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>Microsoft, one of the world's leading technology giants, is currently facing a comprehensive antitrust investigation by the U.S. Federal Trade Commission (FTC).</li><li>The probe, initiated by FTC Chair Lina Khan, is examining allegations that Microsoft is potentially abusing its market power in productivity software and cloud computing.</li><li>Specifically, the FTC is scrutinizing the company's software licensing practices, which may be preventing customers from moving their data from Microsoft's Azure cloud service to competing platforms.</li></ul>

Microsoft, one of the world's leading technology giants, is currently facing a comprehensive antitrust investigation by the U.S. Federal Trade Commission (FTC).The probe, initiated by FTC Chair Lina Khan, is examining allegations that Microsoft is potentially abusing its market power in productivity software and cloud computing.Specifically, the FTC is scrutinizing the company's software licensing practices, which may be preventing customers from moving their data from Microsoft's Azure cloud service to competing platforms.

Microsoft Under Fire: 4 Critical Factors Investors Can't Ignore Amid U.S. Antitrust Probe!

A Value Investing Journal, Acid Investments

Acid Investments

A Value Investing Journal

I love stonks and I love rambling. Sometimes, I feel it unfair to subject those around me with the inundation of my thoughts, so I tweet and I spill ink on here. Jokes aside, I love investing and edgy ideas; I hope to become a better investor and this is my journal to that end. I will be sharing value/special situations I come across organically or through other blogs/13F and I hope to provide a variant analytical view to said situations. I hope to receive constructive feedback and let’s grab some of dem benjamins together!

Thematic (Sector/Industry)

<ul><li>If anyone remembers, in the spring of last year, we had a banking crisis - multiple bank-runs that led to the some of the largest bank failures in US history.</li><li>Sparked by the bankruptcy of FTX, Silvergate was first hit by a bank run before the subsequent panic-induced domino-closure of <strong>three highly reputable banks</strong> - Silicon Valley Bank (SVB), NY based Signature Bank and lastly, First Republic Bank.</li><li>I still vividly remember the day, Peter Thiel “commanded his cronies” to pull their money out of SVB, ASAP; the stock gapped down bigly at opening and the rest is history.</li></ul>

If anyone remembers, in the spring of last year, we had a banking crisis - multiple bank-runs that led to the some of the largest bank failures in US history.Sparked by the bankruptcy of FTX, Silvergate was first hit by a bank run before the subsequent panic-induced domino-closure of three highly reputable banks - Silicon Valley Bank (SVB), NY based Signature Bank and lastly, First Republic Bank.I still vividly remember the day, Peter Thiel “commanded his cronies” to pull their money out of SVB, ASAP; the stock gapped down bigly at opening and the rest is history.

Thanksgiving musings: What's done extremely well over the last year???

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>AI boom reflected in record fund ownership in ASML Holding NV (ASML NA), NVIDIA Corp and Taiwan Semiconductor (TSMC) (2330 TT).</li>
<li>The 'Magnificent 7' group of stocks have hit a record underweight of -6.83% below the MSCI ACWI index.  They collectively account for 11.2% of the average Global fund.</li>
<li>Recovery Stocks: The old guard of At&amp;T Inc (T US), International Business Machines (IBM US) and General Electric (GE US) appear to be gathering some support from active Global funds.</li>
</ul>


AI boom reflected in record fund ownership in ASML Holding NV (ASML NA), NVIDIA Corp and Taiwan Semiconductor (TSMC) (2330 TT).
The 'Magnificent 7' group of stocks have hit a record underweight of -6.83% below the MSCI ACWI index.  They collectively account for 11.2% of the average Global fund.
Recovery Stocks: The old guard of At&amp;T Inc (T US), International Business Machines (IBM US) and General Electric (GE US) appear to be gathering some support from active Global funds.


Global Stock Positioning:  MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (6600 JP)</a> is aiming to raise around US$700m (including over-allocation) from its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note we undertake a peer comparison.</li>
</ul>



Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
We have looked at the company's past performance in our earlier notes. In this note we undertake a peer comparison.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (6600 JP)</a> is aiming to raise around US$700m (including over-allocation) from its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
In this note, we talk about the not-so-positive aspects of the deal.


Kioxoa Pre-IPO - The Negatives - Still a Follower of the Cycle

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft Under Fire: 4 Critical Factors Investors Can't Ignore Amid U.S. Antitrust Probe!

Microsoft, one of the world's leading technology giants, is currently facing a comprehensive antitrust investigation by the U.S. Federal Trade...

Baptista Research

Thanksgiving musings: What's done extremely well over the last year???

If anyone remembers, in the spring of last year, we had a banking crisis - multiple bank-runs that led to the some of the largest bank failures in...

Acid Investments

Global Stock Positioning: MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

The latest in stock-level investor positioning among over 300 active Global funds. We explore the AI boom, key over/underweights, Tobacco's...

Steven Holden

Kioxia Pre-IPO - Peer Comparison

Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO. In this note, we undertake a peer...

Sumeet Singh

Kioxoa Pre-IPO - The Negatives - Still a Follower of the Cycle

Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO. In this note, we talk about the not-so...

Sumeet Singh

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