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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

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’s latest earnings report for its fiscal second quarter of 2025 reveals a compelling mix of strengths and challenges.</li><li>While the company demonstrated solid overall revenue and profit growth, a slowdown in its flagship cloud computing business, Azure, tempered investor enthusiasm.</li><li>The stock reacted negatively, slipping 5% in after-hours trading, reflecting concerns about whether Microsoft can maintain its momentum in an increasingly competitive AI and cloud landscape.</li></ul>

Microsoft’s latest earnings report for its fiscal second quarter of 2025 reveals a compelling mix of strengths and challenges.While the company demonstrated solid overall revenue and profit growth, a slowdown in its flagship cloud computing business, Azure, tempered investor enthusiasm.The stock reacted negatively, slipping 5% in after-hours trading, reflecting concerns about whether Microsoft can maintain its momentum in an increasingly competitive AI and cloud landscape.

Microsoft’s Cloud Growth Hits A Speed Bump Amidst AI Surge: A Turning Point For Investors?

<ul><li>Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial intelligence (AI).</li><li>As AI reshapes industries, Microsoft has found itself playing catch-up against Google, Amazon, and Meta, all of whom have already developed custom AI chips.</li><li>By investing heavily in Nvidia's cutting-edge Hopper GPUs, Microsoft has managed to build out a formidable AI infrastructure but at a significant cost.</li></ul>

Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial intelligence (AI).As AI reshapes industries, Microsoft has found itself playing catch-up against Google, Amazon, and Meta, all of whom have already developed custom AI chips.By investing heavily in Nvidia's cutting-edge Hopper GPUs, Microsoft has managed to build out a formidable AI infrastructure but at a significant cost.

Microsoft Is Betting Big on NVIDIA GPUs — But Will Custom Chips Save Its AI Ambitions?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish and we see the market in the midst of a significant end-of-year rally that we have been expecting since mid-October.</li>
<li>We continue to expect support at 20-day MAs on $SPX and Nasdaq 100 (QQQ), while support at current levels or the 50-day MA is likely on the Russell 2000 (IWM).</li>
<li>Market dynamics continue to improve, giving us confidence that this bull run is likely to go at least another month into mid-January, and quite likely beyond.</li>
</ul>


Our outlook remains bullish and we see the market in the midst of a significant end-of-year rally that we have been expecting since mid-October.
We continue to expect support at 20-day MAs on $SPX and Nasdaq 100 (QQQ), while support at current levels or the 50-day MA is likely on the Russell 2000 (IWM).
Market dynamics continue to improve, giving us confidence that this bull run is likely to go at least another month into mid-January, and quite likely beyond.


Growth Leading This EOY Rally; Expect More Upside. PHLX Semis $SOXX With a Bullish 5-Month Reversal

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.</li>
<li>Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.</li>
<li>2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.</li>
</ul>


Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.
Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.
2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.


Hyperscalers’ Cloud Revenue and Capex Update

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)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Microsoft’s Cloud Growth Hits A Speed Bump Amidst AI Surge: A Turning Point For Investors?

Microsoft’s latest earnings report for its fiscal second quarter of 2025 reveals a compelling mix of strengths and challenges. While the company...

Baptista Research

Microsoft Is Betting Big on NVIDIA GPUs — But Will Custom Chips Save Its AI Ambitions?

Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial...

Baptista Research

Growth Leading This EOY Rally; Expect More Upside. PHLX Semis $SOXX With a Bullish 5-Month Reversal

Growth Leading This EOY Rally $MSFT $AAPL as Tech $XLK Breaks Out; Expect More Upside $ARKK $ARKW $ARKF $BITQ $WGMI. PHLX Semiconductor $SOXX With...

Vermilion Research

Hyperscalers’ Cloud Revenue and Capex Update

Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.

Nicolas Baratte

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China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Microsoft’s Cloud Growth Hits A Speed Bump Amidst AI Surge: A Turning Point For Investors?

Microsoft’s latest earnings report for its fiscal second quarter of 2025 reveals a compelling mix of strengths and challenges. While the company...

Baptista Research

Microsoft Is Betting Big on NVIDIA GPUs — But Will Custom Chips Save Its AI Ambitions?

Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial...

Baptista Research

Growth Leading This EOY Rally; Expect More Upside. PHLX Semis $SOXX With a Bullish 5-Month Reversal

Growth Leading This EOY Rally $MSFT $AAPL as Tech $XLK Breaks Out; Expect More Upside $ARKK $ARKW $ARKF $BITQ $WGMI. PHLX Semiconductor $SOXX With...

Vermilion Research

Hyperscalers’ Cloud Revenue and Capex Update

​Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.

Nicolas Baratte

Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.