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

<ul><li>Alphabet Inc. delivered a solid result and managed an all-around beat in the quarter, with significant growth in its Search and YouTube segments, as well as momentum in Cloud services.</li><li>The goal is to provide more diverse information and multiple perspectives in search results while incorporating ads.</li><li>The company enables developers and organizations to build transformative products and services, mainly through Google Cloud, which witnessed continued growth, showcasing innovations in infrastructure, data, AI, workspace collaboration, and cybersecurity solutions.</li></ul>

Alphabet Inc. delivered a solid result and managed an all-around beat in the quarter, with significant growth in its Search and YouTube segments, as well as momentum in Cloud services.The goal is to provide more diverse information and multiple perspectives in search results while incorporating ads.The company enables developers and organizations to build transformative products and services, mainly through Google Cloud, which witnessed continued growth, showcasing innovations in infrastructure, data, AI, workspace collaboration, and cybersecurity solutions.

Alphabet Inc: Cloud Innovations – A Glimpse into the Future of Tech! - Major Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

<ul><li>Alphabet managed to surpass the revenue and earnings expectations of analysts.</li><li>Revenues from Google Advertising, Search, and Other increased, with the retail vertical seeing the most rise.</li><li>Google's other sales increased over the previous year, with YouTube subscription revenue driving this development.</li></ul>

Alphabet managed to surpass the revenue and earnings expectations of analysts.Revenues from Google Advertising, Search, and Other increased, with the retail vertical seeing the most rise.Google's other sales increased over the previous year, with YouTube subscription revenue driving this development.

Alphabet Inc.: Are Bard & Other Generative AI Products Still Struggling Against ChatGPT? – Key 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>Topline grew +9% FXN. While Google Services revenue growth was flat in 1Q’23, it was 5.5% YoY in 2Q’23, with growth re-accelerating in every component of Google Services.</li><li>Despite cost optimization efforts by customers, Google Cloud maintained its momentum with ~28% YoY growth (same as it was in 1Q’23).</li><li>So, on an apple-to-apple basis, Google Services margin would be slightly lower this quarter than reported (say, ~$500 Mn opex for Google Brain).</li></ul>

Topline grew +9% FXN. While Google Services revenue growth was flat in 1Q’23, it was 5.5% YoY in 2Q’23, with growth re-accelerating in every component of Google Services.Despite cost optimization efforts by customers, Google Cloud maintained its momentum with ~28% YoY growth (same as it was in 1Q’23).So, on an apple-to-apple basis, Google Services margin would be slightly lower this quarter than reported (say, ~$500 Mn opex for Google Brain).

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>If you pay attention, the Internet has been a bit different lately. Many of the attributes and ways we once interacted with the internet is changing.</li><li>I probably noticed it the most when one of my favorite websites, subredditstats.com showed me this image the other day.</li><li>Reddit’s free API is closing. But so is X (formerly Twitter), and other properties all around the internet are slowly adding limits and closing their doors.</li></ul>

If you pay attention, the Internet has been a bit different lately. Many of the attributes and ways we once interacted with the internet is changing.I probably noticed it the most when one of my favorite websites, subredditstats.com showed me this image the other day.Reddit’s free API is closing. But so is X (formerly Twitter), and other properties all around the internet are slowly adding limits and closing their doors.

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

Pinterest, Inc. operates and maintains social networking site. The Company provides online venue for personal photos, ideas, oddities, decorations, places to visit, recipes, and other items. Pinterest serves customers worldwide.

Match Group, Inc. is a dating service provider. The Company offers diverse portfolio of apps and services which enables connections across the spectrum of age, race, gender, sexual orientation, and backgrounds. Match Group serves customers worldwide.

IAC Inc operates as a holding company. The Company, through its subsidiaries, provides media and Internet services. IAC serves customers worldwide.

EverQuote, Inc. operates as an Internet based marketing firm. The Company, through its platform, enables consumers to connect with auto insurance carriers and agents to meet their auto insurance needs. EverQuote serves customers in the United States.

Charter Communications, Inc. operates as a cable telecommunications company. The Company offers cable broadcasting, internet, voice, and mass media services. Charter Communications serves customers in the United States.

The Trade Desk, Inc. operates as an advertising technology company. The Company offers online advertising platform that manages display, social, mobile, and video advertising campaigns. Trade Desk serves customers worldwide.

World Wrestling Entertainment, Inc. operates as a media and entertainment company. The Company offers live wrestling events, television programming, music publishing, advertising, licensing, and home video streaming services. World Wrestling distributes its programs worldwide in various languages.

Fox Corporation operates as an entertainment company. The Company produces and licenses news, sports, and entertainment content for distribution through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors. Fox also manages broadcast studios, theaters, editing bays, sound stages, and other production facilities.

Roku, Inc. designs and manufactures consumer electronic products. The Company offers wireless enabled devices that stream audio and video content from the internet to home entertainment systems. Roku serves customers globally.

LY Corporation operates as an internet search engine "Yahoo! JAPAN". The Company provides electronic commerce and settlement finance services for small medium enterprises and individuals. LY also operates media business including search linked advertising and display advertising services.

CAR Group Limited operates as a digital marketplace for vehicles. The Company provides a diversified portfolio of brands to sell and buy cars. CAR Group serves customers worldwide.

Domain Holdings Australia Limited offers multi-platform property solutions. The Company operates an online portal that delivers property marketing solutions for residential, new development, and commercial properties. Domain Holdings Australia serves buyers, sellers, renters, and investors in Australia.

Hello Group Inc. operates as a mobile-based social networking platform. The Company enables users to establish and expand social relationships based on location and interests. Hello Group operates out of the Peoples Republic of China.

Nintendo Co., Ltd. globally develops, manufactures and sells home-use video game hardware and software in home entertainment business.  The company also produces home-game products including cards.

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

New Work SE operates an an online business network. The Company offers social network for business professionals to connect and share ideas, projects, jobs, and advice. New Work serves customers in Europe.

Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications.  The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

WPP PLC operates a communications services group. The Company provides operations encompass advertising, media investment management, consultancy, public relations, healthcare and specialist communications, and branding and identity services. WPP serves customers worldwide.

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Alphabet Inc: Cloud Innovations – A Glimpse into the Future of Tech! - Major Drivers

Alphabet Inc. delivered a solid result and managed an all-around beat in the quarter, with significant growth in its Search and YouTube segments,...

Baptista Research

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Alphabet Inc.: Are Bard & Other Generative AI Products Still Struggling Against ChatGPT? – Key Drivers

Alphabet managed to surpass the revenue and earnings expectations of analysts. Revenues from Google Advertising, Search, and Other increased, with...

Baptista Research

Alphabet 2Q'23 Earnings Update

Topline grew +9% FXN. While Google Services revenue growth was flat in 1Q’23, it was 5.5% YoY in 2Q’23, with growth re-accelerating in every...

MBI Deep Dives

The Internet as You Know It Is Dying

Humans are not alone on the internet anymore. That will change the Internet as you know it. If you pay attention, the Internet has been a bit...

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alphabet Inc: Cloud Innovations – A Glimpse into the Future of Tech! - Major Drivers

Alphabet Inc. delivered a solid result and managed an all-around beat in the quarter, with significant growth in its Search and YouTube segments,...

Baptista Research

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Alphabet Inc.: Are Bard & Other Generative AI Products Still Struggling Against ChatGPT? – Key Drivers

Alphabet managed to surpass the revenue and earnings expectations of analysts. Revenues from Google Advertising, Search, and Other increased, with...

Baptista Research

Alphabet 2Q'23 Earnings Update

Topline grew +9% FXN. While Google Services revenue growth was flat in 1Q’23, it was 5.5% YoY in 2Q’23, with growth re-accelerating in every...

MBI Deep Dives

The Internet as You Know It Is Dying

Humans are not alone on the internet anymore. That will change the Internet as you know it. If you pay attention, the Internet has been a bit...

Fabricated Knowledge

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...