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>Dell Technologies Inc. reported solid results for the fiscal year 2025 third quarter, demonstrating both strengths and challenges across its various segments.</li><li>The company achieved a revenue of $24.4 billion, marking a 10% increase year-over-year, driven by strong growth in its Infrastructure Solutions Group (ISG) thanks to robust demand for AI servers and traditional servers.</li><li>Diluted earnings per share (EPS) reached $2.15, reflecting a 14% rise, while cash flow from operations was $1.6 billion.</li></ul>

Dell Technologies Inc. reported solid results for the fiscal year 2025 third quarter, demonstrating both strengths and challenges across its various segments.The company achieved a revenue of $24.4 billion, marking a 10% increase year-over-year, driven by strong growth in its Infrastructure Solutions Group (ISG) thanks to robust demand for AI servers and traditional servers.Diluted earnings per share (EPS) reached $2.15, reflecting a 14% rise, while cash flow from operations was $1.6 billion.

Dell Technologies: An Insight Into Expansion Beyond Endpoint Security & Storage Opportunities! - Major Drivers

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Auto LED orders set to increase significantly for a year, with Edison predicting double growth by 2025.</li><li>TSMC upgrades CoWoS technology to compete with 9x reticle sizes by 2027, showing continuous advancement in semiconductor manufacturing.</li><li>MiTAC plans to double capital expenditures in 2025 to diversify production under the new administration of Trump 2.0.</li></ul>

Auto LED orders set to increase significantly for a year, with Edison predicting double growth by 2025.TSMC upgrades CoWoS technology to compete with 9x reticle sizes by 2027, showing continuous advancement in semiconductor manufacturing.MiTAC plans to double capital expenditures in 2025 to diversify production under the new administration of Trump 2.0.

Tech Supply Chain Tracker (03-Dec-2024): Oct 2024: Notebook shipment update

<ul><li>HP undergoes leadership overhaul and revamps supply chain in preparation for Trump 2.0, while strict qualification measures impact 7nm technology development.</li><li>TSMC's AI chip expansion is overshadowed by the potential return of Trump, with global notebook shipments fluctuating in Q3/Q4 2024.</li><li>DIGITIMES Research forecasts a steady revenue growth of over 10% CAGR for the global wafer foundry industry during the 2024-2029 period, while Apple India's sales soar to US$8B driven by strong iPhone sales. Availability of Samsung's HBM3E for Nvidia's Blackwell remains uncertain.</li></ul>

HP undergoes leadership overhaul and revamps supply chain in preparation for Trump 2.0, while strict qualification measures impact 7nm technology development.TSMC's AI chip expansion is overshadowed by the potential return of Trump, with global notebook shipments fluctuating in Q3/Q4 2024.DIGITIMES Research forecasts a steady revenue growth of over 10% CAGR for the global wafer foundry industry during the 2024-2029 period, while Apple India's sales soar to US$8B driven by strong iPhone sales. Availability of Samsung's HBM3E for Nvidia's Blackwell remains uncertain.

Tech Supply Chain Tracker (26-Nov-2024): HP prepares for Trump 2.0 with changes in leadership and supply chain in NA.

<ul><li>2024 Taiwan notebooks set for release in 3rd quarter, increasing competition in the tech market.</li><li>TSMC's October revenue surpasses NT$300 billion, fueled by orders from major clients, showcasing the company's strong performance.</li><li>Wafer Works establishes new 12-inch semiconductor fab in Taiwan to cater to AI and EV industries globally, highlighting the industry's growth and development.</li></ul>

2024 Taiwan notebooks set for release in 3rd quarter, increasing competition in the tech market.TSMC's October revenue surpasses NT$300 billion, fueled by orders from major clients, showcasing the company's strong performance.Wafer Works establishes new 12-inch semiconductor fab in Taiwan to cater to AI and EV industries globally, highlighting the industry's growth and development.

Tech Supply Chain Tracker (09-Nov-2024): Taiwan notebooks, Q3 2024

<ul><li>Hyundai is competing against the US and China in the global autonomous vehicle market, trying to keep up with the latest technological developments.</li><li>Tesla's new Robotaxi and self-driving bus have been unveiled, but doubts linger about whether they will be commercially successful in the long run.</li><li>TsangYow is planning for growth as Asian markets recover, with a Malaysian plant set to launch in 2027. HK startups are utilizing AI for growth in education and tourism sectors.</li></ul>

Hyundai is competing against the US and China in the global autonomous vehicle market, trying to keep up with the latest technological developments.Tesla's new Robotaxi and self-driving bus have been unveiled, but doubts linger about whether they will be commercially successful in the long run.TsangYow is planning for growth as Asian markets recover, with a Malaysian plant set to launch in 2027. HK startups are utilizing AI for growth in education and tourism sectors.

Tech Supply Chain Tracker (17-Oct-2024): Hyundai races to catch up in global AV competition.

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

Dell Technologies: An Insight Into Expansion Beyond Endpoint Security & Storage Opportunities! - Major Drivers

Dell Technologies Inc. reported solid results for the fiscal year 2025 third quarter, demonstrating both strengths and challenges across its...

Baptista Research

Tech Supply Chain Tracker (03-Dec-2024): Oct 2024: Notebook shipment update

October 2024 update: Strong notebook shipments, LED orders rising, TSMC advancing technology, MiTAC plans to diversify, SMIC driving China's...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (26-Nov-2024): HP prepares for Trump 2.0 with changes in leadership and supply chain in NA.

HP is preparing for Trump 2.0 with leadership changes and supply chain revamp, while strict wafer scrutiny affects 7nm tech development.

Tech Supply Chain Tracker

Tech Supply Chain Tracker (09-Nov-2024): Taiwan notebooks, Q3 2024

Taiwan's semiconductor industry sees growth as TSMC's revenue surpasses NT$300 billion, Wafer Works opens new fab, SMIC targets global chip market,...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (17-Oct-2024): Hyundai races to catch up in global AV competition.

Hyundai, Tesla, TsangYow, Foxconn, L&T Semicon, and Samsung make moves in autonomous vehicles, AI, energy markets, and labor disputes.

Tech Supply Chain Tracker

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