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>Amazon.com reported its financial results for the third quarter of 2024, presenting a mix of strong revenue growth and improvements in various operational domains, alongside ongoing heavy investments, particularly in technology and infrastructure, which could imply different trajectories in terms of immediate profitability and long term growth.</li><li>Revenues increased to $158.9 billion, marking an 11% rise year-over-year, which suggests solid growth albeit against the backdrop of global economic uncertainties.</li><li>This growth appears well-supported by an increase in Worldwide operating income by 56% year-over-year to $17.4 billion, notably the company's highest quarterly operating income on record.</li></ul>

Amazon.com reported its financial results for the third quarter of 2024, presenting a mix of strong revenue growth and improvements in various operational domains, alongside ongoing heavy investments, particularly in technology and infrastructure, which could imply different trajectories in terms of immediate profitability and long term growth.Revenues increased to $158.9 billion, marking an 11% rise year-over-year, which suggests solid growth albeit against the backdrop of global economic uncertainties.This growth appears well-supported by an increase in Worldwide operating income by 56% year-over-year to $17.4 billion, notably the company's highest quarterly operating income on record.

AMZN US - Amazon’s Secret Profit Playbook: How AWS, Prime, and Ads Are Transforming the Future!

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>Except 1P, every segment of the business is growing at double digit rate. Both AWS and advertising grew at 19% YoY.</li><li>I’ll discuss more about AWS later, but let’s talk more about Amazon ex-AWS first.</li><li>North America and international sales grew +9% and +12% respectively.</li></ul>

Except 1P, every segment of the business is growing at double digit rate. Both AWS and advertising grew at 19% YoY.I’ll discuss more about AWS later, but let’s talk more about Amazon ex-AWS first.North America and international sales grew +9% and +12% respectively.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> will replace <a href="https://www.smartkarma.com/entities/walgreens-boots-alliance-inc" target="_blank" data-smartkarma-citation="entities:1118:1" rel="noopener">Walgreens Boots Alliance (WBA US)</a> in the <a href="https://www.smartkarma.com/entities/dow-jones-industrial-average" target="_blank" data-smartkarma-citation="entities:22887:1" rel="noopener">Dow Jones Industrial Average (INDU INDEX)</a> at the close on 23 February.</li>
<li>Passives will need to sell a lot of <a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> following the 3:1 stock split and buy a lot of <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>. </li>
<li>Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.</li>
</ul>



Amazon.com Inc (AMZN US) will replace Walgreens Boots Alliance (WBA US) in the Dow Jones Industrial Average (INDU INDEX) at the close on 23 February.
Passives will need to sell a lot of Walmart (WMT US) following the 3:1 stock split and buy a lot of Amazon.com Inc (AMZN US). 
Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.


Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

<ul><li>The second quarter 2024 financial results for Amazon.com Inc. showcased both growth and challenges as the company continues to navigate a complex global economic environment.</li><li>Overall, Amazon.com reported an 11% year-over-year increase in revenue, totaling $148 billion, which excludes the effects of foreign exchange rates.</li><li>The operating income notably increased by 91% year-over-year to $14.7 billion, and the free cash flow adjusted for leases surged by 664% to $51.4 billion.</li></ul>

The second quarter 2024 financial results for Amazon.com Inc. showcased both growth and challenges as the company continues to navigate a complex global economic environment.Overall, Amazon.com reported an 11% year-over-year increase in revenue, totaling $148 billion, which excludes the effects of foreign exchange rates.The operating income notably increased by 91% year-over-year to $14.7 billion, and the free cash flow adjusted for leases surged by 664% to $51.4 billion.

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

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.

<ul>
<li>Amazon anticipates a 13% YoY rise in Q2 2024 revenue to $148.67 billion and a 58% YoY jump in EPS to $1.03, highlighting robust earnings.</li>
<li>AWS is expected to see a $1 billion increase in quarterly revenue, reflecting an 18% year-over-year growth, driven by custom AI chips and model training services.</li>
<li>Analysts have reaffirmed buy ratings for Amazon, with an average target price of $228, reflecting strong confidence in the company's growth prospects.</li>
</ul>


Amazon anticipates a 13% YoY rise in Q2 2024 revenue to $148.67 billion and a 58% YoY jump in EPS to $1.03, highlighting robust earnings.
AWS is expected to see a $1 billion increase in quarterly revenue, reflecting an 18% year-over-year growth, driven by custom AI chips and model training services.
Analysts have reaffirmed buy ratings for Amazon, with an average target price of $228, reflecting strong confidence in the company's growth prospects.


Amazon Q2 Earnings: Eyes on AWS Margins, Website Traffic, and Advancements in Chips

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

AMZN US - Amazon’s Secret Profit Playbook: How AWS, Prime, and Ads Are Transforming the Future!

Amazon.com reported its financial results for the third quarter of 2024, presenting a mix of strong revenue growth and improvements in various...

Baptista Research

Amazon 3Q'24 Update

Except 1P, every segment of the business is growing at double digit rate. Both AWS and advertising grew at 19% YoY.I’ll discuss more about AWS...

MBI Deep Dives

Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

Amazon replaces Walgreen Boots in the Dow Jones Industrial Average at the close on 23 February following Walmart's stock split. There will be over...

Brian Freitas

Amazon.com Inc.: Expansion of AWS

The second quarter 2024 financial results for Amazon.com Inc. showcased both growth and challenges as the company continues to navigate a complex...

Baptista Research

Amazon Q2 Earnings: Eyes on AWS Margins, Website Traffic, and Advancements in Chips

Amazon's Q2 2024 earnings report, due 1/Aug, is expected to show 58.5% YoY growth in EPS driven by AWS expansion, e-commerce performance, and...

Mint Finance

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