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>ANSYS, Inc., a leader in engineering simulation software, presented mixed financial results for Q3 2023, weighed down by unexpected external challenges yet demonstrating robust business fundamentals.</li><li>The quarter was significantly impacted by new U.S. Department of Commerce export restrictions on certain products to Chinese entities.</li><li>These restrictions led to additional vetting requirements, resulting in transaction delays and a $20 million headwind, ultimately causing ANSYS to fall short of its initial revenue and ACV (annual contract value) expectations.</li></ul>

ANSYS, Inc., a leader in engineering simulation software, presented mixed financial results for Q3 2023, weighed down by unexpected external challenges yet demonstrating robust business fundamentals.The quarter was significantly impacted by new U.S. Department of Commerce export restrictions on certain products to Chinese entities.These restrictions led to additional vetting requirements, resulting in transaction delays and a $20 million headwind, ultimately causing ANSYS to fall short of its initial revenue and ACV (annual contract value) expectations.

ANSYS Inc.: Robust Market Growth & Product Portfolio As A Key Growth Enabler!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> is forecasted to replace <a href="https://www.smartkarma.com/entities/discover-financial-services" target="_blank" data-smartkarma-citation="entities:11966:1" rel="noopener">Discover Financial Services (DFS US)</a> in S&amp;P500 on 19 May following <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One's</a> approved acquisition.</li>
<li>
<a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH (CRH US)</a> and <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> are forecasted to be added by June-July following the expected acquisitions of <a href="https://www.smartkarma.com/entities/kellogg-co" target="_blank" data-smartkarma-citation="entities:16090:1" rel="noopener">Kellogg Co (K US)</a> and <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a>. </li>
<li>Zero changes are forecasted for S&amp;P500 at the June 2025 review due to limited strong addition candidates which will be selected as replacements of upcoming acquisitions.</li>
</ul>



AppLovin (APP US) is forecasted to replace Discover Financial Services (DFS US) in S&amp;P500 on 19 May following Capital One's approved acquisition.

CRH (CRH US) and Coinbase Global (COIN US) are forecasted to be added by June-July following the expected acquisitions of Kellogg Co (K US) and Ansys Inc (ANSS US). 
Zero changes are forecasted for S&amp;P500 at the June 2025 review due to limited strong addition candidates which will be selected as replacements of upcoming acquisitions.


S&P500: Additions In May & June 2025 Following Capital One's Approved Acquisition

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!


[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.</li>
<li>The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.</li>
</ul>



Shopify (SHOP US) is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.

Shopify (SHOP US) is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.
The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.


Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index Mar25] S&P500/600 Jun25 Rebal: Early Days But a Few Intrareview Changes Possible

United States

ANSYS, Inc. develops, markets, and supports software solutions for design analysis and optimization.  The Company's software accelerates product time to market, reduces production costs, improves engineering processes, and optimizes product quality and safety for a variety of manufactured products.  ANSYS's product family features open, flexible architecture for easy integration.

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Ansys Inc (ANSS US)

ANSYS Inc.: Robust Market Growth & Product Portfolio As A Key Growth Enabler!

ANSYS, Inc., a leader in engineering simulation software, presented mixed financial results for Q3 2023, weighed down by unexpected external...

Baptista Research

S&P500: Additions In May & June 2025 Following Capital One's Approved Acquisition

COIN will be added to S&P500 at the close of 16 May as a replacement to the DFS acquisition. CRH has been removed from the addition candidates...

Dimitris Ioannidis

[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

The S&P 500 June 2025 rebal will have fun at both ends of the spectrum. A bunch of intra-review changes at the top are likely, and a few S&P...

Travis Lundy

Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

Following a rasel methodology update, Canada will be used as the country of headquarters resulting in a Canadian index nationality due to country...

Dimitris Ioannidis

[Quiddity Index Mar25] S&P500/600 Jun25 Rebal: Early Days But a Few Intrareview Changes Possible

The S&P500/400/600 rebalance for March is done as of Friday. The S&P rebalance for June now has a leaderboard. APP and CRH lead from outside the...

Travis Lundy

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