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>Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading electric vehicle manufacturer.</li><li>The company, under the leadership of CEO Peter Rawlinson, continues to make significant strides in technology and production capabilities.</li><li>The financial results from the second quarter showed promise with a significant increase in vehicle deliveries, marking a 70.5% year-on-year increase with 2,394 vehicles delivered.</li></ul>

Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading electric vehicle manufacturer.The company, under the leadership of CEO Peter Rawlinson, continues to make significant strides in technology and production capabilities.The financial results from the second quarter showed promise with a significant increase in vehicle deliveries, marking a 70.5% year-on-year increase with 2,394 vehicles delivered.

Lucid Group Inc.: Expansion into Energy Storage Systems But Can It Help Them Break Even Sooner? - Major Drivers

<ul><li>Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV) market footprint while managing production efficiency and scaling operations.</li><li>On the bright side, Lucid Group reported better-than-expected production and delivery figures during the quarter, with a 39.9% year-over-year increase in deliveries, totaling 1,967 Lucid Air models.</li><li>This performance marks Lucid's best quarter to date for deliveries, reflecting a robust demand trajectory for its premium EV offerings.</li></ul>

Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV) market footprint while managing production efficiency and scaling operations.On the bright side, Lucid Group reported better-than-expected production and delivery figures during the quarter, with a 39.9% year-over-year increase in deliveries, totaling 1,967 Lucid Air models.This performance marks Lucid's best quarter to date for deliveries, reflecting a robust demand trajectory for its premium EV offerings.

Lucid Group: How Are They Carrying Out The Expansion of Product Lineup and Addressable Market? - Major Drivers

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

Event-Driven

<ul>
<li>Big valuation and multiples despite on delivering its first care in 4Q21 (no revenues and burning free cash flow)</li>
<li>Lofty delivery goals provided for 2022 and 2023....already disappointing investors</li>
<li>Optimistic market share and ASP assumptions have been made by management</li>
</ul>


Big valuation and multiples despite on delivering its first care in 4Q21 (no revenues and burning free cash flow)
Lofty delivery goals provided for 2022 and 2023....already disappointing investors
Optimistic market share and ASP assumptions have been made by management


Lucid (LCID) - Is This a Lucid Investment Opportunity?

<ul><li>This is our first report on EV major, Lucid Group.</li><li>The company's Fourth Quarter 2023 Earnings recognized Lucid’s leaps in gaining industry credibility and numerous accolades over the past few years.</li><li>The company has also made significant strides in proving its technological competency, through the launch of Lucid Air Sapphire and the Lucid Air Pure, underscoring Lucid's extension into new total addressable market segments.</li></ul>

This is our first report on EV major, Lucid Group.The company's Fourth Quarter 2023 Earnings recognized Lucid’s leaps in gaining industry credibility and numerous accolades over the past few years.The company has also made significant strides in proving its technological competency, through the launch of Lucid Air Sapphire and the Lucid Air Pure, underscoring Lucid's extension into new total addressable market segments.

Lucid Group: Initiation of Coverage - These Are The 3 Biggest Challenges On The Road Ahead For This EV Maker! - 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

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>We hosted a conference call recently with Himax management, the global leader in automotive touch display controllers; the company is experiencing a uniquely stronger automotive supply/demand environment than some peers.</li>
<li>Discussed in detail how larger or more sophisticated interior displays can drive higher dollar content of display controllers per vehicle. We examine trending new car designs with much larger displays.</li>
<li>We forecast an exponential jump-up in display controller content value per vehicle as beautiful display designs are becoming key USP for auto brands; Maintain our Structural Long rating for Himax.</li>
</ul>


We hosted a conference call recently with Himax management, the global leader in automotive touch display controllers; the company is experiencing a uniquely stronger automotive supply/demand environment than some peers.
Discussed in detail how larger or more sophisticated interior displays can drive higher dollar content of display controllers per vehicle. We examine trending new car designs with much larger displays.
We forecast an exponential jump-up in display controller content value per vehicle as beautiful display designs are becoming key USP for auto brands; Maintain our Structural Long rating for Himax.


TechChain Insights: Call with Himax, How New In-Car Displays Can Quadruple Chip Content Per Vehicle

United States

Lucid Group Inc. operates as an automotive company. The Company manufactures luxury electric cars, as well as provides energy storage and original equipment solutions. Lucid Group serves customers in the United States and Canada.

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Lucid Group (LCID US)

Lucid Group Inc.: Expansion into Energy Storage Systems But Can It Help Them Break Even Sooner? - Major Drivers

Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading...

Baptista Research

Lucid Group: How Are They Carrying Out The Expansion of Product Lineup and Addressable Market? - Major Drivers

Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV)...

Baptista Research

Lucid (LCID) - Is This a Lucid Investment Opportunity?

Aggressive original assumptions must be recalibrated after guiding deliveries down ~35% from original 2022 guidance and pushing out the timing of...

Robert C Prather Jr

Lucid Group: Initiation of Coverage - These Are The 3 Biggest Challenges On The Road Ahead For This EV Maker! - Major Drivers

This is our first report on EV major, Lucid Group. The company's Fourth Quarter 2023 Earnings recognized Lucid’s leaps in gaining industry...

Baptista Research

TechChain Insights: Call with Himax, How New In-Car Displays Can Quadruple Chip Content Per Vehicle

We discussed in depth the company's latest insights in how larger interior displays in autos are driving higher dollar content of display...

Vincent Fernando, CFA

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