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>61% revenue growth, 17% operating margins (up 720bps YoY) and 32% FCF margins. Best in class growth + profitability.</li>
<li>ECommerce engine opening up from 4 modules to 12 means higher velocity sales on the come.</li>
<li>VMWare's Carbon Black will become a major share donator due to Broadcom acquisition.</li>
</ul>


61% revenue growth, 17% operating margins (up 720bps YoY) and 32% FCF margins. Best in class growth + profitability.
ECommerce engine opening up from 4 modules to 12 means higher velocity sales on the come.
VMWare's Carbon Black will become a major share donator due to Broadcom acquisition.


Crowdstrike FY1Q23: Share Gains Will Lead to Share Gains

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.

Credit

<ul><li>Like most players in the semiconductors industry, Broadcom also had a fairly good 2021.</li><li>Server storage has been a star performer for Broadcom with a 32% growth in the year.</li><li>This was determined by the continuing recovery of enterprise IT spending, a maximum of which was deployed towards upgrading computer servers.</li></ul>

Like most players in the semiconductors industry, Broadcom also had a fairly good 2021.Server storage has been a star performer for Broadcom with a 32% growth in the year.This was determined by the continuing recovery of enterprise IT spending, a maximum of which was deployed towards upgrading computer servers.

Broadcom Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>Broadcom delivered another solid result with a top-line growth of 16%.</li><li>The company’s core software business remained steady, and the wireless grew single digits.</li><li>Furthermore, the 5G backhaul has resulted in operators all over the world continuing to drive strong growth in Broadcom's Qumran family of products.</li></ul>

Broadcom delivered another solid result with a top-line growth of 16%.The company’s core software business remained steady, and the wireless grew single digits.Furthermore, the 5G backhaul has resulted in operators all over the world continuing to drive strong growth in Broadcom's Qumran family of products.

Broadcom Inc.: Financial & Price Forecasts

<ul><li>Broadcom delivered a strong financial result with revenue increased by $7.4 billion, up 15% compared to the last year.</li><li>Demand for hyper-cloud and service providers remained stable, and strong cellular growth in Q4 was driven by their North American OEM's seasonal launch of next-generation handsets.</li><li>Broadcom saw a double-digit growth after deploying Jericho routers in large-scale AI networks in the cloud, as well as Qumran in 5G infrastructure and DCI.</li></ul>

Broadcom delivered a strong financial result with revenue increased by $7.4 billion, up 15% compared to the last year.Demand for hyper-cloud and service providers remained stable, and strong cellular growth in Q4 was driven by their North American OEM's seasonal launch of next-generation handsets.Broadcom saw a double-digit growth after deploying Jericho routers in large-scale AI networks in the cloud, as well as Qumran in 5G infrastructure and DCI.

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>Market dynamics continue to deteriorate and there are plenty of reasons to be concerned, which we outline below.</li>
<li>With that said, the bottom line is that the Russell 2000 index (IWM) is above $208 support and the Russell Micro Caps index (IWC) is above $135 support.</li>
<li>As long as these supports hold we expect more consolidation and mixed markets ahead, but we would turn bearish on breakdowns.</li>
</ul>


Market dynamics continue to deteriorate and there are plenty of reasons to be concerned, which we outline below.
With that said, the bottom line is that the Russell 2000 index (IWM) is above $208 support and the Russell Micro Caps index (IWC) is above $135 support.
As long as these supports hold we expect more consolidation and mixed markets ahead, but we would turn bearish on breakdowns.


Supports Holding Despite Concerning Developments; Semis & Home Improvement Retailers Attractive

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Broadcom Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Like most players in the semiconductors industry, Broadcom also had a fairly good 2021. Server storage has been a star performer for Broadcom with...

Baptista Research

Broadcom Inc.: Financial & Price Forecasts

Broadcom delivered another solid result with a top-line growth of 16%. The company’s core software business remained steady, and the wireless grew...

Baptista Research

Broadcom Inc. - Investment Thesis

Broadcom delivered a strong financial result with revenue increased by $7.4 billion, up 15% compared to the last year. Demand for hyper-cloud and...

Baptista Research

Supports Holding Despite Concerning Developments; Semis & Home Improvement Retailers Attractive

Market dynamics continue to deteriorate and there are plenty of reasons to be concerned. However, the bottom line is that Russell 2000 (IWM) is...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crowdstrike FY1Q23: Share Gains Will Lead to Share Gains

Another superb quarter for CRWD: 61% revenue growth, 17% operating margins (up 720bps YoY!) and 32% FCF margins. Rival Carbon Black's acquisition...

Aaron Gabin

Broadcom Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Like most players in the semiconductors industry, Broadcom also had a fairly good 2021. Server storage has been a star performer for Broadcom with...

Baptista Research

Broadcom Inc.: Financial & Price Forecasts

Broadcom delivered another solid result with a top-line growth of 16%. The company’s core software business remained steady, and the wireless grew...

Baptista Research

Broadcom Inc. - Investment Thesis

Broadcom delivered a strong financial result with revenue increased by $7.4 billion, up 15% compared to the last year. Demand for hyper-cloud and...

Baptista Research

Supports Holding Despite Concerning Developments; Semis & Home Improvement Retailers Attractive

Market dynamics continue to deteriorate and there are plenty of reasons to be concerned. However, the bottom line is that Russell 2000 (IWM) is...

Vermilion Research