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>Tesla’s fourth-quarter earnings highlighted a company at the crossroads of transformation and challenge.</li><li>Despite achieving a record market valuation of $1.5 trillion in December, the company’s core automotive business struggled, with an 8% year-over-year revenue decline.</li><li>Demand softened, particularly for the Cybertruck, forcing Tesla to rely on aggressive promotional strategies to sustain sales.</li></ul>

Tesla’s fourth-quarter earnings highlighted a company at the crossroads of transformation and challenge.Despite achieving a record market valuation of $1.5 trillion in December, the company’s core automotive business struggled, with an 8% year-over-year revenue decline.Demand softened, particularly for the Cybertruck, forcing Tesla to rely on aggressive promotional strategies to sustain sales.

Tesla’s Growth Story Facing Challenges Amidst Optimism for AI and Autonomy?

Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

<ul>
<li>We expect inflation for the first half of January to be at 0.21%, again, due to an extraordinary reduction in agricultural prices.</li>
<li>This fortnight, inflation is typically at 0.36% bw.</li>
<li>The forecast of 0.21% bw is explained by the extraordinary reduction in agricultural products of -1.65% bw, versus the historical average of +0.48% bw.</li>
</ul>


We expect inflation for the first half of January to be at 0.21%, again, due to an extraordinary reduction in agricultural prices.
This fortnight, inflation is typically at 0.36% bw.
The forecast of 0.21% bw is explained by the extraordinary reduction in agricultural products of -1.65% bw, versus the historical average of +0.48% bw.


Actinver Research - Macro Daily: Inflation 1h-Jan 2025 (Forecast)

<ul><li>Tesla is once again reshaping the automotive and energy landscape with its latest wave of innovations that span from groundbreaking vehicle updates to advances in artificial intelligence and energy solutions.</li><li>The company’s updated Model Y in China, a redesign aimed at maximizing efficiency, represents just one facet of its dynamic transformation.</li><li>Recent Q3 2024 earnings discussions revealed record deliveries, improved vehicle safety metrics, and ambitious plans for scaling autonomous driving technologies and energy storage capabilities.</li></ul>

Tesla is once again reshaping the automotive and energy landscape with its latest wave of innovations that span from groundbreaking vehicle updates to advances in artificial intelligence and energy solutions.The company’s updated Model Y in China, a redesign aimed at maximizing efficiency, represents just one facet of its dynamic transformation.Recent Q3 2024 earnings discussions revealed record deliveries, improved vehicle safety metrics, and ambitious plans for scaling autonomous driving technologies and energy storage capabilities.

Tesla Innovations Unveiled: New Model Y & Robotics Breakthroughs That Will Blow Your Mind!

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Blended ASP of decline of 1% q/q in the past two quarters in 2H23, better than 3-10% q/q decline during 3Q22-2Q23, resulting in Tesla's blended ASP decline to decelerate. </li>
<li>Due to Tesla's cost cutting efforts with nice inventory control, we calculates profits/EV rebounded nicely by 21% q/q to US$3,490 per EV in 4Q23, much nicer than no profits.</li>
<li>Good improvement on its FSD Beta version 12.1.2 lately might become a pure profits/EV boost by incremental subscription of US$10,000-15,000 per EV or monthly fee by existing Tesla owners.</li>
</ul>


Blended ASP of decline of 1% q/q in the past two quarters in 2H23, better than 3-10% q/q decline during 3Q22-2Q23, resulting in Tesla's blended ASP decline to decelerate. 
Due to Tesla's cost cutting efforts with nice inventory control, we calculates profits/EV rebounded nicely by 21% q/q to US$3,490 per EV in 4Q23, much nicer than no profits.
Good improvement on its FSD Beta version 12.1.2 lately might become a pure profits/EV boost by incremental subscription of US$10,000-15,000 per EV or monthly fee by existing Tesla owners.


Good Entry Point as Tesla Stabilizes Its 4Q23 Asp and Profits Per EV

<ul><li>In early 2025, Tesla finds itself at a critical juncture as its global vehicle deliveries for 2024 dipped by 1% to 1.79 million units, marking the first annual decline in over a decade.</li><li>Despite this setback, Tesla's market capitalization surged by approximately 53%, positioning the company as a $1.2 trillion giant surpassing the combined value of the next 20 largest automakers.</li><li>This paradox underscores a shift in Tesla's valuation drivers—from traditional car sales to ambitious ventures in robotics, artificial intelligence, and the promising but uncertain robotaxi business.</li></ul>

In early 2025, Tesla finds itself at a critical juncture as its global vehicle deliveries for 2024 dipped by 1% to 1.79 million units, marking the first annual decline in over a decade.Despite this setback, Tesla's market capitalization surged by approximately 53%, positioning the company as a $1.2 trillion giant surpassing the combined value of the next 20 largest automakers.This paradox underscores a shift in Tesla's valuation drivers—from traditional car sales to ambitious ventures in robotics, artificial intelligence, and the promising but uncertain robotaxi business.

Tesla's Delivery Dilemma: How Chinese Rivals Are Stealing the Spotlight!

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Tesla’s Growth Story Facing Challenges Amidst Optimism for AI and Autonomy?

Tesla’s fourth-quarter earnings highlighted a company at the crossroads of transformation and challenge. Despite achieving a record market...

Baptista Research

Actinver Research - Macro Daily: Inflation 1h-Jan 2025 (Forecast)

We expect inflation for the first half of January to be at 0.21%, again, due to an extraordinary reduction in agricultural prices. This fortnight,...

Actinver

Tesla Innovations Unveiled: New Model Y & Robotics Breakthroughs That Will Blow Your Mind!

Tesla is once again reshaping the automotive and energy landscape with its latest wave of innovations that span from groundbreaking vehicle...

Baptista Research

Good Entry Point as Tesla Stabilizes Its 4Q23 Asp and Profits Per EV

Good Entry Point as Tesla Stabilizes Its 4Q23 Asp and Profits Per EV. Due to pricing stability and Tesla's cost cutting efforts, profits/EV...

Andrew Lu

Tesla's Delivery Dilemma: How Chinese Rivals Are Stealing the Spotlight!

In early 2025, Tesla finds itself at a critical juncture as its global vehicle deliveries for 2024 dipped by 1% to 1.79 million units, marking the...

Baptista Research

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