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>The full-year 2026 results of AT&T Inc. reflect ongoing progress in its strategic focus on advanced connectivity services, driven by expansion in fiber, fixed wireless, and wireless postpaid segments.</li><li>In the second quarter, the company reported a 2.7% year-over-year increase in service revenue and a 5.2% rise in adjusted EBITDA, with adjusted EPS growing over 20% compared to the prior year.</li><li>Capital expenditures rose to $6.1 billion in the quarter as AT&T accelerated fiber deployment, adding over 1 million fiber locations and incorporating the recently acquired Lumen footprint for its largest fiber expansion year to date—targeting 8 million new locations.</li></ul>

The full-year 2026 results of AT&T Inc. reflect ongoing progress in its strategic focus on advanced connectivity services, driven by expansion in fiber, fixed wireless, and wireless postpaid segments.In the second quarter, the company reported a 2.7% year-over-year increase in service revenue and a 5.2% rise in adjusted EBITDA, with adjusted EPS growing over 20% compared to the prior year.Capital expenditures rose to $6.1 billion in the quarter as AT&T accelerated fiber deployment, adding over 1 million fiber locations and incorporating the recently acquired Lumen footprint for its largest fiber expansion year to date—targeting 8 million new locations.

AT&T Inc.’s 8 Million-Location Fiber Push: Can The Expansion Reshape Growth?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

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<ul>
<li>The Internet and Telecom bubble. Lessons in leverage, rates, and a smattering of fraud. What can we learn from that period to compare it to the current AI infrastructure build?</li>
<li>It’s time for a history piece. I didn’t touch the internet and telecom bubbles in my last history piece, but I wanted to save an entire piece for it.</li>
<li>I think it’s the best analogy for the historic boom in AI and infrastructure. Let’s see if there are lessons to learn from the past.</li>
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The Internet and Telecom bubble. Lessons in leverage, rates, and a smattering of fraud. What can we learn from that period to compare it to the current AI infrastructure build?
It’s time for a history piece. I didn’t touch the internet and telecom bubbles in my last history piece, but I wanted to save an entire piece for it.
I think it’s the best analogy for the historic boom in AI and infrastructure. Let’s see if there are lessons to learn from the past.


Lessons from History: The Rise and Fall of the Telecom Bubble

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

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<li>We have a Positive view of KT Corp (030200 KS) due to three main reasons.</li>
<li>First, KT has started to implement aggressive capital return policy (returning 50% of net income through dividends and share buybacks/cancellations). Two other reasons include Corporate Value Up and higher Smartscore.</li>
<li>KT Corp has been the best performing stock among the three major Korean telcos in the past one year. KT Corp's shares are up 27.9% in the past one year.</li>
</ul>


We have a Positive view of KT Corp (030200 KS) due to three main reasons.
First, KT has started to implement aggressive capital return policy (returning 50% of net income through dividends and share buybacks/cancellations). Two other reasons include Corporate Value Up and higher Smartscore.
KT Corp has been the best performing stock among the three major Korean telcos in the past one year. KT Corp's shares are up 27.9% in the past one year.


<ul><li>AT&T continues to demonstrate steady progress in its strategic transformation toward advanced connectivity, driven primarily by fiber and 5G investments.</li><li>In the first quarter of 2026, the company reported solid operational results aligned with prior guidance, highlighting fiber and fixed wireless customer net additions of 584,000, marking its best-ever first quarter performance and sustaining a six-quarter streak of over 500,000 net adds.</li><li>The convergence of wireless and internet services remains a focal point, with about 42% of advanced home internet customers also subscribing to AT&T wireless services—a figure nearing 45% organically—reflecting a faster-than-ever year-over-year increase.</li></ul>

AT&T continues to demonstrate steady progress in its strategic transformation toward advanced connectivity, driven primarily by fiber and 5G investments.In the first quarter of 2026, the company reported solid operational results aligned with prior guidance, highlighting fiber and fixed wireless customer net additions of 584,000, marking its best-ever first quarter performance and sustaining a six-quarter streak of over 500,000 net adds.The convergence of wireless and internet services remains a focal point, with about 42% of advanced home internet customers also subscribing to AT&T wireless services—a figure nearing 45% organically—reflecting a faster-than-ever year-over-year increase.

AT&T: Copper Shutdown & Cost Cuts—A Massive Reset For Margin Expansion!

<ul><li>AT&T has demonstrated a strategic focus on becoming a leading advanced connectivity provider, emphasizing investments in 5G and fiber technologies.</li><li>The company concluded 2025 by meeting or exceeding expectations across various financial metrics, driven notably by robust subscriber additions in 5G and fiber services.</li><li>The company reported over 1.5 million postpaid phone net additions for the fifth consecutive year and achieved more than 1 million AT&T Fiber net adds for the eighth year in a row.</li></ul>

AT&T has demonstrated a strategic focus on becoming a leading advanced connectivity provider, emphasizing investments in 5G and fiber technologies.The company concluded 2025 by meeting or exceeding expectations across various financial metrics, driven notably by robust subscriber additions in 5G and fiber services.The company reported over 1.5 million postpaid phone net additions for the fifth consecutive year and achieved more than 1 million AT&T Fiber net adds for the eighth year in a row.

United States

AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

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AT&T (T US)

AT&T Inc.’s 8 Million-Location Fiber Push: Can The Expansion Reshape Growth?

The full-year 2026 results of AT&T Inc. reflect ongoing progress in its strategic focus on advanced connectivity services, driven by expansion...

Baptista Research

Lessons from History: The Rise and Fall of the Telecom Bubble

The Internet and Telecom bubble. Lessons in leverage, rates, and a smattering of fraud. What can we learn from that period to compare it to the...

Fabricated Knowledge

Asian Dividend Gems: KT Corp

Positive outlook on KT Corp (030200 KS) due to aggressive capital return policy, Corporate Value Up, and higher Smartscore leading to strong stock...

Douglas Kim

AT&T: Copper Shutdown & Cost Cuts—A Massive Reset For Margin Expansion!

AT&T continues to demonstrate steady progress in its strategic transformation toward advanced connectivity, driven primarily by fiber and 5G...

Baptista Research

AT&T's Latest Earnings: How Technology

AT&T has demonstrated a strategic focus on becoming a leading advanced connectivity provider, emphasizing investments in 5G and fiber...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AT&T Inc.’s 8 Million-Location Fiber Push: Can The Expansion Reshape Growth?

The full-year 2026 results of AT&T Inc. reflect ongoing progress in its strategic focus on advanced connectivity services, driven by expansion...

Baptista Research

Lessons from History: The Rise and Fall of the Telecom Bubble

The Internet and Telecom bubble. Lessons in leverage, rates, and a smattering of fraud. What can we learn from that period to compare it to the...

Fabricated Knowledge

Asian Dividend Gems: KT Corp

​Positive outlook on KT Corp (030200 KS) due to aggressive capital return policy, Corporate Value Up, and higher Smartscore leading to strong stock...

Douglas Kim

AT&T: Copper Shutdown & Cost Cuts—A Massive Reset For Margin Expansion!

AT&T continues to demonstrate steady progress in its strategic transformation toward advanced connectivity, driven primarily by fiber and 5G...

Baptista Research

AT&T's Latest Earnings: How Technology

AT&T has demonstrated a strategic focus on becoming a leading advanced connectivity provider, emphasizing investments in 5G and fiber...

Baptista Research

Positive outlook on KT Corp (030200 KS) due to aggressive capital return policy, Corporate Value Up, and higher Smartscore leading to strong stock...