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>Datadog reported strong financial and operational performance in the second quarter of fiscal 2026, with revenue reaching $1.12 billion, a 36% increase year-over-year, surpassing the high end of its guidance.</li><li>The company’s customer base expanded to approximately 33,400, including around 4,720 customers with annual recurring revenue (ARR) exceeding $100,000, who collectively account for about 91% of total ARR.</li><li>Free cash flow stood at $279 million, reflecting a 25% margin.</li></ul>

Datadog reported strong financial and operational performance in the second quarter of fiscal 2026, with revenue reaching $1.12 billion, a 36% increase year-over-year, surpassing the high end of its guidance.The company’s customer base expanded to approximately 33,400, including around 4,720 customers with annual recurring revenue (ARR) exceeding $100,000, who collectively account for about 91% of total ARR.Free cash flow stood at $279 million, reflecting a 25% margin.

Datadog’s $30 Million Enterprise Wins — Is Wall Street Underestimating AI Demand?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in global companies with sustainable competitive advantages.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -8.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -7%.</li></ul>

The strategy seeks to invest in global companies with sustainable competitive advantages.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -8.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -7%.

Global Competitive Barrier Portfolio (14-Sep-2026)

<ul><li>Datadog has added another layer to its AI strategy with its June 30, 2026 announcement that it is acquiring Adaptive ML, a frontier AI startup focused on Reinforcement Learning Operations, or RLOps.</li><li>The financial terms were not disclosed, but the strategic direction is not hard to read.</li><li>Adaptive ML is expected to become part of Datadog AI Research, where it will contribute to work around world models, agentic LLM post-training, observability, and security.</li></ul>

Datadog has added another layer to its AI strategy with its June 30, 2026 announcement that it is acquiring Adaptive ML, a frontier AI startup focused on Reinforcement Learning Operations, or RLOps.The financial terms were not disclosed, but the strategic direction is not hard to read.Adaptive ML is expected to become part of Datadog AI Research, where it will contribute to work around world models, agentic LLM post-training, observability, and security.

Datadog’s Adaptive ML Acquisition Could Change The AI Observability Race

<ul><li>Datadog reported a strong start to fiscal 2026, with first-quarter revenue reaching $1.01 billion, up 32% year-over-year and surpassing the high end of guidance.</li><li>This growth marked an acceleration from the 29% and 25% increases recorded in the previous two quarters.</li><li>The company attributed this performance to broad-based strength across both AI-native and non-AI customers, with AI-native customers exhibiting rapid expansion and diversification, including two substantial new contracts with leading AI research organizations for optimizing training workflows.</li></ul>

Datadog reported a strong start to fiscal 2026, with first-quarter revenue reaching $1.01 billion, up 32% year-over-year and surpassing the high end of guidance.This growth marked an acceleration from the 29% and 25% increases recorded in the previous two quarters.The company attributed this performance to broad-based strength across both AI-native and non-AI customers, with AI-native customers exhibiting rapid expansion and diversification, including two substantial new contracts with leading AI research organizations for optimizing training workflows.

Datadog Crosses $4 Billion In ARR, But Can Platform Adoption Keep Accelerating?

United States

Datadog, Inc. provides software solutions. The Company offers cloud-based monitoring and analytics platform which integrates and automates infrastructure monitoring, application performance monitoring, and log management for real-time observability of customers. Datadog operates worldwide.

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Datadog (DDOG US)

Datadog’s $30 Million Enterprise Wins — Is Wall Street Underestimating AI Demand?

Datadog reported strong financial and operational performance in the second quarter of fiscal 2026, with revenue reaching $1.12 billion, a 36%...

Baptista Research

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Global Competitive Barrier Portfolio (14-Sep-2026)

The strategy seeks to invest in global companies with sustainable competitive advantages. By adopting a portfolio of stocks instead of individual...

Crea8

Datadog’s Adaptive ML Acquisition Could Change The AI Observability Race

Datadog has added another layer to its AI strategy with its June 30, 2026 announcement that it is acquiring Adaptive ML, a frontier AI startup...

Baptista Research

Datadog Crosses $4 Billion In ARR, But Can Platform Adoption Keep Accelerating?

Datadog reported a strong start to fiscal 2026, with first-quarter revenue reaching $1.01 billion, up 32% year-over-year and surpassing the high...

Baptista Research

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