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>Lyft’s first quarter of 2026 exhibited continued growth and execution aligned with its strategic objectives, supported by increases in active riders, gross bookings, and adjusted EBITDA.</li><li>The company reported a 19% year-over-year rise in gross bookings and a 25% growth in adjusted EBITDA, alongside generating a record $1.12 billion in free cash flow over the prior twelve months.</li><li>Lyft also executed its largest quarterly share repurchase of $300 million during the period.</li></ul>

Lyft’s first quarter of 2026 exhibited continued growth and execution aligned with its strategic objectives, supported by increases in active riders, gross bookings, and adjusted EBITDA.The company reported a 19% year-over-year rise in gross bookings and a 25% growth in adjusted EBITDA, alongside generating a record $1.12 billion in free cash flow over the prior twelve months.Lyft also executed its largest quarterly share repurchase of $300 million during the period.

Lyft’s Waymo Partnership: Can Autonomous Vehicles Unlock The Next Leg?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market continues to languish, trading flat for the year.  The telecom sector has shown some strength following the rollout of new token packages in May.</li>
<li>Materials and energy sectors have gone from top performers to lagging sectors since the ceasefire was announced in early April.  </li>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc-class-a" target="_blank" data-smartkarma-citation="entities:46237:1" rel="noopener">Pony.ai (2026 HK)</a> shares jumped after the company announced it's increasing its robotaxi fleet target for this year, following stronger-than-expected 1Q26 revenue driven by growth in robotaxi and intelligent solutions.
</li>
</ul>


Hong Kong market continues to languish, trading flat for the year.  The telecom sector has shown some strength following the rollout of new token packages in May.
Materials and energy sectors have gone from top performers to lagging sectors since the ceasefire was announced in early April.  

Pony.ai (2026 HK) shares jumped after the company announced it's increasing its robotaxi fleet target for this year, following stronger-than-expected 1Q26 revenue driven by growth in robotaxi and intelligent solutions.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (May 2026)

<ul><li>Lyft is pushing deeper into international mobility with its planned acquisition of Gett’s UK taxi business, a move that would mark its third international acquisition within a year and materially expand its London presence.</li><li>The deal follows Lyft’s earlier international push through FREENOW and TBR Global Chauffeuring, signaling a broader shift from a North America-focused rideshare platform toward a multi-market ground transportation network.</li><li>Gett is a major London black cab app with strong enterprise relationships, and Lyft has said the transaction would bring the majority of Greater London’s registered black cab drivers onto its platform while nearly doubling its London ride volume.</li></ul>

Lyft is pushing deeper into international mobility with its planned acquisition of Gett’s UK taxi business, a move that would mark its third international acquisition within a year and materially expand its London presence.The deal follows Lyft’s earlier international push through FREENOW and TBR Global Chauffeuring, signaling a broader shift from a North America-focused rideshare platform toward a multi-market ground transportation network.Gett is a major London black cab app with strong enterprise relationships, and Lyft has said the transaction would bring the majority of Greater London’s registered black cab drivers onto its platform while nearly doubling its London ride volume.

Lyft Acquisition Shocker: Can This UK Takeover Finally Crack Europe?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.
</li>
<li>Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.</li>
<li>The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.</li>
</ul>



DiDi Global (DIDI US) has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.

Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.
The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.


2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
In this note, we will talk about the lockup dynamics and possible placement.


Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Lyft’s Waymo Partnership: Can Autonomous Vehicles Unlock The Next Leg?

Lyft’s first quarter of 2026 exhibited continued growth and execution aligned with its strategic objectives, supported by increases in active...

Baptista Research

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (May 2026)

Pony.ai shares jumped after the company announced it's increasing its robotaxi fleet target for 2026, after stronger-than-expected 1Q26 revenue...

David Mudd

Lyft Acquisition Shocker: Can This UK Takeover Finally Crack Europe?

Lyft is pushing deeper into international mobility with its planned acquisition of Gett’s UK taxi business, a move that would mark its third...

Baptista Research

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi's share price has now broken major resistance levels at $5 and $6 on surging volume. The company's profit remains on track to double in 2025....

David Mudd

Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

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