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>Fabrinet reported a strong third-quarter fiscal 2026 performance with revenue reaching a record $1.214 billion, surpassing guidance and reflecting a 39% year-over-year increase and 7% sequential growth.</li><li>Non-GAAP earnings per share (EPS) also exceeded expectations at $3.72.</li><li>The company's growth was driven primarily by its Optical Communications segment, particularly Telecom revenues which surged 55% year-over-year to $628 million.</li></ul>

Fabrinet reported a strong third-quarter fiscal 2026 performance with revenue reaching a record $1.214 billion, surpassing guidance and reflecting a 39% year-over-year increase and 7% sequential growth.Non-GAAP earnings per share (EPS) also exceeded expectations at $3.72.The company's growth was driven primarily by its Optical Communications segment, particularly Telecom revenues which surged 55% year-over-year to $628 million.

Fabrinet - Fabrinet: A 39% Growth Quarter Faces Fourth Quarter Supply Headwinds!

<ul><li>Fabrinet's recent financial performance in the second quarter of fiscal year 2026 has demonstrated significant growth, surpassing its own projections.</li><li>Revenue hit a record $1.13 billion, marking a 36% year-over-year increase and a 16% sequential rise.</li><li>This performance represents Fabrinet's fastest growth since its IPO over a decade and a half ago.</li></ul>

Fabrinet's recent financial performance in the second quarter of fiscal year 2026 has demonstrated significant growth, surpassing its own projections.Revenue hit a record $1.13 billion, marking a 36% year-over-year increase and a 16% sequential rise.This performance represents Fabrinet's fastest growth since its IPO over a decade and a half ago.

Fabrinet - Fabrinet Is Moving Deeper Into HPC—Can It Scale Beyond a Secondary Supplier Role?

<ul><li>Fabrinet has reported strong financial performance for the first quarter of fiscal year 2026, showcasing a record revenue of $978 million, marking a 22% increase year-over-year and an 8% rise from the previous quarter.</li><li>Non-GAAP earnings per share peaked at $2.92, reflecting the company’s robust operational efficiency and growth momentum.</li><li>The company's positive results are fueled by diverse growth drivers across its business segments, suggesting a promising outlook for the continuation of growth into the second quarter.</li></ul>

Fabrinet has reported strong financial performance for the first quarter of fiscal year 2026, showcasing a record revenue of $978 million, marking a 22% increase year-over-year and an 8% rise from the previous quarter.Non-GAAP earnings per share peaked at $2.92, reflecting the company’s robust operational efficiency and growth momentum.The company's positive results are fueled by diverse growth drivers across its business segments, suggesting a promising outlook for the continuation of growth into the second quarter.

Fabrinet - Fabrinet Goes All-In on HPC: Will This Become Its Biggest Growth Engine?

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>Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre.</li><li>Those lasers have to be grown on a fragile crystal that only a few factories in the world can work at volume, and demand is running well ahead of supply.</li><li>That is why Nvidia, a chip company, paid $2 billion to make sure Lumentum builds more of them.</li></ul>

Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre.Those lasers have to be grown on a fragile crystal that only a few factories in the world can work at volume, and demand is running well ahead of supply.That is why Nvidia, a chip company, paid $2 billion to make sure Lumentum builds more of them.

Nvidia paid Lumentum $2 billion for lasers, because silicon cannot make light

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>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday's close. </li>
<li>We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday's close. 
We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?


Downgrading Staples to Underweight; New Leaders Still Leading As Prior Leaders Consolidate

Cayman Islands

Fabrinet is a specialized Electronics Manufacturing Services (EMS) company that provides advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers (OEMs). The company focuses on complex, quality-critical production, including optical communication components, industrial lasers, automotive components, medical devices, and sensors. Fabrinet was founded in 1999 and is headquartered in Pathumthani, Thailand.

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Fabrinet (FN US)

Fabrinet - Fabrinet: A 39% Growth Quarter Faces Fourth Quarter Supply Headwinds!

Fabrinet reported a strong third-quarter fiscal 2026 performance with revenue reaching a record $1.214 billion, surpassing guidance and reflecting...

Baptista Research

Fabrinet - Fabrinet Is Moving Deeper Into HPC—Can It Scale Beyond a Secondary Supplier Role?

Fabrinet's recent financial performance in the second quarter of fiscal year 2026 has demonstrated significant growth, surpassing its own...

Baptista Research

Fabrinet - Fabrinet Goes All-In on HPC: Will This Become Its Biggest Growth Engine?

Fabrinet has reported strong financial performance for the first quarter of fiscal year 2026, showcasing a record revenue of $978 million, marking...

Baptista Research

Nvidia paid Lumentum $2 billion for lasers, because silicon cannot make light

Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre. Those lasers have to be grown...

The Physical Layer

Downgrading Staples to Underweight; New Leaders Still Leading As Prior Leaders Consolidate

Downgrading Staples $XLP to Underweight; New Leaders Still Leading While Prior Leaders Consolidate; $SMH Above $280, 10-yr Treasury yield below key...

Vermilion Research

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