Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.
</li>
<li>Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.</li>
<li>The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.</li>
</ul>



DiDi Global (DIDI US) has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.

Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.
The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.


2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/american-airlines-group-inc" target="_blank" data-smartkarma-citation="entities:3663:1" rel="noopener">American Airlines Group (AAL US)</a> is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.</li>
</ul>



Dell Technologies (DELL US) is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.

Williams Sonoma (WSM US) is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.

American Airlines Group (AAL US) is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.


S&P 500 September Forecasts: Saved by the Dell?

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.

<ul><li>Airbnb, Inc. reported its first quarter of 2026 financial results with continued momentum across key operational and financial metrics.</li><li>The company’s revenue grew 18% year-over-year to $2.7 billion, surpassing the high end of its guidance.</li><li>Gross booking value (GBV) increased 19% year-over-year, reaching $29 billion, driven by strong growth in both nights and average daily rate (ADR).</li></ul>

Airbnb, Inc. reported its first quarter of 2026 financial results with continued momentum across key operational and financial metrics.The company’s revenue grew 18% year-over-year to $2.7 billion, surpassing the high end of its guidance.Gross booking value (GBV) increased 19% year-over-year, reaching $29 billion, driven by strong growth in both nights and average daily rate (ADR).

Airbnb’s Unseen Expansion Story: Brazil, Japan, India & First-Time Bookers Drive Growth!

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Yesterday, Booking CEO Glenn Fogel appeared on JP Morgan Annual TMT Conference.</li><li>On the same day, Brian Chesky from Airbnb released their annual summer release.</li><li>Both companies are increasingly encroaching into each other’s territories, so it was interesting to hear them both on the same day.</li></ul>Both CEOs wanted to establish the long-term resilience of travel demand. It is a common observation among investors that travel demand is highly discretionary in nature, and hence can be vulnerable to near-term macro uncertainties.

Yesterday, Booking CEO Glenn Fogel appeared on JP Morgan Annual TMT Conference.On the same day, Brian Chesky from Airbnb released their annual summer release.Both companies are increasingly encroaching into each other’s territories, so it was interesting to hear them both on the same day.Both CEOs wanted to establish the long-term resilience of travel demand. It is a common observation among investors that travel demand is highly discretionary in nature, and hence can be vulnerable to near-term macro uncertainties.

<ul><li>The recent financial performance of Airbnb for the fourth quarter of 2025 reveals a mixed outlook, balancing solid growth metrics with some challenges.</li><li>The company's revenue increased by 12% year-over-year to $2.8 billion, surpassing expectations and demonstrating strong market demand.</li><li>The gross booking value rose 16% year-over-year to $20.4 billion, signifying a resurgence in the hospitality sector post-pandemic.</li></ul>

The recent financial performance of Airbnb for the fourth quarter of 2025 reveals a mixed outlook, balancing solid growth metrics with some challenges.The company's revenue increased by 12% year-over-year to $2.8 billion, surpassing expectations and demonstrating strong market demand.The gross booking value rose 16% year-over-year to $20.4 billion, signifying a resurgence in the hospitality sector post-pandemic.

Airbnb & The Olympics Effect: How Mega Events Are Quietly Fueling Supply Growth!

United States

Airbnb, Inc. operates an online marketplace for travel information and booking services. The Company offers lodging, home-stay, and tourism services via websites and mobile applications. Airbnb serves clients worldwide.

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Airbnb (ABNB US)

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi's share price has now broken major resistance levels at $5 and $6 on surging volume. The company's profit remains on track to double in 2025....

David Mudd

S&P 500 September Forecasts: Saved by the Dell?

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Airbnb’s Unseen Expansion Story: Brazil, Japan, India & First-Time Bookers Drive Growth!

Airbnb, Inc. reported its first quarter of 2026 financial results with continued momentum across key operational and financial metrics. The...

Baptista Research

Airbnb's Soul Search Beyond Homes

Yesterday, Booking CEO Glenn Fogel appeared on JP Morgan Annual TMT Conference. On the same day, Brian Chesky from Airbnb released their annual...

MBI Deep Dives

Airbnb & The Olympics Effect: How Mega Events Are Quietly Fueling Supply Growth!

The recent financial performance of Airbnb for the fourth quarter of 2025 reveals a mixed outlook, balancing solid growth metrics with some...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi's share price has now broken major resistance levels at $5 and $6 on surging volume. The company's profit remains on track to double in 2025....

David Mudd

S&P 500 September Forecasts: Saved by the Dell?

​Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Airbnb’s Unseen Expansion Story: Brazil, Japan, India & First-Time Bookers Drive Growth!

Airbnb, Inc. reported its first quarter of 2026 financial results with continued momentum across key operational and financial metrics. The...

Baptista Research

Airbnb's Soul Search Beyond Homes

Yesterday, Booking CEO Glenn Fogel appeared on JP Morgan Annual TMT Conference. On the same day, Brian Chesky from Airbnb released their annual...

MBI Deep Dives

Airbnb & The Olympics Effect: How Mega Events Are Quietly Fueling Supply Growth!

The recent financial performance of Airbnb for the fourth quarter of 2025 reveals a mixed outlook, balancing solid growth metrics with some...

Baptista Research

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...