the iPhone.</li>
 <li>The company is perceived to be lagging competitors in the crucial area of generative AI, and the success of its '<a href="https://smartkarma.com/entities/apple-inc">Apple </a>Intelligence' strategy is paramount to maintaining its competitive edge and justifying its premium valuation.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Apple's formidable ecosystem and brand loyalty provide a strong foundation, but the company faces significant headwinds from a maturing smartphone market and increasing regulatory pressure worldwide.
  While financially robust with strong cash flow and improving margins, recent top-line growth has decelerated, highlighting the critical need for new growth catalysts beyond the iPhone.
  The company is perceived to be lagging competitors in the crucial area of generative AI, and the success of its 'Apple Intelligence' strategy is paramount to maintaining its competitive edge and justifying its premium valuation.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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.

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Apple (AAPL US)

Apple's Strategic Distance From The AI Spending War: Discipline Or Delay?

The mega-cap tech landscape is undergoing a significant reshuffle, with Apple standing out—not through bold declarations or eye-catching AI...

Baptista Research

Apple’s Global Conquest Just Got Real—How It’s Winning in India, Brazil, & Beyond!

Apple Inc. reported robust financial results for the fourth quarter of fiscal year 2025, showcasing an impressive performance with total revenue...

Baptista Research

Magnificent Seven's Turn to Shine; Buy Pullbacks to 3+ Month SPX Uptrend and 50-Day MA

Magnificent Seven's $MAGS Turn to Shine; Buy Pullbacks to 3+ Month $SPX Uptrend and 50-day MA, currently 6655-6680. Buys: $AAPL $TSLA $NVDA $GOOGL...

Vermilion Research

Technology - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac...

CMB International

Primer: Apple (AAPL US) - Sep 2025

Apple's formidable ecosystem and brand loyalty provide a strong foundation, but the company faces significant headwinds from a maturing...

αSK

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