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>Garmin Ltd.'s third quarter of 2025 reflected mixed performance across its diverse business segments, yet the results were notable on a number of fronts.</li><li>Over this quarter, Garmin reported a 12% increase in consolidated revenue, reaching nearly $1.8 billion, marking a record third quarter for the company.</li><li>This growth was achieved despite a challenging comparison period from last year, which saw a 24% rise in revenue.</li></ul>

Garmin Ltd.'s third quarter of 2025 reflected mixed performance across its diverse business segments, yet the results were notable on a number of fronts.Over this quarter, Garmin reported a 12% increase in consolidated revenue, reaching nearly $1.8 billion, marking a record third quarter for the company.This growth was achieved despite a challenging comparison period from last year, which saw a 24% rise in revenue.

Garmin: Expansion in Specialized Wearables & The Venu 4 Launch – Is This the Smartwatch Apple Should Fear?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our Manufacturing, Transportation, Materials, Technology, &amp; Consumer Discretionary Sectors.

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our Manufacturing, Transportation, Materials, Technology, &amp; Consumer Discretionary Sectors.

MSCI Emerging Markets Index / Technical Analysis

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>In 2017 retail volume sales of smart wearables grow by 16% to reach 14,000 units, with the category benefiting from the entry of new players and a wider product selection</li><li>Activity bands records a retail volume decline of 58% as sales fall to 5,100 units, with the category losing out to activity watches</li><li>Analogue activity watches grows by 36% in retail volume terms to reach sales of 8,200 units, driven by sophisticated designs and functionality</li><li>Digital activity watches records retail volume growth of 18% thanks to these devices’ sporty designs and convenience</li><li>Over the forecast period wearable electronics expected to post a retail volume CAGR of 12% to reach sales of 263,000 units in 2022</li></ul>

In 2017 retail volume sales of smart wearables grow by 16% to reach 14,000 units, with the category benefiting from the entry of new players and a wider product selectionActivity bands records a retail volume decline of 58% as sales fall to 5,100 units, with the category losing out to activity watchesAnalogue activity watches grows by 36% in retail volume terms to reach sales of 8,200 units, driven by sophisticated designs and functionalityDigital activity watches records retail volume growth of 18% thanks to these devices’ sporty designs and convenienceOver the forecast period wearable electronics expected to post a retail volume CAGR of 12% to reach sales of 263,000 units in 2022

Sector Capsule: Wearable Electronics in Malaysia

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

Private Capital Markets

<ul>
<li>Professional cycling hit rock bottom almost exactly twenty years ago, when its biggest stars got caught in the perhaps biggest doping scandal ever.</li>
<li>Subsequently, no other sport was as much associated with systematic doping as road cycling.</li>
<li>Since then, the sport has staged a remarkable comeback. A new generation of sponsors and athletes are making it shine again and hobby athletes are spending ungodly amounts of money to get the latest gear.</li>
</ul>


Professional cycling hit rock bottom almost exactly twenty years ago, when its biggest stars got caught in the perhaps biggest doping scandal ever.
Subsequently, no other sport was as much associated with systematic doping as road cycling.
Since then, the sport has staged a remarkable comeback. A new generation of sponsors and athletes are making it shine again and hobby athletes are spending ungodly amounts of money to get the latest gear.


Switzerland

Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology.  The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under its own brand name.

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Garmin Ltd (GRMN US)

Garmin: Expansion in Specialized Wearables & The Venu 4 Launch – Is This the Smartwatch Apple Should Fear?

Garmin Ltd.'s third quarter of 2025 reflected mixed performance across its diverse business segments, yet the results were notable on a number of...

Baptista Research

U.S. Equity Strategy: Remain Bullish

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight...

Vermilion Research

Global Equity Strategy: Overweight EM

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and...

Vermilion Research

Sector Capsule: Wearable Electronics in Malaysia

In 2017 retail volume sales of smart wearables grow by 16% to reach 14,000 units, with the category benefiting from the entry of new players and a...

Euromonitor International Ltd.

Garmin & Strava: Betting on CycleTech

Professional cycling hit rock bottom almost exactly twenty years ago, when its biggest stars got caught in the perhaps biggest doping scandal ever.

Fallacy Alarm

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