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>Monday.com reported second-quarter fiscal 2026 results while undergoing a major transition toward integrating artificial intelligence across its unified workspace platform.</li>
<li>Revenue increased 22% year-over-year to $365 million, while non-GAAP operating margin expanded to 17%, demonstrating operating leverage despite the transformation.</li>
<li>The company is shifting from traditional work management software toward a model where AI agents work alongside users to automate and improve workflows.</li>
</ul>


Monday.com reported second-quarter fiscal 2026 results while undergoing a major transition toward integrating artificial intelligence across its unified workspace platform.
Revenue increased 22% year-over-year to $365 million, while non-GAAP operating margin expanded to 17%, demonstrating operating leverage despite the transformation.
The company is shifting from traditional work management software toward a model where AI agents work alongside users to automate and improve workflows.


Monday.com’s Enterprise Engine Surges — $500K+ ARR Customers Grow 68%!

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Monday.com reported Q2 2036 revenue of $364.6 million, up 22% year over year and about $9 million above the high end of the guided range issued back in May.</li>
<li>Non-GAAP operating income was $61.1 million, representing a 17% margin, versus the 13 to 14% guide. This compares to 15% in the year ago quarter</li>
<li>For the full year 2026, Monday projected total revenue of $1.47 billion, +20% YoY, but a far cry from the 50% CAGR of the previous five years. </li>
</ul>


Monday.com reported Q2 2036 revenue of $364.6 million, up 22% year over year and about $9 million above the high end of the guided range issued back in May.
Non-GAAP operating income was $61.1 million, representing a 17% margin, versus the 13 to 14% guide. This compares to 15% in the year ago quarter
For the full year 2026, Monday projected total revenue of $1.47 billion, +20% YoY, but a far cry from the 50% CAGR of the previous five years. 


Monday Q2 2026. The SaaSpocalypse Continues...

<ul>
<li>Monday.com reported robust financial results for the third quarter of fiscal year 2025, reflecting both strengths and challenges in its business strategy and execution.</li>
<li>The company's revenue rose by 26% year-over-year to $317 million, demonstrating solid growth, particularly driven by expansion in their large customer base.</li>
<li>The company successfully added more large customers, with significant growth in accounts of $50,000, $100,000, and $500,000 in annual recurring revenue (ARR).</li>
</ul>


Monday.com reported robust financial results for the third quarter of fiscal year 2025, reflecting both strengths and challenges in its business strategy and execution.
The company's revenue rose by 26% year-over-year to $317 million, demonstrating solid growth, particularly driven by expansion in their large customer base.
The company successfully added more large customers, with significant growth in accounts of $50,000, $100,000, and $500,000 in annual recurring revenue (ARR).


Monday.com Inside: How Diversified Sales Channels Are Helping It Win Bigger, Faster!

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>Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.</li>
<li>As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.</li>
<li>The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases</li>
</ul>


Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.
As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.
The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases


Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

<ul>
<li>We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...</li>
<li>We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.</li>
<li>Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.</li>
</ul>


We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...
We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.
Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.


MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

United States

monday.com Ltd provides software solutions. The Company offers cloud-based platform that allows users to centralize all work, processes, tools, and files into one work OS, and to connect teams, bridge silos, and maintain one source. monday.com serves customers worldwide.

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Monday.com (MNDY US)

Monday.com’s Enterprise Engine Surges — $500K+ ARR Customers Grow 68%!

Monday.com reported second-quarter fiscal 2026 results while undergoing a major transition toward integrating artificial intelligence across its...

Baptista Research

Monday Q2 2026. The SaaSpocalypse Continues...

For the full year 2026, Monday projected total revenue of $1.47 billion, +20% YoY, but a far cry from the 50% CAGR of the previous five years.

William Keating

Monday.com Inside: How Diversified Sales Channels Are Helping It Win Bigger, Faster!

Monday.com reported robust financial results for the third quarter of fiscal year 2025, reflecting both strengths and challenges in its business...

Baptista Research

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

MSCI $ACWI Consolidation Continues; Outlook Remains Neutral; Snap-Back Rallies in Japan $Nikkei $TOPIX, U.S. $SPX, Europe $STOXX fits with our view...

Vermilion Research

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