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>PayPal Holdings Inc. has officially submitted applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to launch a new banking entity, "PayPal Bank." If approved, this Utah-chartered industrial loan company (ILC) would significantly expand PayPal’s reach into traditional financial services, including small business lending and consumer savings products.</li><li>The application reflects a broader regulatory shift under the Trump administration, which appears more receptive to fintechs entering the banking ecosystem—evidenced by recent approvals for crypto-native firms like Circle and Paxos.</li><li>PayPal’s move comes after facilitating more than $30 billion in loans since 2013 and aims to enhance its product breadth, particularly for underserved small businesses and digital-first consumers.</li></ul>

PayPal Holdings Inc. has officially submitted applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to launch a new banking entity, "PayPal Bank." If approved, this Utah-chartered industrial loan company (ILC) would significantly expand PayPal’s reach into traditional financial services, including small business lending and consumer savings products.The application reflects a broader regulatory shift under the Trump administration, which appears more receptive to fintechs entering the banking ecosystem—evidenced by recent approvals for crypto-native firms like Circle and Paxos.PayPal’s move comes after facilitating more than $30 billion in loans since 2013 and aims to enhance its product breadth, particularly for underserved small businesses and digital-first consumers.

PayPal Wants to Become a Bank—Here’s Why Incumbents Should Care

<ul><li>PayPal's third-quarter 2025 financial performance and strategic direction reveal a nuanced picture with both notable achievements and ongoing challenges.</li><li>The company has demonstrated impressive progress in strengthening its foundational operations and focusing on profitable growth.</li><li>Revenue has accelerated recently, stemming from strategies centered on expanding branded experiences, buy now, pay later (BNPL) services, and increased Venmo monetization.</li></ul>

PayPal's third-quarter 2025 financial performance and strategic direction reveal a nuanced picture with both notable achievements and ongoing challenges.The company has demonstrated impressive progress in strengthening its foundational operations and focusing on profitable growth.Revenue has accelerated recently, stemming from strategies centered on expanding branded experiences, buy now, pay later (BNPL) services, and increased Venmo monetization.

PayPal’s BNPL Boom: How Is It Winning Over Gen Z Shoppers?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The US government will begin refunding some of the $166 billion in tariffs collected illegally since Liberation Day last year.  The refunds will go mostly to large corporate importers.</li>
<li>
The tariff policy, which the President is intent on restarting, did not help industrial manufacturing employment or reduce the trade deficit.  Inflation is much higher than when Trump took office.</li>
<li>The BNPL industry is reflecting the strains on the US consumer.  Delinquencies are rising, and the average transaction price is declining as users begin using BNPL for everyday purchases.</li>
</ul>


The US government will begin refunding some of the $166 billion in tariffs collected illegally since Liberation Day last year.  The refunds will go mostly to large corporate importers.

The tariff policy, which the President is intent on restarting, did not help industrial manufacturing employment or reduce the trade deficit.  Inflation is much higher than when Trump took office.
The BNPL industry is reflecting the strains on the US consumer.  Delinquencies are rising, and the average transaction price is declining as users begin using BNPL for everyday purchases.


CHARTING COURSE: Tariffs; Here Today, Gone Tomorrow and BNPL Feeding Subprime Consumers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-2q-and-valuation-update" target="_blank" data-smartkarma-citation="insights:267765" rel="noopener">Mynt (GCash) IPO: 2Q and Valuation Update</a>. </li>
<li>The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.</li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case and Mynt (GCash) IPO: 2Q and Valuation Update. 
The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.


Mynt (GCash) IPO: Fairly Valued at the IPO Price

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

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>Short sellers made decisive moves this week ending September 26.</li><li>Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven days.</li><li>Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.</li></ul>

Short sellers made decisive moves this week ending September 26.Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven days.Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.

Bears Charge Into Energy and Real Estate; Silver Shorts Flee

United States

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

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Paypal Holdings (PYPL US)

PayPal Wants to Become a Bank—Here’s Why Incumbents Should Care

PayPal Holdings Inc. has officially submitted applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial...

Baptista Research

PayPal’s BNPL Boom: How Is It Winning Over Gen Z Shoppers?

PayPal's third-quarter 2025 financial performance and strategic direction reveal a nuanced picture with both notable achievements and ongoing...

Baptista Research

CHARTING COURSE: Tariffs; Here Today, Gone Tomorrow and BNPL Feeding Subprime Consumers

The US government will begin refunding some of the $166 billion in tariffs that were illegally collected since Liberation Day last year. The...

David Mudd

Mynt (GCash) IPO: Fairly Valued at the IPO Price

GCash is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. GCash is fairly valued at the IPO price.

Arun George

Bears Charge Into Energy and Real Estate; Silver Shorts Flee

Short sellers made decisive moves this week ending September 26. Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven...

ORTEX Market Intel

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