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 Hershey Company’s first quarter of 2026 showed a mixed operational and financial environment, influenced by intensified competition, macroeconomic factors, and timing issues affecting sales patterns.</li><li>Management highlighted that North America confectionery faced increased competitive innovation and merchandising efforts from both mainstream and premium rivals, leading to a slight decline in year-over-year volume market share.</li><li>However, the company maintained that pricing remained rational, with no significant price reductions, and expressed confidence in its strategic position following recent spring resets across key channels, which they believe will support momentum for the second half of the year.</li></ul>

The Hershey Company’s first quarter of 2026 showed a mixed operational and financial environment, influenced by intensified competition, macroeconomic factors, and timing issues affecting sales patterns.Management highlighted that North America confectionery faced increased competitive innovation and merchandising efforts from both mainstream and premium rivals, leading to a slight decline in year-over-year volume market share.However, the company maintained that pricing remained rational, with no significant price reductions, and expressed confidence in its strategic position following recent spring resets across key channels, which they believe will support momentum for the second half of the year.

The Hershey Company: Can Spring Resets Reverse Share Softness In Confectionery?

<ul><li>The Hershey Company’s fourth-quarter 2025 results and commentary reflect a business navigating a mixed operating environment marked by commodity cost pressures, macroeconomic volatility, and ongoing investments aimed at long-term growth.</li><li>Despite these headwinds, the company reported strong momentum heading into 2026, driven by growth in both its confection and salty snack segments.</li><li>A notable challenge during the year was elevated cocoa prices and inflationary pressure, which the company managed through patient pricing strategies that balanced consumer affordability while not fully recovering all increased costs in 2026.</li></ul>

The Hershey Company’s fourth-quarter 2025 results and commentary reflect a business navigating a mixed operating environment marked by commodity cost pressures, macroeconomic volatility, and ongoing investments aimed at long-term growth.Despite these headwinds, the company reported strong momentum heading into 2026, driven by growth in both its confection and salty snack segments.A notable challenge during the year was elevated cocoa prices and inflationary pressure, which the company managed through patient pricing strategies that balanced consumer affordability while not fully recovering all increased costs in 2026.

Can The Hershey Company Sustain Volume Growth Amid SNAP And Demand Uncertainty?

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

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In the past year, cocoa prices have spiked to elevated levels.
</li>
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The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.
</li>
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There’s nothing suggesting that the tightness in the cocoa market will end anytime soon. 
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</ul>



In the past year, cocoa prices have spiked to elevated levels.


The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.


There’s nothing suggesting that the tightness in the cocoa market will end anytime soon. 



Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>While markets are ever-changing, the pace has felt much faster over the last few years. Two related shifts stand out.</li><li>First, gambling – on sports, geopolitics, and stocks/options – is absolutely everywhere. This is a big and unfortunate cultural shift. Second, AI is also everywhere – particularly on the desktops of buyside analysts and PMs.</li><li>I suspect this technological shift is part of a not-so-virtuous cycle with the cultural shift towards gambling. A couple years ago legendary investor Stan Druckenmiller noted how he made a quick bet on Argentinian stocks with an assist from AI</li></ul>

While markets are ever-changing, the pace has felt much faster over the last few years. Two related shifts stand out.First, gambling – on sports, geopolitics, and stocks/options – is absolutely everywhere. This is a big and unfortunate cultural shift. Second, AI is also everywhere – particularly on the desktops of buyside analysts and PMs.I suspect this technological shift is part of a not-so-virtuous cycle with the cultural shift towards gambling. A couple years ago legendary investor Stan Druckenmiller noted how he made a quick bet on Argentinian stocks with an assist from AI

Upslope's Quarterly Investor Letter 2025-Q4 Update

<ul><li>The Hershey Company's recent earnings call for the third quarter of 2025 offered insight into the company's current performance and future projections.</li><li>The company reported stable growth across its segments, with President and CEO Kirk Tanner emphasizing balanced momentum across the entire portfolio.</li><li>This stability positions Hershey well as it moves into 2026, where the company aims to align with its long-term growth algorithm of 2% to 4% revenue increase and potential upside on earnings per share (EPS).</li></ul>

The Hershey Company's recent earnings call for the third quarter of 2025 offered insight into the company's current performance and future projections.The company reported stable growth across its segments, with President and CEO Kirk Tanner emphasizing balanced momentum across the entire portfolio.This stability positions Hershey well as it moves into 2026, where the company aims to align with its long-term growth algorithm of 2% to 4% revenue increase and potential upside on earnings per share (EPS).

Hershey’s Next Move: Trying To Balance Health, Hedging, & Hunger for Growth!

United States

The Hershey Company manufactures chocolate and sugar confectionery products. The Company's principal products include chocolate and sugar confectionery products; gum and mint refreshment products; and pantry items, such as baking ingredients, toppings and beverages.

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Hershey Co/The (HSY US)

Can The Hershey Company Sustain Volume Growth Amid SNAP And Demand Uncertainty?

The Hershey Company’s fourth-quarter 2025 results and commentary reflect a business navigating a mixed operating environment marked by commodity...

Baptista Research

The cocoa question

In the past year, cocoa prices have spiked to elevated levels. The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.

Asian Century Stocks

Upslope's Quarterly Investor Letter 2025-Q4 Update

While markets are ever-changing, the pace has felt much faster over the last few years. Two related shifts stand out. First, gambling – on sports,...

Upslope Capital Management

Hershey’s Next Move: Trying To Balance Health, Hedging, & Hunger for Growth!

The Hershey Company's recent earnings call for the third quarter of 2025 offered insight into the company's current performance and future...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Hershey Company: Can Spring Resets Reverse Share Softness In Confectionery?

The Hershey Company’s first quarter of 2026 showed a mixed operational and financial environment, influenced by intensified competition,...

Baptista Research

Can The Hershey Company Sustain Volume Growth Amid SNAP And Demand Uncertainty?

The Hershey Company’s fourth-quarter 2025 results and commentary reflect a business navigating a mixed operating environment marked by commodity...

Baptista Research

The cocoa question

In the past year, cocoa prices have spiked to elevated levels. The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.

Asian Century Stocks

Upslope's Quarterly Investor Letter 2025-Q4 Update

While markets are ever-changing, the pace has felt much faster over the last few years. Two related shifts stand out. First, gambling – on sports,...

Upslope Capital Management

Hershey’s Next Move: Trying To Balance Health, Hedging, & Hunger for Growth!

The Hershey Company's recent earnings call for the third quarter of 2025 offered insight into the company's current performance and future...

Baptista Research