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>JD.com is suddenly at the center of a much larger debate than a routine overseas acquisition.</li><li>Its planned $2.6 billion takeover of Germany’s Ceconomy, the owner of MediaMarkt, MediaWorld, and Saturn, has triggered an in-depth European Union foreign subsidies probe.</li><li>Brussels is examining whether foreign financial support may have helped JD.com offer a high price or gain an unfair edge in the acquisition process.</li></ul>

JD.com is suddenly at the center of a much larger debate than a routine overseas acquisition.Its planned $2.6 billion takeover of Germany’s Ceconomy, the owner of MediaMarkt, MediaWorld, and Saturn, has triggered an in-depth European Union foreign subsidies probe.Brussels is examining whether foreign financial support may have helped JD.com offer a high price or gain an unfair edge in the acquisition process.

JD.com, Inc. Class A - JD.com Just Hit Europe’s Red Line With Its $2.6 Billion Deal!

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>JD.com (JD) reported its 1Q26 results on 12 May: revenue reached RMB315.7bn, up 4.9% YoY (4Q25: +1.5%), 2%/1% ahead of our forecast/Bloomberg consensus.</li><li>Non-GAAP net profit was RMB7.4bn, down 42% YoY due to continued investment in food delivery (FD), but ahead of our forecast/consensus of RMB5.9bn/RMB5.3bn, driven by stronger-than-expected operating profit from JD Retail (JDR), which came in 14%/18% above our forecast/consensus.</li><li>Operating loss from new businesses was RMB10.4bn in 1Q26 (vs. RMB14.8bn loss in 4Q25), in line with our estimate and 6% better than consensus, reflecting QoQ FD loss reduction broadly in line with our expectations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD) reported its 1Q26 results on 12 May: revenue reached RMB315.7bn, up 4.9% YoY (4Q25: +1.5%), 2%/1% ahead of our forecast/Bloomberg consensus.Non-GAAP net profit was RMB7.4bn, down 42% YoY due to continued investment in food delivery (FD), but ahead of our forecast/consensus of RMB5.9bn/RMB5.3bn, driven by stronger-than-expected operating profit from JD Retail (JDR), which came in 14%/18% above our forecast/consensus.Operating loss from new businesses was RMB10.4bn in 1Q26 (vs. RMB14.8bn loss in 4Q25), in line with our estimate and 6% better than consensus, reflecting QoQ FD loss reduction broadly in line with our expectations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Solid Core Earnings Growth in 1Q26

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/jd-com-inc-class-a" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> / <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com (ADR) (JD US)</a> reports 1Q 2026 results on 12 May, with 15 May options offering the most direct listed exposure to the earnings event.</li>
<li>
Highlights: Historical earnings moves have exceeded the current option-implied move, while the volatility term structure points to a clear event premium and expected post-results IV crush.</li>
<li>
Why Read: This Insight compares historical earnings reactions, HK/US option pricing, and index implications, highlighting strategies for investors seeking targeted exposure or hedges.</li>
</ul>



Context:JD.com (9618 HK) / JD.com (ADR) (JD US) reports 1Q 2026 results on 12 May, with 15 May options offering the most direct listed exposure to the earnings event.

Highlights: Historical earnings moves have exceeded the current option-implied move, while the volatility term structure points to a clear event premium and expected post-results IV crush.

Why Read: This Insight compares historical earnings reactions, HK/US option pricing, and index implications, highlighting strategies for investors seeking targeted exposure or hedges.


JD.com (9618 HK / JD US) Earnings on 12 May: Historical Moves Outpace Options Pricing

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

TSE Tokyo Price Index TOPIX / Equity Derivatives

<ul><li>A cross-country study on the post earning announcement drift effect.</li><li>We explore the use of various options-implied analytics to systematically view returns around earnings announcements.  </li><li>Options-Implied Analytics can provide empowering information to better inform investment decisions.</li></ul>

A cross-country study on the post earning announcement drift effect.We explore the use of various options-implied analytics to systematically view returns around earnings announcements.  Options-Implied Analytics can provide empowering information to better inform investment decisions.

EQD | A Systematic Look at the Post Earnings Announcement Drift Across Asia

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market continues to trade sideways, with pockets of AI-themed stocks surging.  IPO activity remains robust in the technology sector.</li>
<li>Growth and momentum factors have underperformed so far in 2026, as stagnation in mainland domestic consumption is reflected in the underperformance of the consumer discretionary and staples sectors.</li>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc-class-a" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> received a BUY rating from Deutsche Bank with a target price of $186.  The company's cloud infrastructure revenue rose 79% in 1Q26.
</li>
</ul>


The Hong Kong market continues to trade sideways, with pockets of AI-themed stocks surging.  IPO activity remains robust in the technology sector.
Growth and momentum factors have underperformed so far in 2026, as stagnation in mainland domestic consumption is reflected in the underperformance of the consumer discretionary and staples sectors.

Baidu (9888 HK) received a BUY rating from Deutsche Bank with a target price of $186.  The company's cloud infrastructure revenue rose 79% in 1Q26.



BUY/SELL/HOLD: Hong Kong Market Update (5/27/26)

China

JD.com is a Chinese e-commerce company and a supply chain-based technology and service provider. It offers a wide range of products through its online retail platform, including electronics, general merchandise, and fresh food, complemented by its logistics and digital health services. Headquartered in Beijing, China, the company was founded in 1998.

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JD.com (9618 HK)

JD.com, Inc. Class A - JD.com Just Hit Europe’s Red Line With Its $2.6 Billion Deal!

JD.com is suddenly at the center of a much larger debate than a routine overseas acquisition. Its planned $2.6 billion takeover of Germany’s...

Baptista Research

JD.com (JD US) - Solid Core Earnings Growth in 1Q26

JD.com (JD) reported its 1Q26 results on 12 May: revenue reached RMB315.7bn, up 4.9% YoY (4Q25: +1.5%), 2%/1% ahead of our forecast/Bloomberg...

CMB International

JD.com (9618 HK / JD US) Earnings on 12 May: Historical Moves Outpace Options Pricing

JD.com (9618 HK / JD US) reports 1Q 2026 results on 12 May, with options pricing below historical earnings moves and event-driven IV crush expected.

Gaudenz Schneider

EQD | A Systematic Look at the Post Earnings Announcement Drift Across Asia

We leverage a few analytics from NewMark Risk's proprietary Options Implied Analytics library to enhance common strategies to trade earnings...

Nicholas Pezolano

BUY/SELL/HOLD: Hong Kong Market Update (5/27/26)

The Hong Kong market continues to trade sideways, with pockets of AI-themed stocks surging. IPO activity remains robust in the technology sector.

David Mudd

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