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>Flex has moved deeper into the AI infrastructure stack with its agreement to acquire EPC Power for approximately $4.4 billion, adding a specialist in power conversion and grid-forming technology to a business already benefiting from accelerating data-center investment.</li><li>The transaction is expected to close in the fourth quarter of calendar 2026, after which EPC Power would become part of Flex’s Cloud and Power Infrastructure, or CPI, segment.</li><li>That timing is particularly notable because Flex plans to separate CPI into an independent publicly traded company during the first quarter of calendar 2027.</li></ul>

Flex has moved deeper into the AI infrastructure stack with its agreement to acquire EPC Power for approximately $4.4 billion, adding a specialist in power conversion and grid-forming technology to a business already benefiting from accelerating data-center investment.The transaction is expected to close in the fourth quarter of calendar 2026, after which EPC Power would become part of Flex’s Cloud and Power Infrastructure, or CPI, segment.That timing is particularly notable because Flex plans to separate CPI into an independent publicly traded company during the first quarter of calendar 2027.

Flex Acquisition Shock: Why The $4.4 Billion EPC Power Deal Could Change Everything!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/flex-ltd">Flex</a> is capitalizing on high-growth secular trends, particularly the build-out of AI and data center infrastructure, which is driving strong performance in its Cloud and Power Infrastructure (CPI) segment.</li>
  <li>A strategic spin-off of the high-growth CPI segment, targeted for Q1 2027, aims to unlock shareholder value by creating two focused public companies with distinct strategies and investment profiles.</li>
  <li>While demonstrating robust growth in key areas and improving margins, the company faces risks from customer concentration in high-growth segments, potential margin pressure from investments, and the inherent cyclicality of the electronics manufacturing industry.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Flex is capitalizing on high-growth secular trends, particularly the build-out of AI and data center infrastructure, which is driving strong performance in its Cloud and Power Infrastructure (CPI) segment.
  A strategic spin-off of the high-growth CPI segment, targeted for Q1 2027, aims to unlock shareholder value by creating two focused public companies with distinct strategies and investment profiles.
  While demonstrating robust growth in key areas and improving margins, the company faces risks from customer concentration in high-growth segments, potential margin pressure from investments, and the inherent cyclicality of the electronics manufacturing industry.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Flex Ltd. reported a strong start to fiscal year 2027, driven by robust execution across its three business segments as it prepares for the upcoming spin-off of its Cloud and Power Infrastructure (CPI) segment scheduled for the first quarter of calendar 2027.</li><li>The company posted revenue growth of 21% year-over-year in the first quarter, reaching $7.9 billion, with adjusted gross margin improving 50 basis points to 9.6%.</li><li>Adjusted operating profit was $534 million, up 35% year-over-year, with operating margins expanding 70 basis points to 6.7%.</li></ul>

Flex Ltd. reported a strong start to fiscal year 2027, driven by robust execution across its three business segments as it prepares for the upcoming spin-off of its Cloud and Power Infrastructure (CPI) segment scheduled for the first quarter of calendar 2027.The company posted revenue growth of 21% year-over-year in the first quarter, reaching $7.9 billion, with adjusted gross margin improving 50 basis points to 9.6%.Adjusted operating profit was $534 million, up 35% year-over-year, with operating margins expanding 70 basis points to 6.7%.

Flex’s 75% CPI Growth Potential: Is The Spin-Off Coming At The Right Time?

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ADDs/DELs for SP500, SP MidCap400, and SP SmallCap600 indices for the June 2026 index rebal event were announced after market close on Friday 5 June 2026.</li>
<li>There are 2 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.</li>
<li>In this insight, we take a look at our final flow expectations for each of these confirmed index changes. We see over $52bn of flows, one-way.</li>
</ul>


The ADDs/DELs for SP500, SP MidCap400, and SP SmallCap600 indices for the June 2026 index rebal event were announced after market close on Friday 5 June 2026.
There are 2 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.
In this insight, we take a look at our final flow expectations for each of these confirmed index changes. We see over $52bn of flows, one-way.


Quiddity SP 500 Jun26 Results: 100% Hit Rate On ADDs; Over US$52bn Combined One-Way Flow

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> and <a href="https://www.smartkarma.com/entities/technipfmc-plc-2f8326ad-9188-44ca-bada-c9b9144835fd" target="_blank" data-smartkarma-citation="entities:13457:1" rel="noopener">TechnipFMC (FTI US)</a> are in MidCap and the top candidates for addition based on high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.</li>
</ul>



Marvell Technology (MRVL US) is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.

Flex (FLEX US) and TechnipFMC (FTI US) are in MidCap and the top candidates for addition based on high eligibility scores.

Flex (FLEX US) is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.


S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

United States

Flex Ltd. operates as an electronics manufacturing services company. The Company designs and develops original design manufacturing (ODM) products for aerospace and defense, cloud, digital health, lighting, housing, energy, industrial, and communication industries. Flex serves customers worldwide.

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Flex (FLEX US)

Flex Acquisition Shock: Why The $4.4 Billion EPC Power Deal Could Change Everything!

Flex has moved deeper into the AI infrastructure stack with its agreement to acquire EPC Power for approximately $4.4 billion, adding a specialist...

Baptista Research

Primer: Flex (FLEX US) - Aug 2026

Flex is capitalizing on high-growth secular trends, particularly the build-out of AI and data center infrastructure, which is driving strong...

αSK Primers

Flex’s 75% CPI Growth Potential: Is The Spin-Off Coming At The Right Time?

Flex Ltd. reported a strong start to fiscal year 2027, driven by robust execution across its three business segments as it prepares for the...

Baptista Research

Quiddity SP 500 Jun26 Results: 100% Hit Rate On ADDs; Over US$52bn Combined One-Way Flow

100% hit rate on our June 2026 SP 500 ADDs. Over US$52bn in combined one way flows across the SP 500 family for the June index rebalance, plus a...

Anjana Amarasuriya

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Flex Acquisition Shock: Why The $4.4 Billion EPC Power Deal Could Change Everything!

Flex has moved deeper into the AI infrastructure stack with its agreement to acquire EPC Power for approximately $4.4 billion, adding a specialist...

Baptista Research

Primer: Flex (FLEX US) - Aug 2026

Flex is capitalizing on high-growth secular trends, particularly the build-out of AI and data center infrastructure, which is driving strong...

αSK Primers

Flex’s 75% CPI Growth Potential: Is The Spin-Off Coming At The Right Time?

Flex Ltd. reported a strong start to fiscal year 2027, driven by robust execution across its three business segments as it prepares for the...

Baptista Research

Quiddity SP 500 Jun26 Results: 100% Hit Rate On ADDs; Over US$52bn Combined One-Way Flow

100% hit rate on our June 2026 SP 500 ADDs. Over US$52bn in combined one way flows across the SP 500 family for the June index rebalance, plus a...

Anjana Amarasuriya

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

​MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...