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

<ul><li>Oracle reported another quarter of decent revenue growth as the fastest-growing parts of the business continue to become a larger percentage of its business.</li><li>We remain neutral on Oracle and maintain our 'Hold' rating on the stock with a revised target price.</li><li>In this report, we have carried out reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price.</li></ul>

Oracle reported another quarter of decent revenue growth as the fastest-growing parts of the business continue to become a larger percentage of its business.We remain neutral on Oracle and maintain our 'Hold' rating on the stock with a revised target price.In this report, we have carried out reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price.

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>Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. </li>
<li>Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.</li>
<li>Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage</li>
</ul>


Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. 
Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.
Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> is the most widely held stock though ownership increases have stalled. <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a> is the key underweight and consistently under-owned by managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa (V US)</a> positive momentum has reversed while <a href="https://www.smartkarma.com/entities/adobe-systems-inc" target="_blank" data-smartkarma-citation="entities:8357:1" rel="noopener">Adobe Systems (ADBE US)</a> is the new darling of US Tech. <a href="https://www.smartkarma.com/entities/oracle-corp" target="_blank" data-smartkarma-citation="entities:1065:1" rel="noopener">Oracle Corp (ORCL US)</a> is losing investors at a consistent rate.</li>
</ul>


As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Microsoft Corp (MSFT US) is the most widely held stock though ownership increases have stalled. Apple Inc (AAPL US) is the key underweight and consistently under-owned by managers.

Visa (V US) positive momentum has reversed while Adobe Systems (ADBE US) is the new darling of US Tech. Oracle Corp (ORCL US) is losing investors at a consistent rate.


5 US Tech Stocks that Matter to Global Investors

<ul>
<li>US Tech allocations have hit fresh all-time highs among active Global investors.  Never before have Global investors placed such a reliance on US Tech to drive returns</li>
<li>We find that increases in US Tech weights were driven by relative price gains, rather than any active rebalancing in favour of the sector.</li>
<li>In fact, active momentum is slowing.  Value, Yield and GARP investors have increased underweights and Growth investors have moved from overweight to underweight.  </li>
</ul>


US Tech allocations have hit fresh all-time highs among active Global investors.  Never before have Global investors placed such a reliance on US Tech to drive returns
We find that increases in US Tech weights were driven by relative price gains, rather than any active rebalancing in favour of the sector.
In fact, active momentum is slowing.  Value, Yield and GARP investors have increased underweights and Growth investors have moved from overweight to underweight.  


US Tech:  Record Allocations, Record Underweights.  Value Becoming Harder to Find

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Hard to believe it, but Oracle has been one of the best performing names in the cloud space over the past year or so.</li>
<li>The so-called 'miss' in EPS numbers is a one-off item. However, it does highlight some risks.</li>
<li>The ambitious share buyback program is not sustainable, but doesn't need to be and, in my view, creates significant value.</li>
</ul>


Hard to believe it, but Oracle has been one of the best performing names in the cloud space over the past year or so.
The so-called 'miss' in EPS numbers is a one-off item. However, it does highlight some risks.
The ambitious share buyback program is not sustainable, but doesn't need to be and, in my view, creates significant value.


Oracle: Key Investor Takeaways From Q2 2022 Earnings

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

Oracle Corporation - Investment Thesis

Oracle reported another quarter of decent revenue growth as the fastest-growing parts of the business continue to become a larger percentage of...

Baptista Research

Recent IPO Insights: Braze

Braze is a next gen digital marketing platform with accelerating growth as existing large customers are growing rapidly. 135% net revenue retention...

Aaron Gabin

5 US Tech Stocks that Matter to Global Investors

As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Steven Holden

US Tech: Record Allocations, Record Underweights. Value Becoming Harder to Find

US Tech allocations have hit fresh all-time highs among active Global investors. Never before have Global investors placed such a reliance on US...

Steven Holden

Oracle: Key Investor Takeaways From Q2 2022 Earnings

Hard to believe it, but Oracle has been one of the best performing names in the cloud space over the past year or so. The so-called 'miss' in EPS...

Vladimir Dimitrov, CFA

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