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>Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to the same period last year.</li><li>The operating profit also rose by 44% year-on year.</li><li>This performance can be largely attributed to the growth in AI revenue, accelerated bookings at VMware, and the stabilization of non-AI semiconductor revenue.</li></ul>

Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to the same period last year.The operating profit also rose by 44% year-on year.This performance can be largely attributed to the growth in AI revenue, accelerated bookings at VMware, and the stabilization of non-AI semiconductor revenue.

Broadcom’s Revenue Forecast A Bit Optimistic? Can AI and VMware Keep the Growth Streak Alive?

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and weight changes as a result of the market consultation proposals being adopted will result in a round-trip trade of US$31.5bn.</li>
<li>The largest one-way turnover is expected in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">Consumer Staples Select Sector SPDR Fund</a>, <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR</a>, <a href="https://www.smartkarma.com/entities/materials-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27541:1" rel="noopener">Materials Select Sector SPDR</a> and <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund</a>.</li>
<li>The inflows to <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> and <a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> will add to the buying from the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> trackers.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and weight changes as a result of the market consultation proposals being adopted will result in a round-trip trade of US$31.5bn.
The largest one-way turnover is expected in the Consumer Staples Select Sector SPDR Fund, Technology Select Sector SPDR, Materials Select Sector SPDR and Communication Services Select Sector SPDR Fund.
The inflows to Apple (AAPL US), Palantir Technologies (PLTR US) and Dell Technologies (DELL US) will add to the buying from the S&amp;P 500 INDEX (SPX INDEX) trackers.


Select Sector Indices: Inflows to Apple, Palantir, Dell Will Add to SPX Buying

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

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.

<ul>
<li>Revenue's surged 47% YoY, driven by a 200% increase in infrastructure software revenue. Despite strong revenue growth, the company posted a $1.88B net loss due to a $4.5B tax provision</li>
<li>AI revenue is projected to grow by 10% sequentially in Q4, surpassing $3.5B, and is expected to total $12B for fiscal 2024. VMware annualized booking value increased 32% QoQ.</li>
<li>Despite beating Q3 estimates, Broadcom’s Q4 revenue guidance of $14B fell short of the $14.04B expected by analysts. This led to a 7% drop in shares post-earnings.</li>
</ul>


Revenue's surged 47% YoY, driven by a 200% increase in infrastructure software revenue. Despite strong revenue growth, the company posted a $1.88B net loss due to a $4.5B tax provision
AI revenue is projected to grow by 10% sequentially in Q4, surpassing $3.5B, and is expected to total $12B for fiscal 2024. VMware annualized booking value increased 32% QoQ.
Despite beating Q3 estimates, Broadcom’s Q4 revenue guidance of $14B fell short of the $14.04B expected by analysts. This led to a 7% drop in shares post-earnings.


Broadcom Surpasses Q3 Earnings Estimates but Guidance Worries Investors, Shares Drop 7%

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late).</li><li>The most impactful presentation by far was the Broadcom CPO presentation, SuperMicro water cooling, MTIA, and some honorable mentions to Enfabrica and Dojo/Mojo from Tesla.</li><li>The biggest disappointment was AMD, which presented nothing incremental and, of course, the CPU announcements.</li></ul>

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late).The most impactful presentation by far was the Broadcom CPO presentation, SuperMicro water cooling, MTIA, and some honorable mentions to Enfabrica and Dojo/Mojo from Tesla.The biggest disappointment was AMD, which presented nothing incremental and, of course, the CPU announcements.

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Broadcom’s Revenue Forecast A Bit Optimistic? Can AI and VMware Keep the Growth Streak Alive?

Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to...

Baptista Research

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Select Sector Indices: Inflows to Apple, Palantir, Dell Will Add to SPX Buying

Constituent changes to the SPX and the market consultation proposals being adopted result in a round-trip trade of US$31.5bn. Apple and...

Brian Freitas

Broadcom Surpasses Q3 Earnings Estimates but Guidance Worries Investors, Shares Drop 7%

Broadcom’s Q3 revenue reached $13.07B (vs. $12.97B est.) and EPS was $1.24 (vs. $1.20 est.). Yet, shares fell 7% on weaker Q4 revenue guidance and...

Mint Finance

Hotchips Conference Sparknotes

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late). The most impactful presentation by...

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Broadcom’s Revenue Forecast A Bit Optimistic? Can AI and VMware Keep the Growth Streak Alive?

Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to...

Baptista Research

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Select Sector Indices: Inflows to Apple, Palantir, Dell Will Add to SPX Buying

Constituent changes to the SPX and the market consultation proposals being adopted result in a round-trip trade of US$31.5bn. Apple and...

Brian Freitas

Broadcom Surpasses Q3 Earnings Estimates but Guidance Worries Investors, Shares Drop 7%

Broadcom’s Q3 revenue reached $13.07B (vs. $12.97B est.) and EPS was $1.24 (vs. $1.20 est.). Yet, shares fell 7% on weaker Q4 revenue guidance and...

Mint Finance

Hotchips Conference Sparknotes

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late). The most impactful presentation by...

Fabricated Knowledge

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...