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>Cognex Corporation reported strong financial results for the third quarter of 2025, showcasing a solid strategic direction and improved operational efficiencies.</li><li>The company's focus on AI technology for industrial machine vision is evident in its performance and the introduction of innovative products like the SLX, aimed at enhancing logistics applications.</li><li>Positive aspects from the results include achieving double-digit revenue growth and reaching the highest adjusted EBITDA margin since Q2 of 2023.</li></ul>

Cognex Corporation reported strong financial results for the third quarter of 2025, showcasing a solid strategic direction and improved operational efficiencies.The company's focus on AI technology for industrial machine vision is evident in its performance and the introduction of innovative products like the SLX, aimed at enhancing logistics applications.Positive aspects from the results include achieving double-digit revenue growth and reaching the highest adjusted EBITDA margin since Q2 of 2023.

Cognex Corporation: Advancements and Penetration in the Logistics Sector & Key Growth Levers!

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton 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.

Equity Capital Markets

<ul>
<li>Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.</li>
<li>We look at the company's core segments: system-level devices and solutions, and sensors.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.
We look at the company's core segments: system-level devices and solutions, and sensors.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Mech-Mind Robotics Technologies / Equity Capital Markets

Mech-Mind Robotics Technologies (MMRT HK)

<ul>
<li>Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.
In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation.
In this note, we provide an update for the IPO before its trading debut.


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Mech Mind launched Hongkong IPO to raise nearly HK$ 2.4B. They provide intelligent robot components, with their products deployed in equipment used in end customers’ production and operational processes.</li>
<li>Mech Mind intends to use the proceeds for research and development, enrich product portfolio, expand global presence, expand production capacity and for general corporate purpose.</li>
<li>Technological prowess, R&amp;D and production capabilities and supply chain efficiency of the company does make this issue fundamentally worth for investors with a long-term investment horizon.</li>
</ul>


Mech Mind launched Hongkong IPO to raise nearly HK$ 2.4B. They provide intelligent robot components, with their products deployed in equipment used in end customers’ production and operational processes.
Mech Mind intends to use the proceeds for research and development, enrich product portfolio, expand global presence, expand production capacity and for general corporate purpose.
Technological prowess, R&amp;D and production capabilities and supply chain efficiency of the company does make this issue fundamentally worth for investors with a long-term investment horizon.


Mech Mind Robotics IPO: Displaying Perfect “Eye-Brain-Hand” Coordination For Investors

<ul>
<li>Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

United States

Cognex Corporation designs, develops, manufactures, and markets machine vision systems.  The Company's systems are used to automate the manufacture of a variety of discrete items and to assure their quality.  Cognex has regional offices located throughout North America, Japan, Europe, and Southeast Asia.

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Cognex Corp (CGNX US)

Cognex Corporation: Advancements and Penetration in the Logistics Sector & Key Growth Levers!

Cognex Corporation reported strong financial results for the third quarter of 2025, showcasing a solid strategic direction and improved...

Baptista Research

Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Orbbec is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO Trading

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech Mind Robotics IPO: Displaying Perfect “Eye-Brain-Hand” Coordination For Investors

Mech Mind launched Hongkong IPO to raise nearly HK$ 2.4B for R&D, product portfolio, global presence and production capacity. Fundamentally worth...

Tina Banerjee

Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

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