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>Walmart reported a solid first quarter for fiscal 2026, with results exceeding analysts’ expectations and reflecting resilience amid a volatile economic environment.</li><li>The company posted adjusted earnings of 61 cents per share, surpassing the 58-cent consensus estimate, and saw revenue grow 2.5% year over year to $165.6 billion.</li><li>U.S. same-store sales rose 4.5%, outpacing the projected 3.9% increase.</li></ul>

Walmart reported a solid first quarter for fiscal 2026, with results exceeding analysts’ expectations and reflecting resilience amid a volatile economic environment.The company posted adjusted earnings of 61 cents per share, surpassing the 58-cent consensus estimate, and saw revenue grow 2.5% year over year to $165.6 billion.U.S. same-store sales rose 4.5%, outpacing the projected 3.9% increase.

Walmart Raises Alarm on Tariffs: What Shoppers Need to Brace For!

<ul><li>As of today, Walmart finds itself at a crossroads.</li><li>The retail giant, long seen as a haven during economic uncertainty, saw its market capitalization drop by nearly $22 billion in a single day after the Conference Board reported that U.S. consumer confidence hit a 12-year low.</li><li>This marks the fourth consecutive monthly decline, with the expectations index plummeting to 65.2 — a level that typically signals a looming recession.</li></ul>

As of today, Walmart finds itself at a crossroads.The retail giant, long seen as a haven during economic uncertainty, saw its market capitalization drop by nearly $22 billion in a single day after the Conference Board reported that U.S. consumer confidence hit a 12-year low.This marks the fourth consecutive monthly decline, with the expectations index plummeting to 65.2 — a level that typically signals a looming recession.

Walmart Warns Of Stressed Shoppers as Consumer Confidence Hits ROCK BOTTOM – What Lies Ahead?

<ul><li>Walmart's fiscal year 2025 fourth-quarter results indicate a robust performance, with several aspects of the company's operations contributing positively to its financial health.</li><li>The company reported a 5.2% increase in sales growth and a 9.4% improvement in adjusted operating income in constant currency terms.</li><li>This signifies the continued strength of Walmart's value proposition, which combines low pricing with enhanced convenience for customers.</li></ul>

Walmart's fiscal year 2025 fourth-quarter results indicate a robust performance, with several aspects of the company's operations contributing positively to its financial health.The company reported a 5.2% increase in sales growth and a 9.4% improvement in adjusted operating income in constant currency terms.This signifies the continued strength of Walmart's value proposition, which combines low pricing with enhanced convenience for customers.

Walmart Inc: How Has The Expansion of E-commerce and Digital Engagement Has Become A Key Pillar Of Growth For The Retail Giant!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul><li>Walmart's recent performance in the third quarter of the fiscal year 2025 exhibited both strong growth and notable challenges.</li><li>The company achieved a 6.1% increase in sales in constant currency, and profit grew by 9.8%, reflecting Walmart's ability to manage costs and drive efficiency amid complex global operations.</li><li>Key contributors to the positive results include a 27% increase in e-commerce sales, a 28% growth in advertising, and a 22% rise in membership income, which collectively helped Walmart grow profits faster than sales.</li></ul>

Walmart's recent performance in the third quarter of the fiscal year 2025 exhibited both strong growth and notable challenges.The company achieved a 6.1% increase in sales in constant currency, and profit grew by 9.8%, reflecting Walmart's ability to manage costs and drive efficiency amid complex global operations.Key contributors to the positive results include a 27% increase in e-commerce sales, a 28% growth in advertising, and a 22% rise in membership income, which collectively helped Walmart grow profits faster than sales.

Walmart’s Secret Weapons: How Grocery Dominance and Digital Innovation Are Reshaping Retail! -  Major Drivers

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Walmart Raises Alarm on Tariffs: What Shoppers Need to Brace For!

Walmart reported a solid first quarter for fiscal 2026, with results exceeding analysts’ expectations and reflecting resilience amid a volatile...

Baptista Research

Walmart Warns Of Stressed Shoppers as Consumer Confidence Hits ROCK BOTTOM – What Lies Ahead?

As of today, Walmart finds itself at a crossroads. The retail giant, long seen as a haven during economic uncertainty, saw its market...

Baptista Research

Walmart Inc: How Has The Expansion of E-commerce and Digital Engagement Has Become A Key Pillar Of Growth For The Retail Giant!

Walmart's fiscal year 2025 fourth-quarter results indicate a robust performance, with several aspects of the company's operations contributing...

Baptista Research

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Walmart’s Secret Weapons: How Grocery Dominance and Digital Innovation Are Reshaping Retail! - Major Drivers

Walmart's recent performance in the third quarter of the fiscal year 2025 exhibited both strong growth and notable challenges. The company...

Baptista Research

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