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>Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape.</li><li>From launching EVs that can charge in just five minutes to a soaring share price and record sales, BYD is not just catching up with Tesla — it’s pulling ahead on nearly every front.</li><li>In recent weeks, BYD’s stock surged to a record high following the announcement of its ultra-fast-charging Super e-Platform.</li></ul>

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape.From launching EVs that can charge in just five minutes to a soaring share price and record sales, BYD is not just catching up with Tesla — it’s pulling ahead on nearly every front.In recent weeks, BYD’s stock surged to a record high following the announcement of its ultra-fast-charging Super e-Platform.

BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

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 exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> posted a record 2024 net profit of 40.25B yuan ($5.55B) as revenue surged 29% to 777B yuan ($107.2B), beating analyst forecasts of $5.47B and $105.6B. </li>
<li>Notably, BYD's revenue topped Tesla's $97.7B reported on Jan. 30. The Chinese automaker is now among the biggest in the world.   </li>
<li>On March 4, our <a href="https://www.smartkarma.com/insights/byd-1211-hk-placement-tactical-buy-opportunity-in-key-support-zone" target="_blank" rel="noopener">BYD's insight</a>correctly suggested to BUY the stock below 340 (now trading above 400). This insight will try to determine profit targets for the current rally.</li>
</ul>



BYD (1211 HK) posted a record 2024 net profit of 40.25B yuan ($5.55B) as revenue surged 29% to 777B yuan ($107.2B), beating analyst forecasts of $5.47B and $105.6B. 
Notably, BYD's revenue topped Tesla's $97.7B reported on Jan. 30. The Chinese automaker is now among the biggest in the world.   
On March 4, our BYD's insightcorrectly suggested to BUY the stock below 340 (now trading above 400). This insight will try to determine profit targets for the current rally.


BYD (1211 HK) Profit Targets After Record-Breaking Earnings

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>We believe the stock’s upside is very limited after two buy rating this year.</li>
<li>In 2024, total revenue grew by 29% and total automobile sales grew by 41%.</li>
<li>The gross margin of automobile improved more than one percentage point.</li>
</ul>


We believe the stock’s upside is very limited after two buy rating this year.
In 2024, total revenue grew by 29% and total automobile sales grew by 41%.
The gross margin of automobile improved more than one percentage point.


BYD (1211): Encouraging 2024 Result, But Close to Our Target After Two Buy Suggestions This Year.

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Today,<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.</li>
<li>
Expected Price Movement: Option implied movement is above the historically recorded movement.</li>
<li>
Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.</li>
</ul>



Today,BYD (1211 HK) is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.

Expected Price Movement: Option implied movement is above the historically recorded movement.

Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.


BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape. From launching EVs that...

Baptista Research

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

BYD (1211 HK) Profit Targets After Record-Breaking Earnings

BYD (1211 HK) posted record profits outperforming Tesla in revenue, solidifying its position as a global automotive giant. This insight discusses...

Nico Rosti

BYD (1211): Encouraging 2024 Result, But Close to Our Target After Two Buy Suggestions This Year.

We believe the stock’s upside is very limited after two buy rating this year. In 2024, total revenue grew by 29%. The gross margin of automobile...

Ming Lu

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Gaudenz Schneider

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BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape. From launching EVs that...

Baptista Research

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

BYD (1211 HK) Profit Targets After Record-Breaking Earnings

​BYD (1211 HK) posted record profits outperforming Tesla in revenue, solidifying its position as a global automotive giant. This insight discusses...

Nico Rosti

BYD (1211): Encouraging 2024 Result, But Close to Our Target After Two Buy Suggestions This Year.

We believe the stock’s upside is very limited after two buy rating this year. In 2024, total revenue grew by 29%. The gross margin of automobile...

Ming Lu

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

​BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Gaudenz Schneider

BYD (1211 HK) posted record profits outperforming Tesla in revenue, solidifying its position as a global automotive giant. This insight discusses...

BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...