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>In Q3 2025, HubSpot reported an 18.4% year-over-year revenue growth in constant currency, totaling $810 million.</li><li>The operating margin stood at 20%, indicative of balanced growth and profitability.</li><li>The company added 10,900 new customers, raising its global customer count to nearly 279,000.</li></ul>

In Q3 2025, HubSpot reported an 18.4% year-over-year revenue growth in constant currency, totaling $810 million.The operating margin stood at 20%, indicative of balanced growth and profitability.The company added 10,900 new customers, raising its global customer count to nearly 279,000.

HubSpot: Can Its Low-TCO Strategy Trigger a Massive Shift Away From Point Solutions?

<ul><li>HubSpot's Q2 2025 results delivered notable performance indicators, with various positive and challenging elements shaping the company's current trajectory and future prospects.</li><li>The output presents a balanced investment perspective rooted in these nuanced details.</li><li>Positively, HubSpot reports an 18% year-over-year increase in revenue when adjusted for constant currency fluctuations, an uptick from the prior quarter.</li></ul>

HubSpot's Q2 2025 results delivered notable performance indicators, with various positive and challenging elements shaping the company's current trajectory and future prospects.The output presents a balanced investment perspective rooted in these nuanced details.Positively, HubSpot reports an 18% year-over-year increase in revenue when adjusted for constant currency fluctuations, an uptick from the prior quarter.

HubSpot Inc.: Diversification of Lead Generation Channels to Sustain Growth & Client Acquisition Momentum Across Varying Digital Environments!

<ul><li>HubSpot reported strong financial results for the first quarter of 2025, reflecting continued growth and strategic momentum.</li><li>Revenue increased by 18% year-over-year in constant currency, driven by several key trends.</li><li>The company added over 10,000 net new customers, bringing its total customer base to 258,000, with customer growth driven by platform consolidation, upmarket expansion, and robust downmarket acquisition.</li></ul>

HubSpot reported strong financial results for the first quarter of 2025, reflecting continued growth and strategic momentum.Revenue increased by 18% year-over-year in constant currency, driven by several key trends.The company added over 10,000 net new customers, bringing its total customer base to 258,000, with customer growth driven by platform consolidation, upmarket expansion, and robust downmarket acquisition.

HubSpot Inc.: How Is The Management Executing Mid-Market Expansion to Make Its Business More Resilient To Economic Fluctuations?

<ul><li>HubSpot reported a solid financial performance in 2024, achieving 21% year-over-year revenue growth both in constant currency and as reported.</li><li>This growth signifies strong brand trust and platform efficiency, as evidenced by the customer base extending to approximately 248,000, marking an annual increase of 21%.</li><li>The company has balanced scaling with profitability, yielding a 17.5% operating margin for the year, a rise of 200 basis points from the previous year.</li></ul>

HubSpot reported a solid financial performance in 2024, achieving 21% year-over-year revenue growth both in constant currency and as reported.This growth signifies strong brand trust and platform efficiency, as evidenced by the customer base extending to approximately 248,000, marking an annual increase of 21%.The company has balanced scaling with profitability, yielding a 17.5% operating margin for the year, a rise of 200 basis points from the previous year.

HubSpot: These Big Bets Could Define Its Future in CRM and AI!

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the internet on a subscription basis. This has brought about greater convenience, flexibility, and potentially lower costs for users compared to traditional software.</li>
<li>The global SaaS market experienced a 20% growth in 2024 and is projected to expand at an annual growth rate of 12%, with the market potentially exceeding US$800 billion by 2030.</li>
<li>While North America remains the largest market, the Asia Pacific region is emerging as a key growth driver, with SaaS adoption expected to grow at a 15% CAGR by 2030, outpacing the global average</li>
</ul>


Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the internet on a subscription basis. This has brought about greater convenience, flexibility, and potentially lower costs for users compared to traditional software.
The global SaaS market experienced a 20% growth in 2024 and is projected to expand at an annual growth rate of 12%, with the market potentially exceeding US$800 billion by 2030.
While North America remains the largest market, the Asia Pacific region is emerging as a key growth driver, with SaaS adoption expected to grow at a 15% CAGR by 2030, outpacing the global average


Software-As-A-Service (SaaS): A Guide for Investors

United States

HubSpot, Inc. provides a cloud-based marketing and sales software platform. The Company offers integrated applications that helps in lead generation and social marketing.

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Hubspot Inc (HUBS US)

HubSpot: Can Its Low-TCO Strategy Trigger a Massive Shift Away From Point Solutions?

In Q3 2025, HubSpot reported an 18.4% year-over-year revenue growth in constant currency, totaling $810 million. The operating margin stood at...

Baptista Research

HubSpot Inc.: Diversification of Lead Generation Channels to Sustain Growth & Client Acquisition Momentum Across Varying Digital Environments!

HubSpot's Q2 2025 results delivered notable performance indicators, with various positive and challenging elements shaping the company's current...

Baptista Research

HubSpot Inc.: How Is The Management Executing Mid-Market Expansion to Make Its Business More Resilient To Economic Fluctuations?

HubSpot reported strong financial results for the first quarter of 2025, reflecting continued growth and strategic momentum. Revenue increased by...

Baptista Research

HubSpot: These Big Bets Could Define Its Future in CRM and AI!

HubSpot reported a solid financial performance in 2024, achieving 21% year-over-year revenue growth both in constant currency and as...

Baptista Research

Software-As-A-Service (SaaS): A Guide for Investors

Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the...

Singapore Exchange Ltd (SGX)

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