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 Capital Markets

Cadence Design Sys / Equity Capital Markets

<ul><li>In the new metaverse era, there is a definite scope for software companies that have the ability to bridge the gap between the digital and the real world.</li><li>This presents an excellent macro-economic scenario for computer aided design and simulation companies like Ansys and Cadence.</li><li>It will be interesting to compare their financial metrics side by side in order to figure out the fundamentally stronger stock.</li></ul>

In the new metaverse era, there is a definite scope for software companies that have the ability to bridge the gap between the digital and the real world.This presents an excellent macro-economic scenario for computer aided design and simulation companies like Ansys and Cadence.It will be interesting to compare their financial metrics side by side in order to figure out the fundamentally stronger stock.

Ansys vs. Cadence Design: Which Design Software Player Is A More Robust Investment? (12/2021)

<ul><li>Cadence Design reported another solid quarter with a 12% growth in its core product and maintenance revenues.</li><li>Its top-line was driven by Cadence Digital Full Flow which saw excellent traction and added 13 new customers.</li><li>The company’s Cadence Cerebrus solution is also witnessing strong momentum and was deployed by many of its semiconductor clientele.</li></ul>

Cadence Design reported another solid quarter with a 12% growth in its core product and maintenance revenues.Its top-line was driven by Cadence Digital Full Flow which saw excellent traction and added 13 new customers.The company’s Cadence Cerebrus solution is also witnessing strong momentum and was deployed by many of its semiconductor clientele.

Cadence Design Systems Inc - Investment Thesis

<ul><li>Cadence Design has nearly achieved the target price from our last report after the company delivered yet another all-around beat.</li><li>Its new Allegro X Design Platform is expected to give Cadence a significant edge as it has the ability to provide four times enhanced design team productivity compared to other traditional design tools in the words of the management.</li><li>Despite the management’s raised guidance, we give the stock a ‘Hold’ rating with a revised target price.</li></ul>

Cadence Design has nearly achieved the target price from our last report after the company delivered yet another all-around beat.Its new Allegro X Design Platform is expected to give Cadence a significant edge as it has the ability to provide four times enhanced design team productivity compared to other traditional design tools in the words of the management.Despite the management’s raised guidance, we give the stock a ‘Hold’ rating with a revised target price.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>, a global software company, <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02382370-2A1302312?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">confirmed and subsequently rejected</a> a non-binding proposal from <a href="https://www.smartkarma.com/entities/autodesk-inc" target="_blank" data-smartkarma-citation="entities:13211:1" rel="noopener">Autodesk Inc (ADSK US)</a>.
The A$38.50/share cash offer by way of a Scheme, was a 41.5% premium to last close and a 47.4% premium to the one-month VWAP.
The indicative proposal was subject to a number of conditions including due diligence, Altium board support, the receipt of all applicable regulatory approvals, and no material adverse changes.
Concerning the offer, Altium said:
<blockquote>
[Altium] considers the Proposal significantly undervalues Altium's prospects and therefore rejects the Proposal at the current price. Altium has a unique position in the electronics  ecosystem and in the past unsolicited acquisition interest has developed from partnership dialogues with others in the ecosystem.
</blockquote>
Shares closed today at $36.78, up more than 35%.
More below the fold.

Altium Ltd (ALU AU), a global software company, confirmed and subsequently rejected a non-binding proposal from Autodesk Inc (ADSK US).
The A$38.50/share cash offer by way of a Scheme, was a 41.5% premium to last close and a 47.4% premium to the one-month VWAP.
The indicative proposal was subject to a number of conditions including due diligence, Altium board support, the receipt of all applicable regulatory approvals, and no material adverse changes.
Concerning the offer, Altium said:

[Altium] considers the Proposal significantly undervalues Altium's prospects and therefore rejects the Proposal at the current price. Altium has a unique position in the electronics  ecosystem and in the past unsolicited acquisition interest has developed from partnership dialogues with others in the ecosystem.

Shares closed today at $36.78, up more than 35%.
More below the fold.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC</a> held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they reported numerous exciting developments, three key items stood out for us. Firstly, the extent of their leadership using EUV in high volume manufacturing. Secondly, the fact that their 5nm ramp, currently in progress, will be even faster than their 7nm ramp. This is made possible by the fact that they are experiencing lower defect density levels on 5nm at a comparable point in its ramp compared to 7nm. Thirdly, they revealed that, unlike their main competitors, they are going with an enhanced FinFET transistor design at 3nm rather than moving to Gate-All-Around. Here's a look in more detail at the background to these key announcements and why they matter.

TSMC held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they reported numerous exciting developments, three key items stood out for us. Firstly, the extent of their leadership using EUV in high volume manufacturing. Secondly, the fact that their 5nm ramp, currently in progress, will be even faster than their 7nm ramp. This is made possible by the fact that they are experiencing lower defect density levels on 5nm at a comparable point in its ramp compared to 7nm. Thirdly, they revealed that, unlike their main competitors, they are going with an enhanced FinFET transistor design at 3nm rather than moving to Gate-All-Around. Here's a look in more detail at the background to these key announcements and why they matter.

TSMC. Three Key Updates From A Remarkable Technology Symposium.

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)

Ansys vs. Cadence Design: Which Design Software Player Is A More Robust Investment? (12/2021)

In the new metaverse era, there is a definite scope for software companies that have the ability to bridge the gap between the digital and the...

Baptista Research

Cadence Design Systems Inc - Investment Thesis

Cadence Design reported another solid quarter with a 12% growth in its core product and maintenance revenues. Its top-line was driven by Cadence...

Baptista Research

Cadence Design Systems Inc - Investment Thesis

Cadence Design has nearly achieved the target price from our last report after the company delivered yet another all-around beat. Its new Allegro...

Baptista Research

Altium Ltd (ALU) Rebuffs Autodesk Offer

Altium is clearly in play, and optically, Autodesk's bid appears opportunistic in the face of Covid and Altium's restructuring. An offer north of...

David Blennerhassett

TSMC. Three Key Updates From A Remarkable Technology Symposium.

TSMC held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they...

William Keating

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