Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

<p>During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of <a href="https://www.smartkarma.com/entities/214" target="_blank" data-smartkarma-citation="entities:214:1">Siam Commercial Bank Pub Co (SCB TB)</a>, and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…</p>

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of Siam Commercial Bank Pub Co (SCB TB), and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

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 has reported strong results for the third quarter of fiscal year 2025, which ended on March 28, 2025.</li><li>The company achieved a revenue of $872 million, surpassing its guidance range, and non-GAAP earnings per share stood at $2.52, also above expectations.</li><li>This performance highlights Fabrinet's robust execution capabilities, especially in the optical communications sector where telecom revenue demonstrated significant growth, counterbalancing a predicted decline in datacom revenue.</li></ul>

Fabrinet has reported strong results for the third quarter of fiscal year 2025, which ended on March 28, 2025.The company achieved a revenue of $872 million, surpassing its guidance range, and non-GAAP earnings per share stood at $2.52, also above expectations.This performance highlights Fabrinet's robust execution capabilities, especially in the optical communications sector where telecom revenue demonstrated significant growth, counterbalancing a predicted decline in datacom revenue.

Fabrinet - Fabrinet: The Rise of 1.6T Datacom Products & 4 Solid Growth Catalysts!

<ul><li>Fabrinet reported robust results for the second quarter of fiscal year 2025, showcasing significant topline and bottom-line improvements.</li><li>Revenue for the quarter reached $834 million, marking a 17% increase year-over-year and a 4% sequential rise.</li><li>This growth exceeded expectations and translated into a record non-GAAP earnings per share of $2.61.</li></ul>

Fabrinet reported robust results for the second quarter of fiscal year 2025, showcasing significant topline and bottom-line improvements.Revenue for the quarter reached $834 million, marking a 17% increase year-over-year and a 4% sequential rise.This growth exceeded expectations and translated into a record non-GAAP earnings per share of $2.61.

Fabrinet - Fabrinet: Expansion of Manufacturing Capacity For Resurgence In Telecom!

<ul><li>Fabrinet's first-quarter results for fiscal year 2025 reveal both promising growth and challenges.</li><li>With a revenue of $804 million, the company surpassed the upper end of its guidance range, representing a 17% year-over-year increase and a 7% sequential rise from the previous quarter.</li><li>This growth was driven by significant performances in its major operating segments, particularly in optical communications.</li></ul>

Fabrinet's first-quarter results for fiscal year 2025 reveal both promising growth and challenges.With a revenue of $804 million, the company surpassed the upper end of its guidance range, representing a 17% year-over-year increase and a 7% sequential rise from the previous quarter.This growth was driven by significant performances in its major operating segments, particularly in optical communications.

Fabrinet - Fabrinet: An Insight Into Its Automotive & Industrial Innovation & Other Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> were finally added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and there is huge size to trade in the stocks.</li>
<li>There will also be big buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> following a float increase driven by <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> selling last quarter.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.

Dell Technologies (DELL US) and Palantir Technologies (PLTR US) were finally added to the S&amp;P 500 INDEX (SPX INDEX) and there is huge size to trade in the stocks.
There will also be big buying in Apple (AAPL US) following a float increase driven by Berkshire Hathaway Inc Cl A (BRK/A US) selling last quarter.


S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

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)

Silicon Sequel: SCB on Fintech

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy & Business Development of Siam...

Athaporn Arayasantiparb, CFA

Fabrinet - Fabrinet: The Rise of 1.6T Datacom Products & 4 Solid Growth Catalysts!

Fabrinet has reported strong results for the third quarter of fiscal year 2025, which ended on March 28, 2025. The company achieved a revenue of...

Baptista Research

Fabrinet - Fabrinet: Expansion of Manufacturing Capacity For Resurgence In Telecom!

Fabrinet reported robust results for the second quarter of fiscal year 2025, showcasing significant topline and bottom-line improvements. Revenue...

Baptista Research

Fabrinet - Fabrinet: An Insight Into Its Automotive & Industrial Innovation & Other Major Drivers

Fabrinet's first-quarter results for fiscal year 2025 reveal both promising growth and challenges. With a revenue of $804 million, the company...

Baptista Research

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

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