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

Zoom Video Communications Inc / Equity Bottom-Up

<ul><li>Zoom Video Communications delivered strong financial performance in the second quarter of fiscal year 2025, surpassing market expectations and demonstrating resilience in a competitive landscape.</li><li>The company's revenue rose by 2.1% year-over-year to $1.16 billion, slightly exceeding analyst forecasts.</li><li>Adjusted earnings per share also impressed, reaching $1.39, which was significantly higher than the anticipated $1.21.</li></ul>

Zoom Video Communications delivered strong financial performance in the second quarter of fiscal year 2025, surpassing market expectations and demonstrating resilience in a competitive landscape.The company's revenue rose by 2.1% year-over-year to $1.16 billion, slightly exceeding analyst forecasts.Adjusted earnings per share also impressed, reaching $1.39, which was significantly higher than the anticipated $1.21.

Zoom Video Communications: Focus on Upmarket and Customer Expansion! - Major Drivers

<ul><li>Zoom reported total Q1 revenue of $1.141 billion, a 3% year-on-year increase.</li><li>Enterprise revenue, which represented 58% of total revenue, grew 5% year-on-year.</li><li>Gross margin was 79.3%, slightly lower than the 80.5% recorded in the same quarter last year due to investments in AI innovation.</li></ul>

Zoom reported total Q1 revenue of $1.141 billion, a 3% year-on-year increase.Enterprise revenue, which represented 58% of total revenue, grew 5% year-on-year.Gross margin was 79.3%, slightly lower than the 80.5% recorded in the same quarter last year due to investments in AI innovation.

Zoom Video Communications: A Story Of Continued Growth in Enterprise Customer Base! - Major Drivers

<ul><li>Zoom Video Communications, Inc reported financial results for its fiscal Q4 and full-year 2024.</li><li>The company's revenue for the Q4 reached $1.146 billion, up 3% YoY. Zoom's Enterprise revenue grew by 5% YoY and formed 58% of total revenue.</li><li>The company's non-GAAP income from operations grew 10% YoY to $444 million.</li></ul>

Zoom Video Communications, Inc reported financial results for its fiscal Q4 and full-year 2024.The company's revenue for the Q4 reached $1.146 billion, up 3% YoY. Zoom's Enterprise revenue grew by 5% YoY and formed 58% of total revenue.The company's non-GAAP income from operations grew 10% YoY to $444 million.

Zoom Video Communications: Incorporating AI Capabilities to Improve Customer Engagement and Productivity! - Major Drivers

<ul><li>Zoom Video Communications, Inc. managed to exceed analyst expectations in terms of revenue and earnings.</li><li>The Enterprise business exhibited an 8% year-over-year growth, constituting 58% of total revenue.</li><li>Notable achievements included Zoom Phone reaching 7 million paid seats, Zoom Contact Center acquiring around 700 customers, and a nearly doubled customer base for Zoom Virtual Agent quarter-over-quarter.</li></ul>

Zoom Video Communications, Inc. managed to exceed analyst expectations in terms of revenue and earnings.The Enterprise business exhibited an 8% year-over-year growth, constituting 58% of total revenue.Notable achievements included Zoom Phone reaching 7 million paid seats, Zoom Contact Center acquiring around 700 customers, and a nearly doubled customer base for Zoom Virtual Agent quarter-over-quarter.

Zoom Video Communications Inc.: Leading the Digital Communication Revolution! - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There were 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. Then another ad hoc change was added on top of that.</li>
<li>Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.</li>
<li>Apart from the constituent changes, there are expected to be inflows in <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors</a> and <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> and outflows from <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>.</li>
</ul>


There were 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. Then another ad hoc change was added on top of that.
Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.
Apart from the constituent changes, there are expected to be inflows in Tesla Motors and Broadcom and outflows from Apple, Microsoft, Amazon.com and NVIDIA.


NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

United States

Zoom Video Communications, Inc. develops a people-centric cloud service that transforms real-time collaboration experience. The Company offers unified meeting experience, a cloud service that provides a 3-in-1 meeting platform with HD video conferencing, mobility, and web meetings. Zoom Video Communications serves customers worldwide.

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Zoom Video Communications Inc (ZM US)

Zoom Video Communications: Focus on Upmarket and Customer Expansion! - Major Drivers

Zoom Video Communications delivered strong financial performance in the second quarter of fiscal year 2025, surpassing market expectations and...

Baptista Research

Zoom Video Communications: A Story Of Continued Growth in Enterprise Customer Base! - Major Drivers

Zoom reported total Q1 revenue of $1.141 billion, a 3% year-on-year increase. Enterprise revenue, which represented 58% of total revenue, grew 5%...

Baptista Research

Zoom Video Communications: Incorporating AI Capabilities to Improve Customer Engagement and Productivity! - Major Drivers

Zoom Video Communications, Inc reported financial results for its fiscal Q4 and full-year 2024. The company's revenue for the Q4 reached $1.146...

Baptista Research

Zoom Video Communications Inc.: Leading the Digital Communication Revolution! - Major Drivers

Zoom Video Communications, Inc. managed to exceed analyst expectations in terms of revenue and earnings. The Enterprise business exhibited an 8%...

Baptista Research

NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

There are 7 changes at the close on 15 December with an estimated one-way trade of US$18.7bn. Impact on the constituent changes varies from 1-8...

Brian Freitas

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