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's recent results demonstrate a mixture of performance across its different business segments, with significant growth in some areas, tempered by challenges in others.</li><li>Positively, the company reported a 15% year-over-year increase in total revenue when excluding contributions from Sun Art and Intime, driven by strong performance in key areas such as Cloud Intelligence, which saw a remarkable 34% revenue growth.</li><li>This growth was largely fueled by sustained demand for AI and the increasing usage of public cloud services, evidencing Alibaba's strong positioning in the AI and cloud sectors.</li></ul>

Alibaba Group's recent results demonstrate a mixture of performance across its different business segments, with significant growth in some areas, tempered by challenges in others.Positively, the company reported a 15% year-over-year increase in total revenue when excluding contributions from Sun Art and Intime, driven by strong performance in key areas such as Cloud Intelligence, which saw a remarkable 34% revenue growth.This growth was largely fueled by sustained demand for AI and the increasing usage of public cloud services, evidencing Alibaba's strong positioning in the AI and cloud sectors.

Alibaba Group: What’s Behind the Qwen3-Max Momentum- Inside the Model Strategy Shaping Real-World Adoption!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$77bn/Day of gross SOUTHBOUND activity last week vs HK$88bn the week before, HK$100+bn the week before. Gross flows are winding down.</li>
<li>Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could re-up the pace .</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$77bn/Day of gross SOUTHBOUND activity last week vs HK$88bn the week before, HK$100+bn the week before. Gross flows are winding down.
Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could re-up the pace .
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (2Wks To 5 Dec 2025) - Lower Activity, Lower Nets, BABA Still Bought

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>In F2Q26, pro forma revenue increased by 18% YoY excluding two disposals.</li>
<li>It was successful that the company rebranded its food delivery business.</li>
<li>However, the rebranding brought significant sales and marketing expenses in F2Q26.</li>
</ul>


In F2Q26, pro forma revenue increased by 18% YoY excluding two disposals.
It was successful that the company rebranded its food delivery business.
However, the rebranding brought significant sales and marketing expenses in F2Q26.


Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> / <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (BABA US)</a> will announce quarterly results on Tuesday, November 25, 8:30 p.m. HKT (7:30 a.m. U.S. Eastern Time)</li>
<li>Options markets anticipate an above average move with a bearish bias in traders' expectations. Implied volatility is expected to drop significantly after the event.</li>
<li>Get ready for <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>'s earnings announcement. Potential above-average volatility in Alibaba has the potential to impact the wider market and Chinese benchmark indices.</li>
</ul>



Alibaba (9988 HK) / Alibaba (BABA US) will announce quarterly results on Tuesday, November 25, 8:30 p.m. HKT (7:30 a.m. U.S. Eastern Time)
Options markets anticipate an above average move with a bearish bias in traders' expectations. Implied volatility is expected to drop significantly after the event.
Get ready for Alibaba's earnings announcement. Potential above-average volatility in Alibaba has the potential to impact the wider market and Chinese benchmark indices.


Alibaba (9988 HK / BABA US): Brace for a Big Earnings Move

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Alibaba will announce Q2 earnings on after the market close (HK time) November 25.</li>
<li>Earnings implied jump pricing is similar to the last release, but recent downside skew in past Q2 moves highlights why traders may focus more on potential weakness.</li>
<li>Recent market patterns, including muted reactions to beats and sharp responses to misses, add weight to risks around Baba’s earnings day move.</li>
</ul>


Alibaba will announce Q2 earnings on after the market close (HK time) November 25.
Earnings implied jump pricing is similar to the last release, but recent downside skew in past Q2 moves highlights why traders may focus more on potential weakness.
Recent market patterns, including muted reactions to beats and sharp responses to misses, add weight to risks around Baba’s earnings day move.


ALIBABA (9988.HK) Earnings: Option Market Expectations and Post-Release Price Behavior

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Alibaba Group: What’s Behind the Qwen3-Max Momentum- Inside the Model Strategy Shaping Real-World Adoption!

Alibaba Group's recent results demonstrate a mixture of performance across its different business segments, with significant growth in some areas,...

Baptista Research

HK Connect SOUTHBOUND Flows (2Wks To 5 Dec 2025) - Lower Activity, Lower Nets, BABA Still Bought

SOUTHBOUND volumes and net are winding down - lower consecutively, but nets still positive - into year-end. I await RMB Counters in Southbound. SB...

Travis Lundy

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

In F2Q26, pro forma revenue increased by 18% YoY excluding two disposal cases. The company successfully rebranded its food delivery business, the...

Ming Lu

Alibaba (9988 HK / BABA US): Brace for a Big Earnings Move

Alibaba (9988 HK // BABA US) to report today, Tuesday 25 Nov, after the HK market close and before the US market open. Option markets are pricing a...

Gaudenz Schneider

ALIBABA (9988.HK) Earnings: Option Market Expectations and Post-Release Price Behavior

Overall higher implied vols, a similar earnings move to last Q and a pattern of uneven Q2 results frame a cautious setup for Baba’s upcoming...

John Ley

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