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>Okta, Inc. reported a quarter characterized by steady operational execution alongside an expanding strategic focus on identity security for both human and nonhuman use cases.</li><li>The discussion highlighted progress in product adoption, go-to-market execution, and financial discipline, while also underscoring areas of uncertainty related to the timing of revenue acceleration and the early-stage nature of newer opportunities From an investment thesis perspective, Okta, Inc. continues to position itself as a neutral and unified identity platform addressing increasingly complex enterprise security needs.</li><li>Management emphasized that customer consolidation decisions are often triggered by broader technology shifts such as cloud modernization and artificial intelligence deployment, rather than identity spending in isolation.</li></ul>

Okta, Inc. reported a quarter characterized by steady operational execution alongside an expanding strategic focus on identity security for both human and nonhuman use cases.The discussion highlighted progress in product adoption, go-to-market execution, and financial discipline, while also underscoring areas of uncertainty related to the timing of revenue acceleration and the early-stage nature of newer opportunities From an investment thesis perspective, Okta, Inc. continues to position itself as a neutral and unified identity platform addressing increasingly complex enterprise security needs.Management emphasized that customer consolidation decisions are often triggered by broader technology shifts such as cloud modernization and artificial intelligence deployment, rather than identity spending in isolation.

Okta: Expansion of Identity Cloud Across Workforce, Customer Use Cases & Critical Growth Levers!

<ul><li>Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results.</li><li>On the positive side, the company has reported robust financial indicators for the first quarter of fiscal year 2026, including record operating profitability and strong cash flows.</li><li>These financials showcase Okta's capability to efficiently manage costs and drive profitability despite a generally cautious economic environment.</li></ul>

Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results.On the positive side, the company has reported robust financial indicators for the first quarter of fiscal year 2026, including record operating profitability and strong cash flows.These financials showcase Okta's capability to efficiently manage costs and drive profitability despite a generally cautious economic environment.

Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!

<ul><li>Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record profitability, and robust free cash flow.</li><li>Demand for both workforce and customer identity products was strong, with notable contributions from new offerings such as Okta Identity Governance, Privileged Access, and Identity Security Posture Management.</li><li>The company emphasized product innovation, partner ecosystem expansion, and go-to-market specialization as key drivers of its momentum heading into the next fiscal year.</li></ul>

Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record profitability, and robust free cash flow.Demand for both workforce and customer identity products was strong, with notable contributions from new offerings such as Okta Identity Governance, Privileged Access, and Identity Security Posture Management.The company emphasized product innovation, partner ecosystem expansion, and go-to-market specialization as key drivers of its momentum heading into the next fiscal year.

Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We expect solid 3Q25E core profit growth across multiple businesses.</li><li>We roll forward to a 2026 FV of Bt43.00 and downgrade to Outperform (from Buy; Bt42.50 prior).</li><li>We expect 3Q25E earnings to turn around to a net profit at Bt1.86bn (vs losses in 3Q24 and 2Q25), supported by a expected smaller stock loss of Bt1.1bn, hedging loss of about Bt800mn (mainly from gasoil spread hedging), and forex gain of roughly Bt170mn.</li></ul>

We expect solid 3Q25E core profit growth across multiple businesses.We roll forward to a 2026 FV of Bt43.00 and downgrade to Outperform (from Buy; Bt42.50 prior).We expect 3Q25E earnings to turn around to a net profit at Bt1.86bn (vs losses in 3Q24 and 2Q25), supported by a expected smaller stock loss of Bt1.1bn, hedging loss of about Bt800mn (mainly from gasoil spread hedging), and forex gain of roughly Bt170mn.

BANGCHAK CORPORATION Plc. (BCP): Solid 3Q25E Core Profit...

<ul><li>The company set an ambitious target to double EBITDA growth by 2028E (from the current baseline of Bt40.0bn), supported by projects in the pipeline, EBITDA uplift initiatives, and new high-return investments.</li><li>The company reorganized into five new core business groups, adding trading business as a new flagship, which is expected to drive EBITDA uplift over the next three years:</li><li>The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&amp;P) and R&amp;M &amp; biofuels businesses.</li></ul>

The company set an ambitious target to double EBITDA growth by 2028E (from the current baseline of Bt40.0bn), supported by projects in the pipeline, EBITDA uplift initiatives, and new high-return investments.The company reorganized into five new core business groups, adding trading business as a new flagship, which is expected to drive EBITDA uplift over the next three years:The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&amp;P) and R&amp;M &amp; biofuels businesses.

BANGCHAK CORPORATION Plc. (BCP): BCP Hosted the Investor Forum 'Crafting The Future' Late Last Week

United States

Okta, Inc. develops internet applications software. The Company offers automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta serves customers worldwide.

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Okta (OKTA US)

Okta: Expansion of Identity Cloud Across Workforce, Customer Use Cases & Critical Growth Levers!

Okta, Inc. reported a quarter characterized by steady operational execution alongside an expanding strategic focus on identity security for both...

Baptista Research

Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!

Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results. On the positive side, the...

Baptista Research

Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!

Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record...

Baptista Research

BANGCHAK CORPORATION Plc. (BCP): Solid 3Q25E Core Profit...

We expect solid 3Q25E core profit growth across multiple businesses. We roll forward to a 2026 FV of Bt43.00 and downgrade to Outperform (from Buy;...

Krungthai XSpring

BANGCHAK CORPORATION Plc. (BCP): BCP Hosted the Investor Forum 'Crafting The Future' Late Last Week

The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&P) and R&M & biofuels businesses.

Krungthai XSpring

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