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>Sandisk just logged its biggest single-day gain in nearly a year, soaring 27.6% to a record $349.63.</li><li>It was the best-performing stock in the S&P 500 on Tuesday, capping an 800% rally since its spinoff from Western Digital less than a year ago.</li><li>Investors piled into the flash memory maker after Nvidia’s CES keynote Monday night highlighted a new memory storage platform for AI workloads.</li></ul>

Sandisk just logged its biggest single-day gain in nearly a year, soaring 27.6% to a record $349.63.It was the best-performing stock in the S&P 500 on Tuesday, capping an 800% rally since its spinoff from Western Digital less than a year ago.Investors piled into the flash memory maker after Nvidia’s CES keynote Monday night highlighted a new memory storage platform for AI workloads.

Sandisk Is on Fire—The Real Reason Behind Its Record-Breaking Rally!

<ul><li>Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational indicators.</li><li>The company posted a 21% sequential increase in revenue, reaching $2.3 billion, and reported non-GAAP earnings per share of $1.22, bolstered by a significant $448 million in adjusted free cash flow, leading to a net cash position of $91 million.</li><li>The company's strategy, focusing on revenue growth, margin expansion, and sustainable free cash flow, appears to be gaining traction, with positive customer and market demand across its technology and product portfolio.</li></ul>

Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational indicators.The company posted a 21% sequential increase in revenue, reaching $2.3 billion, and reported non-GAAP earnings per share of $1.22, bolstered by a significant $448 million in adjusted free cash flow, leading to a net cash position of $91 million.The company's strategy, focusing on revenue growth, margin expansion, and sustainable free cash flow, appears to be gaining traction, with positive customer and market demand across its technology and product portfolio.

SanDisk’s BiCS8 Breakthrough: The Game-Changing Technology Turbocharging Storage Performance!

<ul><li>SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500, replacing Interpublic Group of Companies, which is being acquired by Omnicom Group.</li><li>Shares jumped 13.3% during the regular session and spiked an additional 9% after hours, extending a powerful upward move triggered by the index‑addition news.</li><li>The inclusion will take effect before the market opens on November 28, injecting Sandisk into one of the world’s most widely tracked equity benchmarks and setting off mechanical buying from index funds and benchmark‑constrained investors.</li></ul>

SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500, replacing Interpublic Group of Companies, which is being acquired by Omnicom Group.Shares jumped 13.3% during the regular session and spiked an additional 9% after hours, extending a powerful upward move triggered by the index‑addition news.The inclusion will take effect before the market opens on November 28, injecting Sandisk into one of the world’s most widely tracked equity benchmarks and setting off mechanical buying from index funds and benchmark‑constrained investors.

Sandisk Inc, IPG Out: The Index Shakeup Everyone’s Watching!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Macroeconomics

<ul><li>We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.</li><li>Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.</li><li>Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.</li></ul>

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

Equity Long-Short

Mo Aziz

Cross Asset Strategy

<ul>
<li>Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     </li>
<li>Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.</li>
<li>Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.</li>
</ul>


Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     
Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.
Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.


SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

United States

SanDisk Corporation designs, develops, and manufactures data storage solutions in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sandisk Corp (SNDK US)

Sandisk Is on Fire—The Real Reason Behind Its Record-Breaking Rally!

Sandisk just logged its biggest single-day gain in nearly a year, soaring 27.6% to a record $349.63. It was the best-performing stock in the...

Baptista Research

SanDisk’s BiCS8 Breakthrough: The Game-Changing Technology Turbocharging Storage Performance!

Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational...

Baptista Research

Sandisk Inc, IPG Out: The Index Shakeup Everyone’s Watching!

SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500,...

Baptista Research

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity. Against this...

Krungthai XSpring

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sandisk Is on Fire—The Real Reason Behind Its Record-Breaking Rally!

Sandisk just logged its biggest single-day gain in nearly a year, soaring 27.6% to a record $349.63. It was the best-performing stock in the...

Baptista Research

SanDisk’s BiCS8 Breakthrough: The Game-Changing Technology Turbocharging Storage Performance!

Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational...

Baptista Research

Sandisk Inc, IPG Out: The Index Shakeup Everyone’s Watching!

SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500,...

Baptista Research

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity. Against this...

Krungthai XSpring

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

​Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...