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>Amazon's bold move to expand same-day perishable grocery delivery to over 2,300 U.S. cities is now intersecting with an equally bold policy shift from the Federal Reserve.</li><li>With the central bank announcing a rate cut for the first time in two years, Amazon finds itself in a macro environment that could supercharge its delivery ambitions—or complicate them.</li><li>The Fed’s monetary easing lowers borrowing costs, boosts consumer liquidity, and alters capital allocation across sectors.</li></ul>

Amazon's bold move to expand same-day perishable grocery delivery to over 2,300 U.S. cities is now intersecting with an equally bold policy shift from the Federal Reserve.With the central bank announcing a rate cut for the first time in two years, Amazon finds itself in a macro environment that could supercharge its delivery ambitions—or complicate them.The Fed’s monetary easing lowers borrowing costs, boosts consumer liquidity, and alters capital allocation across sectors.

Amazon.com Inc - Amazon Just Made Groceries a 5-Hour Game—Here’s What’s Fueling the Shift!

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.</li>
<li>Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.</li>
<li>The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.</li>
</ul>


As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.
Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.
The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.


Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

<ul><li>Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.</li><li>Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.</li><li>Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.</li></ul>

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.</li>
<li>Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.</li>
<li>While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.</li>
</ul>


Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.
Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.
While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.


[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Amazon.com Inc - Amazon Just Made Groceries a 5-Hour Game—Here’s What’s Fueling the Shift!

Amazon's bold move to expand same-day perishable grocery delivery to over 2,300 U.S. cities is now intersecting with an equally bold policy shift...

Baptista Research

Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...

Manishi Raychaudhuri

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amazon.com Inc - Amazon Just Made Groceries a 5-Hour Game—Here’s What’s Fueling the Shift!

Amazon's bold move to expand same-day perishable grocery delivery to over 2,300 U.S. cities is now intersecting with an equally bold policy shift...

Baptista Research

Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

​Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...

Manishi Raychaudhuri

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...