Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Macroeconomics

<ul>
<li>President Trump's announcement of reciprocal tariffs has shocked equity markets, creating comparisons with President Nixon's shock decision in 1971 to suspend the dollar's convertibility into gold.    </li>
<li>Markets initially betted that Europe would enjoy faster growth due to the arrival of tariffs and higher defence spending, but Europe still remains heavily reliant on net exports, particularly Germany. </li>
<li>The US will win a trade war versus Europe due to a large loss external demand, while the US has joined China in pursuing modern mercantilism to enhance sovereign power. </li>
</ul>


President Trump's announcement of reciprocal tariffs has shocked equity markets, creating comparisons with President Nixon's shock decision in 1971 to suspend the dollar's convertibility into gold.    
Markets initially betted that Europe would enjoy faster growth due to the arrival of tariffs and higher defence spending, but Europe still remains heavily reliant on net exports, particularly Germany. 
The US will win a trade war versus Europe due to a large loss external demand, while the US has joined China in pursuing modern mercantilism to enhance sovereign power. 


US Embraces Modern Mercantilism Via Higher Tariffs to Boost Capital Accumulation

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

Endava Plc operates as an information technology service company. The Company offers software engineering, cloud transformation, test automation, technology consulting, and other related services. Endava serves finance, insurance and healthcare, retail and consumer goods, media and technology, and communication industries worldwide.

<ul><li>Endava reported its second quarter fiscal year 2025 results with revenue reaching GBP 195.6 million, a 6.6% increase year-over-year, or 9.1% in constant currency.</li><li>This growth was driven by strong business performance in North America and the company's core modernization offerings.</li><li>Profit before tax stood at GBP 2.5 million, significantly lower than the GBP 10.6 million a year earlier, highlighting ongoing cost challenges and restructuring impacts.</li></ul>

Endava reported its second quarter fiscal year 2025 results with revenue reaching GBP 195.6 million, a 6.6% increase year-over-year, or 9.1% in constant currency.This growth was driven by strong business performance in North America and the company's core modernization offerings.Profit before tax stood at GBP 2.5 million, significantly lower than the GBP 10.6 million a year earlier, highlighting ongoing cost challenges and restructuring impacts.

Endava Inc.: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>GOI launches a 4.83% stake sale in Mazagon Dock at an 8% discount, causing a 6.4% stock dip.</li>
<li>SEBI may investigate <a href="https://www.smartkarma.com/entities/gensol-engineering-limited" target="_blank" data-smartkarma-citation="entities:44470:1" rel="noopener">Gensol Engineering (GENSOL IN)</a> over related-party EV leases and falsified debt servicing documents.</li>
<li>
<a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a> shifts focus to organic growth with plans to double revenue and hit 70% ROCE in lifestyle brands which drives strong re-rating potential.</li>
</ul>


GOI launches a 4.83% stake sale in Mazagon Dock at an 8% discount, causing a 6.4% stock dip.
SEBI may investigate Gensol Engineering (GENSOL IN) over related-party EV leases and falsified debt servicing documents.

Aditya Birla Fashion and Retail Ltd (ABFRL IN) shifts focus to organic growth with plans to double revenue and hit 70% ROCE in lifestyle brands which drives strong re-rating potential.


#133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan

<ul>
<li>U.S. imposes 26% tariff on Indian imports to be enforced in two phases i.e. 10% from April 5 and 16% from April 10 , although India sees no major setback.</li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> to raise India’s iPhone output to 25% by 2028 from 14% in FY24, boosting local manufacturing and to meet the projected demand.</li>
<li>SEBI warns HDFC Bank for non-compliance; analysts project a 12% upside in share price.</li>
</ul>


U.S. imposes 26% tariff on Indian imports to be enforced in two phases i.e. 10% from April 5 and 16% from April 10 , although India sees no major setback.

Apple (AAPL US) to raise India’s iPhone output to 25% by 2028 from 14% in FY24, boosting local manufacturing and to meet the projected demand.
SEBI warns HDFC Bank for non-compliance; analysts project a 12% upside in share price.


#132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning

Stevanato Group Societa' Per Azioni manufactures packaging containers from glass. The Company provides vials, ampoules, auto-injectors, and prefilled syringes for pharmaceutical industry. Stevanato Group serves customers worldwide.

<ul><li>Stevanato Group has reported its financial results for fiscal year 2024, giving investors a comprehensive view of its performance, strategic investments, and outlook for 2025.</li><li>The company closed the year with revenues up by 2%, supported by strong performance in the Biopharmaceutical and Diagnostic Solutions (BDS) segment which grew 6%, effectively offsetting a 17% decline in the Engineering segment.</li><li>Revenue from high-value solutions like syringes saw a significant increase, contributing to 38% of total company revenue, driven by higher demand for biologic treatments.</li></ul>

Stevanato Group has reported its financial results for fiscal year 2024, giving investors a comprehensive view of its performance, strategic investments, and outlook for 2025.The company closed the year with revenues up by 2%, supported by strong performance in the Biopharmaceutical and Diagnostic Solutions (BDS) segment which grew 6%, effectively offsetting a 17% decline in the Engineering segment.Revenue from high-value solutions like syringes saw a significant increase, contributing to 38% of total company revenue, driven by higher demand for biologic treatments.

Stevanato Group: Expanding Manufacturing Capacity To Enable Future Top-Line Growth!

Europe
Insights on Europe (EU)

US Embraces Modern Mercantilism Via Higher Tariffs to Boost Capital Accumulation

President Trump announced reciprocal tariffs on 2 April, sparking a major sell-off in equities. The US will win a trade war with Europe who will...

DeSaque Macro Research

Endava Inc.: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Endava reported its second quarter fiscal year 2025 results with revenue reaching GBP 195.6 million, a 6.6% increase year-over-year, or 9.1% in...

Baptista Research

#133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan

GOI's stake sale in Mazagon Dock at a discount leads to stock dip; SEBI may probe Gensol Engineering; Aditya Birla Fashion aims for organic growth...

Sudarshan Bhandari

#132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning

U.S. imposes 26% tariff on Indian imports, India remains unfazed. Apple to increase iPhone production in India. SEBI warns HDFC Bank, analysts...

Sudarshan Bhandari

Stevanato Group: Expanding Manufacturing Capacity To Enable Future Top-Line Growth!

Stevanato Group has reported its financial results for fiscal year 2024, giving investors a comprehensive view of its performance, strategic...

Baptista Research

US Embraces Modern Mercantilism Via Higher Tariffs to Boost Capital Accumulation

President Trump announced reciprocal tariffs on 2 April, sparking a major sell-off in equities. The US will win a trade war with Europe who will...

DeSaque Macro Research

Endava Inc.: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Endava reported its second quarter fiscal year 2025 results with revenue reaching GBP 195.6 million, a 6.6% increase year-over-year, or 9.1% in...

Baptista Research

#133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan

​GOI's stake sale in Mazagon Dock at a discount leads to stock dip; SEBI may probe Gensol Engineering; Aditya Birla Fashion aims for organic growth...

Sudarshan Bhandari

#132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning

​U.S. imposes 26% tariff on Indian imports, India remains unfazed. Apple to increase iPhone production in India. SEBI warns HDFC Bank, analysts...

Sudarshan Bhandari

Stevanato Group: Expanding Manufacturing Capacity To Enable Future Top-Line Growth!

Stevanato Group has reported its financial results for fiscal year 2024, giving investors a comprehensive view of its performance, strategic...

Baptista Research

GOI's stake sale in Mazagon Dock at a discount leads to stock dip; SEBI may probe Gensol Engineering; Aditya Birla Fashion aims for organic growth...

U.S. imposes 26% tariff on Indian imports, India remains unfazed. Apple to increase iPhone production in India. SEBI warns HDFC Bank, analysts...