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?

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Should still be more upside after Micron’s AH numbers yesterday with many Japanese SPE names still a ways from their recent highs after correcting earlier in the week.</li>
<li>Still yet to see Furukawa, SEI and SWCC play catch up to Fujikura after strong guidance revision this week.</li>
<li>A negative read for JP game developers such as Nintendo and Sony after Microsoft announced price hikes for its Xbox.</li>
</ul>


Should still be more upside after Micron’s AH numbers yesterday with many Japanese SPE names still a ways from their recent highs after correcting earlier in the week.
Still yet to see Furukawa, SEI and SWCC play catch up to Fujikura after strong guidance revision this week.
A negative read for JP game developers such as Nintendo and Sony after Microsoft announced price hikes for its Xbox.


Japan Morning Connection: Room to Run with SPEs Still Below Recent Highs

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>CXL has made significant strides in server memory configurations, enhancing data access speeds and resource management capabilities.</li><li>SpaceX is initiating its IPO process, which could potentially value the company at an impressive $1.75 trillion in the market.</li><li>TCL's acquisition of a majority stake in Sony's home entertainment division marks a strategic global joint venture in the tech industry.</li></ul>

CXL has made significant strides in server memory configurations, enhancing data access speeds and resource management capabilities.SpaceX is initiating its IPO process, which could potentially value the company at an impressive $1.75 trillion in the market.TCL's acquisition of a majority stake in Sony's home entertainment division marks a strategic global joint venture in the tech industry.

Tech Supply Chain Tracker (03-Apr-2026): CXL advantages in server memory setup

<ul>
<li>Kioxia looks vulnerable as not far from its ATH's and +720% off its September lows with almost no short interest.</li>
<li>Sony and Nintendo may catch a bid if supply-demand imbalance shows signs of abating.</li>
<li>Fujitsu and NEC likely to do better as the market goes risk-off.</li>
</ul>


Kioxia looks vulnerable as not far from its ATH's and +720% off its September lows with almost no short interest.
Sony and Nintendo may catch a bid if supply-demand imbalance shows signs of abating.
Fujitsu and NEC likely to do better as the market goes risk-off.


Japan Morning Connection: Heavy Selling Expected for SPE as Uncertainty Builds

<ul>
<li>Navitas Semi surged +24.9% after announcing two new additions to its 5th generation GeneSiC silicon carbide power semiconductor platform.</li>
<li>Sony is reportedly going ahead with the release of its PS6 console sometime in 2027-2028 despite the risk of a memory supply crunch.</li>
<li>Nintendo surged 8.9% after new Pokémon game ‘Pokopia’ was a surprise worldwide hit with physical copies fully sold out in the US.</li>
</ul>


Navitas Semi surged +24.9% after announcing two new additions to its 5th generation GeneSiC silicon carbide power semiconductor platform.
Sony is reportedly going ahead with the release of its PS6 console sometime in 2027-2028 despite the risk of a memory supply crunch.
Nintendo surged 8.9% after new Pokémon game ‘Pokopia’ was a surprise worldwide hit with physical copies fully sold out in the US.


Japan Morning Connection: Markets Grind Higher with Bright Spots Despite Ongoing Uncertainty

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

Japan Morning Connection: Room to Run with SPEs Still Below Recent Highs

Japanese SPEs have room to run as AI rally yet to be fully priced in, with relative s/t laggards including Lasertec, TEL and Resonac.

Andrew Jackson

Tech Supply Chain Tracker (03-Apr-2026): CXL advantages in server memory setup

Recent tech and aerospace updates include CXL's memory advancements, SpaceX's IPO plans, TCL's Sony stake acquisition, Intel's stock buyback,...

Tech Supply Chain Tracker

Japan Morning Connection: Heavy Selling Expected for SPE as Uncertainty Builds

SPE and optical names face a brutal open as tech melts down overnight. Sony and Nintendo may be the bright spots on easing NAND cost pressures.

Andrew Jackson

Japan Morning Connection: Markets Grind Higher with Bright Spots Despite Ongoing Uncertainty

Markets managed to put on a brave face despite the higher oil price and mixed messaging. Defense stocks softened after Rheinmetall missed earnings.

Andrew Jackson

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