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>In the second quarter of 2025, AT&T disclosed a consistent operational trend and a commitment to its growth strategy, with efforts deeply rooted in 5G and fiber expansion.</li><li>The company's results revealed a 3.5% increase in both service revenues and adjusted EBITDA, alongside a 6% growth in adjusted EPS, which reached $0.54.</li><li>Free cash flow for the quarter stood at $4.4 billion.</li></ul>

In the second quarter of 2025, AT&T disclosed a consistent operational trend and a commitment to its growth strategy, with efforts deeply rooted in 5G and fiber expansion.The company's results revealed a 3.5% increase in both service revenues and adjusted EBITDA, alongside a 6% growth in adjusted EPS, which reached $0.54.Free cash flow for the quarter stood at $4.4 billion.

AT&T Targets 60 Million Homes with Fiber—But Can It Achieve Its Goals Amidst The Hostile Competitive Landscape?

<ul><li>AT&T’s $5.75 billion acquisition of Lumen Technologies’ Mass Markets fiber business is poised to be one of the most significant telecom deals in recent years.</li><li>Expected to close in the first half of 2026, the transaction will transfer approximately 1 million subscribers and 4 million fiber-enabled locations across 11 key states—including markets such as Denver, Seattle, Salt Lake City, Phoenix, and Minneapolis—into AT&T’s growing fiber footprint.</li><li>The move is part of a broader strategy by AT&T to double its fiber coverage to 60 million locations by 2030.</li></ul>

AT&T’s $5.75 billion acquisition of Lumen Technologies’ Mass Markets fiber business is poised to be one of the most significant telecom deals in recent years.Expected to close in the first half of 2026, the transaction will transfer approximately 1 million subscribers and 4 million fiber-enabled locations across 11 key states—including markets such as Denver, Seattle, Salt Lake City, Phoenix, and Minneapolis—into AT&T’s growing fiber footprint.The move is part of a broader strategy by AT&T to double its fiber coverage to 60 million locations by 2030.

AT&T Just Snatched the Deal of the Decade—Here’s Why The $5.75B Lumen Acquisition Could Reshape U.S. Fiber Access!

<ul><li>AT&T's performance in the first quarter of 2025 showcases its continued momentum following a strong 2024.</li><li>The company reported growth in consolidated service revenue and adjusted EBITDA, underpinned by robust gains in postpaid phone and fiber net additions.</li><li>Despite an early slowdown in the quarter, AT&T fine-tuned its promotional strategies to remain competitive in a maturing market, particularly in its fiber footprint, which is seeing substantial growth.</li></ul>

AT&T's performance in the first quarter of 2025 showcases its continued momentum following a strong 2024.The company reported growth in consolidated service revenue and adjusted EBITDA, underpinned by robust gains in postpaid phone and fiber net additions.Despite an early slowdown in the quarter, AT&T fine-tuned its promotional strategies to remain competitive in a maturing market, particularly in its fiber footprint, which is seeing substantial growth.

AT&T: 5G Network Expansion & Modernization to Strengthen Its Footprint & Revenue Streams!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and sell the deletes, further increasing flow for the stocks.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF will be selling <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a> at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the S&amp;P500 INDEX and sell the deletes, further increasing flow for the stocks.
The VanEck Vectors Semiconductor (SMH US) ETF will be selling Broadcom (AVGO US) at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.


Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and sell the deletes, further increasing flow for the stocks.</li>
<li>The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.</li>
</ul>


Constituent changes to the S&amp;P500 INDEX and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the S&amp;P500 INDEX and sell the deletes, further increasing flow for the stocks.
The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.


Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

United States

AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

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AT&T (T US)

AT&T Targets 60 Million Homes with Fiber—But Can It Achieve Its Goals Amidst The Hostile Competitive Landscape?

In the second quarter of 2025, AT&T disclosed a consistent operational trend and a commitment to its growth strategy, with efforts deeply...

Baptista Research

AT&T Just Snatched the Deal of the Decade—Here’s Why The $5.75B Lumen Acquisition Could Reshape U.S. Fiber Access!

AT&T’s $5.75 billion acquisition of Lumen Technologies’ Mass Markets fiber business is poised to be one of the most significant telecom deals...

Baptista Research

AT&T: 5G Network Expansion & Modernization to Strengthen Its Footprint & Revenue Streams!

AT&T's performance in the first quarter of 2025 showcases its continued momentum following a strong 2024. The company reported growth in...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

Constituent changes to the S&P 500 Index and capping changes will result in a round-trip trade of US$15.45bn across the Select Sector indices and...

Brian Freitas

Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

Constituent changes to the S&P500 and capping changes result in a round-trip trade of US$16.3bn for the Select Sector. ECE, DASH, AMZN, TKO, TSLA,...

Brian Freitas

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