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>C3.ai Inc.'s 2024 fourth quarter financial results and their fiscal year report have illustrated continuous growth and increased profitability.</li><li>With a record revenue of $310.6 million for the full year, indicating a 16% increase from last year, and Q4 revenue at $86.6 million, the company has significantly exceeded analyst expectations and its own guidance estimates.</li><li>Its subscription revenue reached an impressive $278.1 million, a 21% rise from last year's figures.</li></ul>

C3.ai Inc.'s 2024 fourth quarter financial results and their fiscal year report have illustrated continuous growth and increased profitability.With a record revenue of $310.6 million for the full year, indicating a 16% increase from last year, and Q4 revenue at $86.6 million, the company has significantly exceeded analyst expectations and its own guidance estimates.Its subscription revenue reached an impressive $278.1 million, a 21% rise from last year's figures.

C3.ai Inc.: The Story Of Increasing Demand for Its Cutting-Edge Technology in the Defense Sector! - Major Drivers

<ul>
<li>This is our first report on AI software platform company, C3 AI. The company has demonstrated positive performance in their third-quarter fiscal 2024 results with a total revenue of $78.4 million, marking an 18% YoY growth and surpassing their guidance range.</li>
<li>The total number of customer engagements has also seen an increase of 80% compared to the previous year.</li>
<li>The company reported a non-GAAP gross profit of $54.7 million with a gross margin standing at 70%.</li>
</ul>


This is our first report on AI software platform company, C3 AI. The company has demonstrated positive performance in their third-quarter fiscal 2024 results with a total revenue of $78.4 million, marking an 18% YoY growth and surpassing their guidance range.
The total number of customer engagements has also seen an increase of 80% compared to the previous year.
The company reported a non-GAAP gross profit of $54.7 million with a gross margin standing at 70%.


C3.ai (AI):- Expansion Of The Generative AI Market & 3 Other Fundamental Aspects Fueling Its Growth!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>4Paradigm, China’s AI software company with focus on enterprise-level solutions, performed well and achieved solid growth in 2023 and Q1 2024. </li>
<li>In my insight, I discuss valuation framework for comparable company analysis and set a new 12-month PT for 4Paradigm.</li>
<li>The company’s management has set a clear goal of profitability. I like 4Paradigm’s leadership position and hyper-growth in revenue from the Sage AI Platform.</li>
</ul>


4Paradigm, China’s AI software company with focus on enterprise-level solutions, performed well and achieved solid growth in 2023 and Q1 2024. 
In my insight, I discuss valuation framework for comparable company analysis and set a new 12-month PT for 4Paradigm.
The company’s management has set a clear goal of profitability. I like 4Paradigm’s leadership position and hyper-growth in revenue from the Sage AI Platform.


4Paradigm: Sage AI Platform 5.0. Could Drive ~30% Y/Y Revenue Growth in 2024, PT Raised To HK$100

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.</li><li>While North America is currently the largest market, Asia-Pacific is projected to overtake it in a few years.</li><li>Smart Cities are urban areas that utilize digital infrastructure and interconnected systems, most likely using artificial intelligence (AI). </li></ul>

The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.While North America is currently the largest market, Asia-Pacific is projected to overtake it in a few years.Smart Cities are urban areas that utilize digital infrastructure and interconnected systems, most likely using artificial intelligence (AI). 

Tech Talk: Smart Cities Delivering on the Promise

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ubtech-robotics-limited" target="_blank" data-smartkarma-citation="entities:36469:1" rel="noopener">UBTech Robotics (9880 HK)</a> is looking to raise about US$168m in its upcoming HK IPO, after downsizing from an earlier reported float of up to US$700m.</li>
<li>UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.</li>
<li>In our previous note, we looked at the company’s performance and its PHIP updates. In this note, we share our quick thoughts on valuation.</li>
</ul>



UBTech Robotics (9880 HK) is looking to raise about US$168m in its upcoming HK IPO, after downsizing from an earlier reported float of up to US$700m.
UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.
In our previous note, we looked at the company’s performance and its PHIP updates. In this note, we share our quick thoughts on valuation.


UBTech Robotics IPO - Quick Thoughts on Valuation - Too Hefty a Premium for Slowing Growth

United States

C3.ai, Inc. operates as a software company. The Company focuses on developing, deploying, and operating enterprise AI applications. C3.ai serves customers worldwide.

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C3.ai Inc (AI US)

C3.ai Inc.: The Story Of Increasing Demand for Its Cutting-Edge Technology in the Defense Sector! - Major Drivers

C3.ai Inc.'s 2024 fourth quarter financial results and their fiscal year report have illustrated continuous growth and increased...

Baptista Research

C3.ai (AI):- Expansion Of The Generative AI Market & 3 Other Fundamental Aspects Fueling Its Growth!

This is our first report on AI software platform company, C3 AI. The company has demonstrated positive performance in their third-quarter fiscal...

Baptista Research

4Paradigm: Sage AI Platform 5.0. Could Drive ~30% Y/Y Revenue Growth in 2024, PT Raised To HK$100

In my insight, I discuss valuation for 4Paradigm and set a new PT for China’s AI software company coupled with RV analysis and highlights from...

Andrei Zakharov

Tech Talk: Smart Cities Delivering on the Promise

The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.

Water Tower Research

UBTech Robotics IPO - Quick Thoughts on Valuation - Too Hefty a Premium for Slowing Growth

UBTech Robotics (9880 HK) is looking to raise about US$168m in its upcoming HK IPO, after downsizing from an earlier reported float of up to US$700m.

Ethan Aw

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