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 shares have come under renewed pressure following a blistering AI-driven rally that saw the stock surge nearly 90% over the past year.</li><li>The pullback began with a 3.5% drop on Monday, January 19, 2026, after macroeconomic and company-specific headwinds converged to shake investor confidence.</li><li>Despite robust top-line growth and explosive gains in AI and cloud computing revenue, Alibaba’s core e-commerce business remains vulnerable amid a slowing Chinese consumer environment.</li></ul>

Alibaba Group shares have come under renewed pressure following a blistering AI-driven rally that saw the stock surge nearly 90% over the past year.The pullback began with a 3.5% drop on Monday, January 19, 2026, after macroeconomic and company-specific headwinds converged to shake investor confidence.Despite robust top-line growth and explosive gains in AI and cloud computing revenue, Alibaba’s core e-commerce business remains vulnerable amid a slowing Chinese consumer environment.

Alibaba Stock Slips After AI-Fueled Surge: Here’s What Spooked Investors!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, its has been an unsually busy start of the year and it looks set to get even busier.</li>
<li>On the placements front, there were only a few deals across the region, as earnings linked blackouts are set to start rolling in.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, its has been an unsually busy start of the year and it looks set to get even busier.
On the placements front, there were only a few deals across the region, as earnings linked blackouts are set to start rolling in.


Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.</li>
<li>Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.</li>
<li>The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.</li>
</ul>


China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.
Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.
The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.


Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Keppel REIT has sold its Ginza office for $72 million, marking its exit from Japan's market.</li><li>Goodman has secured a long-term 20-year tenant for the initial phase of its Tokyo data center.</li><li>Partners Group has acquired a substantial $1 billion credit mandate aimed at the Asian real estate sector.</li></ul>

Keppel REIT has sold its Ginza office for $72 million, marking its exit from Japan's market.Goodman has secured a long-term 20-year tenant for the initial phase of its Tokyo data center.Partners Group has acquired a substantial $1 billion credit mandate aimed at the Asian real estate sector.

Asia Real Estate Tracker (19-Aug-2026): Keppel REIT sells Ginza office for $72M.

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-dongshan-precision-a" target="_blank" data-smartkarma-citation="entities:8796:1" rel="noopener">Suzhou Dongshan Precision A (002384 CH,</a> SDPM), a global PCB and other component provider, aims to raise around US$1bn in its H-share listing.</li>
<li>SDPM was the largest PCB supplier for edge AI devices, the second-largest FPC supplier and a top three PCB supplier globally by revenue in 2024, according to CIC.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Dongshan Precision A (002384 CH, SDPM), a global PCB and other component provider, aims to raise around US$1bn in its H-share listing.
SDPM was the largest PCB supplier for edge AI devices, the second-largest FPC supplier and a top three PCB supplier globally by revenue in 2024, according to CIC.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Suzhou Dongshan Precision Manuf A/H IPO - Stock Running on AI, Despite Lacklustre Past

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 Stock Slips After AI-Fueled Surge: Here’s What Spooked Investors!

Alibaba Group shares have come under renewed pressure following a blistering AI-driven rally that saw the stock surge nearly 90% over the past...

Baptista Research

Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China & HK: The Long Road Back

Active EM managers are selectively rebuilding China exposure, buying into weakness as AI, semiconductors and advanced technology lead a new cycle...

Steven Holden

Asia Real Estate Tracker (19-Aug-2026): Keppel REIT sells Ginza office for $72M.

Keppel REIT exits Japan by selling its Ginza office for $72 million, while Goodman secures a 20-year tenant for its Tokyo data center, and Partners...

Asia Real Estate Tracker

Aequitas: Suzhou Dongshan Precision Manuf A/H IPO - Stock Running on AI, Despite Lacklustre Past

Suzhou Dongshan Precision A (002384 CH, SDPM), a global PCB and other component provider, is now said to be looking to raise up to US$3bn. We will...

Sumeet Singh

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