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>Eaton Corporation's third-quarter 2025 earnings results reflect a mix of robust growth in its key segments, tempered by challenges in some shorter-cycle markets.</li><li>The company reported organic growth of 7% overall, with strong performances in its Electrical Americas and Aerospace divisions.</li><li>Notably, orders in the Electrical Americas segment soared, with a 7% increase on a rolling 12-month basis and a backlog growth of 20%.</li></ul>

Eaton Corporation's third-quarter 2025 earnings results reflect a mix of robust growth in its key segments, tempered by challenges in some shorter-cycle markets.The company reported organic growth of 7% overall, with strong performances in its Electrical Americas and Aerospace divisions.Notably, orders in the Electrical Americas segment soared, with a 7% increase on a rolling 12-month basis and a backlog growth of 20%.

Eaton Corporation: A Game Changing Leap Into Liquid Cooling With The $9.5 Billion Boyd Thermal Acquisition!

<ul><li>Eaton Corporation's second quarter results for 2025 indicate both positive growth and areas requiring attention.</li><li>The company's organic sales growth stood at 8%, marking a significant achievement, as it aligned with the high end of their guidance range.</li><li>Revenue hit a record $7 billion, alongside an adjusted EPS increase of 8%, reaching $2.95.</li></ul>

Eaton Corporation's second quarter results for 2025 indicate both positive growth and areas requiring attention.The company's organic sales growth stood at 8%, marking a significant achievement, as it aligned with the high end of their guidance range.Revenue hit a record $7 billion, alongside an adjusted EPS increase of 8%, reaching $2.95.

Eaton’s Massive Boyd Acquisition Explained—What Wall Street Missed!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ls-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:4114:1" rel="noopener">LS Electric (010120 KS)</a> has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. </li>
<li>Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. </li>
<li>It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.</li>
</ul>



LS Electric (010120 KS) has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. 
Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. 
It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.


AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

<ul><li>An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts.</li><li>Texas Instruments makes many of the small, cheap chips that step it down and keep it safe on the way.</li><li>It is spending tens of billions of dollars on its own American factories to make those chips more cheaply than anyone who rents factory space.</li></ul>

An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts.Texas Instruments makes many of the small, cheap chips that step it down and keep it safe on the way.It is spending tens of billions of dollars on its own American factories to make those chips more cheaply than anyone who rents factory space.

The most expensive chip in an AI rack runs on Texas Instruments' cheapest ones

United States

Eaton Corporation PLC manufactures engineered products for the industrial, vehicle, construction, commercial, and aerospace markets. The Company offers products including hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, and a wide variety of controls. Eaton conducts business in Dublin, Ireland.

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Eaton Corp Plc (ETN US)

Eaton Corporation: A Game Changing Leap Into Liquid Cooling With The $9.5 Billion Boyd Thermal Acquisition!

Eaton Corporation's third-quarter 2025 earnings results reflect a mix of robust growth in its key segments, tempered by challenges in some...

Baptista Research

Eaton’s Massive Boyd Acquisition Explained—What Wall Street Missed!

Eaton Corporation's second quarter results for 2025 indicate both positive growth and areas requiring attention. The company's organic sales...

Baptista Research

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

The most expensive chip in an AI rack runs on Texas Instruments' cheapest ones

An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts. Texas Instruments makes many of the...

The Physical Layer

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