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>Cisco Systems (Cisco) had a promising Q3, with organic revenue aligning with the higher end of guidance expectations.</li><li>The company has transformed its business model, with over half of its total revenue now coming from subscription services, providing the company with a robust base for potential long-term growth.</li><li>The acquisition of Splunk was also completed, adding over $4 billion in annualized recurring revenue and strengthening Cisco's position as one of the world's major software companies.</li></ul>

Cisco Systems (Cisco) had a promising Q3, with organic revenue aligning with the higher end of guidance expectations.The company has transformed its business model, with over half of its total revenue now coming from subscription services, providing the company with a robust base for potential long-term growth.The acquisition of Splunk was also completed, adding over $4 billion in annualized recurring revenue and strengthening Cisco's position as one of the world's major software companies.

<ul><li>Cisco Systems Inc.'s fiscal second-quarter results demonstrated a mix of positives and negatives, balanced by the company's flexible strategic route and shifting market conditions.</li><li>Revenue for the quarter edged at the high end of the company's guidance range, owing to robust operating leverage across business segments that surpassed margin expectations and facilitated better-than-expected earnings per share.</li><li>A total of $2.8 billion value was returned to investors through dividends and share buybacks, evidencing Cisco's ongoing commitment to its shareholders.</li></ul>

Cisco Systems Inc.'s fiscal second-quarter results demonstrated a mix of positives and negatives, balanced by the company's flexible strategic route and shifting market conditions.Revenue for the quarter edged at the high end of the company's guidance range, owing to robust operating leverage across business segments that surpassed margin expectations and facilitated better-than-expected earnings per share.A total of $2.8 billion value was returned to investors through dividends and share buybacks, evidencing Cisco's ongoing commitment to its shareholders.

Cisco Systems: How Successful Are Their Efforts Of Digging Into AI? - Major Drivers

<ul><li>Cisco Systems, Inc. delivered an all-around beat in the previous quarter.</li><li>In terms of quarterly performance, Cisco reported strong revenues in Q1, driven by broad-based investments in generative AI, cloud, security, and full-stack observability.</li><li>Additionally, Cisco introduced a new security firewall solution in the quarter, anticipating meaningful positive results in the coming quarters.</li></ul>

Cisco Systems, Inc. delivered an all-around beat in the previous quarter.In terms of quarterly performance, Cisco reported strong revenues in Q1, driven by broad-based investments in generative AI, cloud, security, and full-stack observability.Additionally, Cisco introduced a new security firewall solution in the quarter, anticipating meaningful positive results in the coming quarters.

Cisco Systems Inc.: How AI and Security Are Making Them an Industry Titan! - Major Drivers

Taiwan Tech Focused Senior Analyst

Patrick Liao

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>We assume that Intel's current business model is unable to fully meet the manufacturing needs in that case.</li>
<li>As for the Intel Foundry Business, we believe that there is potential upside for growth.</li>
<li>If Intel was doing great in Wafer Manufacturing Business, then why does it have to consider splitting up?</li>
</ul>


We assume that Intel's current business model is unable to fully meet the manufacturing needs in that case.
As for the Intel Foundry Business, we believe that there is potential upside for growth.
If Intel was doing great in Wafer Manufacturing Business, then why does it have to consider splitting up?


TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>4Paradigm, a self-developed AI platform and scenario-specific AI applications provider, has completed an IPO and raised net proceeds of ~HK$836M, excluding the over-allotment option. </li>
<li>Founder-Led AI unicorn priced its IPO at the bottom end of the range at <strong>HK$55.60 </strong><strong>per share</strong>. Cornerstone investors agreed to purchase ~13.6M H shares at the IPO price. </li>
<li>I like the company’s leadership position in China’s fastest-growing decision-making AI market, large TAM for their enterprise-grade generative AI offering SageGPT and top-tier VC investors. </li>
</ul>


4Paradigm, a self-developed AI platform and scenario-specific AI applications provider, has completed an IPO and raised net proceeds of ~HK$836M, excluding the over-allotment option. 
Founder-Led AI unicorn priced its IPO at the bottom end of the range at HK$55.60 per share. Cornerstone investors agreed to purchase ~13.6M H shares at the IPO price. 
I like the company’s leadership position in China’s fastest-growing decision-making AI market, large TAM for their enterprise-grade generative AI offering SageGPT and top-tier VC investors. 


4Paradigm: Fears About The Entity List Are Exaggerated, Bullish On AI and SageGPT, PT: HK$86

United States

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

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Cisco Systems (CSCO US)

Cisco Systems: AI Investments

Cisco Systems (Cisco) had a promising Q3, with organic revenue aligning with the higher end of guidance expectations. The company has transformed...

Baptista Research

Cisco Systems: How Successful Are Their Efforts Of Digging Into AI? - Major Drivers

Cisco Systems Inc.'s fiscal second-quarter results demonstrated a mix of positives and negatives, balanced by the company's flexible strategic...

Baptista Research

Cisco Systems Inc.: How AI and Security Are Making Them an Industry Titan! - Major Drivers

Cisco Systems, Inc. delivered an all-around beat in the previous quarter. In terms of quarterly performance, Cisco reported strong revenues in Q1,...

Baptista Research

TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?

Intel's current business model may not meet manufacturing needs, but there is potential for growth in the Intel Foundry Business, raising...

Patrick Liao

4Paradigm: Fears About The Entity List Are Exaggerated, Bullish On AI and SageGPT, PT: HK$86

4Paradigm, a Beijing-based enterprise AI software company, has completed its IPO in Hong Kong. I maintain a bullish view of the stock, and my PT of...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cisco Systems: AI Investments

Cisco Systems (Cisco) had a promising Q3, with organic revenue aligning with the higher end of guidance expectations. The company has transformed...

Baptista Research

Cisco Systems: How Successful Are Their Efforts Of Digging Into AI? - Major Drivers

Cisco Systems Inc.'s fiscal second-quarter results demonstrated a mix of positives and negatives, balanced by the company's flexible strategic...

Baptista Research

Cisco Systems Inc.: How AI and Security Are Making Them an Industry Titan! - Major Drivers

Cisco Systems, Inc. delivered an all-around beat in the previous quarter. In terms of quarterly performance, Cisco reported strong revenues in Q1,...

Baptista Research

TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?

​Intel's current business model may not meet manufacturing needs, but there is potential for growth in the Intel Foundry Business, raising...

Patrick Liao

4Paradigm: Fears About The Entity List Are Exaggerated, Bullish On AI and SageGPT, PT: HK$86

4Paradigm, a Beijing-based enterprise AI software company, has completed its IPO in Hong Kong. I maintain a bullish view of the stock, and my PT of...

Andrei Zakharov

Intel's current business model may not meet manufacturing needs, but there is potential for growth in the Intel Foundry Business, raising...