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>Unity Software delivered a decent set of results for the last quarter.</li><li>The focus on developing products that deliver distinct value to clients was emphasized, with feedback from the gaming community on product development plans and responsiveness to their requirements being particularly positive.</li><li>Successes were also noted in other sectors, especially with a more efficient cost structure and scalable software solutions.</li></ul>

Unity Software delivered a decent set of results for the last quarter.The focus on developing products that deliver distinct value to clients was emphasized, with feedback from the gaming community on product development plans and responsiveness to their requirements being particularly positive.Successes were also noted in other sectors, especially with a more efficient cost structure and scalable software solutions.

Unity Software: What Is The Story Behind Their Exit From Hardware Business & Focus on Software? - Major Drivers

<ul><li>Unity Software Inc. delivered a disappointing set of results as it was unable to meet Wall Street's revenue and earnings expectations.</li><li>The company's Q3 earnings and shareholder letter indicate a strong commitment to focusing on building a best-in-class platform, driving creator success from design to monetization.</li><li>Unity Software’s journey ahead is marked by narrowing its scope, sharpening execution, and driving efficiency, all while maintaining its mission-driven culture and community focus.</li></ul>

Unity Software Inc. delivered a disappointing set of results as it was unable to meet Wall Street's revenue and earnings expectations.The company's Q3 earnings and shareholder letter indicate a strong commitment to focusing on building a best-in-class platform, driving creator success from design to monetization.Unity Software’s journey ahead is marked by narrowing its scope, sharpening execution, and driving efficiency, all while maintaining its mission-driven culture and community focus.

Unity Software Inc.: Assessing Sustainability and Business Longevity – A Critical Analysis! - Major Drivers

<ul><li>Unity Software Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.</li><li>The company ended the quarter with a strong acceleration in revenue growth, impressive margin improvements, and positive cash flow generation.</li><li>The company's core subscription growth is robust, and its product portfolio continues to expand with new offerings, such as Unity 2022 LTS, Unity PolySpatial, and Unity Cloud.</li></ul>

Unity Software Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.The company ended the quarter with a strong acceleration in revenue growth, impressive margin improvements, and positive cash flow generation.The company's core subscription growth is robust, and its product portfolio continues to expand with new offerings, such as Unity 2022 LTS, Unity PolySpatial, and Unity Cloud.

Unity Software Inc.: The VisionOS Upside & Other Major Drivers

Equity Capital Markets

<ul><li>Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.</li><li>Unity believes AI is a positive force for the industry and its creators, leveraging the sustainable competitive advantages provided by its platform.</li><li>We give Unity Software Inc. a 'Hold' rating with a revised target price.</li></ul>

Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.Unity believes AI is a positive force for the industry and its creators, leveraging the sustainable competitive advantages provided by its platform.We give Unity Software Inc. a 'Hold' rating with a revised target price.

Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Unity’s 1Q23 top line was in line with our estimate, and  bottom line was USD 34mn, vs. our est./cons. of USD 4/(3)mn, due to headcount reductions.</li>
<li>We expect it to outperform in coming quarters because: 1) Create solutions are reducing low margin businesses with low churn rate, </li>
<li>2) Growth solutions continue to gain share driven by integrated Mediation platform, 3) announced AI products with accumulated R&amp;D further diversify Unity toolsets.</li>
</ul>


Unity’s 1Q23 top line was in line with our estimate, and  bottom line was USD 34mn, vs. our est./cons. of USD 4/(3)mn, due to headcount reductions.
We expect it to outperform in coming quarters because: 1) Create solutions are reducing low margin businesses with low churn rate, 
2) Growth solutions continue to gain share driven by integrated Mediation platform, 3) announced AI products with accumulated R&amp;D further diversify Unity toolsets.


[Unity Software (U US) Earnings Review]: Maintain BUY as AI Spending Offset by Topline Growth

United States

Unity Software Inc. provides software solutions. The Company offers graphic tools to create, run, and monetize real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. Unity Software serves customers worldwide.

Unity Software (U US)

Unity Software: What Is The Story Behind Their Exit From Hardware Business & Focus on Software? - Major Drivers

Unity Software delivered a decent set of results for the last quarter. The focus on developing products that deliver distinct value to clients was...

Baptista Research

Unity Software Inc.: Assessing Sustainability and Business Longevity – A Critical Analysis! - Major Drivers

Unity Software Inc. delivered a disappointing set of results as it was unable to meet Wall Street's revenue and earnings expectations. The...

Baptista Research

Unity Software Inc.: The VisionOS Upside & Other Major Drivers

Unity Software Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par...

Baptista Research

Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus. Unity believes AI is a...

Baptista Research

[Unity Software (U US) Earnings Review]: Maintain BUY as AI Spending Offset by Topline Growth

Unity’s 1Q23 top line was in line with our estimate, and bottom line was USD 34mn, vs. our est./cons. of USD 4/(3)mn, due to headcount reductions.

Blue Lotus Research Institute