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>Kimberly-Clark’s first quarter performance reflects continued progress in its strategic transformation and demonstrates solid organic sales growth driven by innovation, particularly in its key focus areas of Baby Care, Women’s Health, and Active Aging.</li><li>The company achieved a 3% increase in volume plus mix growth—marking a ninth or tenth consecutive quarter of positive growth—supported by differentiated, science-backed innovations and a disciplined promotional approach.</li><li>Notably, promotion levels in North America remained below pre-COVID category levels, with promotional activities selectively used to drive trial for new products like the Snug & Dry diaper innovation.</li></ul>

Kimberly-Clark’s first quarter performance reflects continued progress in its strategic transformation and demonstrates solid organic sales growth driven by innovation, particularly in its key focus areas of Baby Care, Women’s Health, and Active Aging.The company achieved a 3% increase in volume plus mix growth—marking a ninth or tenth consecutive quarter of positive growth—supported by differentiated, science-backed innovations and a disciplined promotional approach.Notably, promotion levels in North America remained below pre-COVID category levels, with promotional activities selectively used to drive trial for new products like the Snug & Dry diaper innovation.

Kimberly-Clark: 6% Productivity Gains May Not Be Enough For Back-Half Cost Pressure!

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>, <a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> and <a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology Holdings (STX US)</a> are the top 3 addition candidates with ALNY at the top.</li>
<li>
<a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a>, <a href="https://www.smartkarma.com/entities/cdw-corp-de" target="_blank" data-smartkarma-citation="entities:2244:1" rel="noopener">CDW Corp (CDW US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen (BIIB US)</a> are the top 3 deletion candidates with GFS at the bottom.</li>
<li>Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.

GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.


Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-11-10/asia-pulp-paper-is-said-to-bid-for-stake-in-tissue-maker-vinda#xj4y7vzkg" target="_blank" rel="noopener">reported</a> Asia Pulp &amp; Paper is the latest party to have expressed interest in acquiring <a href="https://www.smartkarma.com/entities/essity-ab" target="_blank" data-smartkarma-citation="entities:28203:1" rel="noopener">Essity (ESSITYB SS)</a>’s controlling <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a> stake at more than HK$20 per share.</li>
<li>Vinda has three substantial shareholders. We think the most likely structure is a bidder acquiring Essity’s stake, which would trigger a mandatory general offer.</li>
<li>Vinda's recent update points to improving growth and margins. Peers and historical multiples imply a fair price range of HK$21-26 per share, a 7-32% premium to the last close.</li>
</ul>


Bloomberg reported Asia Pulp &amp; Paper is the latest party to have expressed interest in acquiring Essity (ESSITYB SS)’s controlling Vinda International (3331 HK) stake at more than HK$20 per share.
Vinda has three substantial shareholders. We think the most likely structure is a bidder acquiring Essity’s stake, which would trigger a mandatory general offer.
Vinda's recent update points to improving growth and margins. Peers and historical multiples imply a fair price range of HK$21-26 per share, a 7-32% premium to the last close.


Vinda International (3331 HK): Essity’s Stake Attracts More Potential Bidders

<ul><li>Kimberly-Clark's recent earnings call for Q4 2025 delivers a comprehensive perspective on its current performance and future outlook.</li><li>The company's leadership highlighted significant progress under its "Powering Care" initiative, emphasizing the strategic enhancements and robust execution over the past years despite market challenges.</li><li>From an investment perspective, Kimberly-Clark demonstrates strengths in volume-plus-mix growth, supported by consistent share gains and industry-leading productivity.</li></ul>

Kimberly-Clark's recent earnings call for Q4 2025 delivers a comprehensive perspective on its current performance and future outlook.The company's leadership highlighted significant progress under its "Powering Care" initiative, emphasizing the strategic enhancements and robust execution over the past years despite market challenges.From an investment perspective, Kimberly-Clark demonstrates strengths in volume-plus-mix growth, supported by consistent share gains and industry-leading productivity.

Kimberly-Clark’s Channel Optimization Strategy—and Why It Matters More Than Pricing!

<ul><li>Kimberly-Clark's third quarter of 2025 results depicts various dynamics in the consumer goods sector, reflecting both strategic advancements and market challenges.</li><li>The company has maintained its trajectory of volume-plus mix-led growth for seven consecutive quarters, suggesting effective adaptation strategies amidst a fluctuating consumer goods landscape.</li><li>This growth has been facilitated by the company’s ability to meet consumer needs across several product spectrums, illustrating positive market reception to their "good, better, best" offerings.</li></ul>

Kimberly-Clark's third quarter of 2025 results depicts various dynamics in the consumer goods sector, reflecting both strategic advancements and market challenges.The company has maintained its trajectory of volume-plus mix-led growth for seven consecutive quarters, suggesting effective adaptation strategies amidst a fluctuating consumer goods landscape.This growth has been facilitated by the company’s ability to meet consumer needs across several product spectrums, illustrating positive market reception to their "good, better, best" offerings.

Kimberly-Clark Goes Digital: How E-Commerce & Club Channels Are Driving Explosive Growth!

United States

Kimberly-Clark Corporation is a global health and hygiene company that manufactures and provides consumer products. The Company's products include diapers, tissues, paper towels, incontinence care products, surgical gowns, and disposable face masks.  Kimberly-Clark's products are sold in countries around the world.

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Kimberly Clark (KMB US)

Kimberly-Clark: 6% Productivity Gains May Not Be Enough For Back-Half Cost Pressure!

Kimberly-Clark’s first quarter performance reflects continued progress in its strategic transformation and demonstrates solid organic sales growth...

Baptista Research

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

Vinda International (3331 HK): Essity’s Stake Attracts More Potential Bidders

Vinda’s improving performance has supported the increasing list of potential bidders. The most likely bid structure is the acquisition of Essity’s...

Arun George

Kimberly-Clark’s Channel Optimization Strategy—and Why It Matters More Than Pricing!

Kimberly-Clark's recent earnings call for Q4 2025 delivers a comprehensive perspective on its current performance and future outlook. The...

Baptista Research

Kimberly-Clark Goes Digital: How E-Commerce & Club Channels Are Driving Explosive Growth!

Kimberly-Clark's third quarter of 2025 results depicts various dynamics in the consumer goods sector, reflecting both strategic advancements and...

Baptista Research

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