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>Celestica launched the first quarter of 2023 on a robust note, demonstrating a significant enhancement in its financial metrics and strategic position.</li><li>The firm reported revenues of $2.21 billion, surpassing their high-end guidance and representing a year-over-year increase of 20%.</li><li>Notably, the adjusted earnings per share (EPS) reached $0.86, exceeding expectations by $0.39 compared to the prior year period.</li></ul>

Celestica launched the first quarter of 2023 on a robust note, demonstrating a significant enhancement in its financial metrics and strategic position.The firm reported revenues of $2.21 billion, surpassing their high-end guidance and representing a year-over-year increase of 20%.Notably, the adjusted earnings per share (EPS) reached $0.86, exceeding expectations by $0.39 compared to the prior year period.

Celestica Inc.: How Will Their Expansion in Hyperscalers and Data Center Market Impact Future Growth? - Major Drivers

<ul><li>Celestica Inc hosted its fourth-quarter 2022 earnings call recently, reporting a positive Q4 and expressing optimism for the future.</li><li>The company achieved revenue of $2.14 billion and a Non-IFRS adjusted EPS of $0.76, marking an increase from the previous year and surpassing its guidance range, driven by the continued strength in the company's CCS segment backed by its hyperscaler portfolio.</li><li>In contrast, the ATS segment reported a slight decrease year-over-year due to a slowdown in demand in the industrial business and sustained demand headwinds in the capital equipment business, partially offset by growth in the A&D business.</li></ul>

Celestica Inc hosted its fourth-quarter 2022 earnings call recently, reporting a positive Q4 and expressing optimism for the future.The company achieved revenue of $2.14 billion and a Non-IFRS adjusted EPS of $0.76, marking an increase from the previous year and surpassing its guidance range, driven by the continued strength in the company's CCS segment backed by its hyperscaler portfolio.In contrast, the ATS segment reported a slight decrease year-over-year due to a slowdown in demand in the industrial business and sustained demand headwinds in the capital equipment business, partially offset by growth in the A&D business.

Celestica Inc: Increasing Demand in AI/ML Compute Programs & Other Major Drivers

<ul><li>This is our first report on hardware platform and supply chain solutions provider, Celestica.</li><li>The company's Q3 2023 Earnings were reasonably good which reflects positively on the company's portfolio and execution efforts by its team.</li><li>Celestica's third-quarter revenue was reported at $2.04 billion, increasing 6% year over year, which represents the high end of the company's guidance range.</li></ul>

This is our first report on hardware platform and supply chain solutions provider, Celestica.The company's Q3 2023 Earnings were reasonably good which reflects positively on the company's portfolio and execution efforts by its team.Celestica's third-quarter revenue was reported at $2.04 billion, increasing 6% year over year, which represents the high end of the company's guidance range.

Celestica Inc.: Initiation of Coverage - What Is Their Biggest Competitive Advantage? - Major Drivers

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

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." </li>
<li>We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.</li>
<li>Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.</li>
</ul>


Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." 
We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.
Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.


Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

<ul>
<li>Global MSCI indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) are pulling back following recent breakouts to multi-year highs. Europe, Japan also pulling back to uptrend supports.</li>
<li>Short-Term supports to watch-discussed in our May 23, 2024 Int'l Compass-include $110.50 on ACWI-US, $53.50 on ACWX-US, $80 on EFA-US, and $41-42 on EEM-US; buy this pullback. </li>
<li>As long as these supports hold, we anticipate significantly higher prices ahead. Combination of supports holding and healthy market dynamics continues to validate our bullish outlook on global equities.</li>
</ul>


Global MSCI indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) are pulling back following recent breakouts to multi-year highs. Europe, Japan also pulling back to uptrend supports.
Short-Term supports to watch-discussed in our May 23, 2024 Int'l Compass-include $110.50 on ACWI-US, $53.50 on ACWX-US, $80 on EFA-US, and $41-42 on EEM-US; buy this pullback. 
As long as these supports hold, we anticipate significantly higher prices ahead. Combination of supports holding and healthy market dynamics continues to validate our bullish outlook on global equities.


Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Canada

Celestica Inc. designs and manufactures electronic components.  The Company's products and services include design, prototyping, printed circuit assembly, full system assembly, power converters, memory packages and repair services. Celestica markets its products and services to original equipment manufacturers, primarily in the computer and communications sector.

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Celestica (CLS US)

Celestica Inc.: How Will Their Expansion in Hyperscalers and Data Center Market Impact Future Growth? - Major Drivers

Celestica launched the first quarter of 2023 on a robust note, demonstrating a significant enhancement in its financial metrics and strategic...

Baptista Research

Celestica Inc: Increasing Demand in AI/ML Compute Programs & Other Major Drivers

Celestica Inc hosted its fourth-quarter 2022 earnings call recently, reporting a positive Q4 and expressing optimism for the future. The company...

Baptista Research

Celestica Inc.: Initiation of Coverage - What Is Their Biggest Competitive Advantage? - Major Drivers

This is our first report on hardware platform and supply chain solutions provider, Celestica. The company's Q3 2023 Earnings were reasonably good...

Baptista Research

Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Downgrading Europe to Market Weight $FEZ $STOXX; Europe Still Bullish From a Price Perspective; Bullish Outlook Intact on $ACWI $EEM; Supports...

Vermilion Research

Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Buy the Pullbacks in $EFA $ACWX as they hold above $80 and $53.50 supports; Europe and Japan also buyable pullbacks to uptrend supports; Market...

Vermilion Research

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