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>The latest disclosures and management commentary from Netflix, Inc. reflect a continuation of its strategic trajectory, balancing organic growth with selective investments across multiple content formats and technology initiatives.</li><li>The company reiterated its 2026 guidance, projecting revenue growth of 12% to 14% alongside an operating margin expectation of 31.5%.</li><li>This guidance integrates the impact of expenses related to merger and acquisition (M&A) activities, such as those connected to the abandoned Warner Bros. deal and completed InterPositive acquisition, without an anticipated material margin impact.</li></ul>

The latest disclosures and management commentary from Netflix, Inc. reflect a continuation of its strategic trajectory, balancing organic growth with selective investments across multiple content formats and technology initiatives.The company reiterated its 2026 guidance, projecting revenue growth of 12% to 14% alongside an operating margin expectation of 31.5%.This guidance integrates the impact of expenses related to merger and acquisition (M&A) activities, such as those connected to the abandoned Warner Bros. deal and completed InterPositive acquisition, without an anticipated material margin impact.

Netflix: Advertising Is Scaling Fast—Can 4,000+ Brands Turn It Into a Major Revenue Engine?

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Netflix is the global leader in streaming entertainment but faces a rapidly evolving and intensely competitive landscape from both traditional media giants and new digital platforms.</li>
  <li>Future growth is contingent on the success of newer initiatives, including the advertising-supported tier, a crackdown on password sharing, and expansion into adjacent markets like gaming, which are designed to broaden the addressable market and create new revenue streams.</li>
  <li>While the company has demonstrated strong historical growth in revenue and profitability, it trades at a premium valuation, and faces risks from escalating content costs, potential M&amp;A execution, and shifting consumer entertainment habits.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Netflix is the global leader in streaming entertainment but faces a rapidly evolving and intensely competitive landscape from both traditional media giants and new digital platforms.
  Future growth is contingent on the success of newer initiatives, including the advertising-supported tier, a crackdown on password sharing, and expansion into adjacent markets like gaming, which are designed to broaden the addressable market and create new revenue streams.
  While the company has demonstrated strong historical growth in revenue and profitability, it trades at a premium valuation, and faces risks from escalating content costs, potential M&amp;A execution, and shifting consumer entertainment habits.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Netflix’s internal disclosures and 1H25 engagement data formally position anime as a cornerstone of its global content strategy.</li>
<li>Netflix engagement trends reveal that anime growth is not solely a function of new, exclusive Netflix originals. Instead, a substantial volume of viewing hours is driven by the Back-Catalog Effect.</li>
<li>
<a href="https://www.smartkarma.com/entities/ctw-cayman" target="_blank" data-smartkarma-citation="entities:45700:1" rel="noopener">CTW Cayman (CTW US)</a> stands out as a key U.S.-listed small/midcap beneficiary positioned to grow its business as global anime fandom transitions from passive viewing into repeat engagement and spending.</li>
</ul>


Netflix’s internal disclosures and 1H25 engagement data formally position anime as a cornerstone of its global content strategy.
Netflix engagement trends reveal that anime growth is not solely a function of new, exclusive Netflix originals. Instead, a substantial volume of viewing hours is driven by the Back-Catalog Effect.

CTW Cayman (CTW US) stands out as a key U.S.-listed small/midcap beneficiary positioned to grow its business as global anime fandom transitions from passive viewing into repeat engagement and spending.


Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

<ul><li>When Netflix announced it was acquiring InterPositive, the AI filmmaking startup founded by Ben Affleck, the headlines mostly focused on artificial intelligence.</li><li>The usual debates followed.</li><li>Would AI replace filmmakers?</li></ul>

When Netflix announced it was acquiring InterPositive, the AI filmmaking startup founded by Ben Affleck, the headlines mostly focused on artificial intelligence.The usual debates followed.Would AI replace filmmakers?

Netflix Isn’t Fighting Disney Anymore—It’s Fighting TikTok!

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data</li>
<li>With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits</li>
<li>Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks</li>
</ul>


There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data
With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits
Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks


US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Netflix: Advertising Is Scaling Fast—Can 4,000+ Brands Turn It Into a Major Revenue Engine?

The latest disclosures and management commentary from Netflix, Inc. reflect a continuation of its strategic trajectory, balancing organic growth...

Baptista Research

Primer: Netflix Inc (NFLX US) - Apr 2026

Netflix is the global leader in streaming entertainment but faces a rapidly evolving and intensely competitive landscape from both traditional...

αSK

Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...

Vincent Fernando, CFA

Netflix Isn’t Fighting Disney Anymore—It’s Fighting TikTok!

When Netflix announced it was acquiring InterPositive, the AI filmmaking startup founded by Ben Affleck, the headlines mostly focused on...

Baptista Research

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Netflix: Advertising Is Scaling Fast—Can 4,000+ Brands Turn It Into a Major Revenue Engine?

The latest disclosures and management commentary from Netflix, Inc. reflect a continuation of its strategic trajectory, balancing organic growth...

Baptista Research

Primer: Netflix Inc (NFLX US) - Apr 2026

Netflix is the global leader in streaming entertainment but faces a rapidly evolving and intensely competitive landscape from both traditional...

αSK

Netflix Engagement Data Highlights Anime as a Structural Growth Category: CTW Positioned to Benefit

​Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...

Vincent Fernando, CFA

Netflix Isn’t Fighting Disney Anymore—It’s Fighting TikTok!

When Netflix announced it was acquiring InterPositive, the AI filmmaking startup founded by Ben Affleck, the headlines mostly focused on...

Baptista Research

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

Netflix's anime strategy pays off with increased engagement driven by both new originals and back-catalog content, benefiting companies like CTW...