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

Raytheon Technologies  / Equity Bottom-Up

<ul><li>The latest financial results for RTX Corporation reflect a complex amalgam of strengths and challenges, positioning the company strategically in the aerospace and defense sectors.</li><li>As the company wraps up 2025, several key performance indicators and strategic initiatives provide insights into its operational and financial health, as well as its trajectory for 2026.</li><li>Financially, RTX Corporation reported strong gains, achieving adjusted sales of $88.6 billion, marking an 11% organic increase year-over-year.</li></ul>

The latest financial results for RTX Corporation reflect a complex amalgam of strengths and challenges, positioning the company strategically in the aerospace and defense sectors.As the company wraps up 2025, several key performance indicators and strategic initiatives provide insights into its operational and financial health, as well as its trajectory for 2026.Financially, RTX Corporation reported strong gains, achieving adjusted sales of $88.6 billion, marking an 11% organic increase year-over-year.

RTX Corporation: An Analytical View of Its Latest Earnings

<ul><li>RTX Corporation, formerly known as Raytheon Technologies, announced its third-quarter 2025 financial results, highlighting strong performance across its business segments.</li><li>The company reported a 13% organic sales growth year-over-year, with notable contributions from both the commercial and defense sectors.</li><li>Commercial Original Equipment (OE) sales surged due to robust demand from narrowbody platforms, and commercial aftermarket sales increased substantially, supported by a significant rise in maintenance, repair, and overhaul (MRO) activities.</li></ul>

RTX Corporation, formerly known as Raytheon Technologies, announced its third-quarter 2025 financial results, highlighting strong performance across its business segments.The company reported a 13% organic sales growth year-over-year, with notable contributions from both the commercial and defense sectors.Commercial Original Equipment (OE) sales surged due to robust demand from narrowbody platforms, and commercial aftermarket sales increased substantially, supported by a significant rise in maintenance, repair, and overhaul (MRO) activities.

RTX Is Capitalizing On The Defense Boom—Patriot & GEM-T Orders Skyrocket!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Trump Administration is determined to continue and wage a "tech war" against China. The battlefield has expanded beyond the chips to power AI and the equipment to produce them.</li>
<li>The Pentagon's Section 1260H "Chinese Military Company" (CMC) list expanded significantly in early 2026, now encompassing some of China's most prominent technology and platform companies.</li>
<li>In response to US actions, China added 10 US defense contractors to its export control list, targeting drone, robotics, aerospace, and strategic minerals sectors to prohibit exports of rare earths.</li>
</ul>


The Trump Administration is determined to continue and wage a "tech war" against China. The battlefield has expanded beyond the chips to power AI and the equipment to produce them.
The Pentagon's Section 1260H "Chinese Military Company" (CMC) list expanded significantly in early 2026, now encompassing some of China's most prominent technology and platform companies.
In response to US actions, China added 10 US defense contractors to its export control list, targeting drone, robotics, aerospace, and strategic minerals sectors to prohibit exports of rare earths.


CHINA/US: Trump Wages Another Losing War, This Time in Tech!

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Defense Industry Index represents the performance of companies in national defense industries.</li>
<li>There will be one ADD and two DELs for the MV Global Defense Index in September 2026. There will be small changes to the index otherwise.</li>
<li>The capping of PLTR US and RTX US is expected to drive the majority of the flows.  </li>
</ul>


The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be one ADD and two DELs for the MV Global Defense Index in September 2026. There will be small changes to the index otherwise.
The capping of PLTR US and RTX US is expected to drive the majority of the flows.  


[Quiddity Index] MV Global Defense Sep26 Rebal Results: 1 ADD and 2 DELs; US$348mm One-Way Capping

United States

Raytheon Technologies Corporation operates as an aircraft manufacturing company. The Company focuses on technology offerings and engineering teams to deliver innovative solutions such as aero structures, avionics, interiors, mechanical systems, mission systems, aircraft engines, power and control systems, radars, software, and other products.

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Raytheon Technologies (RTX US)

RTX Corporation: An Analytical View of Its Latest Earnings

The latest financial results for RTX Corporation reflect a complex amalgam of strengths and challenges, positioning the company strategically in...

Baptista Research

RTX Is Capitalizing On The Defense Boom—Patriot & GEM-T Orders Skyrocket!

RTX Corporation, formerly known as Raytheon Technologies, announced its third-quarter 2025 financial results, highlighting strong performance...

Baptista Research

CHINA/US: Trump Wages Another Losing War, This Time in Tech!

Under a law taking effect Tuesday, the Defense Department will be barred from working with any company represented by lobbyists who also work for...

David Mudd

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Total deposits now USD18.5 trillion at 26 November. This is up ~USD663 billion during this year alone. There remains plenty of liquidity in low...

Daniel Tabbush

[Quiddity Index] MV Global Defense Sep26 Rebal Results: 1 ADD and 2 DELs; US$348mm One-Way Capping

The MV Global Defense Index rebal sees 1 ADD and 2 DELETEs. Flows are limited, mostly capping. There is one name with 1x ADV to sell.

Travis Lundy

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