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>Despite the macroeconomic uncertainties that continue to have a negative influence on demand for general industrial applications like cutting and marking, IPG Photonics delivered an all-around beat.</li><li>The company had strong revenue growth in the welding sector, driven by significant EV application sales and high revenue for its portable LightWELD welder.</li><li>Moreover, the company has improved its revenue diversification and decreased its reliance on cyclical and economically delicate industrial areas.</li></ul>

Despite the macroeconomic uncertainties that continue to have a negative influence on demand for general industrial applications like cutting and marking, IPG Photonics delivered an all-around beat.The company had strong revenue growth in the welding sector, driven by significant EV application sales and high revenue for its portable LightWELD welder.Moreover, the company has improved its revenue diversification and decreased its reliance on cyclical and economically delicate industrial areas.

IPG Photonics Corporation: Is The Medical Business Expansion Enough? – Key Drivers

<ul><li>IPG Photonics delivered a mixed result in the last quarter, as it failed to meet Wall Street expectations in terms of revenues but managed an earnings beat.</li><li>Sales in high-power cutting applications suffered from a decline in general industrial demand in China and Europe.</li><li>As this business required extra investment and was noncore to IPG, the management announced they would sell it to Lumentum.</li></ul>

IPG Photonics delivered a mixed result in the last quarter, as it failed to meet Wall Street expectations in terms of revenues but managed an earnings beat.Sales in high-power cutting applications suffered from a decline in general industrial demand in China and Europe.As this business required extra investment and was noncore to IPG, the management announced they would sell it to Lumentum.

<ul><li>This is our first report on IPG Photonics, one of the leading manufacturers of lasers and amplifiers catering to materials processing across the globe.</li><li>The company was off to a strong start in 2022 profiting from increased demand in Europe, North America, and Japan.</li><li>IPG Photonics also saw the expansion of medium-power and pulsed lasers, mainly fueled by increased demand for new applications.</li></ul>

This is our first report on IPG Photonics, one of the leading manufacturers of lasers and amplifiers catering to materials processing across the globe.The company was off to a strong start in 2022 profiting from increased demand in Europe, North America, and Japan.IPG Photonics also saw the expansion of medium-power and pulsed lasers, mainly fueled by increased demand for new applications.

IPG Photonics Corporation: Initiation of Coverage – Acquisitions

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are quite a few changes for stocks across the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a>, MidCap 400 Index and SmallCap 600 Index that will result in a one-way trade of US$30bn.</li>
<li>There are adds/deletes that have over 5 days of ADV to trade from passive funds, plus many stocks that have over +/-1 day of ADV from other changes.</li>
<li>The largest impact of passive buying will be on <a href="https://www.smartkarma.com/entities/keurig-dr-pepper-inc" target="_blank" data-smartkarma-citation="entities:15411:1" rel="noopener">Keurig Dr Pepper Inc (KDP US)</a>, <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor (ON US)</a> and <a href="https://www.smartkarma.com/entities/vici-properties-inc" target="_blank" data-smartkarma-citation="entities:28786:1" rel="noopener">VICI Properties Inc (VICI US)</a>. </li>
</ul>


There are quite a few changes for stocks across the S&amp;P 500 (SPX INDEX), MidCap 400 Index and SmallCap 600 Index that will result in a one-way trade of US$30bn.
There are adds/deletes that have over 5 days of ADV to trade from passive funds, plus many stocks that have over +/-1 day of ADV from other changes.
The largest impact of passive buying will be on Keurig Dr Pepper Inc (KDP US), On Semiconductor (ON US) and VICI Properties Inc (VICI US). 


S&P500 Index Rebalance: One-Way Trade of US$30bn

United States

Vishay Intertechnology, Inc. manufactures a broad line of passive and discreet active electronic components, particularly resistors, capacitors, inductors, diodes, and transistors.  The Company's products are utilized in computers, telephones, televisions, automobiles, household appliance, medical equipment, satellites, and military and aerospace equipment.

Agilysys, Inc. is a developer and marketer of proprietary enterprise software, services and solutions to the hospitality and retail industries. The Company specializes in market-leading point-of-sale, property management, inventory & procurement and mobile & wireless solutions that are designed to streamline operations, improve efficiency and enhance the consumer's experience.

Sanmina Corporation provides electronics contract manufacturing services to customers located around the world. The Company offers its customers expertise in new product introduction, manufacturing, and design and fabrication of complex interconnect products. Sanmina Corporation specializes in circuit fabrication, system assembly, integration, and high-end enclosures and cabling.

Belden Inc. designs, manufactures, and markets cable, connectivity, and networking products. The Company produces and sells a portfolio of cable, connectivity, and networking products into a variety of end markets, including industrial, enterprise, broadcast, and consumer electronics.

Itron, Inc. provides solutions for collecting, communicating, and analyzing electric, gas, and water usage data.  The Company sells its products to the utility industry.  Itron designs, manufactures, markets, sells, installs, and services hardware, software, and integrated systems for handheld computer-based electronic meter reading and automatic meter reading systems.

Plexus Corp. is a participant in the electronics manufacturing services (EMS) industry, providing product design, supply chain, materials management, manufacturing, test, fulfillment, and aftermarket solutions to branded product companies in the wireline and networking, wireless infrastructure, medical, industrial and commercial, defense, security, and aerospace market sectors.

Avnet, Inc. distributes computer products and semiconductors, as well as interconnect, passive, and electromechanical components. The Company markets and distributes these products and provides supply-chain integration, engineering design, and technical services. Avnet serves customers in countries around the world.

OSI Systems, Inc. produces medical monitoring and anesthesia systems; security and inspection systems; and lasers, optics, and optoelectronic components.  The Company's products include blood pressure monitors, anesthesia machines and hemoglobin saturation monitors; systems for inspecting baggage, people, and vehicles; and lasers, lenses, prisms, and microelectronic components.

PC Connection, Inc. is a direct marketer of personal computers and related peripherals, software, accessories, and networking products. The Company sells to small and medium-sized businesses. PC Connection carries high turnover products in inventory, and in addition provides customer service and technical support.

TTM Technologies, Inc. is an independent provider of time-critical, one-stop manufacturing services for printed circuit boards.  The circuit boards serve as a foundation for electronic products such as routers, switches, servers, memory modules, and cellular base stations. The Company's customers include original equipment manufacturers and electronic manufacturing services companies.

Jentech Precision Industrial Company Ltd. provides tooling, precision metal stamping, custom insert molding, injection molding, and assembly solutions for medical, consumer electronics, semiconductor, automotive, appliance, and micro electronic markets to a wide variety of industries.

Nan Ya Printed Circuit Board Corporation manufactures and markets printed circuit boards (PCBs) and integrated circuit (IC) substrates.

Zhejiang Crystal-Optech Co., Ltd. researches, manufactures and markets photoelectric parts. The key products are OLPF, IR Cut Filter, IR Filter Housing Assembly, Thermal Diffusion Panel and Cover Glass.

Huagong Tech Co., Ltd. manufactures laser equipment, laser false-proof products, sensitive electronic components, optical telecommunication products, and biopharmaceuticals.  The Company also develops computer software and provides computer system integration services.

Shenzhen Sunlord Electronics Co.,Ltd. manufactures and markets chip passive components including chip inductor, chip ferrite bead, chip varistor, NTC thermistor and chip common mode choke coil.

Shenzhen Sunlord Electronics Co, Ltd. (002138 CH)

Innolux Corporation manufactures TFT-LCD, LCD models and LCD monitors. The company also provides research, development, manufacturing and retails business.

LOTES Co., Ltd specialize in design and manufacture of connectors, CPU Socket, Coolers and Antenna for Notebook Computer, Personal Computer, Mobile electronic device and Ditial Video.

Synnex Technology International Corporation markets personal computers, computer peripherals, multi-media products, network products, computer application software, electronic parts, and telecommunication products.

Synnex Technology International (2347 TT)

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

AU Optronics Corp. manufactures and markets thin film transistor-liquid crystal displays (TFT-LCDs) and plasma display panels (PDPs).  The Company sells its products in Taiwan and exports worldwide.

IPG Photonics Corporation produces high-power fiber lasers and amplifiers. The Company develops and commercializes optical fiber-based lasers used in a wide range of applications such as materials processing, telecommunications and medical applications.

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Ipg Photonics (IPGP US)

IPG Photonics Corporation: Is The Medical Business Expansion Enough? – Key Drivers

Despite the macroeconomic uncertainties that continue to have a negative influence on demand for general industrial applications like cutting and...

Baptista Research

IPG Photonics: Major Drivers

IPG Photonics delivered a mixed result in the last quarter, as it failed to meet Wall Street expectations in terms of revenues but managed an...

Baptista Research

IPG Photonics Corporation: Initiation of Coverage – Acquisitions

This is our first report on IPG Photonics, one of the leading manufacturers of lasers and amplifiers catering to materials processing across the...

Baptista Research

S&P500 Index Rebalance: One-Way Trade of US$30bn

There are 3 changes for the S&P500, plus more changes for the MidCap and SmallCap indices. We estimate a one-way trade of US$30bn across the...

Brian Freitas

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