Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/thermo-fisher-scientific-inc" target="_blank" data-smartkarma-citation="entities:7375:1" rel="noopener">Thermo Fisher Scientific Inc (TMO US), </a><a href="https://www.smartkarma.com/entities/ford-motor-co" target="_blank" data-smartkarma-citation="entities:19225:1" rel="noopener">Ford Motor Co (F US) </a>and <a href="https://www.smartkarma.com/entities/sonoco-products-co" target="_blank" data-smartkarma-citation="entities:15651:1" rel="noopener">Sonoco Products Co (SON US)</a> </li>
<li>For the eleven weeks since inception ended 3 Feb the combined innovation portfolio was +4.6%, versus DJIA +.5%, S&amp;P500 +4.3%, Nasdaq +7.7%, Russell2000 +7.3%, MSCI-ACWI-ETF +5.7%, all in US$ terms</li>
<li>Ironically or aptly it was at "China Lake" in California that the infrared technology in the AIM-9X Sidewinder missile that brought down the "spy/weather" balloon was developed.</li>
</ul>


The three companies we write about this week are Thermo Fisher Scientific Inc (TMO US), Ford Motor Co (F US) and Sonoco Products Co (SON US) 
For the eleven weeks since inception ended 3 Feb the combined innovation portfolio was +4.6%, versus DJIA +.5%, S&amp;P500 +4.3%, Nasdaq +7.7%, Russell2000 +7.3%, MSCI-ACWI-ETF +5.7%, all in US$ terms
Ironically or aptly it was at "China Lake" in California that the infrared technology in the AIM-9X Sidewinder missile that brought down the "spy/weather" balloon was developed.


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>SAP delivered a mixed set of results in the final quarter of 2022 as it surpassed the revenue expectations of Wall Street but missed out on earnings.</li><li>This year, cloud revenue also surpassed support revenue to become SAP's single-largest revenue stream.</li><li>Their overall SaaS and PaaS portfolio grew significantly, with SaaS cloud revenue increasing by 25% and PaaS cloud revenue increasing by 45%.</li></ul>

SAP delivered a mixed set of results in the final quarter of 2022 as it surpassed the revenue expectations of Wall Street but missed out on earnings.This year, cloud revenue also surpassed support revenue to become SAP's single-largest revenue stream.Their overall SaaS and PaaS portfolio grew significantly, with SaaS cloud revenue increasing by 25% and PaaS cloud revenue increasing by 45%.

SAP SE ADR: Launch Of SAP Build & Other Drivers

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/roche-holding-ltd" target="_blank" data-smartkarma-citation="entities:976:1" rel="noopener">Roche Holding Ltd (ROG VX)</a> , <a href="https://www.smartkarma.com/entities/siemens-healthineers-ag" target="_blank" data-smartkarma-citation="entities:29221:1" rel="noopener">Siemens Healthineers AG (SHL GR)</a> and <a href="https://www.smartkarma.com/entities/e-ink-holdings-inc" target="_blank" data-smartkarma-citation="entities:17793:1" rel="noopener">E Ink Holdings (8069 TT)</a> </li>
<li>For the ten weeks since inception ended 27 Jan the combined innovation portfolio was +4.0%, versus DJIA +.7%, S&amp;P500 +2.7%, Nasdaq +4.3%, Russell2000 +3.3%, MSCI-ACWI-ETF +5.1%, all in US$ terms</li>
<li>For the first time in decades IBM lost its top position in patent registrations in US. IBM’s patent count declined 44% to 4,743 patents in 2022, versus Samsung Electronics' 8,513</li>
</ul>


The three companies we write about this week are Roche Holding Ltd (ROG VX) , Siemens Healthineers AG (SHL GR) and E Ink Holdings (8069 TT) 
For the ten weeks since inception ended 27 Jan the combined innovation portfolio was +4.0%, versus DJIA +.7%, S&amp;P500 +2.7%, Nasdaq +4.3%, Russell2000 +3.3%, MSCI-ACWI-ETF +5.1%, all in US$ terms
For the first time in decades IBM lost its top position in patent registrations in US. IBM’s patent count declined 44% to 4,743 patents in 2022, versus Samsung Electronics' 8,513


<ul>
<li>The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)</li>
<li>We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.</li>
<li>For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms</li>
</ul>


The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)
We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.
For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms


<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons for their inclusion.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/bank-of-america-corp" target="_blank" data-smartkarma-citation="entities:278:1" rel="noopener">Bank Of America (BAC US)</a><a href="https://www.smartkarma.com/entities/3-m-co" target="_blank" data-smartkarma-citation="entities:14866:1" rel="noopener">3M Co (MMM US)</a> and <a href="https://www.smartkarma.com/entities/skf-ab" target="_blank" data-smartkarma-citation="entities:22485:1" rel="noopener">SKF AB (SKFB SS)</a>   </li>
<li>For the eight weeks since inception ended 13 Jan the combined innovation portfolio was +4.2%, versus DJIA +1.7%, S&amp;P500 +0.9%, Nasdaq -0.6%, Russell2000 +2%, MSCI-ACWI-ETF +3.2%, all in US$ terms</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons for their inclusion.
The three companies we write about this week are Bank Of America (BAC US)3M Co (MMM US) and SKF AB (SKFB SS)   
For the eight weeks since inception ended 13 Jan the combined innovation portfolio was +4.2%, versus DJIA +1.7%, S&amp;P500 +0.9%, Nasdaq -0.6%, Russell2000 +2%, MSCI-ACWI-ETF +3.2%, all in US$ terms


United States

SAP SE is a multinational software company.  The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services.  SAP markets its products and services worldwide.

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