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>Tencent Music Entertainment Group reported strong third-quarter results in 2025, driven by significant growth in its online music business.</li><li>Total revenues grew by 21% year-over-year to RMB 8.5 billion, with online music revenues increasing by over 27% to RMB 7 billion.</li><li>The growth in music subscription revenues was notable, with a 70% year-on-year increase to RMB 4.5 billion, propelled by a steady rise in paying users and enhancements in ARPPU, which reached RMB 11.9 compared to RMB 10.8 from the previous year.</li></ul>

Tencent Music Entertainment Group reported strong third-quarter results in 2025, driven by significant growth in its online music business.Total revenues grew by 21% year-over-year to RMB 8.5 billion, with online music revenues increasing by over 27% to RMB 7 billion.The growth in music subscription revenues was notable, with a 70% year-on-year increase to RMB 4.5 billion, propelled by a steady rise in paying users and enhancements in ARPPU, which reached RMB 11.9 compared to RMB 10.8 from the previous year.

Tencent Music Entertainment Group: How Live Events & Fan Economies Are Reshaping Growth!

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25.</li>
<li>Both ARPPU and the user base increased YoY in 3Q25.</li>
<li>The margin had improved year over year for 13 quarters.</li>
</ul>


Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25.
Both ARPPU and the user base increased YoY in 3Q25.
The margin had improved year over year for 13 quarters.


Tencent Music (TME): 3Q25, Offline Rev Up by 50%, Margin Improved for 13 Quarters

<ul><li>Tencent Music Entertainment Group's second quarter of 2025 demonstrates a blend of growth across its diversified service portfolio, delivering a robust financial performance and showcasing strategic advancements in both content and platform services.</li><li>Positively, the group's revenue reached a record high of RMB 8.4 billion, representing an 18% year-over-year increase.</li><li>This growth was primarily fueled by its online music services, which saw a notable 26% year-on-year revenue increase, reaching RMB 6.9 billion.</li></ul>

Tencent Music Entertainment Group's second quarter of 2025 demonstrates a blend of growth across its diversified service portfolio, delivering a robust financial performance and showcasing strategic advancements in both content and platform services.Positively, the group's revenue reached a record high of RMB 8.4 billion, representing an 18% year-over-year increase.This growth was primarily fueled by its online music services, which saw a notable 26% year-on-year revenue increase, reaching RMB 6.9 billion.

Tencent Music: Is Its Partnership With Geely & Xiaomi the Future of In-Car Entertainment?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

<ul>
<li>In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.</li>
<li>The operating margin hit the historical high since TME’s IPO.</li>
<li>We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.</li>
</ul>


In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.
The operating margin hit the historical high since TME’s IPO.
We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.


Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

Tencent Music Entertainment Group: How Live Events & Fan Economies Are Reshaping Growth!

Tencent Music Entertainment Group reported strong third-quarter results in 2025, driven by significant growth in its online music business. Total...

Baptista Research

Tencent Music (TME): 3Q25, Offline Rev Up by 50%, Margin Improved for 13 Quarters

Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25. Both ARPPU and the user base increased YoY in 3Q25. The margin had...

Ming Lu

Tencent Music: Is Its Partnership With Geely & Xiaomi the Future of In-Car Entertainment?

Tencent Music Entertainment Group's second quarter of 2025 demonstrates a blend of growth across its diversified service portfolio, delivering a...

Baptista Research

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY. The operating margin hit the historical high since TME’s...

Ming Lu

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