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 Holding Limited is trying to turn one of China’s biggest technology constraints into a new growth story.</li><li>The company’s latest Zhenwu M890 AI chip is not just another semiconductor announcement; it is part of a broader attempt to reduce reliance on Nvidia, control more of its own compute supply chain, and build a full-stack AI ecosystem around chips, cloud, models, and applications.</li><li>This comes at a time when U.S. export restrictions have limited access to advanced foreign chips, while Chinese enterprises are accelerating AI adoption across coding, finance, autonomous driving, commerce, and workplace automation.</li></ul>

Alibaba Group Holding Limited is trying to turn one of China’s biggest technology constraints into a new growth story.The company’s latest Zhenwu M890 AI chip is not just another semiconductor announcement; it is part of a broader attempt to reduce reliance on Nvidia, control more of its own compute supply chain, and build a full-stack AI ecosystem around chips, cloud, models, and applications.This comes at a time when U.S. export restrictions have limited access to advanced foreign chips, while Chinese enterprises are accelerating AI adoption across coding, finance, autonomous driving, commerce, and workplace automation.

Alibaba Wants To Break Free From Nvidia — And China Is Watching!

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Advent Global Convertible Fund declined 2.66% in July, bringing its year-to-date return to 11.42%.</li><li>Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on technology stocks.</li><li>Its portfolio remains concentrated in technology, while new convertible issuance continues to create opportunities across several sectors.</li></ul>

Advent Global Convertible Fund declined 2.66% in July, bringing its year-to-date return to 11.42%.Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on technology stocks.Its portfolio remains concentrated in technology, while new convertible issuance continues to create opportunities across several sectors.

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

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>Management announced that AI has already brought significant revenue in the cloud business.</li>
<li>We believe the revenue growth will improve further after Alibaba completes the disposal of Intime.</li>
<li>We expect the stock price will rise by 23% for next twelve months.</li>
</ul>


Management announced that AI has already brought significant revenue in the cloud business.
We believe the revenue growth will improve further after Alibaba completes the disposal of Intime.
We expect the stock price will rise by 23% for next twelve months.


Alibaba (BABA, 9988 HK): 4Q26, See More Revenue After Heavy Investments, 23% Upside

Equity Long-Short

Mo Aziz

<ul>
<li>Alibaba’s Q4 FY2026 headline was below, but core (impairment of AI Capex) was above as cloud revenue accelerated 40% YoY, driven by surging AI demand and faster-than-expected MaaS monetisation.</li>
<li>Management guided MaaS ARR above RMB30bn by end-2026, with AI becoming Alibaba Cloud’s primary revenue driver and margin expansion expected within coming quarters. AI monetisation is both real and self-sustainable. </li>
<li>Alibaba’s AI-cloud positioning, proprietary chip ecosystem, and strong balance sheet make the business increasingly attractive, while valuation remains undemanding for long-term investors. <strong>HKD150/share is an immediate target. </strong>
</li>
</ul>


Alibaba’s Q4 FY2026 headline was below, but core (impairment of AI Capex) was above as cloud revenue accelerated 40% YoY, driven by surging AI demand and faster-than-expected MaaS monetisation.
Management guided MaaS ARR above RMB30bn by end-2026, with AI becoming Alibaba Cloud’s primary revenue driver and margin expansion expected within coming quarters. AI monetisation is both real and self-sustainable. 
Alibaba’s AI-cloud positioning, proprietary chip ecosystem, and strong balance sheet make the business increasingly attractive, while valuation remains undemanding for long-term investors. HKD150/share is an immediate target. 



Alibaba (BABA US/9988 HK) Q4 FY2026 Results: A Miss but AI Inflection Confirmed

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.

<ul>
<li>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alibaba (9988 HK)

Alibaba Wants To Break Free From Nvidia — And China Is Watching!

Alibaba Group Holding Limited is trying to turn one of China’s biggest technology constraints into a new growth story. The company’s latest Zhenwu...

Baptista Research

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on...

Hedge Fund Alpha

Alibaba (BABA, 9988 HK): 4Q26, See More Revenue After Heavy Investments, 23% Upside

Management announced that AI has already brought significant revenue in the cloud business. We believe the revenue growth will improve further...

Ming Lu

Alibaba (BABA US/9988 HK) Q4 FY2026 Results: A Miss but AI Inflection Confirmed

Alibaba's Q4 FY2026 shows strong core performance in cloud revenue driven by AI demand, positioning the company for long-term growth and margin...

Mo Aziz

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba Wants To Break Free From Nvidia — And China Is Watching!

Alibaba Group Holding Limited is trying to turn one of China’s biggest technology constraints into a new growth story. The company’s latest Zhenwu...

Baptista Research

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on...

Hedge Fund Alpha

Alibaba (BABA, 9988 HK): 4Q26, See More Revenue After Heavy Investments, 23% Upside

Management announced that AI has already brought significant revenue in the cloud business. We believe the revenue growth will improve further...

Ming Lu

Alibaba (BABA US/9988 HK) Q4 FY2026 Results: A Miss but AI Inflection Confirmed

​Alibaba's Q4 FY2026 shows strong core performance in cloud revenue driven by AI demand, positioning the company for long-term growth and margin...

Mo Aziz

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Alibaba's Q4 FY2026 shows strong core performance in cloud revenue driven by AI demand, positioning the company for long-term growth and margin...