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.

Credit

<ul><li>First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.</li><li>On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.</li><li>The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.</li></ul>

First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.

First Solar’s Strategic Reset: Tax Credits, Legal Battles, & America’s Next Solar Boom!

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!

<ul><li>First Solar presented a mixed set of results for its financial performance in 2024 and discussed objectives for 2025.</li><li>The company recorded 2024 net sales of $4.2 billion, a 27% increase from the previous year, reflecting robust demand marked by the sale of a record 14.1 gigawatts of modules.</li><li>However, full-year diluted earnings per share of $12.02 missed the lower end of guidance, largely influenced by unexpected costs and operational inefficiencies.</li></ul>

First Solar presented a mixed set of results for its financial performance in 2024 and discussed objectives for 2025.The company recorded 2024 net sales of $4.2 billion, a 27% increase from the previous year, reflecting robust demand marked by the sale of a record 14.1 gigawatts of modules.However, full-year diluted earnings per share of $12.02 missed the lower end of guidance, largely influenced by unexpected costs and operational inefficiencies.

First Solar Inc.: Is The Expansion of U.S. Manufacturing Capacity A Positive Sign?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

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

Macroeconomics

<ul>
<li>On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.</li>
<li>A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. </li>
<li>A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. </li>
</ul>


On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.
A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. 
A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. 


US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

United States

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

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First Solar Inc (FSLR US)

First Solar’s Strategic Reset: Tax Credits, Legal Battles, & America’s Next Solar Boom!

First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges. On the one hand, the company...

Baptista Research

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

First Solar Inc.: Is The Expansion of U.S. Manufacturing Capacity A Positive Sign?

First Solar presented a mixed set of results for its financial performance in 2024 and discussed objectives for 2025. The company recorded 2024...

Baptista Research

US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

RCP predicts a big Trump win, TheEconomist a narrow Harris one. Turnout key for Trump; his win would lower oil prices & hit China, benefitting the...

Prasenjit K. Basu

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