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 Co / Equity Capital Markets

<ul><li>HP Inc delivered exceptional sustained revenue, operating profit, and free cash flow growth in the fourth quarter, keeping up with its track record of meeting or exceeding its goals.</li><li>The overall industry outlook for PC consumption continues to be positive and the management has manifestd its confidence through an encouraging long-term financial outlook.</li><li>The primary reason behind HP's success is the improved mix they are driving, given its leadership in the commercial PC market.</li></ul>

HP Inc delivered exceptional sustained revenue, operating profit, and free cash flow growth in the fourth quarter, keeping up with its track record of meeting or exceeding its goals.The overall industry outlook for PC consumption continues to be positive and the management has manifestd its confidence through an encouraging long-term financial outlook.The primary reason behind HP's success is the improved mix they are driving, given its leadership in the commercial PC market.

HP Inc: Commercial PC Momentum Continues (12/2021)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a> announced a pre-conditional privatisation offer from Mr Tan, Mr Lim and CVC at HK$2.82 per share, a 55.8% premium to the unaffected price. </li>
<li>The pre-condition is anti-trust approval in several countries. Key conditions are the headcount test and approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders rejection).  </li>
<li>While the offer will leave many disappointed (such as IPO investors), it is reasonable compared to historical share prices and multiples. The gross spread at the last close is 14.6%. </li>
</ul>



Razer Inc (1337 HK) announced a pre-conditional privatisation offer from Mr Tan, Mr Lim and CVC at HK$2.82 per share, a 55.8% premium to the unaffected price. 
The pre-condition is anti-trust approval in several countries. Key conditions are the headcount test and approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders rejection).  
While the offer will leave many disappointed (such as IPO investors), it is reasonable compared to historical share prices and multiples. The gross spread at the last close is 14.6%. 


Razer’s Privatisation Bid by Founders and CVC

<ul><li>HP Inc delivered a mediocre result with a revenue growth of 7% that was below our expectations.</li><li>However, the company’s non-GAAP net earnings increased 71% to $1.2 billion which was far ahead of what the Wall Street had anticipated.</li><li>HP’s strong cash flow generation continued as it generated $1 billion of free cash flow, returning $1.7 billion to shareholders.</li></ul>

HP Inc delivered a mediocre result with a revenue growth of 7% that was below our expectations.However, the company’s non-GAAP net earnings increased 71% to $1.2 billion which was far ahead of what the Wall Street had anticipated.HP’s strong cash flow generation continued as it generated $1 billion of free cash flow, returning $1.7 billion to shareholders.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

On Friday post market close, S&amp;P Dow Jones announced the results of the March review for the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a> that will be effective after the close of trading on 19 March.There are 4 additions - <a href="https://www.smartkarma.com/entities/nxp-semiconductors-nv" target="_blank" data-smartkarma-citation="entities:9801:1" rel="noopener">Nxp Semiconductors Nv (NXPI US)</a>, <a href="https://www.smartkarma.com/entities/penn-national-gaming-inc" target="_blank" data-smartkarma-citation="entities:5588:1" rel="noopener">Penn National Gaming (PENN US)</a>, <a href="https://www.smartkarma.com/entities/generac-holdings-inc" target="_blank" data-smartkarma-citation="entities:16223:1" rel="noopener">Generac Holdings (GNRC US)</a> and <a href="https://www.smartkarma.com/entities/caesars-entertainment-corp" target="_blank" data-smartkarma-citation="entities:15532:1" rel="noopener">Caesars Entertainment (CZR US)</a>. To balance that out, there are 4 deletions - <a href="https://www.smartkarma.com/entities/flowserve-corp" target="_blank" data-smartkarma-citation="entities:20555:1" rel="noopener">Flowserve Corp (FLS US)</a>, <a href="https://www.smartkarma.com/entities/sl-green-realty-corp" target="_blank" data-smartkarma-citation="entities:1548:1" rel="noopener">Sl Green Realty (SLG US)</a>, <a href="https://www.smartkarma.com/entities/xerox-holdings-corp" target="_blank" data-smartkarma-citation="entities:17585:1" rel="noopener">Xerox Corp (XRX US)</a> and <a href="https://www.smartkarma.com/entities/vontier-corp" target="_blank" data-smartkarma-citation="entities:28857:1" rel="noopener">Vontier Corp (VNT US)</a>.We estimate one-way turnover will be around US$22.4bn and the funding trade will see selling on a lot of the current index constituents.The biggest impact of the changes will be on <a href="https://www.smartkarma.com/entities/nxp-semiconductors-nv" target="_blank" data-smartkarma-citation="entities:9801:1" rel="noopener">Nxp Semiconductors Nv (NXPI US)</a> where we estimate passive funds will need to buy around 11 days of ADV on the stock. The impact on the other stocks is much lower due to the move between the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a> and the S&amp;P Mid Cap 400 indices.

On Friday post market close, S&amp;P Dow Jones announced the results of the March review for the S&amp;P 500 (SPX INDEX) that will be effective after the close of trading on 19 March.There are 4 additions - Nxp Semiconductors Nv (NXPI US), Penn National Gaming (PENN US), Generac Holdings (GNRC US) and Caesars Entertainment (CZR US). To balance that out, there are 4 deletions - Flowserve Corp (FLS US), Sl Green Realty (SLG US), Xerox Corp (XRX US) and Vontier Corp (VNT US).We estimate one-way turnover will be around US$22.4bn and the funding trade will see selling on a lot of the current index constituents.The biggest impact of the changes will be on Nxp Semiconductors Nv (NXPI US) where we estimate passive funds will need to buy around 11 days of ADV on the stock. The impact on the other stocks is much lower due to the move between the S&amp;P 500 (SPX INDEX) and the S&amp;P Mid Cap 400 indices.

S&P500 Index Rebalance: NXPI Is the One to Watch

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>AI-Driven demand for High Bandwidth Memory (HBM) has triggered a global DRAM supercycle, with prices rising over 170% year-on-year by late 2025.</li>
<li>Indian listed distributors <a href="https://www.smartkarma.com/entities/rashi-peripherals-private-limited" target="_blank" data-smartkarma-citation="entities:44377:1" rel="noopener">Rashi Peripherals (RPTECH IN)</a> and GNG Electronics- one riding pre-buy inventory demand, the other benefiting from structural cost tailwinds in refurbishment.</li>
<li>Government is also pushing chip manufacturing in India by introducing India Semiconductor Mission (ISM), backed by INR 1.8 lakh crore as incentives.</li>
</ul>


AI-Driven demand for High Bandwidth Memory (HBM) has triggered a global DRAM supercycle, with prices rising over 170% year-on-year by late 2025.
Indian listed distributors Rashi Peripherals (RPTECH IN) and GNG Electronics- one riding pre-buy inventory demand, the other benefiting from structural cost tailwinds in refurbishment.
Government is also pushing chip manufacturing in India by introducing India Semiconductor Mission (ISM), backed by INR 1.8 lakh crore as incentives.


Sharp Surge in Memory Chip Prices: 2 Smallcap Indian Benficiaries

United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ US)

HP Inc: Commercial PC Momentum Continues (12/2021)

HP Inc delivered exceptional sustained revenue, operating profit, and free cash flow growth in the fourth quarter, keeping up with its track...

Baptista Research

Razer’s Privatisation Bid by Founders and CVC

While the HK$2.82 per share offer will leave many disappointed (such as IPO investors), it is reasonable compared to historical share prices and...

Arun George

HP Inc. - Investment Thesis

HP Inc delivered a mediocre result with a revenue growth of 7% that was below our expectations. However, the company’s non-GAAP net earnings...

Baptista Research

S&P500 Index Rebalance: NXPI Is the One to Watch

There are 4 changes to the S&P500 with NXP Semiconductors the largest beneficiary of the changes. Estimated one-way turnover is US$22.4bn and there...

Brian Freitas

Sharp Surge in Memory Chip Prices: 2 Smallcap Indian Benficiaries

AI-driven demand for High Bandwidth Memory (HBM) fuels global DRAM supercycle, with Indian distributors benefiting and government incentivizing...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HP Inc: Commercial PC Momentum Continues (12/2021)

HP Inc delivered exceptional sustained revenue, operating profit, and free cash flow growth in the fourth quarter, keeping up with its track...

Baptista Research

Razer’s Privatisation Bid by Founders and CVC

While the HK$2.82 per share offer will leave many disappointed (such as IPO investors), it is reasonable compared to historical share prices and...

Arun George

HP Inc. - Investment Thesis

HP Inc delivered a mediocre result with a revenue growth of 7% that was below our expectations. However, the company’s non-GAAP net earnings...

Baptista Research

S&P500 Index Rebalance: NXPI Is the One to Watch

There are 4 changes to the S&P500 with NXP Semiconductors the largest beneficiary of the changes. Estimated one-way turnover is US$22.4bn and there...

Brian Freitas

Sharp Surge in Memory Chip Prices: 2 Smallcap Indian Benficiaries

​AI-driven demand for High Bandwidth Memory (HBM) fuels global DRAM supercycle, with Indian distributors benefiting and government incentivizing...

Sudarshan Bhandari

AI-driven demand for High Bandwidth Memory (HBM) fuels global DRAM supercycle, with Indian distributors benefiting and government incentivizing...