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

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

<ul><li>Walmart Inc. reported a solid financial performance in its fiscal year 2025 second quarter earnings, displaying robust sales growth and even stronger profit growth which surpassed expectations.</li><li>The company's leadership highlighted their dual focus on achieving short-term results and driving significant transformative changes aimed at positioning Walmart for future success.</li><li>During the quarter, Walmart experienced broad-based strength across multiple divisions.</li></ul>

Walmart Inc. reported a solid financial performance in its fiscal year 2025 second quarter earnings, displaying robust sales growth and even stronger profit growth which surpassed expectations.The company's leadership highlighted their dual focus on achieving short-term results and driving significant transformative changes aimed at positioning Walmart for future success.During the quarter, Walmart experienced broad-based strength across multiple divisions.

Walmart Inc.: How Are They Dealing The Challenges of Sustaining e-Commerce Profitability Amid AI Integration! - Major Drivers

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Advanced Micro Devices / Equity Bottom-Up

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

<ul>
<li>AMD announced their intention to acquire hyperscale solutions Provider ZT Systems in a cash and stock transaction valued at $4.9 billion</li>
<li>The real target of the deal is the 1,000 Data Center design engineers all of who will transfer directly to AMD's engineering team with an annual OpEx of $150 million</li>
<li>This is AMD scaling up to grab a larger share of the ~$400 billion by 2027 AI Data Center TAM just as Intel is scaling down its workforce by 15,000</li>
</ul>


AMD announced their intention to acquire hyperscale solutions Provider ZT Systems in a cash and stock transaction valued at $4.9 billion
The real target of the deal is the 1,000 Data Center design engineers all of who will transfer directly to AMD's engineering team with an annual OpEx of $150 million
This is AMD scaling up to grab a larger share of the ~$400 billion by 2027 AI Data Center TAM just as Intel is scaling down its workforce by 15,000


Top 10 Mega Caps | Artificial Intelligence, Mint Finance

Uttkarsh Kohli

Top 10 Mega Caps | Artificial Intelligence

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

<ul>
<li>
Diverse AI Portfolio: Microsoft’s diversified AI investments, including partnerships with G42 and Mistral AI, reduce reliance on OpenAI and ensure continued innovation across multiple AI ventures.</li>
<li>
Azure’s Competitive Edge: The partnership with OpenAI strengthens Azure’s position by offering exclusive AI-driven cloud services, boosting demand from enterprises seeking advanced automation and productivity tools.</li>
<li>
Industry Leadership: As AI investment intensifies across the tech sector, Microsoft’s significant spending outpaces peers, positioning the company as a frontrunner while highlighting competitive pressures in the growing AI landscape.</li>
</ul>



Diverse AI Portfolio: Microsoft’s diversified AI investments, including partnerships with G42 and Mistral AI, reduce reliance on OpenAI and ensure continued innovation across multiple AI ventures.

Azure’s Competitive Edge: The partnership with OpenAI strengthens Azure’s position by offering exclusive AI-driven cloud services, boosting demand from enterprises seeking advanced automation and productivity tools.

Industry Leadership: As AI investment intensifies across the tech sector, Microsoft’s significant spending outpaces peers, positioning the company as a frontrunner while highlighting competitive pressures in the growing AI landscape.


Microsoft's Billion Dollar Bets on OpenAI & G42; Azure to Benefit from Industry Growth

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

CMES AI Robotics / Equity Capital Markets

CMES AI Robotics develops all technologies in-house to build a reliable Vision-guided AI Robotics system for industries.

<ul>
<li>CMES AI Robotics is getting ready to complete its IPO on KOSDAQ in October. The expected IPO price is 20,000 won to 24,000 won. </li>
<li>CMES provides intelligent robot solutions that combine artificial intelligence (AI) and three-dimensional (3D) vision technology. CMES's core technologies include 3D vision sensors and image processing algorithms. </li>
<li>Robotics related IPOs have generated enormous interest in Korea. Although CMES is a small cap name, this robotics related IPO is also likely to garner high interest as well. </li>
</ul>


CMES AI Robotics is getting ready to complete its IPO on KOSDAQ in October. The expected IPO price is 20,000 won to 24,000 won. 
CMES provides intelligent robot solutions that combine artificial intelligence (AI) and three-dimensional (3D) vision technology. CMES's core technologies include 3D vision sensors and image processing algorithms. 
Robotics related IPOs have generated enormous interest in Korea. Although CMES is a small cap name, this robotics related IPO is also likely to garner high interest as well. 


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.

AAC Technologies Holdings / Equity Bottom-Up

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

<ul><li>We upgrade AAC to BUY with SOTP-based TP of HK$37.8 (19.6x FY25E P/E), as we believe spec upgrade in acoustics/optics/haptics and upcoming AI smartphone cycle will boost earnings growth into FY25/26E.</li><li>AAC’s 1H24 revenue/net profit growth of 22%/257% YoY is ahead of market expectations, thanks to stronger margin recovery (+7.4 ppts YoY/+2.3 ppts HoH), better product mix in acoustics/optics/PM and consolidation of PSS.</li><li>For FY24E, mgmt. reiterated 15% YoY sales growth (excl. PSS) with GPM HoH expansion, driven by: 1) Optics: better HSL/HCM ASP/shipment and improving GPM into 4Q24E, 2) Acoustic: SLS/Combo product penetration, 3) Haptics/casing/hinges: highend model launches and market share gains in 2H24E, and 4) Acoustics/heat dissipation upgrades for AI smartphones. </li></ul>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.

We upgrade AAC to BUY with SOTP-based TP of HK$37.8 (19.6x FY25E P/E), as we believe spec upgrade in acoustics/optics/haptics and upcoming AI smartphone cycle will boost earnings growth into FY25/26E.AAC’s 1H24 revenue/net profit growth of 22%/257% YoY is ahead of market expectations, thanks to stronger margin recovery (+7.4 ppts YoY/+2.3 ppts HoH), better product mix in acoustics/optics/PM and consolidation of PSS.For FY24E, mgmt. reiterated 15% YoY sales growth (excl. PSS) with GPM HoH expansion, driven by: 1) Optics: better HSL/HCM ASP/shipment and improving GPM into 4Q24E, 2) Acoustic: SLS/Combo product penetration, 3) Haptics/casing/hinges: highend model launches and market share gains in 2H24E, and 4) Acoustics/heat dissipation upgrades for AI smartphones. 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.

AAC Tech (2018 HK) - Riding on New Upgrade Cycle; Upgrade to BUY