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

Hewlett Packard Enterprise  / Equity Capital Markets

<ul><li>Hewlett Packard Enterprises managed to deliver a good result with higher gross margins, increased profits, and improving revenues through steady execution in spite of unfavorable foreign exchange and continued tight supply conditions.</li><li>In the quarter, it saw strong consumer demand in a durable, high-quality pipeline and in the market also.</li><li>We provide the stock of Hewlett Packard Enterprise a ‘Hold’ rating with a revision in the target price.</li></ul>

Hewlett Packard Enterprises managed to deliver a good result with higher gross margins, increased profits, and improving revenues through steady execution in spite of unfavorable foreign exchange and continued tight supply conditions.In the quarter, it saw strong consumer demand in a durable, high-quality pipeline and in the market also.We provide the stock of Hewlett Packard Enterprise a ‘Hold’ rating with a revision in the target price.

Hewlett Packard Enterprises: Capacity Expansion Of HPC & Other Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.</li>
<li>Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.</li>
<li>Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.</li>
</ul>


The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.
Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.
Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.


Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

<ul>
<li>Enterprise storage hardware market faces numerous headwinds and increasing commoditization</li>
<li>STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ</li>
<li>Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates</li>
</ul>


Enterprise storage hardware market faces numerous headwinds and increasing commoditization
STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ
Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates


Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

<ul><li>Hewlett Packard Enterprises delivered a below par result with revenues and earnings well below Wall Street expectations.</li><li>The recent macroeconomic environment has presented strategic challenges to businesses worldwide including Hewlett Packard.</li><li>Despite the inflationary pressures, Hewlett Packard maintained non-GAAP gross margins of 34%, thanks to disciplined execution and timely pricing actions.</li></ul>

Hewlett Packard Enterprises delivered a below par result with revenues and earnings well below Wall Street expectations.The recent macroeconomic environment has presented strategic challenges to businesses worldwide including Hewlett Packard.Despite the inflationary pressures, Hewlett Packard maintained non-GAAP gross margins of 34%, thanks to disciplined execution and timely pricing actions.

Hewlett Packard Enterprise Co.: The Servers Upside & Other Drivers

<ul><li>Hewlett Packard has commenced its fiscal year 2022 on a positive note though building strong momentum across its cloud business.</li><li>The demand for its differentiated edge-to-cloud portfolio remains strong, with order growth up 20% year over year.</li><li>A major point of concern for Hewlett Packard remains its slow top-line growth in the single digits which is significantly lower than its cloud peers and also a reason why the company trades at a significantly lower valuation.</li></ul>

Hewlett Packard has commenced its fiscal year 2022 on a positive note though building strong momentum across its cloud business.The demand for its differentiated edge-to-cloud portfolio remains strong, with order growth up 20% year over year.A major point of concern for Hewlett Packard remains its slow top-line growth in the single digits which is significantly lower than its cloud peers and also a reason why the company trades at a significantly lower valuation.

Hewlett Packard Enterprise Co.: Financial & Price Forecasts

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

Hewlett Packard Enterprises: Capacity Expansion Of HPC & Other Drivers

Hewlett Packard Enterprises managed to deliver a good result with higher gross margins, increased profits, and improving revenues through steady...

Baptista Research

Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Also more signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.

Vincent Fernando, CFA

Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

Market share losses are likely occurring and the "recurring revenue STaaS" story may be decelerating amidst competition, pricing pressure, and...

Robert C Prather Jr

Hewlett Packard Enterprise Co.: The Servers Upside & Other Drivers

Hewlett Packard Enterprises delivered a below par result with revenues and earnings well below Wall Street expectations. The recent macroeconomic...

Baptista Research

Hewlett Packard Enterprise Co.: Financial & Price Forecasts

Hewlett Packard has commenced its fiscal year 2022 on a positive note though building strong momentum across its cloud business. The demand for...

Baptista Research

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