Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>I’ve been a cyclical bull on crude oil and the global energy sector, but the longer-term transition toward a renewables led and distributed power generation model is gaining momentum.</li>
<li>Onshore wind and solar are now the cheapest forms of new electricity generation in the US, with the DOE forecasting their unsubsidized levelized cost of energy at or below 2.5 cents/kWh.</li>
<li>Wind and solar costs have fallen so dramatically that in many markets they are now half the cost per MW hour of large-scale new…</li>
</ul>


I’ve been a cyclical bull on crude oil and the global energy sector, but the longer-term transition toward a renewables led and distributed power generation model is gaining momentum.
Onshore wind and solar are now the cheapest forms of new electricity generation in the US, with the DOE forecasting their unsubsidized levelized cost of energy at or below 2.5 cents/kWh.
Wind and solar costs have fallen so dramatically that in many markets they are now half the cost per MW hour of large-scale new…


Energy Rally Accelerates, But So Does Renewables Threat...

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>First Solar's second-quarter results for 2025 showcase both achievements and challenges.</li><li>The company reported module sales of 3.6 gigawatts, surpassing previous forecasts, and earnings per share of $3.18, exceeding guidance.</li><li>This reflects an effective operational performance, with 4.2 gigawatts produced during the quarter, including 2.4 gigawatts from U.S. facilities, which highlights the benefits of the Inflation Reduction Act 2022 and related domestic policies.</li></ul>

First Solar's second-quarter results for 2025 showcase both achievements and challenges.The company reported module sales of 3.6 gigawatts, surpassing previous forecasts, and earnings per share of $3.18, exceeding guidance.This reflects an effective operational performance, with 4.2 gigawatts produced during the quarter, including 2.4 gigawatts from U.S. facilities, which highlights the benefits of the Inflation Reduction Act 2022 and related domestic policies.

First Solar Raises International Module Guidance – But Is the Risk Worth the Reward?

<ul><li>First Solar's first-quarter 2025 earnings highlighted a mix of opportunities and challenges for the company.</li><li>The company achieved net bookings of 0.6 gigawatts and now holds a sizeable contracted backlog of 66.3 gigawatts.</li><li>First Solar's module sales for the quarter amounted to 2.9 gigawatts, aligning with its previous forecasts.</li></ul>

First Solar's first-quarter 2025 earnings highlighted a mix of opportunities and challenges for the company.The company achieved net bookings of 0.6 gigawatts and now holds a sizeable contracted backlog of 66.3 gigawatts.First Solar's module sales for the quarter amounted to 2.9 gigawatts, aligning with its previous forecasts.

First Solar’s Flexible Production Strategy Is a Game-Changer—These 4 Elements Are Propelling The Company Forward!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

Hainan Drinda Automotive Trim / Equity Capital Markets

Hainan Drinda Automotive Trim (002865 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hainan-drinda-automotive-trim" target="_blank" data-smartkarma-citation="entities:29412:1" rel="noopener">Hainan Drinda Automotive Trim (002865 CH)</a> (HDNET) raised around US$180m via its A/H listing.</li>
<li>HDNET is a specialized manufacturer of PV cells which are used in making PV modules.</li>
<li>We have looked at the company’s past performance and other deal dynamics, in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Hainan Drinda Automotive Trim (002865 CH) (HDNET) raised around US$180m via its A/H listing.
HDNET is a specialized manufacturer of PV cells which are used in making PV modules.
We have looked at the company’s past performance and other deal dynamics, in our earlier notes. In this note, we talk about the trading dynamics.


Hainan Drinda New Energy (A/H IPO) Trading - Tepid Demand, No Over-Allotment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hainan-drinda-automotive-trim" target="_blank" data-smartkarma-citation="entities:29412:1" rel="noopener">Hainan Drinda Automotive Trim (002865 CH)</a> plans to raise up to US$234m via its A/H listing.</li>
<li>HDNET is a specialized manufacturer of PV cells which are used in making PV modules.</li>
<li>In this note, we look at the company’s recent performance and other deal dynamics, as well as valuations.</li>
</ul>



Hainan Drinda Automotive Trim (002865 CH) plans to raise up to US$234m via its A/H listing.
HDNET is a specialized manufacturer of PV cells which are used in making PV modules.
In this note, we look at the company’s recent performance and other deal dynamics, as well as valuations.


Hainan Drinda New Energy (A/H IPO) - Business Was Acquired for 1/3rd the Price, Three Years Ago

United States

First Solar, Inc. designs and manufactures solar modules.  The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

First Solar Inc (FSLR US)

Energy Rally Accelerates, But So Does Renewables Threat...

I’ve been a cyclical bull on crude oil and the global energy sector, but the longer-term transition toward a renewables led and distributed power...

Sean Maher

First Solar Raises International Module Guidance – But Is the Risk Worth the Reward?

First Solar's second-quarter results for 2025 showcase both achievements and challenges. The company reported module sales of 3.6 gigawatts,...

Baptista Research

First Solar’s Flexible Production Strategy Is a Game-Changer—These 4 Elements Are Propelling The Company Forward!

First Solar's first-quarter 2025 earnings highlighted a mix of opportunities and challenges for the company. The company achieved net bookings of...

Baptista Research

Hainan Drinda New Energy (A/H IPO) Trading - Tepid Demand, No Over-Allotment

Hainan Drinda Automotive Trim (002865 CH) (HDNET) raised around US$180m via its A/H listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Hainan Drinda New Energy (A/H IPO) - Business Was Acquired for 1/3rd the Price, Three Years Ago

Hainan Drinda Automotive Trim (002865 CH) plans to raise up to US$234m via its A/H listing. In this note, we look at the past performance and talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)