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>SAP's fourth-quarter and full-year 2024 financial outcomes underline a significant phase in its continuing evolution toward cloud-driven solutions and artificial intelligence.</li><li>The results reflect a substantial transition from a traditional software company to a more agile, cloud-focused entity.</li><li>This shift is evidenced by a 40% increase in total cloud backlog, reaching €63 billion, and a 27% rise in cloud revenue, which now accounts for half of SAP’s total revenue.</li></ul>

SAP's fourth-quarter and full-year 2024 financial outcomes underline a significant phase in its continuing evolution toward cloud-driven solutions and artificial intelligence.The results reflect a substantial transition from a traditional software company to a more agile, cloud-focused entity.This shift is evidenced by a 40% increase in total cloud backlog, reaching €63 billion, and a 27% rise in cloud revenue, which now accounts for half of SAP’s total revenue.

SAP: Net New Customer Acquisition to Strengthen Its Leadership In Enterprise Application Software! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  </li>
<li>I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  </li>
</ul>


ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.
The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  
I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  


ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

<ul><li>The SAP Q3 2024 earnings highlighted a robust performance amid its ongoing transformation, showcasing both the strengths and challenges of the strategic shifts the company has made.</li><li>SAP's current cloud backlog grew by 29% to EUR 15.4 billion, signaling strong future revenue potential.</li><li>This growth was primarily organic, with a minor contribution from the recent acquisition of WalkMe, signifying robust internal advancements rather than just expansion through acquisitions.</li></ul>

The SAP Q3 2024 earnings highlighted a robust performance amid its ongoing transformation, showcasing both the strengths and challenges of the strategic shifts the company has made.SAP's current cloud backlog grew by 29% to EUR 15.4 billion, signaling strong future revenue potential.This growth was primarily organic, with a minor contribution from the recent acquisition of WalkMe, signifying robust internal advancements rather than just expansion through acquisitions.

SAP SE: Cloud Revenue Rising Amidst Broader Macro Challenges But Will It Last? - Major Drivers

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.

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447 points.</li><li>The final reading for 2Q24E GDP growth is expected to remain at +3% QoQ (compared to 1.4% in 1Q24).</li><li>The final report for 2Q24E is expected to show a decline in core PCE growth to +2.8% QoQ (down from +3.7% in 1Q24).</li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447 points.The final reading for 2Q24E GDP growth is expected to remain at +3% QoQ (compared to 1.4% in 1Q24).The final report for 2Q24E is expected to show a decline in core PCE growth to +2.8% QoQ (down from +3.7% in 1Q24).

Final Reading of US 2Q24E GDP and Core PCE

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>SAP is undergoing significant transformation and focusing on core assets, leading to accelerated revenue growth and improved efficiency</li><li>Strong product cycle and re-focused management team position SAP for long-term success and significant upside potential in the stock price</li><li>Target price of €330 reflects bullish outlook on SAP's future prospects and compelling risk/reward profile of investment</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

SAP is undergoing significant transformation and focusing on core assets, leading to accelerated revenue growth and improved efficiencyStrong product cycle and re-focused management team position SAP for long-term success and significant upside potential in the stock priceTarget price of €330 reflects bullish outlook on SAP's future prospects and compelling risk/reward profile of investmentThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

United States

SAP SE is a multinational software company.  The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services.  SAP markets its products and services worldwide.

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Sap Se Sponsored Adr (SAP US)

SAP: Net New Customer Acquisition to Strengthen Its Leadership In Enterprise Application Software! - Major Drivers

SAP's fourth-quarter and full-year 2024 financial outcomes underline a significant phase in its continuing evolution toward cloud-driven solutions...

Baptista Research

ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

ServiceTitan will go public this week in the United States. In my insight, I discuss valuation analysis and set a 2025e price target for ServiceTitan.

Andrei Zakharov

SAP SE: Cloud Revenue Rising Amidst Broader Macro Challenges But Will It Last? - Major Drivers

The SAP Q3 2024 earnings highlighted a robust performance amid its ongoing transformation, showcasing both the strengths and challenges of the...

Baptista Research

Final Reading of US 2Q24E GDP and Core PCE

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447...

Krungthai XSpring

Sap Se (SAP) - Monday, Jun 10, 2024

SAP is undergoing significant transformation and focusing on core assets, leading to accelerated revenue growth and improved efficiency

Value Investors Club (VIC)

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