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>Ciena Corporation reported its fiscal second quarter 2024 financial results, delivering a mixture of strengths and areas for caution.</li><li>Revenue for the quarter reached $911 million, aligned with market expectations but reflecting the ongoing variability in the order patterns of service providers, particularly impacted by inventory adjustments.</li><li>The adjusted gross margin stood at 43.5%, showcasing the company's ability to maintain profitability even in a fluctuating market scenario.</li></ul>

Ciena Corporation reported its fiscal second quarter 2024 financial results, delivering a mixture of strengths and areas for caution.Revenue for the quarter reached $911 million, aligned with market expectations but reflecting the ongoing variability in the order patterns of service providers, particularly impacted by inventory adjustments.The adjusted gross margin stood at 43.5%, showcasing the company's ability to maintain profitability even in a fluctuating market scenario.

Ciena Corporation: Increased Deployment of Coherent Pluggable Technology in Data Centers! - Major Drivers

<ul><li>Ciena Corporation exceeded analyst expectations in terms of revenue as well as earnings, marking a remarkable achievement with a revenue of $1.13 billion and an adjusted gross margin of 43.7%.</li><li>Ciena is in a favorable position in the optical industry because of the success of WaveLogic 5 and the momentum of WaveLogic 6.</li><li>Cloud providers remain a pivotal customer segment, with Q4 direct cloud provider revenue accounting for 35% of total revenue, a substantial 57% YoY growth.</li></ul>

Ciena Corporation exceeded analyst expectations in terms of revenue as well as earnings, marking a remarkable achievement with a revenue of $1.13 billion and an adjusted gross margin of 43.7%.Ciena is in a favorable position in the optical industry because of the success of WaveLogic 5 and the momentum of WaveLogic 6.Cloud providers remain a pivotal customer segment, with Q4 direct cloud provider revenue accounting for 35% of total revenue, a substantial 57% YoY growth.

Ciena Corporation: Redefining Communication Networks With WaveLogic & Groundbreaking Collaborations! - Major Drivers

<ul><li>Ciena Corporation delivered a solid result and managed an all-around beat in the last quarter.</li><li>This growth has been attributed to the company's ability to capture a larger share of the market.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Ciena Corporation delivered a solid result and managed an all-around beat in the last quarter.This growth has been attributed to the company's ability to capture a larger share of the market.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

<ul><li>Ciena managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>Inventory levels decreased by $80 million from Q1 as the operating environment continued to improve.</li><li>As the year progresses, their management anticipates further inventory reductions, which will enable the company to resume the steady rate of cash flow they were experiencing prior to the supply chain disruptions.</li></ul>

Ciena managed to exceed analyst expectations in terms of revenue as well as earnings.Inventory levels decreased by $80 million from Q1 as the operating environment continued to improve.As the year progresses, their management anticipates further inventory reductions, which will enable the company to resume the steady rate of cash flow they were experiencing prior to the supply chain disruptions.

Ciena Corporation: Can The Groundbreaking WaveRouter Launch Be A Game Changer? – Key Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

United States

EchoStar Corporation manufactures broadcast satellite receivers and antennas, and offers commercial satellite services.

Ubiquiti Inc. provides wireless networking products and solutions. The Company offers radios, antennas, and management tools that have been designed to deliver carrier class performance for wireless networking and other applications in the unlicensed radio frequency. Ubiquiti operates in the State of New York.

InterDigital, Inc. develops technology for advanced digital wireless telecommunications applications.  The Company offers both time division multiple access and wide band code division multiple access proprietary and standards compliant digital wireless technology to customers, licensees, and companies.

F5 Networks, Inc. provides integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications.  The Company's software-based solutions manage, control and optimize Internet traffic and content.  F5's solutions automatically deliver Internet content for service providers and e-businesses.

Lumentum Holdings Inc. operates as a holding company. The Company, through its subsidiaries, supplies optical and photonic products. Lumentum Holdings serves data communications and telecommunications, networking, and life-sciences markets worldwide.

ViaSat, Inc. provides advanced broadband digital satellite communications and other wireless networking and signal processing equipment and services.  The Company's defense products include satellite communications products consisting of modems, terminals, and network control systems, advanced multifunction information distribution systems, and simulation test equipment.

Juniper Networks, Inc. provides Internet infrastructure solutions for Internet service providers and other telecommunications service providers.  The Company offers network infrastructure solutions that includes IP routing, Ethernet switching, security and application acceleration solutions.

Calix, Inc. provides communications access systems and software that enable communications service providers, or CSPs, to connect to their residential and business subscribers. The Company's products encompass its multiservice, multiprotocol access platform and its Ethernet service access platforms.

Viavi Solutions Inc. provides network and service enabling solutions and optical products. The Company offers installation, commissioning, scripting, custom analytics, integration, business intelligence consulting, operational assistance, field and lab testing, technical training, maintenance, and support services. Viavi Solutions serves customers worldwide.

Extreme Networks, Inc. provides switching solutions for local area networks (LAN).  The Company uses its custom ASICs and a common hardware, software, and management architecture to offer customers LAN solutions.

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

Hengtong Optic-electric Co., Ltd. manufactures and distributes optical fiber and optical cables.

Accton Technology Corporation researches, develops, manufactures, and markets computer network system products such as adapters, hubs, switches, routers, and bridges. The Company also manufactures network computers and network peripheral equipment.

Suzhou TFC Optical Communication Co., Ltd. researches, develops, and distributes fiber optic components.

Yealink Network Technology Corporation Limited operates as a communication equipment manufacturer. The Company provides telephones, unified communication terminals, video conferencing systems, conference phones, and other accessories. Yealink Network Technology serves customers worldwide.

Yealink Network Technology Cor (300628 CH)

ZTE Corporation develops and markets switches, access servers, videoconferencing systems, mobile communication systems, data communication devices, and optical communication devices.  The Company also offers networking solutions for setup, refurbishment and optimization of networks.

ITI Limited manufactures telecommunications products, including electronic switching equipment, telephones and related devices, digital radio, open wire bags, optical fiber equipment and digital exchanges.   The Group's customers include defense, railways and oil companies.

Shenzhen Sunway Communication Co., Ltd is mainly engaged in the development, production, marketing and technical support of mobile terminal antenna systems. The company's core products mobile terminal antennas can be applied in portable communications equipment such as mobile phones, laptops and netbooks.

Guangzhou Haige Communications Group Inc Co develops and provides communication products and services.  The Company's products and services include digital communication system, internet communication system, and global positioning system navigation receiver.

Guangzhou Haige Cmncts Grp Inc Co (002465 CH)

China Zhenhua (Group) Science & Technology Co., Ltd. designs, manufactures, and markets electronic components, telecommunication equipment, and electric machines. The Company produces capacitors, integrated circuits, electric resistors, wireless phones, visual phones, and other products. China Zhenhua (Group) Science & Technology also invests in real estate businesses.

China Zhenhua (Group) Science & Tech (000733 CH)

Ciena Corporation develops and markets communications network platforms and software, and offers professional services.  The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom and cable/MSO services providers, and enterprise and government networks.

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Ciena Corp (CIEN US)

Ciena Corporation: Increased Deployment of Coherent Pluggable Technology in Data Centers! - Major Drivers

Ciena Corporation reported its fiscal second quarter 2024 financial results, delivering a mixture of strengths and areas for caution. Revenue for...

Baptista Research

Ciena Corporation: Redefining Communication Networks With WaveLogic & Groundbreaking Collaborations! - Major Drivers

Ciena Corporation exceeded analyst expectations in terms of revenue as well as earnings, marking a remarkable achievement with a revenue of $1.13...

Baptista Research

Ciena Corporation.: How 5G

Ciena Corporation delivered a solid result and managed an all-around beat in the last quarter. This growth has been attributed to the company's...

Baptista Research

Ciena Corporation: Can The Groundbreaking WaveRouter Launch Be A Game Changer? – Key Drivers

Ciena managed to exceed analyst expectations in terms of revenue as well as earnings. Inventory levels decreased by $80 million from Q1 as the...

Baptista Research

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

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