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 Capital Markets

Cognizant Tech Solutions A / Equity Capital Markets

<ul><li>It was a successful first quarter for Cognizant Technology Solutions.</li><li>The adjusted operating margin for the first quarter was 14.6%, and the company had quarterly solid bookings growth of 28% YoY.</li><li>We give Cognizant Technology Solutions Corporation a 'Hold' rating with a revised target price.</li></ul>

It was a successful first quarter for Cognizant Technology Solutions.The adjusted operating margin for the first quarter was 14.6%, and the company had quarterly solid bookings growth of 28% YoY.We give Cognizant Technology Solutions Corporation a 'Hold' rating with a revised target price.

Cognizant Technology Solutions: Launch of Cognizant Neuro AI Platform & Other Drivers

<ul><li>With its results around the corner, it would be interesting to look at Cognizant’s results from the last quarter.</li><li>The company had delivered revenue below the guidance range of the management, primarily driven by a lower billable headcount in North America.</li><li>Cognizant has been seeing revenue growth from health services and from products and resources driven by demand for its digital services among travel and hospitality, consumer goods, automotive, and logistics clients.</li></ul>

With its results around the corner, it would be interesting to look at Cognizant’s results from the last quarter.The company had delivered revenue below the guidance range of the management, primarily driven by a lower billable headcount in North America.Cognizant has been seeing revenue growth from health services and from products and resources driven by demand for its digital services among travel and hospitality, consumer goods, automotive, and logistics clients.

Cognizant Technology Solutions: Acquisition Of AustinCSI & Other Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Protean eGov Technologies (PET) is looking to raise up to US$600m in its upcoming India IPO.</li>
<li>Protean eGov Technologies (PET) is a key IT-enabled solutions company in India engaged in conceptualizing, developing and executing nationally critical greenfield technology solutions. </li>
<li>In this note, we look at the company's past performance.</li>
</ul>


Protean eGov Technologies (PET) is looking to raise up to US$600m in its upcoming India IPO.
Protean eGov Technologies (PET) is a key IT-enabled solutions company in India engaged in conceptualizing, developing and executing nationally critical greenfield technology solutions. 
In this note, we look at the company's past performance.


Protean EGov Technologies Pre-IPO - A Key Service Provider but Earnings Have Lagged

<ul><li>This is our first report on IT services major, Cognizant Technology Solutions.</li><li>In spite of some challenges in navigating the labor markets of today as well as macro demand uncertainty in financial services, Cognizant has made progress in strengthening client relationships.</li><li>We initiate coverage on the stock of Cognizant Technology with an ‘Outperform’ rating.</li></ul>

This is our first report on IT services major, Cognizant Technology Solutions.In spite of some challenges in navigating the labor markets of today as well as macro demand uncertainty in financial services, Cognizant has made progress in strengthening client relationships.We initiate coverage on the stock of Cognizant Technology with an ‘Outperform’ rating.

Cognizant Technology: Initiation of Coverage – Business Strategy & Key Drivers

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>EPAM is an IT Services firm that does high end software development for Fortune 2000 customers.</li>
<li>One of the great under the radar compounders of all time. Feb 2012 IPO-Feb 2022: ~27% revenue, earnings, FCF CAGR, 45% equity CAGR.</li>
<li>Core engineering talent historically in Ukraine, Belarus, and Russia, this is the overhang. We think great management team can navigate relocation and return to growth.</li>
</ul>


EPAM is an IT Services firm that does high end software development for Fortune 2000 customers.
One of the great under the radar compounders of all time. Feb 2012 IPO-Feb 2022: ~27% revenue, earnings, FCF CAGR, 45% equity CAGR.
Core engineering talent historically in Ukraine, Belarus, and Russia, this is the overhang. We think great management team can navigate relocation and return to growth.


United States

Cognizant Technology Solutions Corporation provides custom Information Technology (IT) consulting and technology services as well as outsourcing services. The Company's core competencies include technology strategy consulting, complex systems development, enterprise software package implementation and maintenance, data warehousing and business intelligence.

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Cognizant Tech Solutions A (CTSH US)

Cognizant Technology Solutions: Launch of Cognizant Neuro AI Platform & Other Drivers

It was a successful first quarter for Cognizant Technology Solutions. The adjusted operating margin for the first quarter was 14.6%, and the...

Baptista Research

Cognizant Technology Solutions: Acquisition Of AustinCSI & Other Drivers

With its results around the corner, it would be interesting to look at Cognizant’s results from the last quarter. The company had delivered...

Baptista Research

Protean EGov Technologies Pre-IPO - A Key Service Provider but Earnings Have Lagged

Protean eGov Technologies (PET) is looking to raise up to US$600m in its upcoming India IPO. In this note we talk about the company's past...

Sumeet Singh

Cognizant Technology: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on IT services major, Cognizant Technology Solutions. In spite of some challenges in navigating the labor markets of...

Baptista Research

Long Idea: EPAM Systems

EPAM System is one of the great compounders of the past 10 years, with an exceptional management team that will successfully relocate engineering...

Aaron Gabin

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