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>As per the recent earnings, Dell Technologies Inc.</li><li>marked a revenue of $88.4 billion for the Fiscal Year 2024.</li><li>The result reflects a decrease from the company's previous year's revenue growth; however, Dell's operating income was $7.7 billion, and its Earnings Per Share was $7.13, reflecting disciplined financial management.</li></ul>

As per the recent earnings, Dell Technologies Inc.marked a revenue of $88.4 billion for the Fiscal Year 2024.The result reflects a decrease from the company's previous year's revenue growth; however, Dell's operating income was $7.7 billion, and its Earnings Per Share was $7.13, reflecting disciplined financial management.

Dell Technologies: How Is The Rising Artificial Intelligence (AI) Demand Impacting Its Performance? - Major Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>We hosted a conference call with Elan Microelectronics management; We view the company as a Structural Long position for the AI PC upgrade cycle.</li>
<li>From the company's perspective, significant impact from AI PC demand will come but not until 4Q24E or 1H25E. However, supply chain excess inventory improved and prepping for upcycle.</li>
<li>An estimated 90% of AI PC models launched at CES 2024 use Elan's products in their design; Elan well positioned for the upcycle and entrenching its position. Maintain Structural Long.</li>
</ul>


We hosted a conference call with Elan Microelectronics management; We view the company as a Structural Long position for the AI PC upgrade cycle.
From the company's perspective, significant impact from AI PC demand will come but not until 4Q24E or 1H25E. However, supply chain excess inventory improved and prepping for upcycle.
An estimated 90% of AI PC models launched at CES 2024 use Elan's products in their design; Elan well positioned for the upcycle and entrenching its position. Maintain Structural Long.


TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

<ul>
<li>Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.</li>
<li>Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.</li>
<li>CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.</li>
</ul>


Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.
Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.
CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.


PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Taiwan Tech Stocks Rally, But Lag Nvidia's Massive Rally; Prepare for Nvidia, Dell, HP Results Next Week</li>
<li>Hon Hai &amp; Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound </li>
<li>TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering? Why It Is Significant</li>
</ul>


Taiwan Tech Stocks Rally, But Lag Nvidia's Massive Rally; Prepare for Nvidia, Dell, HP Results Next Week
Hon Hai &amp; Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound 
TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering? Why It Is Significant


Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

Dell Technologies: How Is The Rising Artificial Intelligence (AI) Demand Impacting Its Performance? - Major Drivers

As per the recent earnings, Dell Technologies Inc. marked a revenue of $88.4 billion for the Fiscal Year 2024. The result reflects a decrease from...

Baptista Research

TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Vincent Fernando, CFA

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Vincent Fernando, CFA

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Dell Technologies: How Is The Rising Artificial Intelligence (AI) Demand Impacting Its Performance? - Major Drivers

As per the recent earnings, Dell Technologies Inc. marked a revenue of $88.4 billion for the Fiscal Year 2024. The result reflects a decrease from...

Baptista Research

TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

​Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Vincent Fernando, CFA

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

​CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

​Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Vincent Fernando, CFA

Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...