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>Match Group, Inc., the parent company of several leading dating apps, including Tinder and Hinge, presented its second quarter of 2025 financial results.</li><li>The company's strategy, as laid out by CEO Spencer Rascoff, emphasizes a phased transformation to refocus on user outcomes, enhanced product innovation, and an overall revitalization of their brands.</li><li>One of the primary focuses has been on Tinder, which, despite its scale and global recognition, faced criticism for stagnation and overemphasis on short-term monetization.</li></ul>

Match Group, Inc., the parent company of several leading dating apps, including Tinder and Hinge, presented its second quarter of 2025 financial results.The company's strategy, as laid out by CEO Spencer Rascoff, emphasizes a phased transformation to refocus on user outcomes, enhanced product innovation, and an overall revitalization of their brands.One of the primary focuses has been on Tinder, which, despite its scale and global recognition, faced criticism for stagnation and overemphasis on short-term monetization.

Match Group: Revamping Tinder With Bold Features to Reignite Gen Z Engagement; Will It Work?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> in June but there are capping changes for the Select Sector indices and the Equal Weight Index.</li>
<li>The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund (XLC US)</a> and <a href="https://www.smartkarma.com/entities/energy-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27537:1" rel="noopener">Energy Select Sector SPDR Fund (XLE US)</a>. </li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet</a>, <a href="https://www.smartkarma.com/entities/chevron-corp" target="_blank" data-smartkarma-citation="entities:11091:1" rel="noopener">Chevron Corp</a>, <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa</a>, <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone</a>, <a href="https://www.smartkarma.com/entities/live-nation-entertainment-inc" target="_blank" data-smartkarma-citation="entities:6893:1" rel="noopener">Live Nation Entertainment</a>, <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta</a>, <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/tko-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:40463:1" rel="noopener">TKO Group Holdings</a>, <a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies</a> and <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group</a>.</li>
</ul>


There are no constituent changes for the S&amp;P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US). 
The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.


Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

<ul><li>Match Group, the prominent digital dating service operator, highlighted several strategic shifts and performance outcomes during its recent financial results call.</li><li>The company's leadership, headed by new CEO Spencer Rascoff, underscored its mission to foster meaningful connections and its recalibration towards a more unified and innovative organizational structure.</li><li>This reorganization involves consolidating operations from previously independent brand units, allowing Match Group to harness the full potential of its scale and diverse brand portfolio.</li></ul>

Match Group, the prominent digital dating service operator, highlighted several strategic shifts and performance outcomes during its recent financial results call.The company's leadership, headed by new CEO Spencer Rascoff, underscored its mission to foster meaningful connections and its recalibration towards a more unified and innovative organizational structure.This reorganization involves consolidating operations from previously independent brand units, allowing Match Group to harness the full potential of its scale and diverse brand portfolio.

Match Group Doubles Down on Gen-Z With Bold Tinder Turnaround & Velocity Push; But Will It Work?

<ul><li>Match Group recently reported their Fourth Quarter 2024 Earnings, shedding light on financial performance and strategic directions.</li><li>The company reported revenues of $3.5 billion for 2024, reflecting a 3% increase year-over year, or 6% on an FX-neutral basis.</li><li>Despite facing lower revenue growth than initially anticipated, Match Group succeeded in meeting their Adjusted Operating Income (AOI) margin target of 36%, indicating strong cost management practices.</li></ul>

Match Group recently reported their Fourth Quarter 2024 Earnings, shedding light on financial performance and strategic directions.The company reported revenues of $3.5 billion for 2024, reflecting a 3% increase year-over year, or 6% on an FX-neutral basis.Despite facing lower revenue growth than initially anticipated, Match Group succeeded in meeting their Adjusted Operating Income (AOI) margin target of 36%, indicating strong cost management practices.

Match Group: Will the AI Integration Provide A Much-Needed Boost Its Share In The Growing Online Dating Market?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> and <a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management (APO US)</a> are the main candidates for addition by transition as they are passing the estimated transition threshold and have strong eligibility metrics.  </li>
<li>
<a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land (TPL US)</a> is the main candidate for addition by migration - despite failing eligibility - due to its significant distance above the minimum S&amp;P500 mcap threshold. </li>
<li>
<a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">Emcor Group (EME US)</a> and <a href="https://www.smartkarma.com/entities/lennox-international-inc" target="_blank" data-smartkarma-citation="entities:16420:1" rel="noopener">Lennox International (LII US)</a> are the next candidates for addition by migration with both passing eligibility and adequate distance above the mcap threshold. </li>
</ul>



AppLovin (APP US) and Apollo Global Management (APO US) are the main candidates for addition by transition as they are passing the estimated transition threshold and have strong eligibility metrics.  

Texas Pacific Land (TPL US) is the main candidate for addition by migration - despite failing eligibility - due to its significant distance above the minimum S&amp;P500 mcap threshold. 

Emcor Group (EME US) and Lennox International (LII US) are the next candidates for addition by migration with both passing eligibility and adequate distance above the mcap threshold. 


S&P500 December 2024 Forecasts: APP, APO and TPL Leading the Pack

United States

Match Group, Inc. is a dating service provider. The Company offers diverse portfolio of apps and services which enables connections across the spectrum of age, race, gender, sexual orientation, and backgrounds. Match Group serves customers worldwide.

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Match Group (MTCH US)

Match Group: Revamping Tinder With Bold Features to Reignite Gen Z Engagement; Will It Work?

Match Group, Inc., the parent company of several leading dating apps, including Tinder and Hinge, presented its second quarter of 2025 financial...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

Match Group Doubles Down on Gen-Z With Bold Tinder Turnaround & Velocity Push; But Will It Work?

Match Group, the prominent digital dating service operator, highlighted several strategic shifts and performance outcomes during its recent...

Baptista Research

S&P500 December 2024 Forecasts: APP, APO and TPL Leading the Pack

Texas Pacific Land (TPL) - the top migration candidate - has been announced as an addition to S&P500 prior to the quarterly review as it is...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Match Group: Revamping Tinder With Bold Features to Reignite Gen Z Engagement; Will It Work?

Match Group, Inc., the parent company of several leading dating apps, including Tinder and Hinge, presented its second quarter of 2025 financial...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

Match Group Doubles Down on Gen-Z With Bold Tinder Turnaround & Velocity Push; But Will It Work?

Match Group, the prominent digital dating service operator, highlighted several strategic shifts and performance outcomes during its recent...

Baptista Research

Match Group: Will the AI Integration Provide A Much-Needed Boost Its Share In The Growing Online Dating Market?

Match Group recently reported their Fourth Quarter 2024 Earnings, shedding light on financial performance and strategic directions. The company...

Baptista Research

S&P500 December 2024 Forecasts: APP, APO and TPL Leading the Pack

Texas Pacific Land (TPL) - the top migration candidate - has been announced as an addition to S&P500 prior to the quarterly review as it is...

Dimitris Ioannidis