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>PDD Holdings Inc. has presented a performance in the third quarter of 2025 that reflects the challenges and opportunities in the evolving e-commerce landscape.</li><li>The company reported revenues of RMB 108.3 billion, marking a 9% year-over-year increase, fueled by growth in online marketing services and transaction revenues.</li><li>However, growth remains pressured amidst an intensely competitive environment in the e-commerce sector.</li></ul>

PDD Holdings Inc. has presented a performance in the third quarter of 2025 that reflects the challenges and opportunities in the evolving e-commerce landscape.The company reported revenues of RMB 108.3 billion, marking a 9% year-over-year increase, fueled by growth in online marketing services and transaction revenues.However, growth remains pressured amidst an intensely competitive environment in the e-commerce sector.

PDD Holdings: Reinventing E-Commerce Through Merchant Support & Agricultural Innovation

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>PDD’s total revenue increased by 9% YoY in 3Q25 higher than 7% YoY in 2Q25.</li>
<li>In 3Q25, operating cash flows stopped decreasing after a year and grew by 66% YoY.</li>
<li>We believe PDD’s stock price can be double for the next twelve month according to other e-commerce companies’ EV/EBITDA.</li>
</ul>


PDD’s total revenue increased by 9% YoY in 3Q25 higher than 7% YoY in 2Q25.
In 3Q25, operating cash flows stopped decreasing after a year and grew by 66% YoY.
We believe PDD’s stock price can be double for the next twelve month according to other e-commerce companies’ EV/EBITDA.


Pinduoduo (PDD): 3Q25, Growth Stops Declining, Op Cashflow Rises Again After a Year

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market continues to trade sideways, with pockets of AI-themed stocks surging.  IPO activity remains robust in the technology sector.</li>
<li>Growth and momentum factors have underperformed so far in 2026, as stagnation in mainland domestic consumption is reflected in the underperformance of the consumer discretionary and staples sectors.</li>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc-class-a" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> received a BUY rating from Deutsche Bank with a target price of $186.  The company's cloud infrastructure revenue rose 79% in 1Q26.
</li>
</ul>


The Hong Kong market continues to trade sideways, with pockets of AI-themed stocks surging.  IPO activity remains robust in the technology sector.
Growth and momentum factors have underperformed so far in 2026, as stagnation in mainland domestic consumption is reflected in the underperformance of the consumer discretionary and staples sectors.

Baidu (9888 HK) received a BUY rating from Deutsche Bank with a target price of $186.  The company's cloud infrastructure revenue rose 79% in 1Q26.



BUY/SELL/HOLD: Hong Kong Market Update (5/27/26)

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>TOP STORIES China Signals Continued Stimulus With Elevated Deficits in 2026 China will maintain elevated budget deficits and government debt levels in 2026 as part of a broader strategy to sustain stimulus and keep public spending on an upward trajectory, Vice Finance Minister Liao Min said Tuesday.</li><li>China Launches $72 Billion Loan Guarantee Plan to Boost Private Sector Lending China on Tuesday unveiled a 500 billion yuan ($72 billion) state-backed loan guarantee program aimed at boosting private investment and easing credit access for small and midsize enterprises, marking a major shift in how lending risks are distributed between banks and the government.</li><li>FINANCE &amp; ECONOMY Shanghai Futures Exchange Tightens Rules Amid Precious Metals Surge The Shanghai Futures Exchange will raise margin requirements and widen daily price limits for gold, silver, copper and aluminum futures contracts starting this week, in an effort to rein in risk amid a sharp rally in precious metals.</li></ul>

TOP STORIES China Signals Continued Stimulus With Elevated Deficits in 2026 China will maintain elevated budget deficits and government debt levels in 2026 as part of a broader strategy to sustain stimulus and keep public spending on an upward trajectory, Vice Finance Minister Liao Min said Tuesday.China Launches $72 Billion Loan Guarantee Plan to Boost Private Sector Lending China on Tuesday unveiled a 500 billion yuan ($72 billion) state-backed loan guarantee program aimed at boosting private investment and easing credit access for small and midsize enterprises, marking a major shift in how lending risks are distributed between banks and the government.FINANCE &amp; ECONOMY Shanghai Futures Exchange Tightens Rules Amid Precious Metals Surge The Shanghai Futures Exchange will raise margin requirements and widen daily price limits for gold, silver, copper and aluminum futures contracts starting this week, in an effort to rein in risk amid a sharp rally in precious metals.

CX Daily: China Signals Continued Stimulus With Elevated Deficits in 2026 

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>In H1 and Q2 this year, JD Logistics' top-line growth remained strong, growing by 20%+</li>
<li>But margins have continued to erode in recent periods, probably due to changes in mix</li>
<li>Down close to HK$10 per share, we believe lots of negativity is "baked in" to price</li>
</ul>


In H1 and Q2 this year, JD Logistics' top-line growth remained strong, growing by 20%+
But margins have continued to erode in recent periods, probably due to changes in mix
Down close to HK$10 per share, we believe lots of negativity is "baked in" to price


JD Logistics H1/Q2 Results | Momentum, Profitability Show Mixed Signals | Shares Drained Of Optimism

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

PDD Holdings: Reinventing E-Commerce Through Merchant Support & Agricultural Innovation

PDD Holdings Inc. has presented a performance in the third quarter of 2025 that reflects the challenges and opportunities in the evolving...

Baptista Research

Pinduoduo (PDD): 3Q25, Growth Stops Declining, Op Cashflow Rises Again After a Year

PDD’s total revenue increased by 9% YoY in 3Q25 higher than 7% YoY in 2Q25. In 3Q25, operating cash flows stopped decreasing after a year and grew...

Ming Lu

BUY/SELL/HOLD: Hong Kong Market Update (5/27/26)

The Hong Kong market continues to trade sideways, with pockets of AI-themed stocks surging. IPO activity remains robust in the technology sector.

David Mudd

CX Daily: China Signals Continued Stimulus With Elevated Deficits in 2026

TOP STORIES China Signals Continued Stimulus With Elevated Deficits in 2026 China will maintain elevated budget deficits and government debt...

Caixin Global

JD Logistics H1/Q2 Results | Momentum, Profitability Show Mixed Signals | Shares Drained Of Optimism

Shares have "round tripped" since March 2026 and at HK$10 there appears to be lots of negativity baked into the price. At just 8x consensus 2026F...

Tracking Traffic

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