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>The latest earnings of General Motors Company (GM) shed light on several critical aspects of the company, both positive and negative.</li><li>In 2023, GM sold more vehicles in the U.S than any other company, with all brands witnessing year-over-year sales growth.</li><li>Consequently, GM gained U.S. market share, backed by stable pricing and incentives below the industry average.</li></ul>

The latest earnings of General Motors Company (GM) shed light on several critical aspects of the company, both positive and negative.In 2023, GM sold more vehicles in the U.S than any other company, with all brands witnessing year-over-year sales growth.Consequently, GM gained U.S. market share, backed by stable pricing and incentives below the industry average.

General Motors: Will The EV Battery and Autonomy Growth Opportunities Help Prevent Market Share Losses? - Major Drivers

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

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the not-so-positive aspects of the deal.


Horizon Robotics Pre-IPO - The Negatives - Large Part of the Growth Stems from Its JV

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).</li>
<li>The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. </li>
<li>We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  </li>
</ul>


Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).
The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. 
We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  


With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

<ul>
<li>Plunging sales &amp; growing losses, severe price cuts &amp; layoffs, failed FSD, M2 dropped for Robotaxi, and more, confirm that Elon Musk won't fix Tesla's most serious problems—which he created.</li>
<li>He still demands his "unfathomable" pay package be restored, and his feckless, captured Tesla Board is doing exactly what he wants.</li>
<li>But what Tesla’s Board should do, what it should have done years ago, is fire Elon Musk, the single greatest risk to Tesla’s future.</li>
</ul>


Plunging sales &amp; growing losses, severe price cuts &amp; layoffs, failed FSD, M2 dropped for Robotaxi, and more, confirm that Elon Musk won't fix Tesla's most serious problems—which he created.
He still demands his "unfathomable" pay package be restored, and his feckless, captured Tesla Board is doing exactly what he wants.
But what Tesla’s Board should do, what it should have done years ago, is fire Elon Musk, the single greatest risk to Tesla’s future.


Tesla's Won't Fix It's Worst Problems With Elon Musk In Charge

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the positive aspects of the deal.


Horizon Robotics Pre-IPO - The Positives - Rapid Revenue Growth

United States

General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

General Motors (GM US)

Horizon Robotics Pre-IPO - The Negatives - Large Part of the Growth Stems from Its JV

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q, margin contraction, and rising months of inventory. We see...

Andrew Lu

Tesla's Won't Fix It's Worst Problems With Elon Musk In Charge

Elon Musk won't fix Tesla's most serious problems—which he created—and he still demands "unfathomable" pay. The solution is to remove Tesla's...

Vicki Bryan

Horizon Robotics Pre-IPO - The Positives - Rapid Revenue Growth

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

General Motors: Will The EV Battery and Autonomy Growth Opportunities Help Prevent Market Share Losses? - Major Drivers

The latest earnings of General Motors Company (GM) shed light on several critical aspects of the company, both positive and negative. In 2023, GM...

Baptista Research

Horizon Robotics Pre-IPO - The Negatives - Large Part of the Growth Stems from Its JV

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q, margin contraction, and rising months of inventory. We see...

Andrew Lu

Tesla's Won't Fix It's Worst Problems With Elon Musk In Charge

Elon Musk won't fix Tesla's most serious problems—which he created—and he still demands "unfathomable" pay. The solution is to remove Tesla's...

Vicki Bryan

Horizon Robotics Pre-IPO - The Positives - Rapid Revenue Growth

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh