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>MongoDB reported fourth quarter fiscal 2026 revenue of $695 million, representing 27% year-over-year growth and exceeding the upper end of management’s guidance.</li><li>Growth was primarily driven by continued expansion of the Atlas cloud database platform, which grew 29% year-over-year and accounted for 72% of total revenue.</li><li>Atlas surpassed a $2 billion annualized revenue run rate during the quarter and delivered $114 million in net new revenue.</li></ul>

MongoDB reported fourth quarter fiscal 2026 revenue of $695 million, representing 27% year-over-year growth and exceeding the upper end of management’s guidance.Growth was primarily driven by continued expansion of the Atlas cloud database platform, which grew 29% year-over-year and accounted for 72% of total revenue.Atlas surpassed a $2 billion annualized revenue run rate during the quarter and delivered $114 million in net new revenue.

MongoDB: How Atlas, Enterprise Contracts, and AI Applications Are Driving Platform Expansion!

<ul><li>MongoDB’s recent stock plunge has reignited debate about how investors are valuing software companies in the era of artificial intelligence.</li><li>Shares of the database company fell sharply after management issued first-quarter guidance below Wall Street expectations, despite delivering strong fourth-quarter financial results and maintaining healthy growth across its core business.</li><li>The reaction highlights a growing pattern in the market: companies that cannot yet demonstrate immediate revenue from artificial intelligence initiatives are increasingly punished by investors.</li></ul>

MongoDB’s recent stock plunge has reignited debate about how investors are valuing software companies in the era of artificial intelligence.Shares of the database company fell sharply after management issued first-quarter guidance below Wall Street expectations, despite delivering strong fourth-quarter financial results and maintaining healthy growth across its core business.The reaction highlights a growing pattern in the market: companies that cannot yet demonstrate immediate revenue from artificial intelligence initiatives are increasingly punished by investors.

MongoDB’s Selloff Sends A Warning To The Entire Software Industry!

<ul><li>MongoDB reported strong financial performance for the third quarter of fiscal year 2026.</li><li>The company achieved total revenue of $628.3 million, reflecting a 19% year-over-year growth, surpassing the high end of its guidance.</li><li>This impressive performance was primarily driven by the strength of Atlas, MongoDB's cloud-based database platform, which saw its year-over-year growth accelerate to 30%, compared to 29% in the previous quarter.</li></ul>

MongoDB reported strong financial performance for the third quarter of fiscal year 2026.The company achieved total revenue of $628.3 million, reflecting a 19% year-over-year growth, surpassing the high end of its guidance.This impressive performance was primarily driven by the strength of Atlas, MongoDB's cloud-based database platform, which saw its year-over-year growth accelerate to 30%, compared to 29% in the previous quarter.

MongoDB Is Targeting AI-Native Developers—Will This West Coast Bet Pay Off at Scale?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.</li>
<li>The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.</li>
<li>Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.</li>
</ul>


Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.
The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.
Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.


ANTHROPIC IPO: Will Investors Accept a Down Round?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Transwarp Technology (Shanghai) / Equity Capital Markets

Transwarp Technology (Shanghai) (TSWRP HK)

<ul>
<li>TRANSWARP emphasizes its "full-stack self-developed" technical capabilities, and its products have a high degree of standardization. They demonstrate strong competitiveness in the private deployment scenarios. </li>
<li>TRANSWARP has a significant structural mismatch in working capital management. There will still be net loss in 2026, and there is uncertainty regarding the short-term path to achieving sustainable profitability.</li>
<li>Compared with peers, the products developed by TRANSWARP have a wider range of categories and a larger market space. In our view, a neutral scenario could be P/S of 20x. </li>
</ul>


TRANSWARP emphasizes its "full-stack self-developed" technical capabilities, and its products have a high degree of standardization. They demonstrate strong competitiveness in the private deployment scenarios. 
TRANSWARP has a significant structural mismatch in working capital management. There will still be net loss in 2026, and there is uncertainty regarding the short-term path to achieving sustainable profitability.
Compared with peers, the products developed by TRANSWARP have a wider range of categories and a larger market space. In our view, a neutral scenario could be P/S of 20x. 


Pre-IPO Transwarp Technology (PHIP Updates) - Some Points Worth the Attention

United States

MongoDB, Inc. develops database software. The Company provides an open-source database platform for automating, monitoring, and deployment backups. MongoDB renders enterprise software integration, platform certification, and commercial licensing services. MongoDB serves clients worldwide.

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MongoDB (MDB US)

MongoDB: How Atlas, Enterprise Contracts, and AI Applications Are Driving Platform Expansion!

MongoDB reported fourth quarter fiscal 2026 revenue of $695 million, representing 27% year-over-year growth and exceeding the upper end of...

Baptista Research

MongoDB’s Selloff Sends A Warning To The Entire Software Industry!

MongoDB’s recent stock plunge has reignited debate about how investors are valuing software companies in the era of artificial...

Baptista Research

MongoDB Is Targeting AI-Native Developers—Will This West Coast Bet Pay Off at Scale?

MongoDB reported strong financial performance for the third quarter of fiscal year 2026. The company achieved total revenue of $628.3 million,...

Baptista Research

ANTHROPIC IPO: Will Investors Accept a Down Round?

Anthropic faces a potential "Down Round" in its IPO slated for later this year. The dynamics of the AI sector have deteriorated substantially...

David Mudd

Pre-IPO Transwarp Technology (PHIP Updates) - Some Points Worth the Attention

TRANSWARP's core team has been deeply engaged in the field of big data and AI basic software for over a decade. But path to achieving sustainable...

Xinyao (Criss) Wang

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