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>Coupang's second-quarter 2025 earnings highlighted several key aspects of the company's performance, illustrating both positive developments and ongoing challenges.</li>
<li>On the positive side, Coupang reported a strong revenue growth of 16% year-over-year, or 19% in constant currency, reaching $8.5 billion.</li>
<li>This revenue increase was largely driven by the Product Commerce segment, which experienced a gross profit margin expansion of 230 basis points to 32.6%, alongside an 80 basis point increase in adjusted EBITDA margins to over 9%.</li>
</ul>


Coupang's second-quarter 2025 earnings highlighted several key aspects of the company's performance, illustrating both positive developments and ongoing challenges.
On the positive side, Coupang reported a strong revenue growth of 16% year-over-year, or 19% in constant currency, reaching $8.5 billion.
This revenue increase was largely driven by the Product Commerce segment, which experienced a gross profit margin expansion of 230 basis points to 32.6%, alongside an 80 basis point increase in adjusted EBITDA margins to over 9%.


CPNG Is Focusing On AI, Automation, & The Robotics Revolution; Will It Pay Off?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.</li>
<li>Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.</li>
</ul>


Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.


Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

<ul>
<li>Coupang's financial performance in the first quarter of 2025 illustrates both positive advancements and ongoing challenges.</li>
<li>Consolidated revenue increased by 11% year-over-year, or 21% on a constant currency basis.</li>
<li>This growth reflects strong demand and expansion in key segments, supported by an extensive selection of products and enhancements in their delivery service.</li>
</ul>


Coupang's financial performance in the first quarter of 2025 illustrates both positive advancements and ongoing challenges.
Consolidated revenue increased by 11% year-over-year, or 21% on a constant currency basis.
This growth reflects strong demand and expansion in key segments, supported by an extensive selection of products and enhancements in their delivery service.


Coupang: The Taiwan Market Expansion Can Help Create Significant Long-Term Value!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

ESR Kendall Square REIT / Equity Capital Markets

<ul>
<li>On 9 May, ESR Kendall Square REIT (365550 KS) announced that it plans to conduct a rights offering capital increase of approximately 150 billion won.</li>
<li>The Korean REIT sector started to bottom out in 2023, after big underperformance in the previous three years.</li>
<li>The interest rate gap on the company's expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond yield (2.7%) which is meaningful.</li>
</ul>


On 9 May, ESR Kendall Square REIT (365550 KS) announced that it plans to conduct a rights offering capital increase of approximately 150 billion won.
The Korean REIT sector started to bottom out in 2023, after big underperformance in the previous three years.
The interest rate gap on the company's expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond yield (2.7%) which is meaningful.


ESR Kendall REIT's 150 Billion Won Capital Raise and Continued Outperformance of Korean REITs

<ul>
<li>In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.</li>
<li>We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. </li>
<li>If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.</li>
</ul>


In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.
We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. 
If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.


JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Coupang (CPNG US)

CPNG Is Focusing On AI, Automation, & The Robotics Revolution; Will It Pay Off?

Coupang's second-quarter 2025 earnings highlighted several key aspects of the company's performance, illustrating both positive developments and...

Baptista Research

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

Geek+ plans to go public in Hong Kong soon. In my insight, I discuss IPO valuation, update my financial model and dive deeper into the comps groups

Andrei Zakharov

Coupang: The Taiwan Market Expansion Can Help Create Significant Long-Term Value!

Coupang's financial performance in the first quarter of 2025 illustrates both positive advancements and ongoing challenges.

Baptista Research

ESR Kendall REIT's 150 Billion Won Capital Raise and Continued Outperformance of Korean REITs

The interest rate gap on ESR Kendall REIT's expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond...

Douglas Kim

JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)