Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> and <a href="https://www.smartkarma.com/entities/deckers-outdoor-corp" target="_blank" data-smartkarma-citation="entities:3028:1" rel="noopener">Deckers Outdoor (DECK US)</a> replace <a href="https://www.smartkarma.com/entities/zions-bancorporation" target="_blank" data-smartkarma-citation="entities:9490:1" rel="noopener">Zions Bancorporation (ZION US)</a> and <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> in the S&amp;P500. 2 changes to 400, 6 to 600.</li>
<li>The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.</li>
</ul>


On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.

Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Zions Bancorporation (ZION US) and Whirlpool Corp (WHR US) in the S&amp;P500. 2 changes to 400, 6 to 600.
The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.


S&P 500/400/600 Index Rebal - It's Not The Trade You Think

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>Intuit reported strong performance in its Q3 FY 2024 results as it continued executing its strategy of becoming a global AI-powered platform for consumers and small businesses.</li><li>The company achieved a 12% growth in revenue with the Small Businesses and Self-Employed Group portion growing 18% despite a volatile environment, indicating the strategic value of their services.</li><li>On the other hand, Consumer Group and Credit Karma exhibited growth rates of 9% and 8%, respectively, driven by product innovation and platform integration benefits.</li></ul>

Intuit reported strong performance in its Q3 FY 2024 results as it continued executing its strategy of becoming a global AI-powered platform for consumers and small businesses.The company achieved a 12% growth in revenue with the Small Businesses and Self-Employed Group portion growing 18% despite a volatile environment, indicating the strategic value of their services.On the other hand, Consumer Group and Credit Karma exhibited growth rates of 9% and 8%, respectively, driven by product innovation and platform integration benefits.

Intuit Inc.: Will Its Investment in Core Money Movement and Risk Management Capabilities Bear Fruit? - Major Drivers

<ul><li>Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year 2024.</li><li>Reinforcing the company's commitment to become a global Artificial Intelligence (AI)-driven expert platform, Intuit reported an 11% growth in revenue, and is on track to achieve its full fiscal year guidance of 11% to 12% revenue growth.</li><li>As for Intuit's tax service, TurboTax, revenue growth of 7% to 8% is expected for the Consumer Group for the full fiscal year.</li></ul>

Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year 2024.Reinforcing the company's commitment to become a global Artificial Intelligence (AI)-driven expert platform, Intuit reported an 11% growth in revenue, and is on track to achieve its full fiscal year guidance of 11% to 12% revenue growth.As for Intuit's tax service, TurboTax, revenue growth of 7% to 8% is expected for the Consumer Group for the full fiscal year.

Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts

<ul><li>Intuit Inc. delivered an all-around beat in the previous quarter, buoyed by a 15% growth in total revenue.</li><li>Small Business and Self-Employed Group revenue surged 18%, while Consumer Group revenue witnessed a commendable 25% growth.</li><li>This positive trajectory was, however, tempered by a 5% decline in Credit Karma revenue, aligning with Q1 expectations given prevailing macroeconomic conditions.</li></ul>

Intuit Inc. delivered an all-around beat in the previous quarter, buoyed by a 15% growth in total revenue.Small Business and Self-Employed Group revenue surged 18%, while Consumer Group revenue witnessed a commendable 25% growth.This positive trajectory was, however, tempered by a 5% decline in Credit Karma revenue, aligning with Q1 expectations given prevailing macroeconomic conditions.

Intuit Inc.: Revolutionizing Business Payments With Quickbooks Bill Pay! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>BILL Holdings is a cloud-based provider of SaaS, payments, spend and expense management products, which automate accounts payable (AP) and accounts receivable (AR) transactions</li>
<li>The company has successfully completed its IPO in 2019 and raised $200M+ in net proceeds. Today, BILL Holdings includes subsidiaries such as Bill.com, DivvyPay, Invoice2go, Cimrid and Finmark Financial.</li>
<li>My bear case assumes a ~5% ten-year revenue CAGR from FY24 through FY34, maximum competitive pressure, high customer churn, headwind to float revenue and volatile transactional revenue.</li>
</ul>


BILL Holdings is a cloud-based provider of SaaS, payments, spend and expense management products, which automate accounts payable (AP) and accounts receivable (AR) transactions
The company has successfully completed its IPO in 2019 and raised $200M+ in net proceeds. Today, BILL Holdings includes subsidiaries such as Bill.com, DivvyPay, Invoice2go, Cimrid and Finmark Financial.
My bear case assumes a ~5% ten-year revenue CAGR from FY24 through FY34, maximum competitive pressure, high customer churn, headwind to float revenue and volatile transactional revenue.


2024 High Conviction: BILL Holdings – Hyper Growth Through M&A Deals Is Over While SMBs Struggle

United States

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals  The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

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Intuit Inc (INTU US)

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

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Intuit reported strong performance in its Q3 FY 2024 results as it continued executing its strategy of becoming a global AI-powered platform for...

Baptista Research

Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts

Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year...

Baptista Research

Intuit Inc.: Revolutionizing Business Payments With Quickbooks Bill Pay! - Major Drivers

Intuit Inc. delivered an all-around beat in the previous quarter, buoyed by a 15% growth in total revenue. Small Business and Self-Employed Group...

Baptista Research

2024 High Conviction: BILL Holdings – Hyper Growth Through M&A Deals Is Over While SMBs Struggle

BILL Holdings shares have underperformed the Nasdaq, with shares down ~40% over the year. My $25 PT is based on ~2x FY25 EV/Rev, the lower-end of...

Andrei Zakharov

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S&P 500/400/600 Index Rebal - It's Not The Trade You Think

​The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

Intuit Inc.: Will Its Investment in Core Money Movement and Risk Management Capabilities Bear Fruit? - Major Drivers

Intuit reported strong performance in its Q3 FY 2024 results as it continued executing its strategy of becoming a global AI-powered platform for...

Baptista Research

Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts

Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year...

Baptista Research

Intuit Inc.: Revolutionizing Business Payments With Quickbooks Bill Pay! - Major Drivers

Intuit Inc. delivered an all-around beat in the previous quarter, buoyed by a 15% growth in total revenue. Small Business and Self-Employed Group...

Baptista Research

2024 High Conviction: BILL Holdings – Hyper Growth Through M&A Deals Is Over While SMBs Struggle

BILL Holdings shares have underperformed the Nasdaq, with shares down ~40% over the year. My $25 PT is based on ~2x FY25 EV/Rev, the lower-end of...

Andrei Zakharov

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...