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>The Fastenal Company reported strong results for the second quarter of 2026, highlighted by 14.7% daily sales growth driven primarily by market share gains rather than broader market improvements.</li><li>The company’s growth was supported by increased sales effectiveness via its key account strategy, expansion of its Fastenal Managed Inventory (FMI) technology and digital channels, and deeper penetration across various end markets.</li><li>Contract customers and larger customer sites showed notable expansion, reflecting durable revenue streams and high-quality growth.</li></ul>

The Fastenal Company reported strong results for the second quarter of 2026, highlighted by 14.7% daily sales growth driven primarily by market share gains rather than broader market improvements.The company’s growth was supported by increased sales effectiveness via its key account strategy, expansion of its Fastenal Managed Inventory (FMI) technology and digital channels, and deeper penetration across various end markets.Contract customers and larger customer sites showed notable expansion, reflecting durable revenue streams and high-quality growth.

Fastenal Reaches A Tipping Point As ROIC Hits A Decade High!

<ul><li>Fastenal Company's recent earnings report for the fourth quarter and full year 2025 highlights a period of robust growth and strategic advancement amidst a challenging industrial environment.</li><li>Fastenal achieved significant sales growth, with net sales reaching $2.03 billion for the fourth quarter, marking an 11% increase year-over-year, while full-year sales rose by approximately 9% to $8.2 billion.</li><li>This growth was underpinned by Fastenal's strategic focus on key accounts and expanding digital solutions, which allowed the company to gain market share despite broader sector weaknesses.</li></ul>

Fastenal Company's recent earnings report for the fourth quarter and full year 2025 highlights a period of robust growth and strategic advancement amidst a challenging industrial environment.Fastenal achieved significant sales growth, with net sales reaching $2.03 billion for the fourth quarter, marking an 11% increase year-over-year, while full-year sales rose by approximately 9% to $8.2 billion.This growth was underpinned by Fastenal's strategic focus on key accounts and expanding digital solutions, which allowed the company to gain market share despite broader sector weaknesses.

Fastenal: A Look at the Digital Growth Engine—How FMI Tech Could Unlock HUGE Sales & Margin Upside!

<ul><li>Fastenal Company reported solid financial results for the third quarter of 2025, achieving notable growth in several key areas.</li><li>The company posted net sales of $2.13 billion, marking an 11.7% year-over-year increase.</li><li>This outcome marks the second consecutive quarter where Fastenal surpassed the $2 billion sales threshold, underscoring effective execution of its growth strategy.</li></ul>

Fastenal Company reported solid financial results for the third quarter of 2025, achieving notable growth in several key areas.The company posted net sales of $2.13 billion, marking an 11.7% year-over-year increase.This outcome marks the second consecutive quarter where Fastenal surpassed the $2 billion sales threshold, underscoring effective execution of its growth strategy.

Fastenal Company: Expanding Global & Direct Sales to Remain Competitive & Agile In A Dynamic Global Market!

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JINGDONG Industrials (7618 HK)</a> raised around US$383m in its Hong Kong IPO in Dec 2025. The lockup on its cornerstone and pre-IPO  investors is set to expire soon.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



JINGDONG Industrials (7618 HK) raised around US$383m in its Hong Kong IPO in Dec 2025. The lockup on its cornerstone and pre-IPO  investors is set to expire soon.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: JD Industrials Lockup Expiry - US$1bn Lockup Release

United States

Fastenal Company sell industrial and construction supplies in a wholesale and retail fashion.  The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and The Netherlands.

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

Fastenal Co (FAST US)

Fastenal Reaches A Tipping Point As ROIC Hits A Decade High!

The Fastenal Company reported strong results for the second quarter of 2026, highlighted by 14.7% daily sales growth driven primarily by market...

Baptista Research

Fastenal: A Look at the Digital Growth Engine—How FMI Tech Could Unlock HUGE Sales & Margin Upside!

Fastenal Company's recent earnings report for the fourth quarter and full year 2025 highlights a period of robust growth and strategic advancement...

Baptista Research

Fastenal Company: Expanding Global & Direct Sales to Remain Competitive & Agile In A Dynamic Global Market!

Fastenal Company reported solid financial results for the third quarter of 2025, achieving notable growth in several key areas. The company posted...

Baptista Research

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Aequitas: JD Industrials Lockup Expiry - US$1bn Lockup Release

JINGDONG Industrials (7618 HK) raised around US$383m in its Hong Kong IPO in Dec 2025. The lockup on its cornerstone and pre-IPO investors is set...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)