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>Fox Corporation's third-quarter fiscal 2025 results highlighted a mixture of positive growth metrics and some cautionary notes due to expenditure increases.</li><li>Advertising revenue surged by an impressive 65% compared to the previous year, primarily driven by the Super Bowl, which generated over $800 million in advertising revenue, setting records for both the national broadcast network and local TV stations.</li><li>This major sports event resulted in the most-watched telecast in U.S. history on Fox platforms.</li></ul>

Fox Corporation's third-quarter fiscal 2025 results highlighted a mixture of positive growth metrics and some cautionary notes due to expenditure increases.Advertising revenue surged by an impressive 65% compared to the previous year, primarily driven by the Super Bowl, which generated over $800 million in advertising revenue, setting records for both the national broadcast network and local TV stations.This major sports event resulted in the most-watched telecast in U.S. history on Fox platforms.

FOX Corporation: Can Its Direct-to-Consumer Strategy with FOX 1 Truly Up Their Game?

<ul><li>Fox Factory Holding Corp.'s latest financial performance reflects a mixed outlook influenced by specific internal optimizations and broader market challenges.</li><li>The company posted a modest 6.1% increase in net sales for Q4 FY 2024, reaching $352.8 million, which is primarily attributable to the acquisition of Marucci and some growth in its bike segment.</li><li>However, this growth is juxtaposed against the backdrop of contraction in other areas, notably the Aftermarket Applications Group (AAG) and Powered Vehicle Group (PVG), reflecting ongoing pressures in the original equipment manufacturer (OEM) landscape.</li></ul>

Fox Factory Holding Corp.'s latest financial performance reflects a mixed outlook influenced by specific internal optimizations and broader market challenges.The company posted a modest 6.1% increase in net sales for Q4 FY 2024, reaching $352.8 million, which is primarily attributable to the acquisition of Marucci and some growth in its bike segment.However, this growth is juxtaposed against the backdrop of contraction in other areas, notably the Aftermarket Applications Group (AAG) and Powered Vehicle Group (PVG), reflecting ongoing pressures in the original equipment manufacturer (OEM) landscape.

Fox Factory Holding Corporation Expands Upfitting Business & Dealership Network—Why This Dealer Push Is A VERY POSITIVE SIGNAL!

<ul><li>Fox Corporation recently announced its second-quarter fiscal 2025 earnings, showcasing significant growth across multiple fronts but also highlighting areas of concern for future investor considerations.</li><li>The company reported a record quarterly EBITDA of $781 million, representing a 123% increase from the previous year, alongside a 20% revenue growth reaching over $5 billion.</li><li>This promising financial performance was primarily driven by robust advertising and affiliate revenue growth, political advertising, strength in FOX News ratings, and impressive sports viewership.</li></ul>

Fox Corporation recently announced its second-quarter fiscal 2025 earnings, showcasing significant growth across multiple fronts but also highlighting areas of concern for future investor considerations.The company reported a record quarterly EBITDA of $781 million, representing a 123% increase from the previous year, alongside a 20% revenue growth reaching over $5 billion.This promising financial performance was primarily driven by robust advertising and affiliate revenue growth, political advertising, strength in FOX News ratings, and impressive sports viewership.

Fox Corporation: Growth of Tubi Streaming As A Substantial Growth Driver!

<ul><li>Fox Corporation has reported strong financial performance for its fiscal 2025 first quarter, showcasing notable growth across various business segments.</li><li>The company saw total revenue climb by 11% to $3.56 billion, with a 21% increase in EBITDA, reaching $1.05 billion.</li><li>This growth was propelled by robust advertising revenue and a strategic focus on content and ratings momentum, particularly within its news and sports divisions.</li></ul>

Fox Corporation has reported strong financial performance for its fiscal 2025 first quarter, showcasing notable growth across various business segments.The company saw total revenue climb by 11% to $3.56 billion, with a 21% increase in EBITDA, reaching $1.05 billion.This growth was propelled by robust advertising revenue and a strategic focus on content and ratings momentum, particularly within its news and sports divisions.

Inside Fox Corporation’s Secret to Audience Loyalty & Revenue Success Across TV & Cable!  - Major Drivers

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>There are no constituent changes for 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 (SPX INDEX)</a> in June but there are capping changes for the Select Sector indices and the Equal Weight Index.</li>
<li>The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund (XLC US)</a> and <a href="https://www.smartkarma.com/entities/energy-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27537:1" rel="noopener">Energy Select Sector SPDR Fund (XLE US)</a>. </li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet</a>, <a href="https://www.smartkarma.com/entities/chevron-corp" target="_blank" data-smartkarma-citation="entities:11091:1" rel="noopener">Chevron Corp</a>, <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa</a>, <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone</a>, <a href="https://www.smartkarma.com/entities/live-nation-entertainment-inc" target="_blank" data-smartkarma-citation="entities:6893:1" rel="noopener">Live Nation Entertainment</a>, <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta</a>, <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/tko-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:40463:1" rel="noopener">TKO Group Holdings</a>, <a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies</a> and <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group</a>.</li>
</ul>


There are no constituent changes for the S&amp;P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US). 
The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.


Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

United States

Fox Corporation operates as an entertainment company. The Company produces and licenses news, sports, and entertainment content for distribution through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors. Fox also manages broadcast studios, theaters, editing bays, sound stages, and other production facilities.

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Fox (FOXA US)

FOX Corporation: Can Its Direct-to-Consumer Strategy with FOX 1 Truly Up Their Game?

Fox Corporation's third-quarter fiscal 2025 results highlighted a mixture of positive growth metrics and some cautionary notes due to expenditure...

Baptista Research

Fox Factory Holding Corporation Expands Upfitting Business & Dealership Network—Why This Dealer Push Is A VERY POSITIVE SIGNAL!

Fox Factory Holding Corp.'s latest financial performance reflects a mixed outlook influenced by specific internal optimizations and broader market...

Baptista Research

Fox Corporation: Growth of Tubi Streaming As A Substantial Growth Driver!

Fox Corporation recently announced its second-quarter fiscal 2025 earnings, showcasing significant growth across multiple fronts but also...

Baptista Research

Inside Fox Corporation’s Secret to Audience Loyalty & Revenue Success Across TV & Cable! - Major Drivers

Fox Corporation has reported strong financial performance for its fiscal 2025 first quarter, showcasing notable growth across various business...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

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