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.

Credit

<ul><li>Lumen Technologies is a big player in the facilities-based technology and communications domain.</li><li>The customer experience offered by them continues to improve, driven by the company’s very high NPS as well as customer e-scores for both the upper end of the company’s customer base and Quantum Fiber.</li><li>Apart from that, Lumen Technologies has been expanding its premier residential as well as Quantum Fiber aggressively in over 30 cities and metro areas.</li></ul>

Lumen Technologies is a big player in the facilities-based technology and communications domain.The customer experience offered by them continues to improve, driven by the company’s very high NPS as well as customer e-scores for both the upper end of the company’s customer base and Quantum Fiber.Apart from that, Lumen Technologies has been expanding its premier residential as well as Quantum Fiber aggressively in over 30 cities and metro areas.

Lumen Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Bottom-Up

<ul><li>This is our first report on Lumen Technologies, one of the major facilities-based technology and communications companies in the world.</li><li>During the quarter, 31,000 Quantum Fiber customers were added.</li><li>Apart from that, Lumen Technologies has been expanding its premier residential as well as Quantum Fiber aggressively in over 30 cities and metro areas.</li></ul>

This is our first report on Lumen Technologies, one of the major facilities-based technology and communications companies in the world.During the quarter, 31,000 Quantum Fiber customers were added.Apart from that, Lumen Technologies has been expanding its premier residential as well as Quantum Fiber aggressively in over 30 cities and metro areas.

Lumen Technologies Inc.: Initiation of Coverage – Expansion Of Quantum Fiber & Other Drivers

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>North American allocations continue to trend higher, hitting a record average weight of 58.1% across the 358 global funds in our analysis</li>
<li>North America has consistently stolen market share from other key global regions, most notably Developed Market Europe, where average fund weights have hit all-time lows of 24.24%</li>
<li>Sectors driving allocations higher are led by Energy, Health Care and Industrials with active rotation in to all 3, whilst Consumer Staples have seen signs of investor fatigue.</li>
</ul>


North American allocations continue to trend higher, hitting a record average weight of 58.1% across the 358 global funds in our analysis
North America has consistently stolen market share from other key global regions, most notably Developed Market Europe, where average fund weights have hit all-time lows of 24.24%
Sectors driving allocations higher are led by Energy, Health Care and Industrials with active rotation in to all 3, whilst Consumer Staples have seen signs of investor fatigue.


North America Hits New Highs as Global Rotation Continues

Thematic (Sector/Industry)

<ul>
<li>Communication Services allocations among active Global managers are at their lowest levels on record.</li>
<li>Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.</li>
<li>Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.</li>
</ul>


Communication Services allocations among active Global managers are at their lowest levels on record.
Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.
Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.


Global Communication Services: Lowest Exposure on Record

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

<p>New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…</p>

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

United States

IDT Corporation offers consumer services focused primarily on the telecommunications industry. The Company, through its subsidiaries, provides retail and wholesale telecommunications services and products, including pre-paid and rechargeable calling cards and wholesale carrier services.

Anterix Inc. provides wireless communications applications. The Company focuses on delivering transformative broadband that enables the modernization of critical infrastructure for energy, transportation, and logistics sectors. Anterix serves customers in the United States.

Consolidated Communications Holdings, Inc. offers telecommunications services. The Company offers local and long distance telephone, digital telephone, high-speed Internet access, and digital television services to individuals and businesses in Illinois, Pennsylvania, and Texas.

Liberty Global plc owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

ATN International, Inc. provides telecommunications services to rural, niche, and other under-served markets and geographies.  The Company, through subsidiaries, provides both wireless and wireline connectivity to residential and business customers. ATN International also provides a range of mobile wireless solutions, local exchange services and broadband internet services.

Ooma, Inc. provides communications solutions and other connected services to small business, home, and mobile users. The Company offers home phone systems, cordless handsets, and bluetooth adapters, as well as caller identification, call-waiting, and voice mail services.

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage.  Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

Globalstar, Inc. provides mobile voice and data communications services via satellite. The Company primarily provides business and recreational communications to industry, government, and individual customers located in remote areas throughout the world.

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries.  The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas.  Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

Shenandoah Telecommunications Company (SHEN US)

Cogent Communications Holdings Inc. is a next generation optical Internet servic e provider focused on delivering ultra-high speed Internet access and transport services.The Company serves businesses in the multi-tenant marketplace and servi ce providers located in major metropolitan areas across the United States.

Citic Telecom International Holdings Ltd. provides connectivity services to telecommunications operators with a focus on the China and Hong Kong markets. The group owns and operates and independent telecommunication hubs.

Asia Pacific Telecom Co Ltd is an integrated telecommunications services company. Main business includes the local, long-distance and international network, third-generation mobile phones and the second class telecommunications services.

USEN-NEXT HOLDINGS Co.,Ltd. provides network information services. The Company provides video contents distribution, music contents distribution, and other services. USEN-NEXT HOLDINGS also provides internet agency, mobile communication, and other services.

Hangzhou Huaxing Chuangye Communication Technology Co., Ltd researches, produces and sells test optimization system.  The Company also provides census, assessments and, optimization services of mobile communication network.

Hutchison Telecommunications Hong Kong Holdings Limited is an integrated mobile and fixed-line services telecom operator. The Company operates GSM dual-band and 3G mobile telecom services in Hong Kong and Macau. It also provides fixed-line telecom services for corporate, carrier, and international customers under the licensed "HGC" brand.

Hutchison Telecommunications Hong Kong Holdings (215 HK)

Hutchison Telecommunications Hong Kong Holdings

Jasmine International Public Company Limited provides telecommunication services including fixed-telephone lines, wireless network, digital network and internet access services. The Company also distributes telecommunication equipment through its own retail chain stores.

263 Network Communications Co Ltd provides internet services and modern communication technology.  The Company's products include anti spam e-mail service, telephone conference system, and business messenger software.

Macquarie Telecom Group Limited is an Australian telecommunications service provider.  The Group provides local and long distance, calling card and inbound calling services along with the management of telecommunications facilities. The Group also provides data services such as ATM, ISDN and digital leased line along with telecommunications advisory services.

Gamma Communications PLC supplies voice, data and mobile products and services in the United Kingdom. The Company provides fixed telephony, IP telephony, hosted phone systems, broadband and data connections, mobile services, security and unified communications solutions.

ARTERIA Networks Corporation provides telecommunication services. The Company offers internet connection, virtual private network construction, colocation, mobile connection, mobile device management, optical fiber network construction, and other services.

Lumen Technologies, Inc. provides digital solutions for home and business premises. The Company offers communications, network security, cloud solutions, voice, and managed services. Lumen Technologies serves customers worldwide.

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Lumen Technologies (LUMN US)

Lumen Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Lumen Technologies is a big player in the facilities-based technology and communications domain. The customer experience offered by them continues...

Baptista Research

Lumen Technologies Inc.: Initiation of Coverage – Expansion Of Quantum Fiber & Other Drivers

This is our first report on Lumen Technologies, one of the major facilities-based technology and communications companies in the world. During the...

Baptista Research

North America Hits New Highs as Global Rotation Continues

North American allocations among active Global investors hit record highs, driven by Energy, Health Care and Industrials rotation.

Steven Holden

Global Communication Services: Lowest Exposure on Record

Selling in Activision Blizzard, Meta Platforms, Tencent and Nintendo Co Ltd force Communication Services allocations to their lowest levels on record.

Steven Holden

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized...

New Street Research

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