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

Charles River Laboratories / Equity Bottom-Up

<ul><li>Charles River Laboratories delivered a mixed financial performance in the second quarter of 2025, presenting some positive aspects alongside key challenges.</li><li>The company experienced solid financial results, surpassing prior forecasts, primarily driven by impressive Discovery and Safety Assessment (DSA) outcomes.</li><li>This segment benefited from strong bookings recorded in the first quarter, which provided significant momentum for the first half of the year.</li></ul>

Charles River Laboratories delivered a mixed financial performance in the second quarter of 2025, presenting some positive aspects alongside key challenges.The company experienced solid financial results, surpassing prior forecasts, primarily driven by impressive Discovery and Safety Assessment (DSA) outcomes.This segment benefited from strong bookings recorded in the first quarter, which provided significant momentum for the first half of the year.

Charles River Laboratories: Initiation of Coverage- Leveraging Regulatory Wins – Will Flexibility Cement Its Market Leadership?

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.</li><li>This has swiftly aligned markets more with Upslope’s portfolio and approach.</li><li>April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&amp;P Midcap 400).</li></ul>

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.This has swiftly aligned markets more with Upslope’s portfolio and approach.April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&amp;P Midcap 400).

Upslope's Quarterly Investor Letter: 2025-Q1

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

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 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>Q4 was the most challenging quarter for Upslope since early 2021 (peak of the SPAC/meme stock bubble).</li><li>Longs underperformed and shorts dragged. Month-to-date performance has been similarly challenging (approximately -4% as of this writing).</li><li>In addition to a tough market environment, I made mistakes that made things worse.</li></ul>

Q4 was the most challenging quarter for Upslope since early 2021 (peak of the SPAC/meme stock bubble).Longs underperformed and shorts dragged. Month-to-date performance has been similarly challenging (approximately -4% as of this writing).In addition to a tough market environment, I made mistakes that made things worse.

Upslope's Quarterly Investor Letter: Q4 2024

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Sai Life Sciences IPO Trading - Strong Anchor Demand with Decent Overall Coverage

United States

Charles River Laboratories International, Inc. provides research tools and support services that enable drug discovery and development.  The Company provides the animal research models required in research and development for new drugs, devices, and therapies.  Charles River's customers include pharmaceutical and biotechnology companies, hospitals, and academic institutions.

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Charles River Laboratories (CRL US)

Charles River Laboratories: Initiation of Coverage- Leveraging Regulatory Wins – Will Flexibility Cement Its Market Leadership?

Charles River Laboratories delivered a mixed financial performance in the second quarter of 2025, presenting some positive aspects alongside key...

Baptista Research

Upslope's Quarterly Investor Letter: 2025-Q1

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.

Upslope Capital Management

[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

Upslope's Quarterly Investor Letter: Q4 2024

Q4 was the most challenging quarter for Upslope since early 2021 (peak of the SPAC/meme stock bubble). Longs underperformed and shorts dragged.

Upslope Capital Management

Sai Life Sciences IPO Trading - Strong Anchor Demand with Decent Overall Coverage

Sai Life Sciences raised around US$360m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

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