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!

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS sees M. deal as key to SGX's growth and potential earnings boost.</li>
<li>RHB maintains 'buy' on CSE Global after US$8 million SEI acquisition.</li>
<li>World Cup impacts high-value gaming patrons; DBS retains ‘hold’ on Genting Singapore.</li>
</ul>


DBS sees M. deal as key to SGX's growth and potential earnings boost.
RHB maintains 'buy' on CSE Global after US$8 million SEI acquisition.
World Cup impacts high-value gaming patrons; DBS retains ‘hold’ on Genting Singapore.


Singapore Market Roundup (24-Jul-2026): DBS Views M. Deal as Vital for SGX Growth and Earnings.

<ul><li>DBS keeps 'hold' on Genting Singapore, citing World Cup's impact on gaming patrons.</li><li>CGS International raises Yangzijiang Shipbuilding's target price to $5.10.</li><li>RHB optimistic on CLAR; portfolio changes expected to boost DPU from FY2027.</li></ul>

DBS keeps 'hold' on Genting Singapore, citing World Cup's impact on gaming patrons.CGS International raises Yangzijiang Shipbuilding's target price to $5.10.RHB optimistic on CLAR; portfolio changes expected to boost DPU from FY2027.

Singapore Market Roundup (23-Jul-2026): DBS maintains 'hold' on Genting Singapore due to World

<ul>
<li>Mixed feelings about Genting Singapore.</li>
<li>Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices.</li>
<li>DBS Group Research keeps 'buy' on Stoneweg Europe Stapled Trust, raises target price.</li>
</ul>


Mixed feelings about Genting Singapore.
Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices.
DBS Group Research keeps 'buy' on Stoneweg Europe Stapled Trust, raises target price.


Singapore Market Roundup (26-Feb-2026): Conflicted feelings about Genting Singapore.

<ul>
<li>Beansprout rates CSE Global 'buy' with a target price of $1.40.</li>
<li>DBS raises Nam Cheong target price to $1.60, calling it a 'hidden gem.'</li>
<li>CGSI maintains "add" on Genting SG, anticipating gradual earnings growth from 1QFY2026.</li>
</ul>


Beansprout rates CSE Global 'buy' with a target price of $1.40.
DBS raises Nam Cheong target price to $1.60, calling it a 'hidden gem.'
CGSI maintains "add" on Genting SG, anticipating gradual earnings growth from 1QFY2026.


Singapore Market Roundup (30-Jan-2026): CSE Global rated 'buy' by Beansprout, target $1.40.

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

Singapore Market Roundup (24-Jul-2026): DBS Views M. Deal as Vital for SGX Growth and Earnings.

DBS views the M. deal as crucial for SGX's growth. RHB keeps 'buy' on CSE Global after its $8M SEI acquisition. Worlds Cup impacts high-value...

Singapore Market Roundup

Singapore Market Roundup (23-Jul-2026): DBS maintains 'hold' on Genting Singapore due to World

DBS maintains 'hold' on Genting Singapore due to World Cup effects. CGS raises Yangzijiang target to $5.10; RHB optimistic on CLAR, expecting DPU...

Singapore Market Roundup

Singapore Market Roundup (26-Feb-2026): Conflicted feelings about Genting Singapore.

Genting Singapore faces mixed feelings. Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices. DBS maintains 'buy' on Stoneweg...

Singapore Market Roundup

Singapore Market Roundup (30-Jan-2026): CSE Global rated 'buy' by Beansprout, target $1.40.

Beansprout rates CSE Global 'buy' at $1.40. DBS lifts Nam Cheong to $1.60, labeling it a 'hidden gem.' CGSI keeps 'add' on Genting SG for earnings...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)