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>Nokia Corporation reported a strong fourth quarter in 2024, buoyed by improved order trends manifesting as a 9% increase in net sales.</li><li>This growth was prominently driven by a 17% increase in Network Infrastructure, with IP Networks achieving standout growth of 24%.</li><li>Nokia Technologies also demonstrated robust performance with several new deals signed, escalating its net sales run rate to EUR 1.3-1.4 billion.</li></ul>

Nokia Corporation reported a strong fourth quarter in 2024, buoyed by improved order trends manifesting as a 9% increase in net sales.This growth was prominently driven by a 17% increase in Network Infrastructure, with IP Networks achieving standout growth of 24%.Nokia Technologies also demonstrated robust performance with several new deals signed, escalating its net sales run rate to EUR 1.3-1.4 billion.

Nokia: 5G Expansion & Private Wireless Networks As A Pivotal Growth Lever!

<ul><li>Nokia Corporation's third-quarter results reflect a mixed performance across its business segments, as the company navigates a slowly improving yet challenging market environment.</li><li>The overall narrative is of gradual recovery, particularly in Fixed Networks and IP Networks, with sales growth of 9% and 6%, respectively.</li><li>However, the weakness persists in Mobile Networks and Optical Networks, contributing to an overall 7% decline in net sales compared to the previous year.</li></ul>

Nokia Corporation's third-quarter results reflect a mixed performance across its business segments, as the company navigates a slowly improving yet challenging market environment.The overall narrative is of gradual recovery, particularly in Fixed Networks and IP Networks, with sales growth of 9% and 6%, respectively.However, the weakness persists in Mobile Networks and Optical Networks, contributing to an overall 7% decline in net sales compared to the previous year.

Nokia Oyj: Core Network Cloudification & Data Centers As Critical Growth Levers! - Major Drivers

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ES50 Index is one of the most highly-tracked and followed indices in Europe and the annual index review takes place in September every year.</li>
<li>This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.</li>
<li>In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2024.</li>
</ul>


The ES50 Index is one of the most highly-tracked and followed indices in Europe and the annual index review takes place in September every year.
This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.
In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2024.


Quiddity Leaderboard ES50 Sep 24: Engie Gets Closer to a US$1.1bn Index Inflow

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.</li><li>The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>The main forecasted additions are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a> as they are both surpassing the entry rank.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a> and <a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> as they are both below the exit rank.</li>
<li>
<a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard Sa (RI FP)</a> and <a href="https://www.smartkarma.com/entities/volkswagen-ag-2754ab9c-fd60-43d7-a087-b4ce4465a0eb" target="_blank" data-smartkarma-citation="entities:734:1" rel="noopener">Volkswagen (Pref) (VOW3 GR)</a> are near the exit threshold and can potentially be replaced by <a href="https://www.smartkarma.com/entities/e-on-se" target="_blank" data-smartkarma-citation="entities:21616:1" rel="noopener">E.ON (EOAN GR)</a> and <a href="https://www.smartkarma.com/entities/engie-sa" target="_blank" data-smartkarma-citation="entities:21449:1" rel="noopener">Engie SA (ENGI FP)</a>. </li>
</ul>


The main forecasted additions are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR) as they are both surpassing the entry rank.
The main forecasted deletions are Stellantis NV (STLAM IM) and Nokia OYJ (NOKIA FH) as they are both below the exit rank.

Pernod Ricard Sa (RI FP) and Volkswagen (Pref) (VOW3 GR) are near the exit threshold and can potentially be replaced by E.ON (EOAN GR) and Engie SA (ENGI FP). 


EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

Finland

Nokia Oyj is a global communications company that operates a network of production facilities for location intelligence and network infrastructure, as well as a network of sales and customer service. The Company also operates research and software development facilities worldwide.

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Nokia OYJ (NOKIA FH)

Nokia: 5G Expansion & Private Wireless Networks As A Pivotal Growth Lever!

Nokia Corporation reported a strong fourth quarter in 2024, buoyed by improved order trends manifesting as a 9% increase in net sales. This growth...

Baptista Research

Nokia Oyj: Core Network Cloudification & Data Centers As Critical Growth Levers! - Major Drivers

Nokia Corporation's third-quarter results reflect a mixed performance across its business segments, as the company navigates a slowly improving...

Baptista Research

Quiddity Leaderboard ES50 Sep 24: Engie Gets Closer to a US$1.1bn Index Inflow

If French energy company Engie gains 20% vs the other names in the next 4 months, it could become an ES50 add in September 2024 and that could...

Janaghan Jeyakumar, CFA

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units...

Topline Securities

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

ENR and DBK are poised to join EURO STOXX50, while STLA and NOKIA are expected to exit. RI and VOW3 face potential removal, with EOAN and ENGI...

Dimitris Ioannidis

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