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. showcased robust performance in the second quarter of fiscal year 2025, driven mainly by solid advancements in artificial intelligence (AI) technology and strong server sales (a staggering 80% jump).</li><li>The company reported revenue of $25 billion, reflecting a 9% increase year-over-year, and diluted earnings per share (EPS) also rose by 9% to $1.89.</li><li>This growth was supported by significant demand in their infrastructure solutions group, particularly from Tier 2 cloud service providers, and an increasing engagement in AI server solutions from enterprise customers.</li></ul>

Dell Technologies Inc. showcased robust performance in the second quarter of fiscal year 2025, driven mainly by solid advancements in artificial intelligence (AI) technology and strong server sales (a staggering 80% jump).The company reported revenue of $25 billion, reflecting a 9% increase year-over-year, and diluted earnings per share (EPS) also rose by 9% to $1.89.This growth was supported by significant demand in their infrastructure solutions group, particularly from Tier 2 cloud service providers, and an increasing engagement in AI server solutions from enterprise customers.

Dell Technologies & The Growing Demand For AI-Optimized Servers: Is There A Real Upside?

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>AI advancements driving demand for MLCCs, leading to growth in passive component industry and shaping future technology trends.</li><li>Super Micro Computer faces delay in annual report filing amid allegations of accounting manipulation, raising concerns in the tech market.</li><li>Industry predictions for Semicon India 2024 and updates from Intel and Sony on upgrades in car cockpits and price increase on PS5 due to rising component costs. Taiwan drone market facing potential delay due to China's dominance in crucial modules.</li></ul>

AI advancements driving demand for MLCCs, leading to growth in passive component industry and shaping future technology trends.Super Micro Computer faces delay in annual report filing amid allegations of accounting manipulation, raising concerns in the tech market.Industry predictions for Semicon India 2024 and updates from Intel and Sony on upgrades in car cockpits and price increase on PS5 due to rising component costs. Taiwan drone market facing potential delay due to China's dominance in crucial modules.

Tech Supply Chain Tracker (30-Aug-2024): AI boosts MLCC demand, industry set to grow.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data</li>
<li>With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits</li>
<li>Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks</li>
</ul>


There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data
With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits
Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks


US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

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 Tech Stocks Rally, But Lag Nvidia's Massive Rally; Prepare for Nvidia, Dell, HP Results Next Week</li>
<li>Hon Hai &amp; Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound </li>
<li>TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering? Why It Is Significant</li>
</ul>


Taiwan Tech Stocks Rally, But Lag Nvidia's Massive Rally; Prepare for Nvidia, Dell, HP Results Next Week
Hon Hai &amp; Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound 
TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering? Why It Is Significant


Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

<ul>
<li>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

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 & The Growing Demand For AI-Optimized Servers: Is There A Real Upside?

Dell Technologies Inc. showcased robust performance in the second quarter of fiscal year 2025, driven mainly by solid advancements in artificial...

Baptista Research

Tech Supply Chain Tracker (30-Aug-2024): AI boosts MLCC demand, industry set to grow.

AI drives MLCC demand in passive components, Super Micro Computer delays filing due to accounting issues, Semicon India predicts semiconductor...

Tech Supply Chain Tracker

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

HFD shows deposits at US banks of USD18.2trillion as at 11June. This is even higher than in the preceding several weeks and one of the highest...

Daniel Tabbush

Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dell Technologies & The Growing Demand For AI-Optimized Servers: Is There A Real Upside?

Dell Technologies Inc. showcased robust performance in the second quarter of fiscal year 2025, driven mainly by solid advancements in artificial...

Baptista Research

Tech Supply Chain Tracker (30-Aug-2024): AI boosts MLCC demand, industry set to grow.

AI drives MLCC demand in passive components, Super Micro Computer delays filing due to accounting issues, Semicon India predicts semiconductor...

Tech Supply Chain Tracker

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

HFD shows deposits at US banks of USD18.2trillion as at 11June. This is even higher than in the preceding several weeks and one of the highest...

Daniel Tabbush

Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

​Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...