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>DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and challenges.</li><li>The first quarter of 2025 demonstrated significant growth and ongoing investment in expanding its global footprint through strategic acquisitions.</li><li>In terms of financial performance, DoorDash saw a continuation of growth trends, with consistent gains in gross order volume (GOV) and earnings before interest, taxes, depreciation, and amortization (EBITDA), underscoring operational efficiency.</li></ul>

DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and challenges.The first quarter of 2025 demonstrated significant growth and ongoing investment in expanding its global footprint through strategic acquisitions.In terms of financial performance, DoorDash saw a continuation of growth trends, with consistent gains in gross order volume (GOV) and earnings before interest, taxes, depreciation, and amortization (EBITDA), underscoring operational efficiency.

DoorDash Inc.: How Autonomous Delivery Initiatives Could Potentially Redefine Logistics Within The Food Delivery & Broader E-Commerce Sectors!

<ul><li>DoorDash has been making significant headlines with its proposed $3.6 billion acquisition offer for UK-based Deliveroo, signaling its continued ambition to expand beyond the U.S. market.</li><li>The deal, offering Deliveroo shareholders £1.80 ($2.40) per share, would value Deliveroo at approximately GBP2.7 billion, or around $3.6 billion.</li><li>Deliveroo's board has indicated that it would be "minded to recommend" the offer if a firm bid is made under those terms.</li></ul>

DoorDash has been making significant headlines with its proposed $3.6 billion acquisition offer for UK-based Deliveroo, signaling its continued ambition to expand beyond the U.S. market.The deal, offering Deliveroo shareholders £1.80 ($2.40) per share, would value Deliveroo at approximately GBP2.7 billion, or around $3.6 billion.Deliveroo's board has indicated that it would be "minded to recommend" the offer if a firm bid is made under those terms.

DoorDash Makes a Bold $3.6 Billion Move: Is Deliveroo the Missing Piece for Global Domination?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and sell the deletes, further increasing flow for the stocks.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF will be selling <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a> at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the S&amp;P500 INDEX and sell the deletes, further increasing flow for the stocks.
The VanEck Vectors Semiconductor (SMH US) ETF will be selling Broadcom (AVGO US) at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.


Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On Friday post-close, S&amp;P DJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.</li>
<li>There will be 4 changes for the S&amp;P500 and all 4 DELs from S&amp;P500 are demoted to the S&amp;P600 Index. SPDR Select and Equal-Weight Indices add up to big volumes.</li>
<li>There is a theoretical quantity to trade, and an expected quantity to trade and it is worth knowing the difference. EW, of course, is still "live" for a few days.</li>
</ul>


On Friday post-close, S&amp;P DJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.
There will be 4 changes for the S&amp;P500 and all 4 DELs from S&amp;P500 are demoted to the S&amp;P600 Index. SPDR Select and Equal-Weight Indices add up to big volumes.
There is a theoretical quantity to trade, and an expected quantity to trade and it is worth knowing the difference. EW, of course, is still "live" for a few days.


S&P500/400/600/Equal-Weight Flows for March 2025 Rebalance

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a> recently became eligible for addition to S&amp;P500 following the company's <a href="https://ir.doordash.com/news/news-details/2025/DoorDash-Releases-Fourth-Quarter-and-Full-Year-2024-Financial-Results/default.aspx" target="_blank" rel="noopener">positive earnings announcement</a> on 11 February 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a>, <a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a>, and <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> are the main addition by transition candidates. APP is number one due to significant long-term mcap score.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is the main addition by migration candidate and the expected addition by replacement if <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One's</a> acquisition is completed prior to the March review.</li>
</ul>



DoorDash (DASH US) recently became eligible for addition to S&amp;P500 following the company's positive earnings announcement on 11 February 2025.

AppLovin (APP US), DoorDash (DASH US), and Coinbase Global (COIN US) are the main addition by transition candidates. APP is number one due to significant long-term mcap score.

Williams Sonoma (WSM US) is the main addition by migration candidate and the expected addition by replacement if Capital One's acquisition is completed prior to the March review.


United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

DoorDash Inc.: How Autonomous Delivery Initiatives Could Potentially Redefine Logistics Within The Food Delivery & Broader E-Commerce Sectors!

DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and...

Baptista Research

DoorDash Makes a Bold $3.6 Billion Move: Is Deliveroo the Missing Piece for Global Domination?

DoorDash has been making significant headlines with its proposed $3.6 billion acquisition offer for UK-based Deliveroo, signaling its continued...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

Constituent changes to the S&P 500 Index and capping changes will result in a round-trip trade of US$15.45bn across the Select Sector indices and...

Brian Freitas

S&P500/400/600/Equal-Weight Flows for March 2025 Rebalance

The S&P500/400/600 rebalance was largely as expected. Williams Sonoma was our "first" pick to get in. It did. APP was the obvious entry which we...

Travis Lundy

S&P500: DoorDash Knocks

Announced additions: DASH, WSM , EXE, TKO. 2/3 of top addition picks materialized. EXE, TKO I believe were added by force due to a large number of...

Dimitris Ioannidis

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