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>Alibaba Group has pushed itself deeper into the global artificial intelligence race with the preview of Qwen3.8-Max-Preview.</li><li>The company says the new model is among the most capable systems available and ranks behind only Anthropic’s Fable 5.</li><li>That comparison comes from Alibaba, so independent testing will still matter.</li></ul>

Alibaba Group has pushed itself deeper into the global artificial intelligence race with the preview of Qwen3.8-Max-Preview.The company says the new model is among the most capable systems available and ranks behind only Anthropic’s Fable 5.That comparison comes from Alibaba, so independent testing will still matter.

Alibaba’s 2.4-Trillion-Parameter AI Bet Just Put Silicon Valley On Notice!

Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

<ul><li>It has now been a few weeks since TikTok Shop stopped operating in Indonesia.</li><li>As the immediate dust raised by the action has settled, all the key stakeholders – sellers, brands, investors, enablers, influencers, and of course the teams at TikTok – are back at their drawing boards planning their next moves in Indonesia.</li><li>Outside of Indonesia meanwhile, many have asked the question –will other countries follow suit?</li></ul>

It has now been a few weeks since TikTok Shop stopped operating in Indonesia.As the immediate dust raised by the action has settled, all the key stakeholders – sellers, brands, investors, enablers, influencers, and of course the teams at TikTok – are back at their drawing boards planning their next moves in Indonesia.Outside of Indonesia meanwhile, many have asked the question –will other countries follow suit?

TikTok alerts: Indonesia’s suspension of TikTok Shop unveils a diverse regional risk landscape

<ul><li>It has been a challenging couple of years for Lazada, Alibaba’s e-commerce platform in Southeast Asia.</li><li>After entering – and arguably helping create – the region’s modern online shopping market in 2012 as a first-mover (then backed by Rocket Internet), Lazada’s competitive environment got tougher and tougher over the years.</li><li>First, Shopee emerged as a formidable regional competitor from 2015/2016.</li></ul>

It has been a challenging couple of years for Lazada, Alibaba’s e-commerce platform in Southeast Asia.After entering – and arguably helping create – the region’s modern online shopping market in 2012 as a first-mover (then backed by Rocket Internet), Lazada’s competitive environment got tougher and tougher over the years.First, Shopee emerged as a formidable regional competitor from 2015/2016.

How Should We Think About Lazada’s Future Prospects?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.</li>
<li>AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.</li>
<li>Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.</li>
</ul>


Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.
AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.
Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.


This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

Equity Long-Short

Mo Aziz

<ul>
<li>Cloud Intelligence AI revenue has posted 11 straight quarters of triple-digit growth; four banks cut targets in July but kept Buy-equivalent ratings.</li>
<li>DOJ settlement resolved, Qwen approved for Apple Intelligence in China — geopolitical overhangs are clearing faster than consensus assumes.</li>
<li>SOTP-Derived TP of US$170/ADS (44% upside) &amp; CNY151.9 (65% upside) applies an explicit 10% discount for unresolved geopolitical risk that most sell-side models don't itemise.</li>
</ul>


Cloud Intelligence AI revenue has posted 11 straight quarters of triple-digit growth; four banks cut targets in July but kept Buy-equivalent ratings.
DOJ settlement resolved, Qwen approved for Apple Intelligence in China — geopolitical overhangs are clearing faster than consensus assumes.
SOTP-Derived TP of US$170/ADS (44% upside) &amp; CNY151.9 (65% upside) applies an explicit 10% discount for unresolved geopolitical risk that most sell-side models don't itemise.


Alibaba (BABA US / 9988 HK): Cloud Inflection, Discounted for Geopolitics

China

Alibaba Group Holding Limited is a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology, offering C2C, B2C, and B2B sales services through various marketplaces. It also provides digital media and entertainment, logistics, and cloud computing services. The company was founded in Hangzhou, China, in 1999.

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Alibaba (9988 HK)

Alibaba’s 2.4-Trillion-Parameter AI Bet Just Put Silicon Valley On Notice!

Alibaba Group has pushed itself deeper into the global artificial intelligence race with the preview of Qwen3.8-Max-Preview. The company says the...

Baptista Research

TikTok alerts: Indonesia’s suspension of TikTok Shop unveils a diverse regional risk landscape

As the immediate dust raised by the action has settled, all the key stakeholders – sellers, brands, investors, enablers, influencers, and of course...

Simon Torring

How Should We Think About Lazada’s Future Prospects?

It has been a challenging couple of years for Lazada, Alibaba’s e-commerce platform in Southeast Asia.After entering – and arguably helping create...

Simon Torring

This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

This week in AI: Anthropic and OpenAI cut frontier-model costs, Grok 4.7 entered major coding channels, and financing stress hit infrastructure.

Ke Yan, CFA, FRM

Alibaba (BABA US / 9988 HK): Cloud Inflection, Discounted for Geopolitics

Bullish on Alibaba: the AI/cloud business is scaling faster than the market is paying for, and this year's overhangs have cleared more than they've...

Mo Aziz

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