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

Chunghwa Telecom Co., Ltd (Adr) / Equity Bottom-Up

<ul><li>Chunghwa Telecom Co., Ltd., one of Taiwan's leading telecommunications companies, presented its third-quarter 2025 results with several notable outcomes.</li><li>The company reported robust financial performance, surpassing its forecast in key areas such as revenue, operating income, net income, and earnings per share (EPS).</li><li>Chunghwa Telecom's revenue for the third quarter reached TWD 57.92 billion, marking the highest third-quarter revenue level since 2017 and reflecting a 4.2% increase compared to a year ago.</li></ul>

Chunghwa Telecom Co., Ltd., one of Taiwan's leading telecommunications companies, presented its third-quarter 2025 results with several notable outcomes.The company reported robust financial performance, surpassing its forecast in key areas such as revenue, operating income, net income, and earnings per share (EPS).Chunghwa Telecom's revenue for the third quarter reached TWD 57.92 billion, marking the highest third-quarter revenue level since 2017 and reflecting a 4.2% increase compared to a year ago.

Chunghwa Telecom: From Government Cyber Contracts to Smart Rail—The Multi-Engine Strategy Driving the Next Growth Phase!

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 8th. The aggregated holding was USD2,409.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,235mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 8th. The aggregated holding was USD2,409.2bn.
We estimate that foreign flows to be inflows of USD6,235mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.


TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level</li>
<li>UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread</li>
<li>ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread</li>
</ul>


TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level
UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread
ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread


Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul><li>Samsung plans to acquire advanced lithography tools from ASML to strengthen its market position against TSMC.</li><li>Telecom companies in Taiwan reported record revenues in September, largely due to increased iPhone 17 sales.</li><li>China's tightening control over critical minerals raises concerns for the electronics supply chain and manufacturing.</li></ul>

Samsung plans to acquire advanced lithography tools from ASML to strengthen its market position against TSMC.Telecom companies in Taiwan reported record revenues in September, largely due to increased iPhone 17 sales.China's tightening control over critical minerals raises concerns for the electronics supply chain and manufacturing.

Tech Supply Chain Tracker (17-Oct-2025): Samsung to use ASML's lithography tools against

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 18th. The aggregated holding was USD2,281.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,372mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 18th. The aggregated holding was USD2,281.9bn.
We estimate that foreign flows to be inflows of USD2,372mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics.


TWSE Foreign Holding Weekly (Sep 18th): Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

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Chunghwa Telecom (2412 TT)

Chunghwa Telecom: From Government Cyber Contracts to Smart Rail—The Multi-Engine Strategy Driving the Next Growth Phase!

Chunghwa Telecom Co., Ltd., one of Taiwan's leading telecommunications companies, presented its third-quarter 2025 results with several notable...

Baptista Research

TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, MediaTek, TSMC, Unimicron Technology,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Tech Supply Chain Tracker (17-Oct-2025): Samsung to use ASML's lithography tools against

Samsung plans to acquire ASML's lithography tools to compete with TSMC, while telecoms in Taiwan report record revenues, and Apple seeks tax...

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Sep 18th): Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wistron, TSMC, MediaTek, Nanya Technology, Nan...

Ke Yan, CFA, FRM

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