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>Las Vegas Sands Corporation (LVS) has reported its third-quarter 2025 earnings, showcasing impressive performance, particularly in its Singapore operation, Marina Bay Sands (MBS), and significant improvements in Macau.</li><li>The company's Financial Year 2025 demonstrates robust growth, but some challenges remain, especially in Macau.</li><li>The standout performer in this quarter for Las Vegas Sands was Marina Bay Sands, which delivered EBITDA of $743 million, pointing to an expected annual EBITDA well above the projected $2.5 billion, potentially nearing $2.8 or $2.9 billion.</li></ul>

Las Vegas Sands Corporation (LVS) has reported its third-quarter 2025 earnings, showcasing impressive performance, particularly in its Singapore operation, Marina Bay Sands (MBS), and significant improvements in Macau.The company's Financial Year 2025 demonstrates robust growth, but some challenges remain, especially in Macau.The standout performer in this quarter for Las Vegas Sands was Marina Bay Sands, which delivered EBITDA of $743 million, pointing to an expected annual EBITDA well above the projected $2.5 billion, potentially nearing $2.8 or $2.9 billion.

Las Vegas Sands’ $8 Billion Bet: Inside the Singapore Expansion That’s Redefining Luxury Tourism!

<ul><li>Las Vegas Sands Corporation's latest earnings report offers a mixed yet intriguing view into the company's operational performance, focusing on their flagship properties in Macau and Marina Bay Sands in Singapore.</li><li>The highlights of the earnings call indicate an exceptional quarter for Marina Bay Sands, posting a record quarterly EBITDA of $768 million.</li><li>This reflects significant growth propelled by mass gaming, which reached $843 million – a stark increase of 97% from Q2 2019 and 40% higher year-on-year.</li></ul>

Las Vegas Sands Corporation's latest earnings report offers a mixed yet intriguing view into the company's operational performance, focusing on their flagship properties in Macau and Marina Bay Sands in Singapore.The highlights of the earnings call indicate an exceptional quarter for Marina Bay Sands, posting a record quarterly EBITDA of $768 million.This reflects significant growth propelled by mass gaming, which reached $843 million – a stark increase of 97% from Q2 2019 and 40% higher year-on-year.

Las Vegas Sands Corporation: Unlocking New Luxury Demand with Strategic Market Repositioning!

<ul><li>Las Vegas Sands' latest financial results illustrate a complex yet intriguing picture for potential investors.</li><li>On the one hand, the results reflect significant achievements, such as record-breaking adjusted property EBITDA of $605 million at Marina Bay Sands in Singapore, showcasing robust growth and operational efficiency.</li><li>This performance is attributed to the successful execution of the company's gaming investment programs and the increasing appeal of Singapore as a high-value tourist destination.</li></ul>

Las Vegas Sands' latest financial results illustrate a complex yet intriguing picture for potential investors.On the one hand, the results reflect significant achievements, such as record-breaking adjusted property EBITDA of $605 million at Marina Bay Sands in Singapore, showcasing robust growth and operational efficiency.This performance is attributed to the successful execution of the company's gaming investment programs and the increasing appeal of Singapore as a high-value tourist destination.

Las Vegas Sands: Will Its Expansion of Non-Gaming Investments Pay Off?

<ul><li>Las Vegas Sands (LVS) reported its fourth-quarter 2024 results, highlighting developments in both its Macao and Singapore operations.</li><li>The company’s strategic positioning and investments reflect a comprehensive approach to leveraging its assets to enhance market share and financial performance, but there are also notable challenges to address.</li><li>In Macao, the overall market demonstrated moderate growth, with a 6% increase in revenue compared to the same quarter in the previous year, while mass gaming revenue grew by 5%.</li></ul>

Las Vegas Sands (LVS) reported its fourth-quarter 2024 results, highlighting developments in both its Macao and Singapore operations.The company’s strategic positioning and investments reflect a comprehensive approach to leveraging its assets to enhance market share and financial performance, but there are also notable challenges to address.In Macao, the overall market demonstrated moderate growth, with a 6% increase in revenue compared to the same quarter in the previous year, while mass gaming revenue grew by 5%.

Why Las Vegas Sands' Macau & Singapore Dominance Could Mean Big Profits Ahead!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Shanghai Electric Group Company / Equity Bottom-Up

<ul>
<li>Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.</li>
<li>Stocks are chosen from single stock insights as well as sector and weekly publications.</li>
<li>Positions will be adjusted once a month and the cash position will vary based on market conditions.</li>
</ul>


Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.
Stocks are chosen from single stock insights as well as sector and weekly publications.
Positions will be adjusted once a month and the cash position will vary based on market conditions.


United States

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

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Las Vegas Sands (LVS US)

Las Vegas Sands’ $8 Billion Bet: Inside the Singapore Expansion That’s Redefining Luxury Tourism!

Las Vegas Sands Corporation (LVS) has reported its third-quarter 2025 earnings, showcasing impressive performance, particularly in its Singapore...

Baptista Research

Las Vegas Sands Corporation: Unlocking New Luxury Demand with Strategic Market Repositioning!

Las Vegas Sands Corporation's latest earnings report offers a mixed yet intriguing view into the company's operational performance, focusing on...

Baptista Research

Las Vegas Sands: Will Its Expansion of Non-Gaming Investments Pay Off?

Las Vegas Sands' latest financial results illustrate a complex yet intriguing picture for potential investors. On the one hand, the results...

Baptista Research

Why Las Vegas Sands' Macau & Singapore Dominance Could Mean Big Profits Ahead!

Las Vegas Sands (LVS) reported its fourth-quarter 2024 results, highlighting developments in both its Macao and Singapore operations. The...

Baptista Research

HONG KONG ALPHA PORTFOLIO - Introduction

We have launched a Hong Kong portfolio with the aim to outperform HK indexes and generate alpha. Stocks are chosen from those highlighted in our...

David Mudd

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