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>Lockheed Martin Corporation's recent earnings report for the fourth quarter and full year 2024 showcases a mix of positive and challenging aspects of the company's performance.</li><li>Overall, the company demonstrated resilience through revenue growth and an expanding backlog, but financial results were impacted by significant charges related to classified programs.</li><li>In 2024, Lockheed Martin reported sales growth of 5% year-over-year, reaching $71 billion.</li></ul>

Lockheed Martin Corporation's recent earnings report for the fourth quarter and full year 2024 showcases a mix of positive and challenging aspects of the company's performance.Overall, the company demonstrated resilience through revenue growth and an expanding backlog, but financial results were impacted by significant charges related to classified programs.In 2024, Lockheed Martin reported sales growth of 5% year-over-year, reaching $71 billion.

Pentagon’s Favorite Contractor? Why Lockheed Martin’s Defense Empire Will Keep Soaring!- Major Drivers

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>AI agents are becoming more powerful assistants but need careful management to avoid potential risks.</li><li>Honor is preparing for an IPO with corporate restructuring and rebranding efforts.</li><li>Taiwan tightens restrictions on tech exports to China while the US considers banning Chinese drones like DJI.</li></ul>

AI agents are becoming more powerful assistants but need careful management to avoid potential risks.Honor is preparing for an IPO with corporate restructuring and rebranding efforts.Taiwan tightens restrictions on tech exports to China while the US considers banning Chinese drones like DJI.

Tech Supply Chain Tracker (04-Jan-2025): AI agents: helper or threat?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>MBK Partners acquired an additional 2.7% stake in Korea Zinc raising its total ownership to 39.7%. This is likely to fuel additional positive share price momentum on Korea Zinc.</li>
<li>This is likely to rekindle a potential M&amp;A fight for the management control of the company. </li>
<li>This additional additional purchase of Korea Zinc by MBK Partners is a signal, not noise. Another M&amp;A fight is likely in the next AGM in March 2026. </li>
</ul>


MBK Partners acquired an additional 2.7% stake in Korea Zinc raising its total ownership to 39.7%. This is likely to fuel additional positive share price momentum on Korea Zinc.
This is likely to rekindle a potential M&amp;A fight for the management control of the company. 
This additional additional purchase of Korea Zinc by MBK Partners is a signal, not noise. Another M&amp;A fight is likely in the next AGM in March 2026. 


MBK Partners: Acquires Additional 2.7% Stake in Korea Zinc - Another M&A Fight in March 2026?

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Firefly Aerospace / Equity Capital Markets

<ul>
<li>The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>According to our sources, the deal is being classified as multiple-times oversubscribed.</li>
<li>FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. </li>
</ul>


The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
According to our sources, the deal is being classified as multiple-times oversubscribed.
FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. 


Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>
Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.</li>
<li>
Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.</li>
<li>
Emerging Naval, Drones, &amp; Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.</li>
</ul>



Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.

Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.

Emerging Naval, Drones, &amp; Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.


Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

United States

Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services.  The Company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration.  Lockheed Martin operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lockheed Martin (LMT US)

Pentagon’s Favorite Contractor? Why Lockheed Martin’s Defense Empire Will Keep Soaring!- Major Drivers

Lockheed Martin Corporation's recent earnings report for the fourth quarter and full year 2024 showcases a mix of positive and challenging aspects...

Baptista Research

Tech Supply Chain Tracker (04-Jan-2025): AI agents: helper or threat?

Rise of AI agents brings benefits and risks, Taiwan tightens tech export restrictions, US gov seeks to ban Chinese drones, China restricts 28 US...

Tech Supply Chain Tracker

MBK Partners: Acquires Additional 2.7% Stake in Korea Zinc - Another M&A Fight in March 2026?

MBK Partners acquired an additional 2.7% stake in Korea Zinc raising its total ownership to 39.7%. Another M&A fight is likely in the next AGM in...

Douglas Kim

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pentagon’s Favorite Contractor? Why Lockheed Martin’s Defense Empire Will Keep Soaring!- Major Drivers

Lockheed Martin Corporation's recent earnings report for the fourth quarter and full year 2024 showcases a mix of positive and challenging aspects...

Baptista Research

Tech Supply Chain Tracker (04-Jan-2025): AI agents: helper or threat?

Rise of AI agents brings benefits and risks, Taiwan tightens tech export restrictions, US gov seeks to ban Chinese drones, China restricts 28 US...

Tech Supply Chain Tracker

MBK Partners: Acquires Additional 2.7% Stake in Korea Zinc - Another M&A Fight in March 2026?

MBK Partners acquired an additional 2.7% stake in Korea Zinc raising its total ownership to 39.7%. Another M&A fight is likely in the next AGM in...

Douglas Kim

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

​FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

​Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...

Vincent Fernando, CFA

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...