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 Calix's financial performance for the first quarter of 2024 underscores the company's resilience amid shifting market conditions.</li>
<li>Calix recorded a revenue of $226.3 million, settling within the provided guidance.</li>
<li>This positioning affirms the continued relevance and efficacy of its platform, cloud, and managed services in driving its business agenda despite current industry challenges.</li>
</ul>


The Calix's financial performance for the first quarter of 2024 underscores the company's resilience amid shifting market conditions.
Calix recorded a revenue of $226.3 million, settling within the provided guidance.
This positioning affirms the continued relevance and efficacy of its platform, cloud, and managed services in driving its business agenda despite current industry challenges.


Calix Inc.: Is The Management Focus on Small and Medium Business Segments Paying Off?

<ul>
<li>This is our first report on cloud and software platform provider, Calix.</li>
<li>The company has completed its fourth year of significant revenue growth, gross margin expansion, and disciplined operating expense investments, according to its latest earnings call.</li>
<li>Despite this success, the company's CEO, Michael Weening, stated the upcoming year and beyond present both challenges and unique opportunities.</li>
</ul>


This is our first report on cloud and software platform provider, Calix.
The company has completed its fourth year of significant revenue growth, gross margin expansion, and disciplined operating expense investments, according to its latest earnings call.
Despite this success, the company's CEO, Michael Weening, stated the upcoming year and beyond present both challenges and unique opportunities.


Calix Inc: These 4 Pivotal Factors Are Shaping Its Growth Journey!

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

Index Rebalance

<ul>
<li>The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.</li>
<li>The <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.</li>
<li>Another week of inflows for the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets ex-China (EMXC US)</a> ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!</li>
</ul>


The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.
The SSE STAR50 (STAR50 INDEX) and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.
Another week of inflows for the iShares Emerging Markets ex-China (EMXC US) ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!


Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

<ul>
<li>CALX has yet to experience the full extent of our original sell thesis even though there are growing signs of an impending impact</li>
<li>Component issues could have become a headwind in the fourth quarter and remain a challenge in 2022.</li>
<li>With Huawei equipment replacement predominately complete, small service providers could reduce their spending</li>
</ul>


CALX has yet to experience the full extent of our original sell thesis even though there are growing signs of an impending impact
Component issues could have become a headwind in the fourth quarter and remain a challenge in 2022.
With Huawei equipment replacement predominately complete, small service providers could reduce their spending


<ul type="disc"><li>
Calix (CALX) has benefited from an increase in small broadband service providers adopting the Company’s software solutions during a time when people were staying at home, but those trends are now changing. Service providers are reporting a slowdown in broadband customers as the industry begins to experience some of the cyclicality that has usually been present each year.</li></ul> <ul type="disc"><li>In the last two weeks Comcast Corp. (CMCSA) and Altice USA (ATUS) have reported a decline in broadband subscribers. The larger service providers might be reporting what the smaller service providers were already going through this year. We believe these smaller customers are more likely to change their spending habits quickly than commit to spending money when subscriber trends change.</li></ul> <ul type="disc"><li>During the June quarter of this year, service providers were reporting an increase in subscribers and were painting a generally positive picture for the rest of the year. Since then, there has been a change in consumer habits. There are fewer people who need to purchase a subscription for back to school since they are already a customer thanks to either cord cutting or staying home because of COVID-19.</li></ul>


Calix (CALX) has benefited from an increase in small broadband service providers adopting the Company’s software solutions during a time when people were staying at home, but those trends are now changing. Service providers are reporting a slowdown in broadband customers as the industry begins to experience some of the cyclicality that has usually been present each year. In the last two weeks Comcast Corp. (CMCSA) and Altice USA (ATUS) have reported a decline in broadband subscribers. The larger service providers might be reporting what the smaller service providers were already going through this year. We believe these smaller customers are more likely to change their spending habits quickly than commit to spending money when subscriber trends change. During the June quarter of this year, service providers were reporting an increase in subscribers and were painting a generally positive picture for the rest of the year. Since then, there has been a change in consumer habits. There are fewer people who need to purchase a subscription for back to school since they are already a customer thanks to either cord cutting or staying home because of COVID-19.

United States

Calix, Inc. provides communications access systems and software that enable communications service providers, or CSPs, to connect to their residential and business subscribers. The Company's products encompass its multiservice, multiprotocol access platform and its Ethernet service access platforms.

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Calix Inc (CALX US)

Calix Inc.: Is The Management Focus on Small and Medium Business Segments Paying Off?

The Calix's financial performance for the first quarter of 2024 underscores the company's resilience amid shifting market conditions.

Baptista Research

Calix Inc: These 4 Pivotal Factors Are Shaping Its Growth Journey!

This is our first report on cloud and software platform provider, Calix. The company has completed its fourth year of significant revenue growth,...

Baptista Research

Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

CALX: Designed for Decline

CALX is prone to small service providers reducing their capital spending, which we believe would very likely happen with much of the Huawei...

BWS Financial Inc

CALX: Risk of Throttling Growth

A slowdown in subscriber adds should lead to CALX experiencing a slowdown in spending from small broadband service providers, who do not have the...

BWS Financial Inc

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