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>Caesars Entertainment Inc. reported consolidated net revenues of $2.9 billion for the first quarter of 2026, marking a 3% year-over-year increase.</li><li>Adjusted EBITDAR grew marginally by $3 million to $887 million.</li><li>The company highlighted sequential improvements in the Las Vegas market, revenue and EBITDAR growth in its Regional segment when excluding the prior year’s Super Bowl impact in New Orleans, and record quarterly revenues and EBITDA in its Digital segment.</li></ul>

Caesars Entertainment Inc. reported consolidated net revenues of $2.9 billion for the first quarter of 2026, marking a 3% year-over-year increase.Adjusted EBITDAR grew marginally by $3 million to $887 million.The company highlighted sequential improvements in the Las Vegas market, revenue and EBITDAR growth in its Regional segment when excluding the prior year’s Super Bowl impact in New Orleans, and record quarterly revenues and EBITDA in its Digital segment.

Caesars Entertainment: A Close Look At The $3 Billion Regional Casino Investment Cycle Now Entering Harvest Mode!

<ul><li>Speculation around consolidation in the U.S. gaming industry has intensified following reports that Fertitta Entertainment may be exploring strategic options involving Caesars Entertainment, one of the largest casino operators in the world.</li><li>Fertitta Entertainment—controlled by billionaire Tilman Fertitta and owner of the Golden Nugget casino brand, a large restaurant portfolio, and various hospitality assets—has long been viewed as an aggressive consolidator within gaming and entertainment.</li><li>The possibility of pursuing Caesars has gained attention as the casino operator continues to generate significant free cash flow while trading at valuation multiples that some investors consider modest relative to its asset base.</li></ul>

Speculation around consolidation in the U.S. gaming industry has intensified following reports that Fertitta Entertainment may be exploring strategic options involving Caesars Entertainment, one of the largest casino operators in the world.Fertitta Entertainment—controlled by billionaire Tilman Fertitta and owner of the Golden Nugget casino brand, a large restaurant portfolio, and various hospitality assets—has long been viewed as an aggressive consolidator within gaming and entertainment.The possibility of pursuing Caesars has gained attention as the casino operator continues to generate significant free cash flow while trading at valuation multiples that some investors consider modest relative to its asset base.

Fertitta’s Caesars Power Play? Why A $10B Casino Giant Could Be In His Sights!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<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 September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live 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 September 2025 index rebal event.
We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

<ul><li>Caesars Entertainment, Inc. delivered financial performance for its third quarter of 2025 with total revenues reaching $2.9 billion and adjusted EBITDA of $884 million, although these results were impacted by hold volatility.</li><li>On a hold-normalized basis, the company reported an adjusted EBITDA of $927 million, reflecting underlying strength in many of its segments despite external challenges.</li><li>The Las Vegas segment showed resilience with adjusted same-store EBITDA of $379 million and holdnormalized EBITDA of $398 million.</li></ul>

Caesars Entertainment, Inc. delivered financial performance for its third quarter of 2025 with total revenues reaching $2.9 billion and adjusted EBITDA of $884 million, although these results were impacted by hold volatility.On a hold-normalized basis, the company reported an adjusted EBITDA of $927 million, reflecting underlying strength in many of its segments despite external challenges.The Las Vegas segment showed resilience with adjusted same-store EBITDA of $379 million and holdnormalized EBITDA of $398 million.

Caesars Entertainment: The Online-to-Offline Flywheel—How Rewards Integration Can Scale Digital Profitability!

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Astra International, Aneka Tambang, Bank Mandiri, Caesars Entertainment, Inc. Common Stock, Indah Kiat Pulp &amp; Paper, Barito Pacific, APA Corporation Common Stock, Telkom Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Astra International, Aneka Tambang, Bank Mandiri, Caesars Entertainment, Inc. Common Stock, Indah Kiat Pulp &amp; Paper, Barito Pacific, APA Corporation Common Stock, Telkom Indonesia.


MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

United States

Caesars Entertainment Corp., is a gaming company. The Company operates casino resorts on multiple continents. Caesars' also owns an on-line gaming business, providing for real money casino, bingo and poker games in the United Kingdom and play for fun offerings in other jurisdictions.

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Caesars Entertainment (CZR US)

Caesars Entertainment: A Close Look At The $3 Billion Regional Casino Investment Cycle Now Entering Harvest Mode!

Caesars Entertainment Inc. reported consolidated net revenues of $2.9 billion for the first quarter of 2026, marking a 3% year-over-year...

Baptista Research

Fertitta’s Caesars Power Play? Why A $10B Casino Giant Could Be In His Sights!

Speculation around consolidation in the U.S. gaming industry has intensified following reports that Fertitta Entertainment may be exploring...

Baptista Research

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

We expect IBKR and possibly APP to join the S&P500 in September. We expect two deletes. MSTR has moved to second place BUT it has issues which...

Travis Lundy

Caesars Entertainment: The Online-to-Offline Flywheel—How Rewards Integration Can Scale Digital Profitability!

Caesars Entertainment, Inc. delivered financial performance for its third quarter of 2025 with total revenues reaching $2.9 billion and adjusted...

Baptista Research

MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

We analyzed MS-Indonesia's consensus for Mar 2026 and highlighted changes of EPS in Astra International (ASII IJ), Aneka Tambang (ANTM IJ), Bank...

Ke Yan, CFA, FRM

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