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

Meta Platforms (Facebook) / Equity Bottom-Up

<ul><li>Meta delivered a spectacular Q4 FY 2023 Earnings and the company has managed to achieve substantial growth in the past year.</li><li>With more than 3.1 billion users engaging with at least one of Meta's applications daily, the immense usage indicates the key role that the company plays in shaping online social interactions and connectivity globally.</li><li>A notable highlight of Meta's 2023 performance was its increased revenue growth, showing remarkable financial strength.</li></ul>

Meta delivered a spectacular Q4 FY 2023 Earnings and the company has managed to achieve substantial growth in the past year.With more than 3.1 billion users engaging with at least one of Meta's applications daily, the immense usage indicates the key role that the company plays in shaping online social interactions and connectivity globally.A notable highlight of Meta's 2023 performance was its increased revenue growth, showing remarkable financial strength.

Meta Platforms: A Spectacular End To 2023 But What Are The Bumps Ahead On The Road In 2024? - Major Drivers

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.</li><li>I will start with Meta today and will share my thoughts on Amazon tomorrow.</li><li>You can find the updated model on Meta here which I encourage you to download to play around with your own narrative as you see fit.</li></ul>

So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.I will start with Meta today and will share my thoughts on Amazon tomorrow.You can find the updated model on Meta here which I encourage you to download to play around with your own narrative as you see fit.

<ul><li>Take a look at the Facebook’s DAU or MAU number for the last time because Meta will stop reporting them from next quarter.</li><li>Investors usually assume the worst when any important KPI gets deprecated by the company.</li><li>Thankfully, along with Family “Daily Active People” (DAP), Meta will report YoY changes in ad impressions and average price per ad by <span style="font-size: var(--content-font-size);">region</span><span style="font-size: var(--content-font-size);">.</span></li></ul>

Take a look at the Facebook’s DAU or MAU number for the last time because Meta will stop reporting them from next quarter.Investors usually assume the worst when any important KPI gets deprecated by the company.Thankfully, along with Family “Daily Active People” (DAP), Meta will report YoY changes in ad impressions and average price per ad by region.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.</li>
<li>We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.</li>
<li>After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels </li>
</ul>


The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.
We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.
After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels 


Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>The single most complicated question to answer is what exactly the ROI of AI is.</li><li>You can easily argue that there is some value and that it can be done quite profitably when you are just inferencing the model for money.</li><li>The problem is that when you peer a little closer at the training costs, particularly the cost of scaling models at the frontier, it’s starting to become hard to answer. What exactly is the ROI?</li></ul>

The single most complicated question to answer is what exactly the ROI of AI is.You can easily argue that there is some value and that it can be done quite profitably when you are just inferencing the model for money.The problem is that when you peer a little closer at the training costs, particularly the cost of scaling models at the frontier, it’s starting to become hard to answer. What exactly is the ROI?

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta Platforms (Facebook) (META US)

Meta Platforms: A Spectacular End To 2023 But What Are The Bumps Ahead On The Road In 2024? - Major Drivers

Meta delivered a spectacular Q4 FY 2023 Earnings and the company has managed to achieve substantial growth in the past year. With more than 3.1...

Baptista Research

Meta Platforms: Model Update

So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.

MBI Deep Dives

Meta 4Q'23 Update

Take a look at the Facebook’s DAU or MAU number for the last time because Meta will stop reporting them from next quarter.

MBI Deep Dives

Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

Upgrading Utilities $XLU to Overweight; Many Indexes Testing Resistance $SPX $DJI $IJH $IWM $XRT $EEM; Expecting SPX to Roll Over; $NVDA and $SMH...

Vermilion Research

The ROI of AI (It's a Dollar Auction)

The single most complicated question to answer is what exactly the ROI of AI is. You can easily argue that there is some value and that it can be...

Fabricated Knowledge

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