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>Palo Alto Networks reported a record fiscal 2026 finish, exceeding fourth-quarter guidance across financial metrics as bookings and platform adoption accelerated.</li><li>Remaining Performance Obligations reached more than $21.2 billion, up 34% year-over-year, while Next-Generation Security ARR increased 63% to $9.1 billion.</li><li>Nearly $1 billion of net new NGS ARR was added during the quarter.</li></ul>

Palo Alto Networks reported a record fiscal 2026 finish, exceeding fourth-quarter guidance across financial metrics as bookings and platform adoption accelerated.Remaining Performance Obligations reached more than $21.2 billion, up 34% year-over-year, while Next-Generation Security ARR increased 63% to $9.1 billion.Nearly $1 billion of net new NGS ARR was added during the quarter.

Palo Alto Networks’ $20 Billion Security Ambition — Can Platformization Deliver?

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 recommend opening positions in PANW80, a DR linked to a leading cybersecurity company, and SNOW06, a DR linked to a leading data analytics company.</li><li>Our KTX Tactical DR Portfolio's average return rose by 1.06%, supported by gains in DELL19, WUXI06, and WUXIAT80, despite pressure on global equities from persistently elevated bond yields.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend opening positions in PANW80, a DR linked to a leading cybersecurity company, and SNOW06, a DR linked to a leading data analytics company.Our KTX Tactical DR Portfolio's average return rose by 1.06%, supported by gains in DELL19, WUXI06, and WUXIAT80, despite pressure on global equities from persistently elevated bond yields.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - September 15, 2026 (Eng.)

<ul><li>Palo Alto Networks has moved deeper into agentic cybersecurity with its September 1, 2026 acquisition of Console, an AI-native platform designed to let enterprises analyze data, resolve operational issues, and build automated workflows through natural-language instructions.</li><li>The transaction comes as Palo Alto is attempting to reposition security operations around machine-speed detection, prevention, and remediation rather than human-led dashboard monitoring and ticket queues.</li><li>Management said Console will become part of Cortex and help “agentify” capabilities across the platform, fitting into a broader strategy built around XSIAM, Prisma AIRS, Idira, and an expanding observability stack.</li></ul>

Palo Alto Networks has moved deeper into agentic cybersecurity with its September 1, 2026 acquisition of Console, an AI-native platform designed to let enterprises analyze data, resolve operational issues, and build automated workflows through natural-language instructions.The transaction comes as Palo Alto is attempting to reposition security operations around machine-speed detection, prevention, and remediation rather than human-led dashboard monitoring and ticket queues.Management said Console will become part of Cortex and help “agentify” capabilities across the platform, fitting into a broader strategy built around XSIAM, Prisma AIRS, Idira, and an expanding observability stack.

Palo Alto Takeover Of Console Could Deepen Its Platform Advantage!

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Palo Alto Networks (PANW) announced 4QFY26 (year-end Jul) results: revenue rose 34% YoY to US$3.41bn, 2% ahead of Bloomberg consensus; non-GAAP net income reached US$853mn, up 27% YoY and 5% above consensus.</li><li>For FY26, PANW recorded revenue growth of 24% with FCF margin of 38.4%.</li><li>The company added net new Next-Generation Security (NGS) ARR of c.US$970mn in 4QFY26 (+98% YoY), taking NGS ARR to US$9.1bn (+63% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Palo Alto Networks (PANW) announced 4QFY26 (year-end Jul) results: revenue rose 34% YoY to US$3.41bn, 2% ahead of Bloomberg consensus; non-GAAP net income reached US$853mn, up 27% YoY and 5% above consensus.For FY26, PANW recorded revenue growth of 24% with FCF margin of 38.4%.The company added net new Next-Generation Security (NGS) ARR of c.US$970mn in 4QFY26 (+98% YoY), taking NGS ARR to US$9.1bn (+63% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Palo Alto Networks (PANW US) - Net New ARR Inflects; Platformization Compounds

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

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<li>The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant.</li>
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By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.
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Previous portfolio returned -3.5% vs. MSCI World (-1.3%) – underperformed the benchmark by
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The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant.

By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.


Previous portfolio returned -3.5% vs. MSCI World (-1.3%) – underperformed the benchmark by



Global Top Fund Managers (Shariah) Portfolio (14-Sep-2026)

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)

Palo Alto Networks’ $20 Billion Security Ambition — Can Platformization Deliver?

Palo Alto Networks reported a record fiscal 2026 finish, exceeding fourth-quarter guidance across financial metrics as bookings and platform...

Baptista Research

KTX Tactical DR Picks - September 15, 2026 (Eng.)

We recommend opening positions in PANW80, a DR linked to a leading cybersecurity company, and SNOW06, a DR linked to a leading data analytics...

Krungthai XSpring

Palo Alto Takeover Of Console Could Deepen Its Platform Advantage!

Palo Alto Networks has moved deeper into agentic cybersecurity with its September 1, 2026 acquisition of Console, an AI-native platform designed...

Baptista Research