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 reported its second-quarter 2026 financial results, highlighting mixed performance across its key markets, Singapore and Macau, amid several external and operational factors.</li><li>The company achieved strong EBITDA of $689 million at Marina Bay Sands (MBS) in Singapore, slightly above adjusted expectations by approximately $37 million when considering rolling play hold adjustments.</li><li>This performance occurred despite typical seasonal softness and a notable decline in visitation by high-value patrons during the June World Cup football tournament.</li></ul>

Las Vegas Sands Corporation reported its second-quarter 2026 financial results, highlighting mixed performance across its key markets, Singapore and Macau, amid several external and operational factors.The company achieved strong EBITDA of $689 million at Marina Bay Sands (MBS) in Singapore, slightly above adjusted expectations by approximately $37 million when considering rolling play hold adjustments.This performance occurred despite typical seasonal softness and a notable decline in visitation by high-value patrons during the June World Cup football tournament.

Las Vegas Sands’ $700 Million Macau EBITDA Ambition — Can Premium Gaming Close The Gap?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Shanghai Electric Group / 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.


<ul>
<li>Hong Kong tech sector leads the market higher with increased momentum and lower volatility.  Short selling has abated with unwind of HKD carry trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> had a breakout from a Falling Wedge pattern. The share price broke above its short-term averages with increasing momentum.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-feihe-ltd" target="_blank" data-smartkarma-citation="entities:24413:1" rel="noopener">China Feihe (6186 HK)</a> broke out from its downtrend with a Reversal from its U-Shaped Bottom.  <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries (669 HK)</a> broke out to a new YTD high.
</li>
</ul>


Hong Kong tech sector leads the market higher with increased momentum and lower volatility.  Short selling has abated with unwind of HKD carry trade.

Sands China (1928 HK) had a breakout from a Falling Wedge pattern. The share price broke above its short-term averages with increasing momentum.


China Feihe (6186 HK) broke out from its downtrend with a Reversal from its U-Shaped Bottom.  Techtronic Industries (669 HK) broke out to a new YTD high.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 23)

<ul><li>Las Vegas Sands Corporation reported strong financial performance for the first quarter of 2026, with notable growth across its key markets in Singapore and Macao.</li><li>Marina Bay Sands in Singapore achieved an EBITDA of $788 million, representing over 30% growth compared to prior periods.</li><li>This performance is attributed to high-value tourism spending and the company’s focus on its strategic pillars of people, product, and service, which are aimed at optimizing customer experiences.</li></ul>

Las Vegas Sands Corporation reported strong financial performance for the first quarter of 2026, with notable growth across its key markets in Singapore and Macao.Marina Bay Sands in Singapore achieved an EBITDA of $788 million, representing over 30% growth compared to prior periods.This performance is attributed to high-value tourism spending and the company’s focus on its strategic pillars of people, product, and service, which are aimed at optimizing customer experiences.

Las Vegas Sands: Can $788 Million In Singapore EBITDA Carry The Buy Through Macao Reinvestment?

<ul><li>Las Vegas Sands Corporation recently held its earnings call for the fourth quarter of 2025, providing insights into its financial and operational performance.</li><li>The quarter revealed a mixed set of results, underscored by the company's significant achievements at its Singapore and Macao properties while also reflecting some challenges.</li><li>Marina Bay Sands (MBS) in Singapore reported exceptional performance, generating an EBITDA of $806 million, marking the greatest quarter in the history of casino hotels according to the company's CEO, Robert Goldstein.</li></ul>

Las Vegas Sands Corporation recently held its earnings call for the fourth quarter of 2025, providing insights into its financial and operational performance.The quarter revealed a mixed set of results, underscored by the company's significant achievements at its Singapore and Macao properties while also reflecting some challenges.Marina Bay Sands (MBS) in Singapore reported exceptional performance, generating an EBITDA of $806 million, marking the greatest quarter in the history of casino hotels according to the company's CEO, Robert Goldstein.

Las Vegas Sands Is Reinventing Baccarat With High-Impact Side Wagers—Can Macao Catch Up?

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’ $700 Million Macau EBITDA Ambition — Can Premium Gaming Close The Gap?

Las Vegas Sands Corporation reported its second-quarter 2026 financial results, highlighting mixed performance across its key markets, Singapore...

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

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 23)

Hong Kong tech sector is key to lead the market higher. Lower volatility & decreased short selling volume provide tailwinds for HSTECH index. Sands...

David Mudd

Las Vegas Sands: Can $788 Million In Singapore EBITDA Carry The Buy Through Macao Reinvestment?

Las Vegas Sands Corporation reported strong financial performance for the first quarter of 2026, with notable growth across its key markets in...

Baptista Research

Las Vegas Sands Is Reinventing Baccarat With High-Impact Side Wagers—Can Macao Catch Up?

Las Vegas Sands Corporation recently held its earnings call for the fourth quarter of 2025, providing insights into its financial and operational...

Baptista Research

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