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 Capital Markets

International Business Machines / Equity Capital Markets

<ul><li>IBM has started the year on a positive note, with a double-digit growth in revenue from consulting reflecting solid performance all over the portfolio.</li><li>IBM continues to face challenges like geopolitical instability and cyber security, inflation, supply chain issues, and competition for talent.</li><li>However, it has a strong focus on AI and hybrid cloud technologies which helps mitigate many key risks.</li></ul>

IBM has started the year on a positive note, with a double-digit growth in revenue from consulting reflecting solid performance all over the portfolio.IBM continues to face challenges like geopolitical instability and cyber security, inflation, supply chain issues, and competition for talent.However, it has a strong focus on AI and hybrid cloud technologies which helps mitigate many key risks.

International Business Machines (IBM): The Mainframes Monopoly & Other Key Drivers

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Chinese firms bending over backward to offer foldable phones</li><li>Shanghai says no plan to seal off entire city of 25 million</li><li>Chinese stocks get another drubbing as uncertainty overwhelms investors</li></ul>

In Depth: Chinese firms bending over backward to offer foldable phonesShanghai says no plan to seal off entire city of 25 millionChinese stocks get another drubbing as uncertainty overwhelms investors

CX Daily: Chinese Firms Bending Over Backward to Offer Foldable Phones

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Intel's Analyst Day last week set forth unhittable revenue growth targets</li>
<li>Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.</li>
<li>Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. </li>
</ul>


Intel's Analyst Day last week set forth unhittable revenue growth targets
Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.
Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. 


Intel Analyst Day: Still a Top (Funding) Short

<ul><li>IBM's ecosystem continues to gain traction and its core Consulting usiness saw double-digit revenue growth once again.</li><li>The company generated $16.7 billion in revenue, a 58% operating gross margin, and $3.35 in operating earnings per share.</li><li>The strength of Red Hat and its automation offerings is reflected in its software revenue growth.</li></ul>

IBM's ecosystem continues to gain traction and its core Consulting usiness saw double-digit revenue growth once again.The company generated $16.7 billion in revenue, a 58% operating gross margin, and $3.35 in operating earnings per share.The strength of Red Hat and its automation offerings is reflected in its software revenue growth.

International Business Machines (IBM) - Investment Thesis

Value Investing

Vladimir Dimitrov, CFA

International Business Machines / Equity Bottom-Up

<ul>
<li>Even though IBM shares ended 2021 in the green, total return was very disappointing on a risk-adjusted basis.</li>
<li>Kyndryl shareholders were severely punished, and prospects for the company remain rather bleak.</li>
<li>2022 will be a critical year for IBM's management to prove that it could turn the business around.</li>
</ul>


Even though IBM shares ended 2021 in the green, total return was very disappointing on a risk-adjusted basis.
Kyndryl shareholders were severely punished, and prospects for the company remain rather bleak.
2022 will be a critical year for IBM's management to prove that it could turn the business around.


United States

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

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International Business Machines (IBM US)

International Business Machines (IBM): The Mainframes Monopoly & Other Key Drivers

IBM has started the year on a positive note, with a double-digit growth in revenue from consulting reflecting solid performance all over the...

Baptista Research

CX Daily: Chinese Firms Bending Over Backward to Offer Foldable Phones

In Depth: Chinese firms bending over backward to offer foldable phones. Shanghai says no plan to seal off entire city of 25 million

Caixin Global

Intel Analyst Day: Still a Top (Funding) Short

Intel's recent analyst day was confirmatory that it has entered the IBM zone - an inability to reset long term expectations makes it a perma...

Aaron Gabin

International Business Machines (IBM) - Investment Thesis

IBM's ecosystem continues to gain traction and its core Consulting usiness saw double-digit revenue growth once again. The company generated $16.7...

Baptista Research

IBM: A Rising Tide Lifts All Boats

Even though IBM shares ended 2021 in the green, total return was very disappointing on a risk-adjusted basis. Kyndryl shareholders were severely...

Vladimir Dimitrov, CFA

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