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>Schneider Electric's 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for the company.</li><li>The revenue growth is notable, with the first half generating EUR 19.3 billion, marking a significant 8% organic growth compared to the previous year.</li><li>This was fueled by robust demand across several sectors such as Energy Management and Data Centers, highlighting Schneider Electric's strategic focus on efficiency and sustainability.</li></ul>

Schneider Electric's 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for the company.The revenue growth is notable, with the first half generating EUR 19.3 billion, marking a significant 8% organic growth compared to the previous year.This was fueled by robust demand across several sectors such as Energy Management and Data Centers, highlighting Schneider Electric's strategic focus on efficiency and sustainability.

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

<ul><li>Schneider Electric's 2024 full-year results underscore the company's ability to navigate through various market dynamics, demonstrating both strengths and areas that might require caution.</li><li>Revenue for Schneider Electric reached a record EUR 38 billion, marking an 8% organic growth, slightly surpassing the guidance range.</li><li>This growth is buoyed primarily by strong performances in Energy Management, driven largely by the high demand in data centers, and a much-awaited return to growth in Industrial Automation after a period of subdued performance.</li></ul>

Schneider Electric's 2024 full-year results underscore the company's ability to navigate through various market dynamics, demonstrating both strengths and areas that might require caution.Revenue for Schneider Electric reached a record EUR 38 billion, marking an 8% organic growth, slightly surpassing the guidance range.This growth is buoyed primarily by strong performances in Energy Management, driven largely by the high demand in data centers, and a much-awaited return to growth in Industrial Automation after a period of subdued performance.

Schneider Electric: Initiation of Coverage- Can This Digital Powerhouse Dominate the Data Center Boom?

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>1H 24 net profit is expected to grow by 54%, a similar amount to FY 23 with a consistent message that revenue growth helps and cost control is in place. </li>
<li>
<a href="https://www.smartkarma.com/entities/wasion-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion Group Holdings (3393 HK)</a> benefits from the One Belt One Road policy as many of the EM countries do not have smart power meters yet. </li>
<li>Wasion's holding on <a href="https://www.smartkarma.com/entities/willfar-information-technology" target="_blank" data-smartkarma-citation="entities:30341:1" rel="noopener">Willfar Information Technology (688100 CH)</a> is worth around USD 970 million, double the current market capitalization of Wasion.</li>
</ul>


1H 24 net profit is expected to grow by 54%, a similar amount to FY 23 with a consistent message that revenue growth helps and cost control is in place. 

Wasion Group Holdings (3393 HK) benefits from the One Belt One Road policy as many of the EM countries do not have smart power meters yet. 
Wasion's holding on Willfar Information Technology (688100 CH) is worth around USD 970 million, double the current market capitalization of Wasion.


Wasion (3393): Profit Alert and OBOR Beneficiary

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/idec-corp" target="_blank" data-smartkarma-citation="entities:19312:1" rel="noopener">IDEC Corp (6652 JP)</a> is a comprehensive manufacturer and vendor of control equipment, especially human-machine interface (HMI) devices such as switches.</li>
<li>For FY03/23, the company reported revenue of JPY83.9bn, operating profit of JPY14.0bn, recurring profit of JPY14.4bn, and net income of JPY10.1bn, with EPS of JPY348.4.</li>
<li>The company achieved its FY03/25 targets two years ahead of schedule, prompting management to announce upwardly revised targets for the same year in May 2023.</li>
</ul>



IDEC Corp (6652 JP) is a comprehensive manufacturer and vendor of control equipment, especially human-machine interface (HMI) devices such as switches.
For FY03/23, the company reported revenue of JPY83.9bn, operating profit of JPY14.0bn, recurring profit of JPY14.4bn, and net income of JPY10.1bn, with EPS of JPY348.4.
The company achieved its FY03/25 targets two years ahead of schedule, prompting management to announce upwardly revised targets for the same year in May 2023.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Hollysys Automation Technologies / Event-Driven

Hollysys Automation Technologies (HOLI US)

<ul>
<li>Dazheng (without Recco) has returned with <a href="https://www.businesswire.com/news/home/20231224144642/en/Buyer-Consortium-Led-by-Dazheng-Group-Announces-Enhanced-All-Cash-Proposal-of-US29.00-Per-Share-to-Acquire-Hollysys" target="_blank" rel="noopener">a revised US$29.00 offer</a> for <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, 9.4% higher than Ascendent Capital’s US$26.50 binding offer.</li>
<li>While Dazheng’s proposal represents an all-time high, it would likely not be a superior proposal based on the Ascendent merger agreement due to the clauses on financing and due diligence.</li>
<li>Nevertheless, to avoid the high risk that shareholders vote down the Ascendent offer and/or there are substantial dissenting shareholders, the Board will likely ask Ascendent to match Dazheng's offer.  </li>
</ul>


Dazheng (without Recco) has returned with a revised US$29.00 offer for Hollysys Automation Technologies (HOLI US), 9.4% higher than Ascendent Capital’s US$26.50 binding offer.
While Dazheng’s proposal represents an all-time high, it would likely not be a superior proposal based on the Ascendent merger agreement due to the clauses on financing and due diligence.
Nevertheless, to avoid the high risk that shareholders vote down the Ascendent offer and/or there are substantial dissenting shareholders, the Board will likely ask Ascendent to match Dazheng's offer.  


Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer

France

Schneider Electric SE manufactures power distribution and automation systems. The Company produces circuit breakers, remote installation management equipment, panelboards, programmable logic controllers, industrial control products, detectors, human-machine interfaces, and process controls.  Schneider's products are sold various brands.

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Schneider Electric Se (SU FP)

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

Schneider Electric's 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for...

Baptista Research

Schneider Electric: Initiation of Coverage- Can This Digital Powerhouse Dominate the Data Center Boom?

Schneider Electric's 2024 full-year results underscore the company's ability to navigate through various market dynamics, demonstrating both...

Baptista Research

Wasion (3393): Profit Alert and OBOR Beneficiary

Wasion Group Holdings (3393 HK) expects 54% net profit growth in 1H 24, and its holding in Willfar Information Technology also adds another upside...

Henry Soediarko

IDEC (6652): Q3 FY03/24 Update

IDEC Corp is a leading manufacturer of control equipment, surpassing FY03/25 targets ahead of schedule and revising them upwards.

Shared Research

Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer

While higher, the Board has the basis not to deem Dazheng’s proposal superior. However, due to the risk that shareholders vote down its offer,...

Arun George

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

Schneider Electric's 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for...

Baptista Research

Schneider Electric: Initiation of Coverage- Can This Digital Powerhouse Dominate the Data Center Boom?

Schneider Electric's 2024 full-year results underscore the company's ability to navigate through various market dynamics, demonstrating both...

Baptista Research

Wasion (3393): Profit Alert and OBOR Beneficiary

​Wasion Group Holdings (3393 HK) expects 54% net profit growth in 1H 24, and its holding in Willfar Information Technology also adds another upside...

Henry Soediarko

IDEC (6652): Q3 FY03/24 Update

​IDEC Corp is a leading manufacturer of control equipment, surpassing FY03/25 targets ahead of schedule and revising them upwards.

Shared Research

Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer

While higher, the Board has the basis not to deem Dazheng’s proposal superior. However, due to the risk that shareholders vote down its offer,...

Arun George

Wasion Group Holdings (3393 HK) expects 54% net profit growth in 1H 24, and its holding in Willfar Information Technology also adds another upside...

IDEC Corp is a leading manufacturer of control equipment, surpassing FY03/25 targets ahead of schedule and revising them upwards.