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

Crowdstrike Holdings  / Equity Capital Markets

<ul><li>CrowdStrike delivered yet another set of strong results across 2021 that exceeded Wall Street expectations.</li><li>CrowdStrike has grown more than 100% over a year for log management modules, identity protection, vulnerability management, and IT hygiene.</li><li>CrowdStrike has achieved another record year for the modules that protect identity that expressively differentiates Falcon in the field.</li></ul>

CrowdStrike delivered yet another set of strong results across 2021 that exceeded Wall Street expectations.CrowdStrike has grown more than 100% over a year for log management modules, identity protection, vulnerability management, and IT hygiene.CrowdStrike has achieved another record year for the modules that protect identity that expressively differentiates Falcon in the field.

CrowdStrike Holdings Inc.: Investment Thesis

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Crowdstrikes' growing platform offers three end markets as large as its core endpoint protection: log management, identity, and IT hygiene.</li>
<li>43 public enterprise software companies with more &gt;$1 billion in revenues, only 5 are growing &gt;60%, and only one has 30%+ free cash flow margins: Crowdstrike.  </li>
<li>New $5B ARR 2026 target will prove as ridiculously conservative as last year's $3B ARR 2025 target.</li>
</ul>


Crowdstrikes' growing platform offers three end markets as large as its core endpoint protection: log management, identity, and IT hygiene.
43 public enterprise software companies with more &gt;$1 billion in revenues, only 5 are growing &gt;60%, and only one has 30%+ free cash flow margins: Crowdstrike.  
New $5B ARR 2026 target will prove as ridiculously conservative as last year's $3B ARR 2025 target.


Crowdstrike Analyst Day: Why It’s a Buy at 23x Forward P/S

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>The demand for cybersecurity products and services has been expanding in Japan amidst an increase in frequent and sophisticated cyber-attacks in the country.</li>
<li>Due to shortage of in-house IT professionals with knowledge on cyber security, there has been growing demand for outsourced managed security services in Japan.</li>
<li>We have identified <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a> as our top pick in the Japanese cyber security market as there is further potential for top line and margins to expand.</li>
</ul>


The demand for cybersecurity products and services has been expanding in Japan amidst an increase in frequent and sophisticated cyber-attacks in the country.
Due to shortage of in-house IT professionals with knowledge on cyber security, there has been growing demand for outsourced managed security services in Japan.
We have identified Trend Micro Inc (4704 JP) as our top pick in the Japanese cyber security market as there is further potential for top line and margins to expand.


Japan Cybersecurity: Frequent and Sophisticated Cyber-Attacks Drive Demand

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li><strong>One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to the major global cybersecurity stocks.</strong></li>
<li>The 20 largest IT security stocks listed in the US are up on average 5.5% in February, significantly outperforming S&amp;P500 which was down 3.1% in the same period.</li>
<li>
<strong>Palo Alto Networks (PANW US),</strong> Crowdstrike Holdings Inc (CRWD US), Fortinet Inc (FTNT US), and Check Point Software Tech (CHKP US) have been clear winners in this period.</li>
</ul>


One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to the major global cybersecurity stocks.
The 20 largest IT security stocks listed in the US are up on average 5.5% in February, significantly outperforming S&amp;P500 which was down 3.1% in the same period.

Palo Alto Networks (PANW US), Crowdstrike Holdings Inc (CRWD US), Fortinet Inc (FTNT US), and Check Point Software Tech (CHKP US) have been clear winners in this period.


The Russia & Ukraine War Forcing Capital to Shift into Cybersecurity Stocks

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowbe4-inc" target="_blank" data-smartkarma-citation="entities:35519:1" rel="noopener">KnowBe4 (KNBE US)</a>  is the world's largest security awareness training platform, teaching people how to recognize bad phishing, bad social engineering scenarios and report to management.</li>
<li>The most notable ransomware attacks began with social engineering, and social engineering has remained a top threat for the last five years, according to a report released by Verizon.</li>
<li>We like the company's cash generating SaaS model, strong balance sheet, and multi-product approach targeting SMBs and the enterprise market worldwide.</li>
</ul>



KnowBe4 (KNBE US)  is the world's largest security awareness training platform, teaching people how to recognize bad phishing, bad social engineering scenarios and report to management.
The most notable ransomware attacks began with social engineering, and social engineering has remained a top threat for the last five years, according to a report released by Verizon.
We like the company's cash generating SaaS model, strong balance sheet, and multi-product approach targeting SMBs and the enterprise market worldwide.


KnowBe4: Hidden Gem Growth Stock In the Cybersecurity Space

United States

CrowdStrike Holdings, Inc. provides cybersecurity products and services to stop breaches. The Company offers cloud-delivered protection across endpoints, cloud workloads, identity and data, and leading threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection, and log management. CrowdStrike serves customers worldwide.

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Crowdstrike Holdings (CRWD US)

CrowdStrike Holdings Inc.: Investment Thesis

CrowdStrike delivered yet another set of strong results across 2021 that exceeded Wall Street expectations. CrowdStrike has grown more than 100%...

Baptista Research

Crowdstrike Analyst Day: Why It’s a Buy at 23x Forward P/S

Crowdstrike's analyst day laid out how the evolving platform's TAM is growing and customer adoption of modules is also growing. Not overpriced at...

Aaron Gabin

Japan Cybersecurity: Frequent and Sophisticated Cyber-Attacks Drive Demand

Demand for cybersecurity products and services has been expanding in Japan amidst an increase in frequent and sophisticated cyber-attacks in the...

Shifara Samsudeen, ACMA, CGMA

The Russia & Ukraine War Forcing Capital to Shift into Cybersecurity Stocks

One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to...

Douglas Kim

KnowBe4: Hidden Gem Growth Stock In the Cybersecurity Space

Valuations of cybersecurity stocks look attractive after the broader sell-off in tech shares, and our analysis suggests KnowBe4 shares are...

Andrei Zakharov

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