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>Jabil Inc. reported a second quarter for fiscal 2026 that exceeded expectations across multiple financial metrics, demonstrating a broad-based strength in its diversified portfolio.</li><li>The company posted net revenue of $8.3 billion, surpassing guidance, with core operating income of $436 million and a core operating margin of 5.3%.</li><li>Core diluted earnings per share was $2.69, outperforming forecasts and indicating operational efficiency.</li></ul>

Jabil Inc. reported a second quarter for fiscal 2026 that exceeded expectations across multiple financial metrics, demonstrating a broad-based strength in its diversified portfolio.The company posted net revenue of $8.3 billion, surpassing guidance, with core operating income of $436 million and a core operating margin of 5.3%.Core diluted earnings per share was $2.69, outperforming forecasts and indicating operational efficiency.

Jabil: Expanding Across Compute, Power, and Cooling to Capture the Next Data Center Supercycle!

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>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to 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> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across 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>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.</li>
<li>We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.
We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

<ul><li>Jabil Inc. has entered 2026 with a flurry of insider stock sales that raise questions for investors.</li><li>After a remarkable 58% share price surge in 2025—driven primarily by AI-fueled demand in its Intelligent Infrastructure segment—the stock touched an all-time intraday high of $256.17 in mid-January.</li><li>Shortly after, Executive Chairman Mark Mondello sold nearly $10 million worth of shares over several days, coinciding with his imminent exit from the board.</li></ul>

Jabil Inc. has entered 2026 with a flurry of insider stock sales that raise questions for investors.After a remarkable 58% share price surge in 2025—driven primarily by AI-fueled demand in its Intelligent Infrastructure segment—the stock touched an all-time intraday high of $256.17 in mid-January.Shortly after, Executive Chairman Mark Mondello sold nearly $10 million worth of shares over several days, coinciding with his imminent exit from the board.

Jabil (JBL) Executives Exit & Sell Shares — Is the AI Rally Losing Steam?

<ul><li>Jabil Inc. reported a robust first quarter for fiscal year 2026, outperforming expectations across various financial metrics, including revenue, core operating income, and earnings per share.</li><li>The company generated $8.3 billion in net revenue, which was at the high end of guidance, demonstrating the strength and effectiveness of its diversified portfolio.</li><li>Core operating income reached $454 million with a core operating margin of 5.5%, while GAAP diluted earnings per share was $1.35.</li></ul>

Jabil Inc. reported a robust first quarter for fiscal year 2026, outperforming expectations across various financial metrics, including revenue, core operating income, and earnings per share.The company generated $8.3 billion in net revenue, which was at the high end of guidance, demonstrating the strength and effectiveness of its diversified portfolio.Core operating income reached $454 million with a core operating margin of 5.5%, while GAAP diluted earnings per share was $1.35.

United States

Jabil Circuit, Inc. is an electronic manufacturing services provider for international electronics companies in the communications, personal computer, peripheral, consumer, and automotive markets.  The Company offers circuit design, board design from schematic, prototype assembly, volume board assembly, system assembly, repair, and warranty services.

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Jabil Circuit (JBL US)

Jabil: Expanding Across Compute, Power, and Cooling to Capture the Next Data Center Supercycle!

Jabil Inc. reported a second quarter for fiscal 2026 that exceeded expectations across multiple financial metrics, demonstrating a broad-based...

Baptista Research

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

Luxshare Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early view on...

Ke Yan, CFA, FRM

Jabil (JBL) Executives Exit & Sell Shares — Is the AI Rally Losing Steam?

Jabil Inc. has entered 2026 with a flurry of insider stock sales that raise questions for investors. After a remarkable 58% share price surge in...

Baptista Research

Jabil Is Expanding in Mexico

Jabil Inc. reported a robust first quarter for fiscal year 2026, outperforming expectations across various financial metrics, including revenue,...

Baptista Research

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