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 Capital Markets

Hewlett Packard Enterprise  / Equity Capital Markets

<ul><li>Hewlett Packard Enterprise delivered an outstanding financial result in the fourth quarter resulting from a record demand for its offerings.</li><li>It is worth highlighting that the management saw a higher demand for its cloud-based offerings in the second half of the year, resulting in a 16% increase in orders.</li><li>We remain bullish on Hewlett Packard Enterprise and give it an 'Outperform' rating with a revised target price.</li></ul>

Hewlett Packard Enterprise delivered an outstanding financial result in the fourth quarter resulting from a record demand for its offerings.It is worth highlighting that the management saw a higher demand for its cloud-based offerings in the second half of the year, resulting in a 16% increase in orders.We remain bullish on Hewlett Packard Enterprise and give it an 'Outperform' rating with a revised target price.

Hewlett Packard Enterprises: Improving Recurring Revenues (12/2021)

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul><li>The unprecedented amount of liquidity is having profound implications for high growth tech companies.</li><li>Expected topline growth rate has become the number one business valuation driver in the cloud space.</li><li>The hidden risk of rising interest rates and fading momentum trade is often left unaccounted for, which could soon create serious problems.</li></ul>

The unprecedented amount of liquidity is having profound implications for high growth tech companies.Expected topline growth rate has become the number one business valuation driver in the cloud space.The hidden risk of rising interest rates and fading momentum trade is often left unaccounted for, which could soon create serious problems.

The Cloud Space In Numbers: What Matters The Most

<ul><li>Hewlett Packard Enterprise delivered an extraordinary third quarter with strong growth in orders, expanded margins, and record-free cash flows.</li><li>One of the biggest drivers of this growth is the Intelligent Edge business which accelerated its momentum in the third quarter with 23% year-over-year revenue growth.</li><li>While we are reasonably optimistic about Hewlett Packard, we maintain our ‘Hold’ rating with a revised target price.</li></ul>

Hewlett Packard Enterprise delivered an extraordinary third quarter with strong growth in orders, expanded margins, and record-free cash flows.One of the biggest drivers of this growth is the Intelligent Edge business which accelerated its momentum in the third quarter with 23% year-over-year revenue growth.While we are reasonably optimistic about Hewlett Packard, we maintain our ‘Hold’ rating with a revised target price.

Hewlett Packard Enterprise Co - Investment Thesis

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Plover Bay Technologies / Equity Bottom-Up

<ul>
<li>Plover Bay appears cheaply valued by Mr. Market in light of the highly promising growth prospect of the SD-WAN space;</li>
<li>We find it worthwhile to dive deeper into the business and look for any value play (or value trap) from a long-term investing perspective.</li>
</ul>


Plover Bay appears cheaply valued by Mr. Market in light of the highly promising growth prospect of the SD-WAN space;
We find it worthwhile to dive deeper into the business and look for any value play (or value trap) from a long-term investing perspective.


Plover Bay: A Value Play Or A Value Trap?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We reinitiate our coverage on VCOM with a Buy call and a target price of Bt6.70/share, based on 2021E PER of 18x.</li><li>Our Buy rating is underpinned by projected three-year earnings growth at a 23% CAGR, driven by growing demand for IT investment for enterprise alongside the dynamic digital technology cycle.</li><li>VCOM is a leading IT distributor serving corporate clients with a wide range of sophisticated requirements.</li></ul>

We reinitiate our coverage on VCOM with a Buy call and a target price of Bt6.70/share, based on 2021E PER of 18x.Our Buy rating is underpinned by projected three-year earnings growth at a 23% CAGR, driven by growing demand for IT investment for enterprise alongside the dynamic digital technology cycle.VCOM is a leading IT distributor serving corporate clients with a wide range of sophisticated requirements.

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

Hewlett Packard Enterprises: Improving Recurring Revenues (12/2021)

Hewlett Packard Enterprise delivered an outstanding financial result in the fourth quarter resulting from a record demand for its offerings. It is...

Baptista Research

The Cloud Space In Numbers: What Matters The Most

The unprecedented amount of liquidity is having profound implications for high growth tech companies. Expected topline growth rate has become the...

Vladimir Dimitrov, CFA

Hewlett Packard Enterprise Co - Investment Thesis

Hewlett Packard Enterprise delivered an extraordinary third quarter with strong growth in orders, expanded margins, and record-free cash...

Baptista Research

Plover Bay: A Value Play Or A Value Trap?

Plover Bay appears cheaply valued at the backdrop of the highly promising SD-WAN space, and we find it worthwhile to dive deeper into the business...

Urbem Capital

Moving Forward

We reinitiate our coverage on VCOM with a Buy call and a target price of Bt6.70/share, based on 2021E PER of 18x. Our Buy rating is underpinned by...

Krungthai XSpring

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