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>Siemens AG's third-quarter performance in 2025 reflects both strengths and challenges in a complex global environment.</li><li>The company maintains a robust position, driven by strategic investments and an integrated approach while facing geopolitical and economic uncertainties.</li><li>In the third quarter, Siemens reported impressive order growth, highlighted by a significant 28% increase in group orders to €24.7 billion.</li></ul>

Siemens AG's third-quarter performance in 2025 reflects both strengths and challenges in a complex global environment.The company maintains a robust position, driven by strategic investments and an integrated approach while facing geopolitical and economic uncertainties.In the third quarter, Siemens reported impressive order growth, highlighted by a significant 28% increase in group orders to €24.7 billion.

Siemens AG: Growth in Automation & Digital Industries Powering Our Optimism!

<ul><li>Siemens AG has presented its financial performance for the second quarter of fiscal 2025, showing a mixture of growth and adaptability amidst global economic fluctuations.</li><li>The company's results reflect robust progress in orders and revenue and an emphasis on adapting to rapid technological change.</li><li>From a positive perspective, Siemens achieved a book-to-bill ratio of 1.1 and maintained a high-quality order backlog of EUR 117 billion, indicating strong future growth potential.</li></ul>

Siemens AG has presented its financial performance for the second quarter of fiscal 2025, showing a mixture of growth and adaptability amidst global economic fluctuations.The company's results reflect robust progress in orders and revenue and an emphasis on adapting to rapid technological change.From a positive perspective, Siemens achieved a book-to-bill ratio of 1.1 and maintained a high-quality order backlog of EUR 117 billion, indicating strong future growth potential.

Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.</li>
<li>Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands</li>
<li>Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.</li>
</ul>


Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.
Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands
Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.


Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits</li>
<li>Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. </li>
<li>Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.</li>
</ul>


Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits
Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. 
Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.


US – China: Restrictions on Semiconductors Are Getting Worse

<ul>
<li>China represents ~11% of revenues for Cadence and Synopsys. The weight of China has been declining. </li>
<li>China has a number of startup working on replacement software, the leader is Empyrean – good but some years behind Cadence and Synopsys and focused on legacy chip design. </li>
<li>Between this news today and more restrictions on Nvidia’s sales to China, it looks like more US restrictions will come.</li>
</ul>


China represents ~11% of revenues for Cadence and Synopsys. The weight of China has been declining. 
China has a number of startup working on replacement software, the leader is Empyrean – good but some years behind Cadence and Synopsys and focused on legacy chip design. 
Between this news today and more restrictions on Nvidia’s sales to China, it looks like more US restrictions will come.


President Trump “orders US Chip Software Suppliers to Stop Selling to China”

Germany

Siemens AG is an engineering and manufacturing company. The Company focuses on areas of electrification, automation, and digitalization. Siemens also provides engineering solutions in automation and control, power, transportation, and medical diagnosis.

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Siemens (SIE GR)

Siemens AG: Growth in Automation & Digital Industries Powering Our Optimism!

Siemens AG's third-quarter performance in 2025 reflects both strengths and challenges in a complex global environment. The company maintains a...

Baptista Research

Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!

Siemens AG has presented its financial performance for the second quarter of fiscal 2025, showing a mixture of growth and adaptability amidst...

Baptista Research

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

US – China: Restrictions on Semiconductors Are Getting Worse

Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Nicolas Baratte

President Trump “orders US Chip Software Suppliers to Stop Selling to China”

US could restrict US chip design software vendors to sell to China. China represents 11% of Cadence and Synopsys revenues. Leading Chinese...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Siemens AG: Growth in Automation & Digital Industries Powering Our Optimism!

Siemens AG's third-quarter performance in 2025 reflects both strengths and challenges in a complex global environment. The company maintains a...

Baptista Research

Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!

Siemens AG has presented its financial performance for the second quarter of fiscal 2025, showing a mixture of growth and adaptability amidst...

Baptista Research

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

US – China: Restrictions on Semiconductors Are Getting Worse

​Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Nicolas Baratte

President Trump “orders US Chip Software Suppliers to Stop Selling to China”

US could restrict US chip design software vendors to sell to China. ​China represents 11% of Cadence and Synopsys revenues. Leading Chinese...

Nicolas Baratte

Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

US could restrict US chip design software vendors to sell to China. China represents 11% of Cadence and Synopsys revenues. Leading Chinese...