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>Workday Inc. reported a robust first quarter of fiscal year 2026, demonstrating solid growth in key financial metrics and notable advancements in its strategic initiatives.</li><li>The company reported a 13% increase in subscription revenue, reaching $2.059 billion, and achieved a non-GAAP operating margin of 30.2%.</li><li>This performance was driven by strong customer adoption across various industries, solid contributions from their partner ecosystem, and a continued focus on AI innovation.</li></ul>

Workday Inc. reported a robust first quarter of fiscal year 2026, demonstrating solid growth in key financial metrics and notable advancements in its strategic initiatives.The company reported a 13% increase in subscription revenue, reaching $2.059 billion, and achieved a non-GAAP operating margin of 30.2%.This performance was driven by strong customer adoption across various industries, solid contributions from their partner ecosystem, and a continued focus on AI innovation.

Workday Inc.: Will Its WorkdayGO Initiatives Help to Quickly Modernize & Streamline The Enterprise Functions?

<ul><li>Workday's recent earnings report presents a mixed picture, offering both promising and challenging aspects that investors should consider.</li><li>On the positive side, Workday demonstrated solid fiscal fourth-quarter 2025 performance, with subscription revenue growing by 16% to $2.04 billion, and a notable non-GAAP operating margin of 26.4%.</li><li>For the full fiscal year 2025, the company saw its total revenue climb by 16% to $8.45 billion, underscoring strong demand for Workday's offerings.</li></ul>

Workday's recent earnings report presents a mixed picture, offering both promising and challenging aspects that investors should consider.On the positive side, Workday demonstrated solid fiscal fourth-quarter 2025 performance, with subscription revenue growing by 16% to $2.04 billion, and a notable non-GAAP operating margin of 26.4%.For the full fiscal year 2025, the company saw its total revenue climb by 16% to $8.45 billion, underscoring strong demand for Workday's offerings.

Workday Inc.: How Is It Capitalizing On The AI Upsell Opportunities?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We raise 2025-26E forecasts by 26% and 29%, implying 28% YoY profit growth this year—the strongest in the sector.</li><li>We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.</li><li>GABLE leads the sector with the highest dividend payout, strongest earnings growth, and lowest P/E and P/BV.</li></ul>

We raise 2025-26E forecasts by 26% and 29%, implying 28% YoY profit growth this year—the strongest in the sector.We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.GABLE leads the sector with the highest dividend payout, strongest earnings growth, and lowest P/E and P/BV.

G-ABLE Plc. (GABLE): The Industry’s Standout – Outperform (12M FWD Fair Value Bt3.60)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jst-group" target="_blank" data-smartkarma-citation="entities:39885:1" rel="noopener">JST Group (6687 HK)</a> is China’s largest e-commerce SaaS ERP provider. It is seeking to raise HK$2,086 million (US$268 million).</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/jst-group-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:205203" rel="noopener">JST Group IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.</li>
</ul>



JST Group (6687 HK) is China’s largest e-commerce SaaS ERP provider. It is seeking to raise HK$2,086 million (US$268 million).
I previously discussed the IPO in JST Group IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.


US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> can be the unexpected addition by transition because of a high liquidity score and a close distance below the estimated transition threshold.</li>
<li>
<a href="https://www.smartkarma.com/entities/lennox-international-inc" target="_blank" data-smartkarma-citation="entities:16420:1" rel="noopener">Lennox International (LII US)</a> is the main candidate for addition by migration due to having the highest average mcap score and passing eligibility metrics.</li>
<li>
<a href="https://www.smartkarma.com/entities/illumina-inc" target="_blank" data-smartkarma-citation="entities:8015:1" rel="noopener">Illumina Inc (ILMN US)</a> has a muted conviction for addition because of ineligible earnings and a recent deletion from the index.</li>
</ul>



Coinbase Global (COIN US) can be the unexpected addition by transition because of a high liquidity score and a close distance below the estimated transition threshold.

Lennox International (LII US) is the main candidate for addition by migration due to having the highest average mcap score and passing eligibility metrics.

Illumina Inc (ILMN US) has a muted conviction for addition because of ineligible earnings and a recent deletion from the index.


S&P500 December 2024 Forecast (Final): Flipping the COIN

United States

Workday, Inc. provides enterprise cloud-based applications. The Company offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Workday serves the finance, healthcare, manufacturing, education, and technology industries worldwide.

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Workday Inc Class A (WDAY US)

Workday Inc.: Will Its WorkdayGO Initiatives Help to Quickly Modernize & Streamline The Enterprise Functions?

Workday Inc. reported a robust first quarter of fiscal year 2026, demonstrating solid growth in key financial metrics and notable advancements in...

Baptista Research

Workday Inc.: How Is It Capitalizing On The AI Upsell Opportunities?

Workday's recent earnings report presents a mixed picture, offering both promising and challenging aspects that investors should consider. On the...

Baptista Research

G-ABLE Plc. (GABLE): The Industry’s Standout – Outperform (12M FWD Fair Value Bt3.60)

We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.

Krungthai XSpring

JST Group (6687 HK): Valuation Insights

In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.

Arun George

S&P500 December 2024 Forecast (Final): Flipping the COIN

Lennox International (LII US) - the top migration candidate - was announced as an addition to the S&P 500 on 18 December, soon after the quarterly...

Dimitris Ioannidis

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