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>Marvell managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>The company sees significant opportunities in the AI sector, as AI data centers require high-capacity, low-latency connectivity, driving demand for Marvell's PAM4 optical DSP platform.</li><li>Marvell expects the AI trend to continue growing, with plans to double revenue in fiscal 2024 and at least double it again in fiscal 2025.</li></ul>

Marvell managed to exceed analyst expectations in terms of revenue as well as earnings.The company sees significant opportunities in the AI sector, as AI data centers require high-capacity, low-latency connectivity, driving demand for Marvell's PAM4 optical DSP platform.Marvell expects the AI trend to continue growing, with plans to double revenue in fiscal 2024 and at least double it again in fiscal 2025.

Marvell Technology Inc.: Launch Of Silicon Interconnects A Possible Game Changer? – Key Drivers

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>The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 16 June. There are no constituent changes, but there are float and capping changes.</li>
<li>The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$9.26bn.</li>
<li>Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. The stocks are extremely liquid, the impact on the stock in terms of ADV to trade is small.</li>
</ul>


The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 16 June. There are no constituent changes, but there are float and capping changes.
The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$9.26bn.
Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. The stocks are extremely liquid, the impact on the stock in terms of ADV to trade is small.


MVIS US Listed Semiconductor 25 Index Rebalance: Chipping Away

<ul><li>Marvell Technologies had a challenging Q4 but it did manage to surpass the revenue expectations of Wall Street.</li><li>However, the company expects strong growth in revenue from 5G and custom ASICs in Q1, although with gross margins lower than Marvell's average.</li><li>In terms of the end markets, data center revenue declined 13% YoY and 21% sequentially, while the rest of the end markets held up relatively well.</li></ul>

Marvell Technologies had a challenging Q4 but it did manage to surpass the revenue expectations of Wall Street.However, the company expects strong growth in revenue from 5G and custom ASICs in Q1, although with gross margins lower than Marvell's average.In terms of the end markets, data center revenue declined 13% YoY and 21% sequentially, while the rest of the end markets held up relatively well.

Marvell Technologies Inc: 5G & ASICs Saving The Day – Key Growth Drivers

<ul>
<li>The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF tracks the index and has an AUM of US$7.2bn.</li>
<li>Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.</li>
</ul>


The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.
The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$7.2bn.
Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.


MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

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/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</a>'s US$5.00 per ADS privatisation offer from FNOF Precious Honour Limited was overwhelmingly approved by shareholders.</li>
<li>The key remaining condition precedent is obtaining the required regulatory approvals related to the listing rules of NASDAQ and the Cayman Islands. There are no Chinese regulatory approvals required.</li>
<li>The conditions precedent should be satisfied shortly. At the current price and for an end-March close, the gross and annualised spread to the offer is 6.4% and 45.6%, respectively. </li>
</ul>



O2Micro International (OIIM US)'s US$5.00 per ADS privatisation offer from FNOF Precious Honour Limited was overwhelmingly approved by shareholders.
The key remaining condition precedent is obtaining the required regulatory approvals related to the listing rules of NASDAQ and the Cayman Islands. There are no Chinese regulatory approvals required.
The conditions precedent should be satisfied shortly. At the current price and for an end-March close, the gross and annualised spread to the offer is 6.4% and 45.6%, respectively. 


O2Micro (OIIM US): US$5 Privatisation Approved, Spread Remains Wide

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Marvell Technology (MRVL US)

Marvell Technology Inc.: Launch Of Silicon Interconnects A Possible Game Changer? – Key Drivers

Marvell managed to exceed analyst expectations in terms of revenue as well as earnings. The company sees significant opportunities in the AI...

Baptista Research

MVIS US Listed Semiconductor 25 Index Rebalance: Chipping Away

No constituent changes, but there are float/capping changes. Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. Stocks are...

Brian Freitas

Marvell Technologies Inc: 5G & ASICs Saving The Day – Key Growth Drivers

Marvell Technologies had a challenging Q4 but it did manage to surpass the revenue expectations of Wall Street. However, the company expects...

Baptista Research

MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

No constituent changes, but there are float/capping changes. Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. Stocks are...

Brian Freitas

O2Micro (OIIM US): US$5 Privatisation Approved, Spread Remains Wide

The remaining conditions precedent related to regulatory approvals should be satisfied shortly. At the current price and for an end-March close,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)