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 reported notable financial results for its third quarter of 2025, showcasing a strong continuation of growth trends across its e-commerce and fintech platforms.</li><li>The company's revenue grew by 39% year-on-year, marking the 27th consecutive quarter of growth above 30%.</li><li>This consistent growth is attributed to the company’s strategic investments in various areas such as logistics, free shipping, and financial services.</li></ul>

MercadoLibre reported notable financial results for its third quarter of 2025, showcasing a strong continuation of growth trends across its e-commerce and fintech platforms.The company's revenue grew by 39% year-on-year, marking the 27th consecutive quarter of growth above 30%.This consistent growth is attributed to the company’s strategic investments in various areas such as logistics, free shipping, and financial services.

MercadoLibre: How Fintech and Credit Expansion Are Enhancing Platform Stickiness!

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Shenzhen Gorged on Skyscrapers, Now It Faces a Commercial Property Glut</li><li>ICBC Executives Taken Away as Concerns Mount Over China’s Biggest Bank</li><li>PBOC Injects 50 Billion Yuan in November to Steady Year-End Liquidity</li></ul>

In Depth: Shenzhen Gorged on Skyscrapers, Now It Faces a Commercial Property GlutICBC Executives Taken Away as Concerns Mount Over China’s Biggest BankPBOC Injects 50 Billion Yuan in November to Steady Year-End Liquidity

CX Daily: Shenzhen Gorged on Skyscrapers, Now It Faces a Commercial Property Glut 

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>We look at the major themes and challenges for listed tech stocks in Southeast Asia including <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a>, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings</a>, <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga (BELI)</a>, and <a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a>.</li>
<li>Profitability remains the key quest all in 2025, with only <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> achieving this in a true and sustainable manner, with Grab moving closer ahead of GoTo, BELI, and BUKA. </li>
<li>Increasing take rates through seizing more of the value chain in logistics and advertising is another trend, with Fintech a core focus in shifting the needle on profitability and cross-selling</li>
</ul>


We look at the major themes and challenges for listed tech stocks in Southeast Asia including Sea Ltd, GoTo Gojek Tokopedia, Grab Holdings, Global Digital Niaga (BELI), and Bukalapak.
Profitability remains the key quest all in 2025, with only Sea Ltd achieving this in a true and sustainable manner, with Grab moving closer ahead of GoTo, BELI, and BUKA. 
Increasing take rates through seizing more of the value chain in logistics and advertising is another trend, with Fintech a core focus in shifting the needle on profitability and cross-selling


CrossASEAN Ground Zero - Let the Quest Begin

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BIDU US: Baidu Receives Hong Kong Autonomous Driving Taxi Pilot License (/)</li>
<li>SE US/MELI US/BABA US: Brazil e-commerce penetration rate rises 6.8ppts yoy during Black Friday (+/+/+)</li>
<li>SE US/BABA US: Shopee to raise commission rates in Philippines (+/+)</li>
</ul>


BIDU US: Baidu Receives Hong Kong Autonomous Driving Taxi Pilot License (/)
SE US/MELI US/BABA US: Brazil e-commerce penetration rate rises 6.8ppts yoy during Black Friday (+/+/+)
SE US/BABA US: Shopee to raise commission rates in Philippines (+/+)


[Blue Lotus Daily-TMT Update]:BIDU US/SE US/MELI US/BABA US/4689 JP/PDD US/JD US

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

<ul>
<li>China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.</li>
<li>Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.</li>
<li>Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. </li>
</ul>


China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.
Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.
Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. 


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: How Fintech and Credit Expansion Are Enhancing Platform Stickiness!

MercadoLibre reported notable financial results for its third quarter of 2025, showcasing a strong continuation of growth trends across its...

Baptista Research

CX Daily: Shenzhen Gorged on Skyscrapers, Now It Faces a Commercial Property Glut

TOP STORY In Depth: Shenzhen Gorged on Skyscrapers, Now It Faces a Commercial Property Glut Scores of glass-and-steel skyscrapers tower over...

Caixin Global

CrossASEAN Ground Zero - Let the Quest Begin

We look at the major themes and challenges for listed tech stocks in Southeast Asia including Sea Ltd, GoTo Gojek Tokopedia, Grab Holdings, Global...

Angus Mackintosh

[Blue Lotus Daily-TMT Update]:BIDU US/SE US/MELI US/BABA US/4689 JP/PDD US/JD US

Baidu receives pilot license for autonomous driving taxis in Hong Kong while e-commerce penetration in Brazil rises during Black Friday and Shopee...

Blue Lotus Research Institute

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

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MercadoLibre: How Fintech and Credit Expansion Are Enhancing Platform Stickiness!

MercadoLibre reported notable financial results for its third quarter of 2025, showcasing a strong continuation of growth trends across its...

Baptista Research

CX Daily: Shenzhen Gorged on Skyscrapers, Now It Faces a Commercial Property Glut

TOP STORY In Depth: Shenzhen Gorged on Skyscrapers, Now It Faces a Commercial Property Glut Scores of glass-and-steel skyscrapers tower over...

Caixin Global

CrossASEAN Ground Zero - Let the Quest Begin

We look at the major themes and challenges for listed tech stocks in Southeast Asia including Sea Ltd, GoTo Gojek Tokopedia, Grab Holdings, Global...

Angus Mackintosh

[Blue Lotus Daily-TMT Update]:BIDU US/SE US/MELI US/BABA US/4689 JP/PDD US/JD US

​Baidu receives pilot license for autonomous driving taxis in Hong Kong while e-commerce penetration in Brazil rises during Black Friday and Shopee...

Blue Lotus Research Institute

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

Baidu receives pilot license for autonomous driving taxis in Hong Kong while e-commerce penetration in Brazil rises during Black Friday and Shopee...