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>Jabil, a diversified manufacturing solutions provider, outlined its financial and strategic achievements for the fiscal year 2024 in its recent earnings call, presided over by newly appointed Chief Executive Officer, Mike Dastoor.</li><li>The call also introduced significant organizational changes designed to sharpen Jabil's focus on three core market segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Jabil, a diversified manufacturing solutions provider, outlined its financial and strategic achievements for the fiscal year 2024 in its recent earnings call, presided over by newly appointed Chief Executive Officer, Mike Dastoor.The call also introduced significant organizational changes designed to sharpen Jabil's focus on three core market segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Jabil Inc.: Will The Diversification Into High-Margin AI Business Yield Dividends? - Major Drivers

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Taiwan's energy policy is challenged by EU pressure on localizing offshore wind, hindering progress in renewable energy development.</li><li>Recycling technology is repurposing electronic waste components like substrates and circuit boards, reducing environmental impact and promoting sustainability.</li><li>Google implements DataGemma to improve accuracy in their hallucination-proofing LLM system, using Data Commons for enhanced performance.</li></ul>

Taiwan's energy policy is challenged by EU pressure on localizing offshore wind, hindering progress in renewable energy development.Recycling technology is repurposing electronic waste components like substrates and circuit boards, reducing environmental impact and promoting sustainability.Google implements DataGemma to improve accuracy in their hallucination-proofing LLM system, using Data Commons for enhanced performance.

Tech Supply Chain Tracker (24-Sep-2024): Taiwan's energy policy faces EU pressure on localization.

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a></strong></em>. </li>
<li>The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.


Lens Technology H Share Listing (6613 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.     </li>
<li>In terms of revenue in 2024, Lens is a global leader in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicle interaction systems.</li>
<li>The investment case is based on a well-performing core business, limited tariff impact, reduced reliance on Apple, strong margins, and robust cash generation. </li>
</ul>



Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.     
In terms of revenue in 2024, Lens is a global leader in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicle interaction systems.
The investment case is based on a well-performing core business, limited tariff impact, reduced reliance on Apple, strong margins, and robust cash generation. 


Lens Technology H Share Listing (6613 HK): The Investment Case

United States

Jabil Circuit, Inc. is an electronic manufacturing services provider for international electronics companies in the communications, personal computer, peripheral, consumer, and automotive markets.  The Company offers circuit design, board design from schematic, prototype assembly, volume board assembly, system assembly, repair, and warranty services.

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Jabil Circuit (JBL US)

Jabil Inc.: Will The Diversification Into High-Margin AI Business Yield Dividends? - Major Drivers

Jabil, a diversified manufacturing solutions provider, outlined its financial and strategic achievements for the fiscal year 2024 in its recent...

Baptista Research

Tech Supply Chain Tracker (24-Sep-2024): Taiwan's energy policy faces EU pressure on localization.

Taiwan's energy policy faces hurdles, Google refurbs e-waste with recycling tech, Qualcomm & MediaTek battle in 3nm SoC, Tata boosts semiconductor...

Tech Supply Chain Tracker

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

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Jabil Inc.: Will The Diversification Into High-Margin AI Business Yield Dividends? - Major Drivers

Jabil, a diversified manufacturing solutions provider, outlined its financial and strategic achievements for the fiscal year 2024 in its recent...

Baptista Research

Tech Supply Chain Tracker (24-Sep-2024): Taiwan's energy policy faces EU pressure on localization.

Taiwan's energy policy faces hurdles, Google refurbs e-waste with recycling tech, Qualcomm & MediaTek battle in 3nm SoC, Tata boosts semiconductor...

Tech Supply Chain Tracker

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

Lens Technology H Share Listing (6613 HK): Valuation Insights

The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.

Arun George

Lens Technology H Share Listing (6613 HK): The Investment Case

Lens Technology has launched an H Share listing to raise US$600 million. The H Shares will be listed on 9 July. In this note, I discuss the...

Arun George