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>Sony Group Corporation reported a strong financial performance for the latest quarter with record sales and operating income figures.</li><li>Sales from continuing operations increased by 5% year-on-year to JPY 3,107.9 billion, with a 10% rise in operating income to JPY 429 billion.</li><li>Net income rose by 7% to JPY 311.4 billion.</li></ul>

Sony Group Corporation reported a strong financial performance for the latest quarter with record sales and operating income figures.Sales from continuing operations increased by 5% year-on-year to JPY 3,107.9 billion, with a 10% rise in operating income to JPY 429 billion.Net income rose by 7% to JPY 311.4 billion.

Sony Is Reinventing Gaming, Sensors, & Sports—How Far Can This Strategy Go?

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.

Equity Capital Markets

OmniVision Integrated Circuits Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.</li>
<li>The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. </li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     
OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. 


OmniVision H Share Listing: The Investment Case

<ul><li>Sony Group Corporation's earnings for the first quarter of fiscal year 2026 showcased a mixture of record highs and challenges.</li><li>Sales from continuing operations increased by 2% year-on-year to JPY 2,621.6 billion, and operating income rose significantly by 36% to JPY 340 billion.</li><li>Net income saw an increase of 23%, reaching JPY 259 billion, indicating robust financial health.</li></ul>

Sony Group Corporation's earnings for the first quarter of fiscal year 2026 showcased a mixture of record highs and challenges.Sales from continuing operations increased by 2% year-on-year to JPY 2,621.6 billion, and operating income rose significantly by 36% to JPY 340 billion.Net income saw an increase of 23%, reaching JPY 259 billion, indicating robust financial health.

Sony Group Corporation’s Semiconductor Push—Can Image Sensor Penetration Up Its Tech Game?

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>Sony Group Corporation (SONY) is planning to partially spin off its financial services division, Sony Financial Group Inc. (SFGI), in what would be Japan’s first major spin‑off with a direct listing in over two decades.</li><li>The company will divest 80% of its stake while retaining the remaining 20%, and the spin‑off is scheduled for September 29, 2025.<figure class="editor-figure mceNonEditable"></figure></li><li>This looks interesting to me as I see potential for indiscriminate selling. Sony Financial Service Group contributes ~13% of Company Net Income (¥1,067.4B).</li></ul>

Sony Group Corporation (SONY) is planning to partially spin off its financial services division, Sony Financial Group Inc. (SFGI), in what would be Japan’s first major spin‑off with a direct listing in over two decades.The company will divest 80% of its stake while retaining the remaining 20%, and the spin‑off is scheduled for September 29, 2025.This looks interesting to me as I see potential for indiscriminate selling. Sony Financial Service Group contributes ~13% of Company Net Income (¥1,067.4B).

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899" rel="noopener">Hang Seng Index (HSI INDEX)</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)</a> and <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909" rel="noopener">Nikkei 225 (NKY INDEX)</a> all have elevated implied vols vs their peers and vs historical observations for October.</li>
<li>
<a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617" rel="noopener">NIFTY Index (NIFTY INDEX)</a> , <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>  implied vols are on the low end of what is typically realized in October.</li>
<li>Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.</li>
</ul>



Hang Seng Index (HSI INDEX), Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY) and Nikkei 225 (NKY INDEX) all have elevated implied vols vs their peers and vs historical observations for October.

NIFTY Index (NIFTY INDEX) , S&amp;P 500 INDEX (SPX INDEX) and S&amp;P/ASX 200 (AS51 INDEX)  implied vols are on the low end of what is typically realized in October.
Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.


EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

Japan

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

Sony Is Reinventing Gaming, Sensors, & Sports—How Far Can This Strategy Go?

Sony Group Corporation reported a strong financial performance for the latest quarter with record sales and operating income figures. Sales from...

Baptista Research

Sony Group Corporation’s Semiconductor Push—Can Image Sensor Penetration Up Its Tech Game?

Sony Group Corporation's earnings for the first quarter of fiscal year 2026 showcased a mixture of record highs and challenges. Sales from...

Baptista Research

Weekly Update (LION, MAGN, NLOP, SONY)

Sony Group Corporation (SONY) is planning to partially spin off its financial services division, Sony Financial Group Inc. (SFGI), in what would be...

Richard Howe

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sony Is Reinventing Gaming, Sensors, & Sports—How Far Can This Strategy Go?

Sony Group Corporation reported a strong financial performance for the latest quarter with record sales and operating income figures. Sales from...

Baptista Research

OmniVision H Share Listing: The Investment Case

OmniVision, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion. In this note, I discuss the...

Arun George

Sony Group Corporation’s Semiconductor Push—Can Image Sensor Penetration Up Its Tech Game?

Sony Group Corporation's earnings for the first quarter of fiscal year 2026 showcased a mixture of record highs and challenges. Sales from...

Baptista Research

Weekly Update (LION, MAGN, NLOP, SONY)

Sony Group Corporation (SONY) is planning to partially spin off its financial services division, Sony Financial Group Inc. (SFGI), in what would be...

Richard Howe

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

​Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...