Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points.</li><li>Today's investment momentum is slightly negative after several Fed committee members voiced support for a continued acceleration of interest rate hikes.</li><li>Thailand has reached an agreement to purchase the rights to broadcast the FIFA World Cup 2022, which will boost the purchases of TVs, sports apparel, and food and beverages.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points.Today's investment momentum is slightly negative after several Fed committee members voiced support for a continued acceleration of interest rate hikes.Thailand has reached an agreement to purchase the rights to broadcast the FIFA World Cup 2022, which will boost the purchases of TVs, sports apparel, and food and beverages.

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.

<ul><li>Cisco Systems had quite a strong quarter and was able to exceed Wall Street expectation on all counts despite operating in an incredibly dynamic environment.</li><li>The company continues to view strong customer adoption of its subscriptions and software driven by its targeted investments.</li><li>We provide the stock of Cisco Systems with a ‘Hold’ rating with a revision in the target price.</li></ul>

Cisco Systems had quite a strong quarter and was able to exceed Wall Street expectation on all counts despite operating in an incredibly dynamic environment.The company continues to view strong customer adoption of its subscriptions and software driven by its targeted investments.We provide the stock of Cisco Systems with a ‘Hold’ rating with a revision in the target price.

Cisco Systems Inc: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Amplitude reported 2QCY22 results and raised CY22 revenue and profitability guidance. The 2Q print was solid, with +48% y/y revenue growth. </li>
<li>The company generated ~$8M of free cash flows in the quarter, driven by a few large renewals. Total revenue was $58.1M, which topped consensus estimates.  </li>
<li>Management was confident that the company’s dollar-based net retention rate would be above 120% in the long term.</li>
</ul>


Amplitude reported 2QCY22 results and raised CY22 revenue and profitability guidance. The 2Q print was solid, with +48% y/y revenue growth. 
The company generated ~$8M of free cash flows in the quarter, driven by a few large renewals. Total revenue was $58.1M, which topped consensus estimates.  
Management was confident that the company’s dollar-based net retention rate would be above 120% in the long term.


Amplitude: Cash Flow Positive Quarter, Management Raised CY22 Revenue and Profitability Guidance

Equity Capital Markets

<ul><li>Despite supply and component challenges and other headwinds affecting the technology industry, Cisco managed to deliver a decent performance.</li><li>The management continues to undertake various mitigation actions to help alleviate many of the component issues they have been experiencing.</li><li>Cisco announced new networking and cloud innovations, as well as technologies to improve experiences and hybrid work environments during the quarter.</li></ul>

Despite supply and component challenges and other headwinds affecting the technology industry, Cisco managed to deliver a decent performance.The management continues to undertake various mitigation actions to help alleviate many of the component issues they have been experiencing.Cisco announced new networking and cloud innovations, as well as technologies to improve experiences and hybrid work environments during the quarter.

Cisco Systems Inc.: The New & Expanded SASE Architecture

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a> , a leading VC-backed infrastructure automation company, fell ~50% below the IPO price of $80.00 per share.</li>
<li>
<a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a>  is a multi-product company that helps to accelerate cloud adoption. The company reported total revenue of $321M in FY’22 ended Jan-22, up 51% year-over-year. </li>
<li>According to public sources, <a href="https://www.smartkarma.com/entities/cisco-systems-inc" target="_blank" data-smartkarma-citation="entities:1063:1" rel="noopener">Cisco Systems (CSCO US)</a>  has already approached HashiCorp with an acquisition offer in 2019. However, both Cisco and HashiCorp declined to comment on rumors.</li>
</ul>


Shares of HashiCorp (HCP US) , a leading VC-backed infrastructure automation company, fell ~50% below the IPO price of $80.00 per share.

HashiCorp (HCP US)  is a multi-product company that helps to accelerate cloud adoption. The company reported total revenue of $321M in FY’22 ended Jan-22, up 51% year-over-year. 
According to public sources, Cisco Systems (CSCO US)  has already approached HashiCorp with an acquisition offer in 2019. However, both Cisco and HashiCorp declined to comment on rumors.


Will Cisco Make A Bid For HashiCorp As Valuation Fell By Half From The IPO Price?

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)

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600...

Krungthai XSpring

Cisco Systems Inc: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)

Cisco Systems had quite a strong quarter and was able to exceed Wall Street expectation on all counts despite operating in an incredibly dynamic...

Baptista Research

Amplitude: Cash Flow Positive Quarter, Management Raised CY22 Revenue and Profitability Guidance

We remain bullish on Amplitude’s medium- to long-term prospects and view valuation as attractive for long-term tech investors.

Andrei Zakharov

Cisco Systems Inc.: The New & Expanded SASE Architecture

Despite supply and component challenges and other headwinds affecting the technology industry, Cisco managed to deliver a decent performance. The...

Baptista Research

Will Cisco Make A Bid For HashiCorp As Valuation Fell By Half From The IPO Price?

We believe Cisco Systems may be interested in acquiring HashiCorp, a cloud infrastructure automation unicorn backed by leading VC investors.

Andrei Zakharov

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