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.'s latest earnings provided a comprehensive overview of the company's financial performance and strategic direction.</li><li>The company ended fiscal year 2025 with strong financial results, highlighting both an 8% increase in annual revenue to $95.6 billion and a 10% rise in earnings per share (EPS) to $8.14.</li><li>The operating income was also notably high at $8.5 billion, underscoring cost efficiency with a 4% reduction in operating expenses.</li></ul>

Dell Technologies Inc.'s latest earnings provided a comprehensive overview of the company's financial performance and strategic direction.The company ended fiscal year 2025 with strong financial results, highlighting both an 8% increase in annual revenue to $95.6 billion and a 10% rise in earnings per share (EPS) to $8.14.The operating income was also notably high at $8.5 billion, underscoring cost efficiency with a 4% reduction in operating expenses.

Dell Technologies Is Betting Big In AI Infrastructure—Are PC Refresh Cycles Next?

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

<ul>
<li>
ASUS beat 1Q25 expectations, but flagged tariff risks and a potential PC demand slowdown in 2H25 as consumers front-load purchases ahead of pricing uncertainty.</li>
<li>
PC segment growth outperformed the market, led by &gt;30% YoY gains in commercial PCs and strong momentum in AI-capable and gaming systems.</li>
<li>
On-Device AI execution is emerging as the next PC evolution; Asus is preparing for this shift with GX10 edge devices and deeper integration of AI across product lines.</li>
</ul>



ASUS beat 1Q25 expectations, but flagged tariff risks and a potential PC demand slowdown in 2H25 as consumers front-load purchases ahead of pricing uncertainty.

PC segment growth outperformed the market, led by &gt;30% YoY gains in commercial PCs and strong momentum in AI-capable and gaming systems.

On-Device AI execution is emerging as the next PC evolution; Asus is preparing for this shift with GX10 edge devices and deeper integration of AI across product lines.


PC Monitor: Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>US and China are fiercely competing in the development of humanoid robots, with China's DeepSeek V3 setting new standards in AI technology on Apple's Mac Studio.</li><li>A Dell executive cautions against the hype surrounding AI, emphasizing the critical need for a strategic approach and proposing a two-question reality check at the AI EXPO 2025.</li><li>Vietnam responds to US trade surplus and tariff concerns by reducing tariffs and approving StarLink, showcasing the country's efforts to address economic challenges.</li></ul>

US and China are fiercely competing in the development of humanoid robots, with China's DeepSeek V3 setting new standards in AI technology on Apple's Mac Studio.A Dell executive cautions against the hype surrounding AI, emphasizing the critical need for a strategic approach and proposing a two-question reality check at the AI EXPO 2025.Vietnam responds to US trade surplus and tariff concerns by reducing tariffs and approving StarLink, showcasing the country's efforts to address economic challenges.

Tech Supply Chain Tracker (28-Mar-2025): US and China in robotic race.

<ul><li>Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both opportunities and challenges for investors.</li><li>The company recorded $95.6 billion in revenue for the fiscal year, reflecting an 8% increase, and achieved an operating income of $8.5 billion.</li><li>Notably, Dell achieved a record EPS of $8.14, an increase of 10%, attributing this success to efficiency improvements and cost reductions, with operating expenses decreasing by 4% year-over-year.</li></ul>

Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both opportunities and challenges for investors.The company recorded $95.6 billion in revenue for the fiscal year, reflecting an 8% increase, and achieved an operating income of $8.5 billion.Notably, Dell achieved a record EPS of $8.14, an increase of 10%, attributing this success to efficiency improvements and cost reductions, with operating expenses decreasing by 4% year-over-year.

Dell Technologies: Is There Going To Be A Robust Impact Of AI and Data Center Solutions Growth In The Coming Years?

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Trump Adminstration Gearing Up to Further Restrict China's Access to Chip Technology -- Could Restrict Servicing of Existing Equipment</li>
<li>Foxconn and Honda: Could This Be a New Alliance in EV Manufacturing?</li>
<li>TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes... </li>
</ul>


Trump Adminstration Gearing Up to Further Restrict China's Access to Chip Technology -- Could Restrict Servicing of Existing Equipment
Foxconn and Honda: Could This Be a New Alliance in EV Manufacturing?
TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes... 


Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

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 Is Betting Big In AI Infrastructure—Are PC Refresh Cycles Next?

Dell Technologies Inc.'s latest earnings provided a comprehensive overview of the company's financial performance and strategic direction. The...

Baptista Research

PC Monitor: Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift

ASUS surpasses 1Q25 expectations, warns of tariff risks and possible PC demand dip in 2H25 due to pricing uncertainty. PC segment growth strong,...

Vincent Fernando, CFA

Tech Supply Chain Tracker (28-Mar-2025): US and China in robotic race.

US and China compete in the cutting-edge AI race as China's DeepSeek V3 raises the bar, while Dell execs caution against AI hype at AI EXPO 2025...

Tech Supply Chain Tracker

Dell Technologies: Is There Going To Be A Robust Impact Of AI and Data Center Solutions Growth In The Coming Years?

Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both...

Baptista Research

Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dell Technologies Is Betting Big In AI Infrastructure—Are PC Refresh Cycles Next?

Dell Technologies Inc.'s latest earnings provided a comprehensive overview of the company's financial performance and strategic direction. The...

Baptista Research

PC Monitor: Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift

​ASUS surpasses 1Q25 expectations, warns of tariff risks and possible PC demand dip in 2H25 due to pricing uncertainty. PC segment growth strong,...

Vincent Fernando, CFA

Tech Supply Chain Tracker (28-Mar-2025): US and China in robotic race.

US and China compete in the cutting-edge AI race as China's DeepSeek V3 raises the bar, while Dell execs caution against AI hype at AI EXPO 2025...

Tech Supply Chain Tracker

Dell Technologies: Is There Going To Be A Robust Impact Of AI and Data Center Solutions Growth In The Coming Years?

Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both...

Baptista Research

Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

​Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...

Vincent Fernando, CFA

ASUS surpasses 1Q25 expectations, warns of tariff risks and possible PC demand dip in 2H25 due to pricing uncertainty. PC segment growth strong,...

Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...