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

IonQ, Inc. operates as a computing hardware and software company. The Company develops a general-purpose trapped ion quantum computer and software to generate, optimize, and execute quantum circuits. IonQ serves customers worldwide.

<ul><li>IonQ, a prominent player in the quantum computing industry, has recently shared its performance details for the first quarter of 2024, reflecting significant progress and setting a constructive outlook for the future.</li><li>This analysis delves into both the positive developments and the challenges facing the company as it forges ahead.</li><li>Starting with the positives, IonQ has outstripped its revenue expectations for the quarter, reporting $7.6 million, which surpasses the higher end of its forecasted range.</li></ul>

IonQ, a prominent player in the quantum computing industry, has recently shared its performance details for the first quarter of 2024, reflecting significant progress and setting a constructive outlook for the future.This analysis delves into both the positive developments and the challenges facing the company as it forges ahead.Starting with the positives, IonQ has outstripped its revenue expectations for the quarter, reporting $7.6 million, which surpasses the higher end of its forecasted range.

IonQ Inc.: Expansion Into New Applications & Industries Can Propel Their Growth! - Major Drivers

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>We have always been concerned about QuantumPharm’s business model. It is relatively difficult for a service provider like QuantumPharm to scale up revenue by just relying on charging service fees.</li>
<li>For AI pharmaceutical companies, how to make money is a pain point for entire industry. Just focusing on preclinical stages would limit profitability.We haven’t seen any certainty of achieving breakeven.</li>
<li>Increasing competition would bring more challenges for QuantumPharm. Post-investment valuation in 2021 was too expensive.If its future performance falls short of expectations, then sooner or later the valuation will collapse. </li>
</ul>


We have always been concerned about QuantumPharm’s business model. It is relatively difficult for a service provider like QuantumPharm to scale up revenue by just relying on charging service fees.
For AI pharmaceutical companies, how to make money is a pain point for entire industry. Just focusing on preclinical stages would limit profitability.We haven’t seen any certainty of achieving breakeven.
Increasing competition would bring more challenges for QuantumPharm. Post-investment valuation in 2021 was too expensive.If its future performance falls short of expectations, then sooner or later the valuation will collapse. 


Pre-IPO QuantumPharm (PHIP Updates) - Some Points Worth the Attention

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

<ul><li>Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing, along with the introduction of the most powerful GPU architecture named Blackwell, featuring 208bn transistors and using a 4nm process from TSMC.</li><li>The Blackwell GPU consists of two reticle-sized chips, each with 104bn transistors, connected by NVLink 5.0 interconnects that join them seamlessly.</li><li>The first Blackwell chip is called GB200 and is planned for shipment later in 2024. When comparing to its predecessor, H100, as well as competing products from AMD, Intel, and others, the new Blackwell GPU accelerators are poised to offer a huge upgrade for AI companies.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing, along with the introduction of the most powerful GPU architecture named Blackwell, featuring 208bn transistors and using a 4nm process from TSMC.The Blackwell GPU consists of two reticle-sized chips, each with 104bn transistors, connected by NVLink 5.0 interconnects that join them seamlessly.The first Blackwell chip is called GB200 and is planned for shipment later in 2024. When comparing to its predecessor, H100, as well as competing products from AMD, Intel, and others, the new Blackwell GPU accelerators are poised to offer a huge upgrade for AI companies.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>This is our first report on quantum computing systems producer, IONQ. The company has reported its Fourth Quarter and Full Year 2023 earnings, showing strong performance within the quantum computing sector.</li><li>The company generated $6.1 million in Q4, bringing the total recognized revenue to over $22 million for the full year, exceeding the upper end of their projected range.</li><li>For the year, IonQ achieved $65.1 million in bookings, greatly surpassing its original bookings midpoint of $40 million, providing evidence of successful performance by both the technical and commercial team.</li></ul>

This is our first report on quantum computing systems producer, IONQ. The company has reported its Fourth Quarter and Full Year 2023 earnings, showing strong performance within the quantum computing sector.The company generated $6.1 million in Q4, bringing the total recognized revenue to over $22 million for the full year, exceeding the upper end of their projected range.For the year, IonQ achieved $65.1 million in bookings, greatly surpassing its original bookings midpoint of $40 million, providing evidence of successful performance by both the technical and commercial team.

IonQ Inc.: Initiation Of Coverage - Accelerating Innovation Through Hybrid Quantum Computing! - Major Drivers

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Quantum Computing Inc. designs and develops application software. The Company offers hardware designing, application development, security support, and consultancy services. Quantum Computing serves customers in the United States.

<ul><li>The size of the quantum computing market depends on which source you consult and how it defines the market.</li><li>The average CAGR is 29% for a billion-dollar market, hitting $4- 6 billion in 2030.</li><li>Quantum computing is a new type of computing that uses the principles of quantum mechanics to solve problems that are too complex for traditional computers. </li></ul>

The size of the quantum computing market depends on which source you consult and how it defines the market.The average CAGR is 29% for a billion-dollar market, hitting $4- 6 billion in 2030.Quantum computing is a new type of computing that uses the principles of quantum mechanics to solve problems that are too complex for traditional computers. 

Tech Talk: Quantum Computing Interesting but Significant Impacts Likely over the Horizon