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 Capital Markets

<ul><li>Enphase delivered solid results for the past quarter driven largely by solid revenues through microinverters which helped them produce an all-around beat.</li><li>Enphase Energy has recently announced the launch of IQ8 Microinverters in the Netherlands and France, thereby making the foremost expansion into the international markets for this product.</li><li>In the U.S., the microinverter channel inventory has been very healthy, and its storage channel inventory was slightly elevated because of longer installation times.</li></ul>

Enphase delivered solid results for the past quarter driven largely by solid revenues through microinverters which helped them produce an all-around beat.Enphase Energy has recently announced the launch of IQ8 Microinverters in the Netherlands and France, thereby making the foremost expansion into the international markets for this product.In the U.S., the microinverter channel inventory has been very healthy, and its storage channel inventory was slightly elevated because of longer installation times.

Enphase Energy Inc: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (01/23)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a>, a leading PV inverters manufacturer, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80963" rel="noopener">Growatt Technology IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:81071" rel="noopener">Growatt Technology IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-growing-watts" target="_blank" data-smartkarma-citation="insights:84889" rel="noopener">Growatt Technology IPO: Growing Watts</a>. </li>
<li>In this note, we present our forecasts and take the first look at Giant Biogene's potential valuation range. </li>
</ul>



Growatt Technology (1833969D CH), a leading PV inverters manufacturer, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.  
We previously discussed the IPO in Growatt Technology IPO: The Bull Case, Growatt Technology IPO: The Bear Case and Growatt Technology IPO: Growing Watts. 
In this note, we present our forecasts and take the first look at Giant Biogene's potential valuation range. 


Growatt Technology IPO: Valuation First Look

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. </li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.</li>
<li>In our previous notes, we looked at the company’s past performance, peer comparison and our thoughts on valuation. In this note, we will talk about the updates from its PHIP.</li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. 
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.
In our previous notes, we looked at the company’s past performance, peer comparison and our thoughts on valuation. In this note, we will talk about the updates from its PHIP.


Growatt Technology Pre-IPO - PHIP Updates - Profitability Still Accelerating

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Key supports that we highlighted in last week's Compass (Sept. 7) held strong, including 3900-3910 on the SPX, $293 on the Nasdaq 100 (QQQ), $177-178 on the Russell 2000 (IWM).</li>
<li>We got the bounce where bulls needed to hold, but these levels could be tested again following this morning's hotter-than-expected CPI report.</li>
<li>As long as the aforementioned supports continue to hold, we continue to believe the lows are likely in for this bear market -- something we noted throughout late-July and August.</li>
</ul>


Key supports that we highlighted in last week's Compass (Sept. 7) held strong, including 3900-3910 on the SPX, $293 on the Nasdaq 100 (QQQ), $177-178 on the Russell 2000 (IWM).
We got the bounce where bulls needed to hold, but these levels could be tested again following this morning's hotter-than-expected CPI report.
As long as the aforementioned supports continue to hold, we continue to believe the lows are likely in for this bear market -- something we noted throughout late-July and August.


Supports to Be Tested Again Following CPI? Stick With Solar Stocks, Buying Manufacturing Names

Equity Bottom-Up

<ul><li>Enphase had a good quarter and managed to exceed Wall Street expectations on all counts.</li><li>Its total revenue for the second quarter was $530.2 million, an increase of 20% from the previous quarter.</li><li>In the third quarter, they supplied microinverters rated at about 1,213 megawatts DC and actuators rated at 132.4-megawatt hours.</li></ul>

Enphase had a good quarter and managed to exceed Wall Street expectations on all counts.Its total revenue for the second quarter was $530.2 million, an increase of 20% from the previous quarter.In the third quarter, they supplied microinverters rated at about 1,213 megawatts DC and actuators rated at 132.4-megawatt hours.

Enphase Energy: The GreenCom Networks Acquisition & Other Drivers

United States

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

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Enphase Energy (ENPH US)

Enphase Energy Inc: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (01/23)

Enphase delivered solid results for the past quarter driven largely by solid revenues through microinverters which helped them produce an...

Baptista Research

Growatt Technology IPO: Valuation First Look

Growatt is pre-marketing a US$1.0 billion HKEx IPO. In this note, we present our forecasts and take the first look at Giant Biogene's potential...

Arun George

Growatt Technology Pre-IPO - PHIP Updates - Profitability Still Accelerating

Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the updates from...

Ethan Aw

Supports to Be Tested Again Following CPI? Stick With Solar Stocks, Buying Manufacturing Names

Supports discussed in recent weeks have held, including 3900 on $SPX, $293 on $QQQ, and $177-178 on $IWM. These levels could be tested again...

Vermilion Research

Enphase Energy: The GreenCom Networks Acquisition & Other Drivers

Enphase had a good quarter and managed to exceed Wall Street expectations on all counts. Its total revenue for the second quarter was $530.2...

Baptista Research

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