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>T-Mobile US suddenly finds itself at the center of an unusual Wall Street power struggle.</li><li>Shares jumped roughly 3% on September 2 after reports that activist investor Elliott Investment Management had built a sizable stake in Deutsche Telekom and was pushing the German telecom giant to abandon a potential combination with T-Mobile.</li><li>The reaction was particularly notable because T-Mobile shares had fallen roughly 27% over the preceding year.</li></ul>

T-Mobile US suddenly finds itself at the center of an unusual Wall Street power struggle.Shares jumped roughly 3% on September 2 after reports that activist investor Elliott Investment Management had built a sizable stake in Deutsche Telekom and was pushing the German telecom giant to abandon a potential combination with T-Mobile.The reaction was particularly notable because T-Mobile shares had fallen roughly 27% over the preceding year.

T-Mobile’s 27% Slide Meets An Elliott Revolt—Could A Rerating Be Next?

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.66mn units in Aug 2026, down 14% YoY and 57% MoM.</li><li>The steep MoM decline is attributable to a high base effect, as production in Jul-26 was elevated amid strong demand following purchase deferments ahead of the FY27 budget.</li><li>Cumulatively, local manufacturing/assembly declined by 6% YoY with 18.66mn units in 8M2026, compared to 19.77mn units in 8M2025.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.66mn units in Aug 2026, down 14% YoY and 57% MoM.The steep MoM decline is attributable to a high base effect, as production in Jul-26 was elevated amid strong demand following purchase deferments ahead of the FY27 budget.Cumulatively, local manufacturing/assembly declined by 6% YoY with 18.66mn units in 8M2026, compared to 19.77mn units in 8M2025.

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 14% YoY in Aug-26

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>T-Mobile has successfully transitioned from a wireless challenger to a market leader, underpinned by a superior 5G network that is now being leveraged to drive growth in new segments, particularly high-speed broadband internet.</li>
 <li>The company exhibits a strong growth profile, characterized by industry-leading subscriber additions, significant free cash flow generation, and substantial net income growth, which has recently enabled the initiation and growth of a dividend program.</li>
 <li>Future growth is expected to be driven by the expansion of its high-speed internet service into underserved rural and smaller markets, growth in the enterprise segment, and the successful integration of assets from UScellular.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  T-Mobile has successfully transitioned from a wireless challenger to a market leader, underpinned by a superior 5G network that is now being leveraged to drive growth in new segments, particularly high-speed broadband internet.
  The company exhibits a strong growth profile, characterized by industry-leading subscriber additions, significant free cash flow generation, and substantial net income growth, which has recently enabled the initiation and growth of a dividend program.
  Future growth is expected to be driven by the expansion of its high-speed internet service into underserved rural and smaller markets, growth in the enterprise segment, and the successful integration of assets from UScellular.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: T Mobile Us Inc (TMUS US) - Aug 2026

<ul><li>The report from T-Mobile U.S. for the second quarter of 2026 demonstrates continued execution on its strategic focus of delivering an integrated customer experience combining superior network quality, value, and service.</li><li>The company highlighted its record-high Net Promoter Score (NPS) of 46, which it described as the highest ever among the major U.S. wireless carriers, indicating strong customer satisfaction.</li><li>T-Mobile U.S. emphasized growth opportunities in both urban and rural markets, particularly noting that rural areas, representing approximately 40% of the U.S. population, remain underpenetrated with only 24% household share, a segment bolstered by the ongoing integration of UScellular.</li></ul>

The report from T-Mobile U.S. for the second quarter of 2026 demonstrates continued execution on its strategic focus of delivering an integrated customer experience combining superior network quality, value, and service.The company highlighted its record-high Net Promoter Score (NPS) of 46, which it described as the highest ever among the major U.S. wireless carriers, indicating strong customer satisfaction.T-Mobile U.S. emphasized growth opportunities in both urban and rural markets, particularly noting that rural areas, representing approximately 40% of the U.S. population, remain underpenetrated with only 24% household share, a segment bolstered by the ongoing integration of UScellular.

T-Mobile U.S. Is No Longer Just a Wireless Company — 5G Broadband Is Becoming a Major Growth Engine!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Despite trading up from its multi-year low implied stub and simple ratio (<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>/<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>), SoftBank remains "cheap".</li>
<li>Preceding my comments on SoftBank - and <a href="https://www.smartkarma.com/entities/ytl-corp-bhd" target="_blank" data-smartkarma-citation="entities:8553:1" rel="noopener">YTL Corp (YTL MK)</a>- are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Despite trading up from its multi-year low implied stub and simple ratio (Softbank Group (9984 JP)/ARM Holdings (ARM US)), SoftBank remains "cheap".
Preceding my comments on SoftBank - and YTL Corp (YTL MK)- are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: A SoftBank Set-Up Hinges Off Its All-In OpenAI Bet

United States

T-Mobile US, Inc. is one of four national wireless carriers in the US. The company was created as the combination of T-Mobile USA and MetroPCS.

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T Mobile Us Inc (TMUS US)

T-Mobile’s 27% Slide Meets An Elliott Revolt—Could A Rerating Be Next?

T-Mobile US suddenly finds itself at the center of an unusual Wall Street power struggle. Shares jumped roughly 3% on September 2 after reports...

Baptista Research

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 14% YoY in Aug-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.66mn...

Topline Securities

Primer: T Mobile Us Inc (TMUS US) - Aug 2026

T-Mobile has successfully transitioned from a wireless challenger to a market leader, underpinned by a superior 5G network that is now being...

αSK Primers

T-Mobile U.S. Is No Longer Just a Wireless Company — 5G Broadband Is Becoming a Major Growth Engine!

The report from T-Mobile U.S. for the second quarter of 2026 demonstrates continued execution on its strategic focus of delivering an integrated...

Baptista Research

StubWorld: A SoftBank Set-Up Hinges Off Its All-In OpenAI Bet

From an implied stub angle, and IF you have a strong opinion on OpenAI, I might be inclined to set up the stub here. The simple ratio - SoftBank...

David Blennerhassett

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