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

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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