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. delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>Within the Infrastructure Solutions Group (ISG), traditional server demand saw improvement throughout the quarter, with AI servers maintaining strong traction across diverse customer segments.</li><li>Although storage demand met expectations with a decline, ISG revenue remained steady, witnessing sequential growth in servers and networking revenue, driven by the conversion of PowerEdge XE9680 backlog into revenue.</li></ul>

Dell Technologies Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.Within the Infrastructure Solutions Group (ISG), traditional server demand saw improvement throughout the quarter, with AI servers maintaining strong traction across diverse customer segments.Although storage demand met expectations with a decline, ISG revenue remained steady, witnessing sequential growth in servers and networking revenue, driven by the conversion of PowerEdge XE9680 backlog into revenue.

Dell Technologies Inc.: AI Server Demand & Growth Opportunities! - Major Drivers

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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Taiwan PC names have been the top losers over the recent period, after having previously been the top winners. Our Long Dell vs. Short Acer trade is doing well.</li>
<li>Nanya Tech was a top loser, falling along with its international Memory peers. Nevertheless, we note it underperformed Micron and SK Hynix. We continue to prefer SK Hynix for Memory.</li>
<li>CES is happening now and will be wrapping up Friday. We like our Dell vs. Taiwan PC names through the CES event. TSMC will be reporting results January 18th.</li>
</ul>


Taiwan PC names have been the top losers over the recent period, after having previously been the top winners. Our Long Dell vs. Short Acer trade is doing well.
Nanya Tech was a top loser, falling along with its international Memory peers. Nevertheless, we note it underperformed Micron and SK Hynix. We continue to prefer SK Hynix for Memory.
CES is happening now and will be wrapping up Friday. We like our Dell vs. Taiwan PC names through the CES event. TSMC will be reporting results January 18th.


Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

<ul>
<li>On January 4th, Microsoft announced a design change for PCs whereby a new physical key will be added to PC keyboards; the Microsoft Copilot key.</li>
<li>Microsoft Copilot will become a must-have for companies in our view. Initial Copilot capabilities can dramatically improve worker productivity and this should help drive AI PC upgrades for the industry.</li>
<li>CES 2024 Jan 9th - 12th will showcase AI PC models sporting Intel's Core Ultra processors and Microsoft's new Copilot key. We also update our Dell vs. Taiwan PCs trade.</li>
</ul>


On January 4th, Microsoft announced a design change for PCs whereby a new physical key will be added to PC keyboards; the Microsoft Copilot key.
Microsoft Copilot will become a must-have for companies in our view. Initial Copilot capabilities can dramatically improve worker productivity and this should help drive AI PC upgrades for the industry.
CES 2024 Jan 9th - 12th will showcase AI PC models sporting Intel's Core Ultra processors and Microsoft's new Copilot key. We also update our Dell vs. Taiwan PCs trade.


'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

<ul>
<li>Taiwan PC makers have been top performers in the market; some may worry that their rallies have become over-extended by too much AI PC excitement.</li>
<li>We believe Dell may present a Long opportunity as the Long side to a Long/Short trade whereby one Sells Acer against it. Acer rose over 50% in December.</li>
<li>Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise potential in Dell.</li>
</ul>


Taiwan PC makers have been top performers in the market; some may worry that their rallies have become over-extended by too much AI PC excitement.
We believe Dell may present a Long opportunity as the Long side to a Long/Short trade whereby one Sells Acer against it. Acer rose over 50% in December.
Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise potential in Dell.


AI PC Reality Check: PC Upgrade Cycle Ahead, But Worth a 50% 1M Acer Rally? Long Dell Vs. Short Acer

<ul>
<li>PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results</li>
<li>Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade</li>
<li>Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining</li>
</ul>


PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results
Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade
Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining


Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

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 Inc.: AI Server Demand & Growth Opportunities! - Major Drivers

Dell Technologies Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. Within the Infrastructure...

Baptista Research

Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...

Vincent Fernando, CFA

'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

We believe Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...

Vincent Fernando, CFA

AI PC Reality Check: PC Upgrade Cycle Ahead, But Worth a 50% 1M Acer Rally? Long Dell Vs. Short Acer

Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise...

Vincent Fernando, CFA

Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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Dell Technologies Inc.: AI Server Demand & Growth Opportunities! - Major Drivers

Dell Technologies Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. Within the Infrastructure...

Baptista Research

Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

​Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...

Vincent Fernando, CFA

'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

We believe ​Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...

Vincent Fernando, CFA

AI PC Reality Check: PC Upgrade Cycle Ahead, But Worth a 50% 1M Acer Rally? Long Dell Vs. Short Acer

Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise...

Vincent Fernando, CFA

Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest...

Vincent Fernando, CFA

Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...

We believe Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...