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>HP Inc.</li><li>reported its first quarter results in the fiscal year 2024 with a solid performance, managing through a volatile external environment that continues to impact demand across the industry, as noted by the CEO, Enrique Lores.</li><li>The net revenue was slightly down by 4% year-over-year, marking the third straight quarter of slowing revenue decline, which indicates possible market stabilization.</li></ul>

HP Inc.reported its first quarter results in the fiscal year 2024 with a solid performance, managing through a volatile external environment that continues to impact demand across the industry, as noted by the CEO, Enrique Lores.The net revenue was slightly down by 4% year-over-year, marking the third straight quarter of slowing revenue decline, which indicates possible market stabilization.

HP Inc: Can Artificial Intelligence (AI) Enabled PCs Drive Phenomenal Growth In The Future? - Major Drivers

<ul><li>HP Inc. has demonstrated resilience in a challenging macroeconomic environment, showcasing solid performance across key financial metrics, including revenue, non-GAAP operating margin, EPS, and free cash flow.</li><li>This strategy focuses on reducing structural costs while investing in key growth areas, aiming for long-term fundamental improvements in cost structure and prudent expense management.</li><li>HP Inc. 's focus on profitable growth, especially in higher-value market segments, and commitment to returning 100% of free cash flow to shareholders highlight its strategic priorities.</li></ul>

HP Inc. has demonstrated resilience in a challenging macroeconomic environment, showcasing solid performance across key financial metrics, including revenue, non-GAAP operating margin, EPS, and free cash flow.This strategy focuses on reducing structural costs while investing in key growth areas, aiming for long-term fundamental improvements in cost structure and prudent expense management.HP Inc. 's focus on profitable growth, especially in higher-value market segments, and commitment to returning 100% of free cash flow to shareholders highlight its strategic priorities.

HP Inc.: The Dark Horse of Tech Stocks? - 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

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

<ul>
<li>PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.</li>
<li>Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.</li>
<li>Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.</li>
</ul>


PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.
Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.
Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.


PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

<ul>
<li>Asus's 1Q24 earnings beat consensus by 46% thanks to major increase in operating margin driven by costs optimization. Adjusted Asus brand Op profit rose 227% YoY and 98% QoQ.</li>
<li>Asus will host a major AI PC launch event May 21st, with additional AI PCs launched at Computex in Taiwan June 4th. Will feature <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> Snapdragon processors.</li>
<li>Asus confident in an PC upgrade cycle and has guided for sales to rise and margins to expand in the coming quarters. We maintain our Structural Long rating for Asus.</li>
</ul>


Asus's 1Q24 earnings beat consensus by 46% thanks to major increase in operating margin driven by costs optimization. Adjusted Asus brand Op profit rose 227% YoY and 98% QoQ.
Asus will host a major AI PC launch event May 21st, with additional AI PCs launched at Computex in Taiwan June 4th. Will feature Qualcomm Inc (QCOM US) Snapdragon processors.
Asus confident in an PC upgrade cycle and has guided for sales to rise and margins to expand in the coming quarters. We maintain our Structural Long rating for Asus.


Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle

United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ US)

HP Inc: Can Artificial Intelligence (AI) Enabled PCs Drive Phenomenal Growth In The Future? - Major Drivers

HP Inc. reported its first quarter results in the fiscal year 2024 with a solid performance, managing through a volatile external environment that...

Baptista Research

HP Inc.: The Dark Horse of Tech Stocks? - Major Drivers

HP Inc. has demonstrated resilience in a challenging macroeconomic environment, showcasing solid performance across key financial metrics,...

Baptista Research

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

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle

Asus beats earnings expectations by 46% in 1Q24, plans major AI PC launch event with Qualcomm processors, confident in PC upgrade cycle and future...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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HP Inc: Can Artificial Intelligence (AI) Enabled PCs Drive Phenomenal Growth In The Future? - Major Drivers

HP Inc. reported its first quarter results in the fiscal year 2024 with a solid performance, managing through a volatile external environment that...

Baptista Research

HP Inc.: The Dark Horse of Tech Stocks? - Major Drivers

HP Inc. has demonstrated resilience in a challenging macroeconomic environment, showcasing solid performance across key financial metrics,...

Baptista Research

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

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

​PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle

​Asus beats earnings expectations by 46% in 1Q24, plans major AI PC launch event with Qualcomm processors, confident in PC upgrade cycle and future...

Vincent Fernando, CFA

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...

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Asus beats earnings expectations by 46% in 1Q24, plans major AI PC launch event with Qualcomm processors, confident in PC upgrade cycle and future...