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 Capital Markets

<ul><li>Synopsys had a strong start to the year and managed to meet the revenue expectations of Wall Street driven by its execution and robust technology portfolio.</li><li>The company saw $6.9 billion in noncancelable backlog despite slower revenue growth in the semiconductor industry and robust, steady, time-based business models.</li><li>Synopsys has a wide IP portfolio and they expect a continuance of designs, requiring more communication bandwidth, processing, storage, and security in ever more sophisticated silicon technologies.</li></ul>

Synopsys had a strong start to the year and managed to meet the revenue expectations of Wall Street driven by its execution and robust technology portfolio.The company saw $6.9 billion in noncancelable backlog despite slower revenue growth in the semiconductor industry and robust, steady, time-based business models.Synopsys has a wide IP portfolio and they expect a continuance of designs, requiring more communication bandwidth, processing, storage, and security in ever more sophisticated silicon technologies.

<ul><li>Synopsys ended the year with a decent result meeting the revenue expectations of Wall Street and managing an earnings beat.</li><li>The company reached the $5 billion yearly revenue milestone during this quarter as they extended customer relationships and altered their product lineup in order to sharpen their competitive edge.</li><li>Despite a slowdown in revenue growth for the semiconductor business, design activity is still strong.</li></ul>

Synopsys ended the year with a decent result meeting the revenue expectations of Wall Street and managing an earnings beat.The company reached the $5 billion yearly revenue milestone during this quarter as they extended customer relationships and altered their product lineup in order to sharpen their competitive edge.Despite a slowdown in revenue growth for the semiconductor business, design activity is still strong.

Synopsys Inc: Collaboration With SiFive & Other Drivers

<ul><li>This is our first report on software and design player, Synopsys.</li><li>For instance, they automate entire sub-processes in chip design in addition to individual design steps.</li><li>Their preloaded IP blocks not only expedite chip design but also allow architects to experiment quickly with innovative chip and system configurations tailored to specific markets.</li></ul>

This is our first report on software and design player, Synopsys.For instance, they automate entire sub-processes in chip design in addition to individual design steps.Their preloaded IP blocks not only expedite chip design but also allow architects to experiment quickly with innovative chip and system configurations tailored to specific markets.

Synopsys Inc.: Initiation of Coverage – Strong Market Position & Other Drivers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Openedges Technology / Equity Capital Markets

<ul>
<li>Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won. </li>
<li>Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions. </li>
<li>
<a href="https://biz.chosun.com/stock/market_trend/2022/08/16/6JZRHBLIEBHWZL2WTNYPLZZTZA/?utm_source=naver&amp;utm_medium=original&amp;utm_campaign=biz" target="_blank" rel="noopener">Open Edges Technology</a> is one of the leading companies in Korea that specializes in the semiconductor design asset platforms. </li>
</ul>


Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won. 
Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions. 

Open Edges Technology is one of the leading companies in Korea that specializes in the semiconductor design asset platforms. 


Open Edges Technology IPO Valuation Analysis

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

JFrog, the liquid software company, will report financial results for the fourth quarter and fiscal year 2020 on February 11, 2021 following market close. JFrog successfully completed IPO in September 2020 and sold ~9.7 million shares at IPO price of $44 per share. Net proceeds reached ~$393 million and JFrog shares rose ~36% since IPO. We saw a temporary selling pressure on JFrog stock price due to early lock-up expiration in respect to 25% of shares under lock-up agreements. However, insiders and shareholders did not rush to sell JFrog shares in November and December previous year.In our insight we will focus on JFrog 4Q:20 earnings preview and set a new 12-month price target on JFrog stock.

JFrog, the liquid software company, will report financial results for the fourth quarter and fiscal year 2020 on February 11, 2021 following market close. JFrog successfully completed IPO in September 2020 and sold ~9.7 million shares at IPO price of $44 per share. Net proceeds reached ~$393 million and JFrog shares rose ~36% since IPO. We saw a temporary selling pressure on JFrog stock price due to early lock-up expiration in respect to 25% of shares under lock-up agreements. However, insiders and shareholders did not rush to sell JFrog shares in November and December previous year.In our insight we will focus on JFrog 4Q:20 earnings preview and set a new 12-month price target on JFrog stock.

Bear-Case Is Highly Unlikely. Risk/Reward Skewed To The Upside

United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

Synopsys Inc.: Major Drivers

Synopsys had a strong start to the year and managed to meet the revenue expectations of Wall Street driven by its execution and robust technology...

Baptista Research

Synopsys Inc: Collaboration With SiFive & Other Drivers

Synopsys ended the year with a decent result meeting the revenue expectations of Wall Street and managing an earnings beat. The company reached...

Baptista Research

Synopsys Inc.: Initiation of Coverage – Strong Market Position & Other Drivers

This is our first report on software and design player, Synopsys. For instance, they automate entire sub-processes in chip design in addition to...

Baptista Research

Open Edges Technology IPO Valuation Analysis

Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range...

Douglas Kim

Bear-Case Is Highly Unlikely. Risk/Reward Skewed To The Upside

JFrog looks like a more attractive stock at current valuations keeping in mind forthcoming IPO of key VC-backed rival GitLab Inc.

Andrei Zakharov

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