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>Global Infrastructure Partners (GIP), a unit of BlackRock, is reportedly closing in on a $38 billion deal to acquire AES Corporation, one of the largest utility and renewable infrastructure companies in the world.</li><li>According to Financial Times, this would be among the biggest infrastructure transactions to date, valuing AES at an enterprise level that includes $29 billion in debt and $9.4 billion in market capitalization.</li><li>Shares of AES surged more than 14% in pre-market trading following the report, although the company has been under pressure, with its stock declining over 30% in the past year.</li></ul>

Global Infrastructure Partners (GIP), a unit of BlackRock, is reportedly closing in on a $38 billion deal to acquire AES Corporation, one of the largest utility and renewable infrastructure companies in the world.According to Financial Times, this would be among the biggest infrastructure transactions to date, valuing AES at an enterprise level that includes $29 billion in debt and $9.4 billion in market capitalization.Shares of AES surged more than 14% in pre-market trading following the report, although the company has been under pressure, with its stock declining over 30% in the past year.

AES Might Be Going Private: What Blackrock’s GIP Sees In The Power Giant!

<ul><li>AES Corporation's second quarter 2025 financial results reflect a balanced mix of strengths and challenges across its operations.</li><li>Overall, the company has managed to maintain resilience in the face of changing market conditions and policy landscapes, directed by a strategy that emphasizes flexibility and a diversified energy portfolio.</li><li>On the positive side, AES reaffirmed its 2025 guidance and long-term growth targets, reporting adjusted EBITDA of $681 million and an adjusted EPS of $0.51 for the quarter.</li></ul>

AES Corporation's second quarter 2025 financial results reflect a balanced mix of strengths and challenges across its operations.Overall, the company has managed to maintain resilience in the face of changing market conditions and policy landscapes, directed by a strategy that emphasizes flexibility and a diversified energy portfolio.On the positive side, AES reaffirmed its 2025 guidance and long-term growth targets, reporting adjusted EBITDA of $681 million and an adjusted EPS of $0.51 for the quarter.

AES Corporation: Transition from Coal & Asset Performance To Up The Ante In Clean Energy Sectors!

<ul><li>AES Corp., a major player in renewable and utility power with deep ties to Big Tech, is now exploring strategic options including a potential sale, according to reports.</li><li>The Arlington, Virginia-based company has caught the eye of infrastructure giants such as Brookfield Asset Management and BlackRock’s Global Infrastructure Partners (GIP) after its stock plummeted nearly 50% over the past two years.</li><li>The stock rebounded sharply—up nearly 20% in a day—amid reports of the takeover interest, bringing its market cap to around $9.4 billion, though its enterprise value still hovers around $40 billion due to high leverage.</li></ul>

AES Corp., a major player in renewable and utility power with deep ties to Big Tech, is now exploring strategic options including a potential sale, according to reports.The Arlington, Virginia-based company has caught the eye of infrastructure giants such as Brookfield Asset Management and BlackRock’s Global Infrastructure Partners (GIP) after its stock plummeted nearly 50% over the past two years.The stock rebounded sharply—up nearly 20% in a day—amid reports of the takeover interest, bringing its market cap to around $9.4 billion, though its enterprise value still hovers around $40 billion due to high leverage.

AES Draws Takeover Buzz: Why Brookfield and BlackRock May Be Circling the $40B Clean Energy Giant

<ul><li>AES Corporation recently conducted its Q1 2025 financial review, where executives discussed the company's performance, current initiatives, and future outlook.</li><li>AES reaffirmed its 2025 guidance and emphasized continued resilience and execution despite potential economic and regulatory headwinds.</li><li>Here is an unbiased investment thesis and summary of the results: AES Corporation reported a Q1 2025 adjusted EBITDA of $591 million and an adjusted EPS of $0.27, aligning with internal expectations.</li></ul>

AES Corporation recently conducted its Q1 2025 financial review, where executives discussed the company's performance, current initiatives, and future outlook.AES reaffirmed its 2025 guidance and emphasized continued resilience and execution despite potential economic and regulatory headwinds.Here is an unbiased investment thesis and summary of the results: AES Corporation reported a Q1 2025 adjusted EBITDA of $591 million and an adjusted EPS of $0.27, aligning with internal expectations.

AES Corporation: Growth in U.S. Utilities & Strategic Partnerships As A Critical Growth Lever!

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Equity Capital Markets

Zenergy Battery Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-zenergy-battery-technologies" target="_blank" data-smartkarma-citation="entities:43855:1" rel="noopener">Jiangsu Zenergy Battery Technologies (JSZENERGY CH)</a> raised US$130m in its Hong Kong IPO.</li>
<li>Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Jiangsu Zenergy Battery Technologies (JSZENERGY CH) raised US$130m in its Hong Kong IPO.
Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Jiangsu Zenergy Battery Technologies IPO Trading - Muted Overall Demand, No Stabilisation

United States

The AES Corporation acquires, develops, owns, and operates generation plants and distribution businesses in several countries. The Company sells electricity under long term contracts and serves customers under its regulated utility businesses. AES also mines coal, turns seawater into drinking water, and develops alternative sources of energy.

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Aes Corp (AES US)

AES Might Be Going Private: What Blackrock’s GIP Sees In The Power Giant!

Global Infrastructure Partners (GIP), a unit of BlackRock, is reportedly closing in on a $38 billion deal to acquire AES Corporation, one of the...

Baptista Research

AES Corporation: Transition from Coal & Asset Performance To Up The Ante In Clean Energy Sectors!

AES Corporation's second quarter 2025 financial results reflect a balanced mix of strengths and challenges across its operations. Overall, the...

Baptista Research

AES Draws Takeover Buzz: Why Brookfield and BlackRock May Be Circling the $40B Clean Energy Giant

AES Corp., a major player in renewable and utility power with deep ties to Big Tech, is now exploring strategic options including a potential...

Baptista Research

AES Corporation: Growth in U.S. Utilities & Strategic Partnerships As A Critical Growth Lever!

AES Corporation recently conducted its Q1 2025 financial review, where executives discussed the company's performance, current initiatives, and...

Baptista Research

Jiangsu Zenergy Battery Technologies IPO Trading - Muted Overall Demand, No Stabilisation

Jiangsu Zenergy Battery Technologies (Zenergy) raised US$130m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

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