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>Plug Power has demonstrated robust growth in its core markets, particularly in its hydrogen production infrastructure and PEM electrolyzer technologies.</li><li>In the latest quarter, Plug Power reported revenue of $173.7 million, driven by strong demand for its solutions, especially in electrolyzer and hydrogen infrastructure.</li><li>Additionally, the company has made significant strides in operational efficiency, as evidenced by a 37% increase in gross margins quarter-over-quarter and a 27% reduction in cash burn.</li></ul>

Plug Power has demonstrated robust growth in its core markets, particularly in its hydrogen production infrastructure and PEM electrolyzer technologies.In the latest quarter, Plug Power reported revenue of $173.7 million, driven by strong demand for its solutions, especially in electrolyzer and hydrogen infrastructure.Additionally, the company has made significant strides in operational efficiency, as evidenced by a 37% increase in gross margins quarter-over-quarter and a 27% reduction in cash burn.

Plug Power: Global Expansion & Strategic Partnerships As A Primary Growth Accelerator! - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Beijing Sinohytec   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.


Beijing SinoHytec A/​H Listing - Initial Thoughts on Valuation

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Flexible Solutions Internation / Equity Bottom-Up

<ul><li>Last week, the WTR Sustainable Index was up 10.3% W/W versus the S&amp;P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up 2.2%).</li><li>Energy Technology (45% of the index) was up 16.4%, while Transportation Solutions (32% of the index) was up 7.0%, Climate Tech and Clean Tech (17% of the index) was up 2.3%, and Climate Tech Mining and Processing (7% of the index) was up 9.4%.</li><li>Top 10 Performers: EXROF, WMLLF, LPSIF, AMPX, PLUG, AKCCF, FLUX, ABAT, BNET, CWSFF</li></ul>

Last week, the WTR Sustainable Index was up 10.3% W/W versus the S&amp;P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up 2.2%).Energy Technology (45% of the index) was up 16.4%, while Transportation Solutions (32% of the index) was up 7.0%, Climate Tech and Clean Tech (17% of the index) was up 2.3%, and Climate Tech Mining and Processing (7% of the index) was up 9.4%.Top 10 Performers: EXROF, WMLLF, LPSIF, AMPX, PLUG, AKCCF, FLUX, ABAT, BNET, CWSFF

Sustainable Investing Surveyor Focus on Flexible Solutions (FSI) - September 22, 2025

<ul><li>The WTR Sustainable Index was down 0.2% W/W versus the S&amp;P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 0.6%).</li><li>Energy Technology (13.1% of the index) was up 2.0%, while Industrial Climate and Ag Technology (47.9% of the index) was down 0.3%, ClimateTech Mining was down 0.3%, and Advanced Transportation Solutions (20.8% of the index) was down 1.5%.</li><li>Top 10 Performers: ZAPP, GPRE, PLUG, ALLIF, UMICF, OUST, HYSR, FFIE, MP, BNET</li></ul>

The WTR Sustainable Index was down 0.2% W/W versus the S&amp;P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 0.6%).Energy Technology (13.1% of the index) was up 2.0%, while Industrial Climate and Ag Technology (47.9% of the index) was down 0.3%, ClimateTech Mining was down 0.3%, and Advanced Transportation Solutions (20.8% of the index) was down 1.5%.Top 10 Performers: ZAPP, GPRE, PLUG, ALLIF, UMICF, OUST, HYSR, FFIE, MP, BNET

Sustainable Investing Surveyor Focus on Sono Group N.V. (SEVCF)

<ul><li>Plug Power's latest financial earnings for the second quarter of 2024 showcase a complex mix of achievements and ongoing challenges.</li><li>The company's progress in the hydrogen economy reflects both substantial strategic advances and areas where market conditions have tempered growth expectations.</li><li>Positively, Plug Power has achieved significant milestones in scaling up its hydrogen production capabilities.</li></ul>

Plug Power's latest financial earnings for the second quarter of 2024 showcase a complex mix of achievements and ongoing challenges.The company's progress in the hydrogen economy reflects both substantial strategic advances and areas where market conditions have tempered growth expectations.Positively, Plug Power has achieved significant milestones in scaling up its hydrogen production capabilities.

Plug Power Inc.: Expanded Production Capacity and Green Hydrogen Plant Projects Drive Our Optimism! - Major Drivers

United States

Plug Power, Inc. designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment.  The Company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities.

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Plug Power Inc (PLUG US)

Plug Power: Global Expansion & Strategic Partnerships As A Primary Growth Accelerator! - Major Drivers

Plug Power has demonstrated robust growth in its core markets, particularly in its hydrogen production infrastructure and PEM electrolyzer...

Baptista Research

Beijing SinoHytec A/H Listing - Initial Thoughts on Valuation

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we'll talk about valuations.

Sumeet Singh

Sustainable Investing Surveyor Focus on Flexible Solutions (FSI) - September 22, 2025

ast week, the WTR Sustainable Index was up 10.3% W/W versus the S&P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up...

Water Tower Research

Sustainable Investing Surveyor Focus on Sono Group N.V. (SEVCF)

The WTR Sustainable Index was down 0.2% W/W versus the S&P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down...

Water Tower Research

Plug Power Inc.: Expanded Production Capacity and Green Hydrogen Plant Projects Drive Our Optimism! - Major Drivers

Plug Power's latest financial earnings for the second quarter of 2024 showcase a complex mix of achievements and ongoing challenges. The company's...

Baptista Research

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Plug Power: Global Expansion & Strategic Partnerships As A Primary Growth Accelerator! - Major Drivers

Plug Power has demonstrated robust growth in its core markets, particularly in its hydrogen production infrastructure and PEM electrolyzer...

Baptista Research

Beijing SinoHytec A/​H Listing - Initial Thoughts on Valuation

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we'll talk about valuations.

Sumeet Singh

Sustainable Investing Surveyor Focus on Flexible Solutions (FSI) - September 22, 2025

ast week, the WTR Sustainable Index was up 10.3% W/W versus the S&P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up...

Water Tower Research

Sustainable Investing Surveyor Focus on Sono Group N.V. (SEVCF)

The WTR Sustainable Index was down 0.2% W/W versus the S&P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down...

Water Tower Research

Plug Power Inc.: Expanded Production Capacity and Green Hydrogen Plant Projects Drive Our Optimism! - Major Drivers

Plug Power's latest financial earnings for the second quarter of 2024 showcase a complex mix of achievements and ongoing challenges. The company's...

Baptista Research

Beijing SinoHytec A/H Listing - Initial Thoughts on Valuation