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>NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic advancements and challenges.</li><li>Throughout this period, NetEase demonstrated robust growth, with total revenues increasing by 8% year-over-year to RMB 28.4 billion.</li><li>This growth was mainly propelled by a 12% rise in revenues from its games and related value-added services, emphasizing the company's strength in game content production and delivery.</li></ul>

NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic advancements and challenges.Throughout this period, NetEase demonstrated robust growth, with total revenues increasing by 8% year-over-year to RMB 28.4 billion.This growth was mainly propelled by a 12% rise in revenues from its games and related value-added services, emphasizing the company's strength in game content production and delivery.

NetEase’s New Business Models Look Disruptive—Could This Be the Next Massive Competitive Edge?

<ul><li>NetEase, Inc.'s second quarter financial results for 2025 illustrate a mixed yet promising outlook for the company.</li><li>The broad performance metrics highlight both robust areas of growth and certain challenges the company continues to face.</li><li>Key revenue drivers include the gaming and related value-added services (VAS) segment, which saw a 14% increase year-over-year, buoyed by solid returns from existing game franchises and successful new game launches like "Where Winds Meet" and "Marvel Rivals." Notably, the company’s expertise in offering diverse gaming experiences and its strategic global expansion have positively influenced revenue growth.</li></ul>

NetEase, Inc.'s second quarter financial results for 2025 illustrate a mixed yet promising outlook for the company.The broad performance metrics highlight both robust areas of growth and certain challenges the company continues to face.Key revenue drivers include the gaming and related value-added services (VAS) segment, which saw a 14% increase year-over-year, buoyed by solid returns from existing game franchises and successful new game launches like "Where Winds Meet" and "Marvel Rivals." Notably, the company’s expertise in offering diverse gaming experiences and its strategic global expansion have positively influenced revenue growth.

NetEase: Can Its Latest AI Innovation Propel It Into the Next Era of Gaming Leadership?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

<ul>
<li>China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.</li>
<li>The number of game approval in August marked the record high level since the resumption post tightening.</li>
<li>Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.</li>
</ul>


China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
The number of game approval in August marked the record high level since the resumption post tightening.
Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.


Tencent/Netease: Netease and Bilibili Got One Each in August

<ul>
<li>China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.</li>
</ul>


China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.</li>
<li>Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.</li>
<li>As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
</ul>


We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.
Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).


Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

NetEase’s New Business Models Look Disruptive—Could This Be the Next Massive Competitive Edge?

NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic...

Baptista Research

NetEase: Can Its Latest AI Innovation Propel It Into the Next Era of Gaming Leadership?

NetEase, Inc.'s second quarter financial results for 2025 illustrate a mixed yet promising outlook for the company. The broad performance metrics...

Baptista Research

Tencent/Netease: Netease and Bilibili Got One Each in August

We analyzed the game approval issued by NPPA for Chinese online game players for the month of August. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

Tencent/Netease: Zero Approval in July

China's game approvals in July remain high. Despite zero approvals for companies that we track, sentiment is improving and stocks are performing...

Ke Yan, CFA, FRM

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NetEase’s New Business Models Look Disruptive—Could This Be the Next Massive Competitive Edge?

NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic...

Baptista Research

NetEase: Can Its Latest AI Innovation Propel It Into the Next Era of Gaming Leadership?

NetEase, Inc.'s second quarter financial results for 2025 illustrate a mixed yet promising outlook for the company. The broad performance metrics...

Baptista Research

Tencent/Netease: Netease and Bilibili Got One Each in August

We analyzed the game approval issued by NPPA for Chinese online game players for the month of August. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

Tencent/Netease: Zero Approval in July

​China's game approvals in July remain high. Despite zero approvals for companies that we track, sentiment is improving and stocks are performing...

Ke Yan, CFA, FRM

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

China's game approvals in July remain high. Despite zero approvals for companies that we track, sentiment is improving and stocks are performing...