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.

Credit

<ul><li>MercadoLibre, the leading e-commerce and fintech company in Latin America, has reported its financial performance for the first quarter of 2025, showcasing strong growth across its major business segments.</li><li>The company continues to consolidate its position as a key player in both the e-commerce and financial services sectors in the region.</li><li>On the positive side, MercadoLibre has maintained robust growth in net revenues, reflecting the momentum achieved in 2024.</li></ul>

MercadoLibre, the leading e-commerce and fintech company in Latin America, has reported its financial performance for the first quarter of 2025, showcasing strong growth across its major business segments.The company continues to consolidate its position as a key player in both the e-commerce and financial services sectors in the region.On the positive side, MercadoLibre has maintained robust growth in net revenues, reflecting the momentum achieved in 2024.

MercadoLibre's Fintech Empire Is Growing: Credit

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>MercadoLibre is now owned by 47% of GEM funds, with average weights hitting record highs of 1.18%. </li>
<li>Activity is balanced, but high-conviction growth managers remain well invested.</li>
<li>Despite some outflows, MercadoLibre remains a core growth story in GEM portfolios, climbing the ranks to the 16th most widely owned stock in the EM universe.</li>
</ul>


MercadoLibre is now owned by 47% of GEM funds, with average weights hitting record highs of 1.18%. 
Activity is balanced, but high-conviction growth managers remain well invested.
Despite some outflows, MercadoLibre remains a core growth story in GEM portfolios, climbing the ranks to the 16th most widely owned stock in the EM universe.


MercadoLibre, Inc. – High Growth Funds Push Exposure to Record Levels

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

<ul>
<li>S&amp;P revised MELI’s credit rating outlook to positive from stable and affirmed its BB+ issuer credit rating.</li>
<li>MELI's credit metrics are considerably stronger than its peers in the high-yield rating category</li>
<li>MELI’s bonds have arguably already been trading at the investment grade level, supported by the company’s solid credit metrics for the rating category.</li>
</ul>


S&amp;P revised MELI’s credit rating outlook to positive from stable and affirmed its BB+ issuer credit rating.
MELI's credit metrics are considerably stronger than its peers in the high-yield rating category
MELI’s bonds have arguably already been trading at the investment grade level, supported by the company’s solid credit metrics for the rating category.


MercadoLibre: Analyzing the Market Reaction to S&P’s Outlook Change

<ul>
<li>Despite MercadoLibre’s non-benchmark status, ownership among active EM managers has reached new highs.</li>
<li>MercadoLibre has been the beneficiary of significant manager rotation over the last year, with 131 funds increasing weights and 29 opening new positions.</li>
<li>MercadoLibre is now the 8th largest holding on an average weight basis and has recently overtaken AIA Group as the largest overweight stock position across all regions.</li>
</ul>


Despite MercadoLibre’s non-benchmark status, ownership among active EM managers has reached new highs.
MercadoLibre has been the beneficiary of significant manager rotation over the last year, with 131 funds increasing weights and 29 opening new positions.
MercadoLibre is now the 8th largest holding on an average weight basis and has recently overtaken AIA Group as the largest overweight stock position across all regions.


<ul>
<li>Argentina Secures US$20bn IMF Deal with Currency Controls Eased / Argentina: March CPI Surprise Adds Pressure</li>
<li>Initiating Coverage on Telecom Argentina: Solid Market Position but Uncertain Outlook / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile</li>
<li>Minerva Announces Capital increase Backed by Sponsors / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile</li>
</ul>


Argentina Secures US$20bn IMF Deal with Currency Controls Eased / Argentina: March CPI Surprise Adds Pressure
Initiating Coverage on Telecom Argentina: Solid Market Position but Uncertain Outlook / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile
Minerva Announces Capital increase Backed by Sponsors / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile


Brazil

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

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MercadoLibre (MELI US)

MercadoLibre's Fintech Empire Is Growing: Credit

MercadoLibre, the leading e-commerce and fintech company in Latin America, has reported its financial performance for the first quarter of 2025,...

Baptista Research

MercadoLibre, Inc. – High Growth Funds Push Exposure to Record Levels

With 47% of funds invested in MercadoLibre it becomes the 16th most widely owned name across global EM, cementing MercadoLibre as a core name in...

Steven Holden

MercadoLibre: Analyzing the Market Reaction to S&P’s Outlook Change

S&P upgrades MELI's credit rating outlook to positive, citing strong credit metrics and potential investment grade status for bonds.

Leandro Gubler

MercadoLibre's Bullish Run Continues

MercadoLibre has been the beneficiary of significant manager rotation over the last year, overtaking AIA Group as the largest overweight stock...

Steven Holden

Weekly News & Views

Argentina secures IMF deal with eased currency controls, Telecom Argentina has solid market position but uncertain outlook, Mercado Libre expands...

Leandro Gubler

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MercadoLibre's Fintech Empire Is Growing: Credit

MercadoLibre, the leading e-commerce and fintech company in Latin America, has reported its financial performance for the first quarter of 2025,...

Baptista Research

MercadoLibre, Inc. – High Growth Funds Push Exposure to Record Levels

With 47% of funds invested in MercadoLibre it becomes the 16th most widely owned name across global EM, cementing MercadoLibre as a core name in...

Steven Holden

MercadoLibre: Analyzing the Market Reaction to S&P’s Outlook Change

​S&P upgrades MELI's credit rating outlook to positive, citing strong credit metrics and potential investment grade status for bonds.

Leandro Gubler

MercadoLibre's Bullish Run Continues

MercadoLibre has been the beneficiary of significant manager rotation over the last year, overtaking AIA Group as the largest overweight stock...

Steven Holden

Weekly News & Views

​Argentina secures IMF deal with eased currency controls, Telecom Argentina has solid market position but uncertain outlook, Mercado Libre expands...

Leandro Gubler

S&P upgrades MELI's credit rating outlook to positive, citing strong credit metrics and potential investment grade status for bonds.

Argentina secures IMF deal with eased currency controls, Telecom Argentina has solid market position but uncertain outlook, Mercado Libre expands...