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>TD SYNNEX reported a strong third quarter in fiscal 2026, with both its Distribution and Hyve business segments performing above expectations and exhibiting growth that outpaces the broader market.</li><li>The company achieved non-GAAP gross billings of $31.8 billion, a 40% increase year-over-year, supported by widespread strength across geographies, technologies, and customer segments.</li><li>Distribution’s gross billings rose 27% year-over-year to $24.8 billion, driven by broad-based demand, especially in data center infrastructure, endpoint solutions such as PCs, and advanced solutions including infrastructure, software, and AI-related technologies.</li></ul>

TD SYNNEX reported a strong third quarter in fiscal 2026, with both its Distribution and Hyve business segments performing above expectations and exhibiting growth that outpaces the broader market.The company achieved non-GAAP gross billings of $31.8 billion, a 40% increase year-over-year, supported by widespread strength across geographies, technologies, and customer segments.Distribution’s gross billings rose 27% year-over-year to $24.8 billion, driven by broad-based demand, especially in data center infrastructure, endpoint solutions such as PCs, and advanced solutions including infrastructure, software, and AI-related technologies.

TD SYNNEX Hits $31.8 Billion In Billings — But Why Did Cash Flow Turn Negative?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.</li>
<li>We also remain bullish on Technology and A.I. areas (XLK, SOXX, DRAM), and we have Technology on watch for a potential upgrade to overweight.</li>
<li>The Nasdaq 100 (QQQ) and the XLK are both breaking out of their 4-month bases, a very bullish sign as long as $745 and $197 supports hold on any pullbacks.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.
We also remain bullish on Technology and A.I. areas (XLK, SOXX, DRAM), and we have Technology on watch for a potential upgrade to overweight.
The Nasdaq 100 (QQQ) and the XLK are both breaking out of their 4-month bases, a very bullish sign as long as $745 and $197 supports hold on any pullbacks.


Nasdaq 100 and Technology (XLK) With 4-Month Base Breakouts; Downgrading Staples to Underweight

<ul><li>TD SYNNEX delivered a strong start to the fiscal year, supported by broad-based demand across both its distribution and Hyve businesses, with management highlighting continued momentum in infrastructure, AI-driven data center deployments, and PC refresh cycles.</li><li>The quarter reflected robust execution, with growth driven by both volume and pricing dynamics, as well as operational discipline that enabled margin expansion in the distribution segment.</li><li>Demand trends remain favorable in key categories such as AI-enabled servers, storage, networking, and enterprise-focused PCs, with management emphasizing that pricing increases across components such as memory and CPUs have not yet materially impacted demand.</li></ul>

TD SYNNEX delivered a strong start to the fiscal year, supported by broad-based demand across both its distribution and Hyve businesses, with management highlighting continued momentum in infrastructure, AI-driven data center deployments, and PC refresh cycles.The quarter reflected robust execution, with growth driven by both volume and pricing dynamics, as well as operational discipline that enabled margin expansion in the distribution segment.Demand trends remain favorable in key categories such as AI-enabled servers, storage, networking, and enterprise-focused PCs, with management emphasizing that pricing increases across components such as memory and CPUs have not yet materially impacted demand.

TD SYNNEX Is Expanding Margins With Operating Leverage—But Is This Efficiency Story Fully Priced In?

<ul><li>TD SYNNEX Corporation concluded the fiscal year with notable financial performance and strategic progress, as delineated in their fourth-quarter and full-year results for 2025.</li><li>The company exhibited a strong expansion in both revenue and profitability metrics, driven primarily by robust growth across its diverse business sectors and geographic markets.</li><li>Positive performance indicators include a 15% year-over-year increase in non-GAAP gross billings for the fourth quarter, reaching $24.3 billion.</li></ul>

TD SYNNEX Corporation concluded the fiscal year with notable financial performance and strategic progress, as delineated in their fourth-quarter and full-year results for 2025.The company exhibited a strong expansion in both revenue and profitability metrics, driven primarily by robust growth across its diverse business sectors and geographic markets.Positive performance indicators include a 15% year-over-year increase in non-GAAP gross billings for the fourth quarter, reaching $24.3 billion.

TD SYNNEX: Hyve’s Hyperscaler Momentum Is Surging—But Is This Growth Sustainable Through the Next Cycle?

Technology Select Sector SPDR / Technical Analysis

<p>The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.</p>

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

U.S. Tech Stocks Are Leading Market Higher.

United States

SYNNEX Corporation provides information technology supply chain services.  The Company offers services to original equipment manufacturers and software publishers worldwide.  SYNNEX offers product distribution, related logistics services, and contract assembly.

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Synnex Corp (SNX US)

TD SYNNEX Hits $31.8 Billion In Billings — But Why Did Cash Flow Turn Negative?

TD SYNNEX reported a strong third quarter in fiscal 2026, with both its Distribution and Hyve business segments performing above expectations and...

Baptista Research

Nasdaq 100 and Technology (XLK) With 4-Month Base Breakouts; Downgrading Staples to Underweight

Nasdaq 100 $QQQ and Technology $XLK With 4-Month Base Breakouts; That is bullish as long as supports of $745 on QQQ and $197 on XLK hold on any...

Vermilion Research

TD SYNNEX Is Expanding Margins With Operating Leverage—But Is This Efficiency Story Fully Priced In?

TD SYNNEX delivered a strong start to the fiscal year, supported by broad-based demand across both its distribution and Hyve businesses, with...

Baptista Research

TD SYNNEX: Hyve’s Hyperscaler Momentum Is Surging—But Is This Growth Sustainable Through the Next Cycle?

TD SYNNEX Corporation concluded the fiscal year with notable financial performance and strategic progress, as delineated in their fourth-quarter...

Baptista Research

U.S. Tech Stocks Are Leading Market Higher.

The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology...

Vermilion Research

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