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 Capital Markets

Palo Alto Networks / Equity Capital Markets

<ul><li>Palo Alto Networks witnessed a strong set of Q1 results which exceeded market expectations on all metrics.</li><li>Palo Alto Networks Next-Generation Security ARR has been continuing to rise in tandem with its business mix.</li><li>Overall, we believe that Palo Alto Networks has a strong upside potential and therefore, we maintain our 'Buy' rating with a revised target price.</li></ul>

Palo Alto Networks witnessed a strong set of Q1 results which exceeded market expectations on all metrics.Palo Alto Networks Next-Generation Security ARR has been continuing to rise in tandem with its business mix.Overall, we believe that Palo Alto Networks has a strong upside potential and therefore, we maintain our 'Buy' rating with a revised target price.

Palo Alto Networks Inc. - Investment Thesis

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>With half of Nasdaq stocks down 50% from the top, is further meltdown ahead?  Valuation compression is already larger than recent big growth selloffs.  </li>
<li>We like a balance of highest quality high growth (CRWD, SNOW, RBLX) and attractive relative valuations (PANW, NOW, BABA)</li>
<li>Amazon is poised for a big 2022 as 1 day Prime shipping reaccelerates growth, and price increases hike profits.</li>
</ul>


With half of Nasdaq stocks down 50% from the top, is further meltdown ahead?  Valuation compression is already larger than recent big growth selloffs.  
We like a balance of highest quality high growth (CRWD, SNOW, RBLX) and attractive relative valuations (PANW, NOW, BABA)
Amazon is poised for a big 2022 as 1 day Prime shipping reaccelerates growth, and price increases hike profits.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>There are 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. The estimated one-way trade is US$11.05bn.</li>
<li>Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.</li>
<li>There will be large inflows on <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms (FB US)</a> and large outflows on Tesla, Apple, NVidia, Amazon and Google.</li>
</ul>


There are 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. The estimated one-way trade is US$11.05bn.
Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.
There will be large inflows on Meta Platforms (FB US) and large outflows on Tesla, Apple, NVidia, Amazon and Google.


NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

<ul>
<li>Crowdstrike printed another strong quarter, continues to beat and raise despite overblown competitive concerns.</li>
<li>Revenue growth (+64%), Margin expansion (+520bps) and FCF generation (32% FCF margins) shows best in class rule of 40 SaaS metric.</li>
<li>Humio continues to show great traction, achieved 6 month signup target in 6 weeks.</li>
</ul>


Crowdstrike printed another strong quarter, continues to beat and raise despite overblown competitive concerns.
Revenue growth (+64%), Margin expansion (+520bps) and FCF generation (32% FCF margins) shows best in class rule of 40 SaaS metric.
Humio continues to show great traction, achieved 6 month signup target in 6 weeks.


Crowdstrike FY3Q22: Platform, Not Endpoint

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<div class="content-highlight">
In this Smartkarma Original, we provide a detailed analysis of the cybersecurity disruptors in Asia and the major drivers of the cybersecurity market which are as follows:
<ul>
<li>The rise in malware &amp; cyber attacks globally</li>
<li>The fast pace of digitalization contributing to risk</li>
<li>The COVID-19 pandemic &amp; strong demand for cloud-based cyber security solutions</li>
</ul>
In this insight, we highlight 42 public and 20 private companies that are related to the cybersecurity market in five Asian countries including China, Japan, India, Korea, and Australia. The total market cap of these 42 public companies is US$347 billion. 
In addition, we discuss about the comments made about the potential global cyberattacks as explained by Klaus Schwab, the founder of the World Economic Forum. His idea is that a major global cyberattack could be worse than the COVID-19 crisis. 
If there is a world-wide cyberattack, there will be a greater pressure to immunize the global Internet with digital vaccines and antibodies to protect the society from cyberattacks and if this crisis is massive enough in terms of public health crisis, this could result in the use of emergency powers once again to justify the centralization of power and control. Of course, this is just a speculation and it is nearly impossible to know in advance if and when such a massive cyberattack will occur. 
</div>


In this Smartkarma Original, we provide a detailed analysis of the cybersecurity disruptors in Asia and the major drivers of the cybersecurity market which are as follows:

The rise in malware &amp; cyber attacks globally
The fast pace of digitalization contributing to risk
The COVID-19 pandemic &amp; strong demand for cloud-based cyber security solutions

In this insight, we highlight 42 public and 20 private companies that are related to the cybersecurity market in five Asian countries including China, Japan, India, Korea, and Australia. The total market cap of these 42 public companies is US$347 billion. 
In addition, we discuss about the comments made about the potential global cyberattacks as explained by Klaus Schwab, the founder of the World Economic Forum. His idea is that a major global cyberattack could be worse than the COVID-19 crisis. 
If there is a world-wide cyberattack, there will be a greater pressure to immunize the global Internet with digital vaccines and antibodies to protect the society from cyberattacks and if this crisis is massive enough in terms of public health crisis, this could result in the use of emergency powers once again to justify the centralization of power and control. Of course, this is just a speculation and it is nearly impossible to know in advance if and when such a massive cyberattack will occur. 


The Cybersecurity Disruptors in Asia & A Global Cyber Attack Worse than the COVID-19 Pandemic?

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)

Palo Alto Networks Inc. - Investment Thesis

Palo Alto Networks witnessed a strong set of Q1 results which exceeded market expectations on all metrics. Palo Alto Networks Next-Generation...

Baptista Research

1H22 Obex Research Long Portfolio

With the big rate driven selloff in growth stocks, we highlight our top long ideas including ON Semi, Palo Alto Networks, Alibaba, Amazon, and...

Aaron Gabin

NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

There are 6 changes for the NASDAQ-100 index at the annual December reconstitution. Apart from the flows on the adds and deletes, there will be...

Brian Freitas

Crowdstrike FY3Q22: Platform, Not Endpoint

Another strong beat and raise despite overblown competitive concerns. Revenue growth (+64%), Margin expansion (+520bps) and FCF generation (32% FCF...

Aaron Gabin

The Cybersecurity Disruptors in Asia & A Global Cyber Attack Worse than the COVID-19 Pandemic?

In this Smartkarma Original, we provide a detailed analysis of the cybersecurity disruptors in Asia and the major drivers of the cybersecurity market.

Douglas Kim

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