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>Cadence deliver a good result in Q3 surpassing Wall Street expectations on all fronts, driven by its technological leadership, solid execution, diverse customer base, and robust business model.</li><li>Despite the current macroeconomic uncertainty, it is evident that long-term sustained design activity is being driven by generational drivers like 5G, hyperscale computing, and AI/ML where Cadence is a key player.</li><li>Cadence also added the revolutionary Verisium AI verification tool and the JedAI data platform to their portfolio in Q3.</li></ul>

Cadence deliver a good result in Q3 surpassing Wall Street expectations on all fronts, driven by its technological leadership, solid execution, diverse customer base, and robust business model.Despite the current macroeconomic uncertainty, it is evident that long-term sustained design activity is being driven by generational drivers like 5G, hyperscale computing, and AI/ML where Cadence is a key player.Cadence also added the revolutionary Verisium AI verification tool and the JedAI data platform to their portfolio in Q3.

Cadence Design Systems: Acquisition of OpenEye Scientific Software & Other Drivers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Openedges Technology / Equity Capital Markets

<ul>
<li><span>Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won. </span></li>
<li><span>Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions. </span></li>
<li>
<a href="https://biz.chosun.com/stock/market_trend/2022/08/16/6JZRHBLIEBHWZL2WTNYPLZZTZA/?utm_source=naver&amp;utm_medium=original&amp;utm_campaign=biz" target="_blank" rel="noopener">Open Edges Technology</a> is one of the leading companies in Korea that specializes in the semiconductor design asset platforms. </li>
</ul>


Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won. 
Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions. 

Open Edges Technology is one of the leading companies in Korea that specializes in the semiconductor design asset platforms. 


Open Edges Technology IPO Valuation Analysis

House of Market Insights, Market Radar

Market Radar

House of Market Insights

Quick market updates and lot of ideas for your investments from a multi-asset portfolio manager working for a family office.

Quick Market Updates

Technical Analysis

<ul><li>The S&amp;P 500 had a great reaction in the second part of July and the first half of August, but now he's showing weak again.</li><li>The last high is perfectly aligned with a down-sloping trendline.</li><li>On the other side there is an interesting support close to 3,800. Is the index going to test that level again?</li></ul>

The S&amp;P 500 had a great reaction in the second part of July and the first half of August, but now he's showing weak again.The last high is perfectly aligned with a down-sloping trendline.On the other side there is an interesting support close to 3,800. Is the index going to test that level again?

<ul><li>Digital transformation is accelerating across various industries thanks to generational trends like 5G, hyperscale computing, and autonomous vehicles supported by AI, ML, and data analytics.</li><li>These trends are boosting design activity, creating a strong secular tailwind for the core end-to-end EDA, IP, and expanding systems portfolio.</li><li>Cadence also acquired Future Facilities during the quarter to expand its CFD portfolio to include data centres.</li></ul>

Digital transformation is accelerating across various industries thanks to generational trends like 5G, hyperscale computing, and autonomous vehicles supported by AI, ML, and data analytics.These trends are boosting design activity, creating a strong secular tailwind for the core end-to-end EDA, IP, and expanding systems portfolio.Cadence also acquired Future Facilities during the quarter to expand its CFD portfolio to include data centres.

Cadence Design Systems Inc: The Future Facilities Acquisition & Other Drivers

Cadence Design Sys / Equity Capital Markets

<ul><li>Cadence Design delivered a particularly strong 2021 generating over $1 billion in operating cash flow.</li><li>The company expects its innovative solutions to continue driving broad-based business momentum in 2021 and 2022, accelerating revenue growth and profitability, with robust design activity providing a strong tailwind.</li><li>With their digital full flow and an expansion of their system design and analysis products in 2021, Cadence Design strengthened its relationship with Oppo, China's leading mobile phone manufacturer.</li></ul>

Cadence Design delivered a particularly strong 2021 generating over $1 billion in operating cash flow.The company expects its innovative solutions to continue driving broad-based business momentum in 2021 and 2022, accelerating revenue growth and profitability, with robust design activity providing a strong tailwind.With their digital full flow and an expansion of their system design and analysis products in 2021, Cadence Design strengthened its relationship with Oppo, China's leading mobile phone manufacturer.

Cadence Design Systems: Financial & Price Forecasts

United States

VMware, Inc. provides virtualization solutions from the desktop to the data center. The Company's solution products addresses a range of IT problems, which includes cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.

Electronic Arts Inc. develops, publishes, and distributes branded interactive entertainment software worldwide for video game consoles, personal computers, handheld game players, and cellular handsets. The Company also provides online game-related services.

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

Check Point Software Technologies Ltd. develops, markets and supports a range of software and hardware products and services for information technology (IT) security and offers its customers a network and gateway security solutions, data and endpoint security solutions and management solutions.

SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers.  The software enables trading and modeling, portfolio management and reporting, accounting, performance measurement, reconciliation, reporting, processing, and clearing.

Fair Isaac Corporation provides analytics, including predictive modeling, decision analysis, intelligence management, decision management systems, and consulting services.  The Company helps companies in countries around the world acquire customers more efficiently, increase customer value, reduce fraud, lower operating expenses, and enter new markets more profitably.

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

Activision Blizzard, Inc. publishes, develops, and distributes interactive entertainment software and peripheral products. The Company's products cover diverse game categories, including action/adventure, action sports, racing, role playing, simulation, first-person action, music-based gaming and strategy.

Workday, Inc. provides enterprise cloud-based applications. The Company offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Workday serves the finance, healthcare, manufacturing, education, and technology industries worldwide.

Manhattan Associates, Inc. provides information technology solutions for distribution centers.  The solutions are designed to enable the efficient movement of goods through the supply chain.  The Company's solutions optimize the receipt, storage, and distribution of inventory, as well as manage equipment and personnel within a distribution center.

Xero Limited offers an online accounting system.  The software features bank transaction importing, a cashbook, a general ledger, invoicing, accounts receivable, accounts payable, financial reporting, and management of expense claims.

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.

Nexon Co., Ltd. mainly develops and services, online games for PC and mobile devices. The company also offers consulting services related to online-games. Nexon operates in Japan.

IFLYTEK Co., Ltd. specializes in speech intelligence and artificial intelligence technology.  The company also develops chip product, voice messaging software and e-government system integration software.

Dassault Systemes operates as a software company. The develops and offers 3Dexperience platform to create innovative new products and services using virtual experiences. Dassault Systemes serves aerospace, construction, business services, consumer packaged goods, high-tech, life science, health care, marine, energy, and industrial equipment industries worldwide.

The Sage Group plc is a software publishing company. The Group develops, publishes and distributes accounting and payroll software for personal computer systems. Via its subsidiaries, Sage also maintains a registered user database which provides a market for their related products and services, including computer forms, software support contracts, program upgrades and training.

WiseTech Global Pty Ltd provides various technology and information technology management solutions. The Company offers cloud based various technology platforms, market specific software and logistics technology solutions, such as edienterprise, a platform supply chain logistics management system, software-as-a-service, and clinical management software. 

Constellation Software Inc is a software holding company.  The Company acquires mission-critical, vertical market software companies, and helps them to grow.

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

Dassault Systemes is a technology company. The company provides software applications services designed to support client company's innovation processes. The company's line of business includes provision of 3D design software, 3D digital mock up and product lifecycle Management. Dassault Systemes also provides several software brands.

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology.  The Company licenses its electronic design automation software technology and provides a variety of professional services.  Cadence's design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

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Cadence Design Sys (CDNS US)

Cadence Design Systems: Acquisition of OpenEye Scientific Software & Other Drivers

Cadence deliver a good result in Q3 surpassing Wall Street expectations on all fronts, driven by its technological leadership, solid execution,...

Baptista Research

Open Edges Technology IPO Valuation Analysis

Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range...

Douglas Kim

Charts to Watch #7

The last high is perfectly aligned with a down-sloping trendline. On the other side there is an interesting support close to 3,800. Is the index...

Market Radar

Cadence Design Systems Inc: The Future Facilities Acquisition & Other Drivers

Digital transformation is accelerating across various industries thanks to generational trends like 5G, hyperscale computing, and autonomous...

Baptista Research

Cadence Design Systems: Financial & Price Forecasts

Cadence Design delivered a particularly strong 2021 generating over $1 billion in operating cash flow. The company expects its innovative...

Baptista Research

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