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>Micron Technology delivered a decent quarter matching Wall Street expectations in terms of revenues but delivered an earnings beat.</li><li>The company’s performance has been driven by the forte in DRAM shipments to game, console, PC, and cloud customers.</li><li>Among new launches, Micron recently announced the launch of the i400 microSD card and partnership programs with IQ (Industrial Quotient).</li></ul>

Micron Technology delivered a decent quarter matching Wall Street expectations in terms of revenues but delivered an earnings beat.The company’s performance has been driven by the forte in DRAM shipments to game, console, PC, and cloud customers.Among new launches, Micron recently announced the launch of the i400 microSD card and partnership programs with IQ (Industrial Quotient).

Micron Technology Inc.: FValue Proposition

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>Are the cuts a sign of discipline that we have been waiting for or</li>
<li>Is it due to lack of ability to procure the equipment? </li>
<li>Seems a combination of both if you listen to the words of the Chairman</li>
</ul>


Are the cuts a sign of discipline that we have been waiting for or
Is it due to lack of ability to procure the equipment? 
Seems a combination of both if you listen to the words of the Chairman


Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>Vision Fund's public portfolio lost $10bn in Q1 marking the third time in four quarters that valuation losses were in the tens of billions</li>
<li>Global tech weaness remains the main challenge as portfolio losses are matched with concerns on the private portfolio, especially ARM</li>
<li>And worries about ARM also feed into leverage concerns as Softbank's QoQ decline in reported LTV was driven by an ARM upgrade.  Meanwhile, CDS prices are near all-time highs</li>
</ul>


Vision Fund's public portfolio lost $10bn in Q1 marking the third time in four quarters that valuation losses were in the tens of billions
Global tech weaness remains the main challenge as portfolio losses are matched with concerns on the private portfolio, especially ARM
And worries about ARM also feed into leverage concerns as Softbank's QoQ decline in reported LTV was driven by an ARM upgrade.  Meanwhile, CDS prices are near all-time highs


Softbank Group - First Look at Q1 22 Performance

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Retail Opportunity Investments Corp. / Equity Bottom-Up

Retail Opportunity Investments Corp. (ROIC US)

<ul><li>Say that we have an industry selling a commodity and we want to figure out how above average returns can be generated.</li><li>Our starting point is almost perfect competition. </li><li>We cannot create a brand, a differentiated product/service, a monopoly, a cartel or cheat.</li></ul>

Say that we have an industry selling a commodity and we want to figure out how above average returns can be generated.Our starting point is almost perfect competition. We cannot create a brand, a differentiated product/service, a monopoly, a cartel or cheat.

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Phison reached to NT$17.1bn, 32%, 14% and NT$10.49 for revenue, GM, NM and the Diluted EPS in 1Q22.</li>
<li>We estimate it could be a slight positive growth in 2022, which could reach NT$18.1bn/32.5% for revenue/GM respectively.</li>
<li>Phison and its competitors shall continuously strive in Flash card and the related business.</li>
</ul>


Phison reached to NT$17.1bn, 32%, 14% and NT$10.49 for revenue, GM, NM and the Diluted EPS in 1Q22.
We estimate it could be a slight positive growth in 2022, which could reach NT$18.1bn/32.5% for revenue/GM respectively.
Phison and its competitors shall continuously strive in Flash card and the related business.


Phison (8299.TT): 2Q22 Could Expect a Slightly Growth QoQ

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Micron Technology Inc.: FValue Proposition

Micron Technology delivered a decent quarter matching Wall Street expectations in terms of revenues but delivered an earnings beat. The company’s...

Baptista Research

How Real Are the Capex Cuts for Hynix?

Are the memory players showing discipline or just the sign of the times where lead times for equipment has gone from 12 months to 30?

Ken S. Kim

Softbank Group - First Look at Q1 22 Performance

Public valuation losses again exceeded $10bn as a last day meltdown for SenseTime marred an otherwise stable quarter for China. Global tech,...

Kirk Boodry

Earning excess returns in commodities

Say that we have an industry selling a commodity and we want to figure out how above average returns can be generated. Our starting point is almost...

Turtles all the way down

Phison (8299.TT): 2Q22 Could Expect a Slightly Growth QoQ

Phison reached to NT$17.1bn, 32%, 14% and NT$10.49 for revenue, GM, NM and the Diluted EPS in 1Q22. We estimate it could reach NT$18.1bn and 32.5%...

Patrick Liao

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