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>Rivian Automotive reported second-quarter 2026 results marked by the start of external deliveries for its R2 vehicle, along with continued growth in production and revenue across its segments.</li><li>The company produced 12,613 vehicles and delivered 12,194 units during the quarter, exceeding prior expectations driven by growth from the R1, electric delivery vans (EDVs), and the initial ramp of R2.</li><li>Consolidated revenue increased 27% year-over-year to $1.66 billion, supported by a 23% increase in automotive revenue and a 37% rise in software and services revenue, which reached $515 million.</li></ul>

Rivian Automotive reported second-quarter 2026 results marked by the start of external deliveries for its R2 vehicle, along with continued growth in production and revenue across its segments.The company produced 12,613 vehicles and delivered 12,194 units during the quarter, exceeding prior expectations driven by growth from the R1, electric delivery vans (EDVs), and the initial ramp of R2.Consolidated revenue increased 27% year-over-year to $1.66 billion, supported by a 23% increase in automotive revenue and a 37% rise in software and services revenue, which reached $515 million.

Rivian Automotive’s R2 Launch: Can 500,000+ Vehicle Capacity Reshape Its Growth Story?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.</li>
<li>A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. </li>
<li>A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. </li>
</ul>


On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.
A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. 
A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. 


US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a>, a Vietnamese EV manufacturer and a majority-owned affiliate of <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, completed its merger with Black Spade on 14 August. </li>
<li>Due to the low float, the shares have been on a wild ride, with the last close of US$6.56 materially below the high of US$82.35 per share.</li>
<li>VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and frothy valuation.  </li>
</ul>



Vinfast (VFS US), a Vietnamese EV manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), completed its merger with Black Spade on 14 August. 
Due to the low float, the shares have been on a wild ride, with the last close of US$6.56 materially below the high of US$82.35 per share.
VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and frothy valuation.  


2024 High Conviction: VinFast (VFS US) – Heading for Trouble

<ul><li>Rivian Automotive reported its first quarter of 2026 results emphasizing key operational milestones and strategic initiatives while signaling ongoing financial challenges typical of a growth-stage electric vehicle (EV) manufacturer.</li><li>A major highlight was the launch of the R2 midsize SUV at the Normal, Illinois plant, marking the start of saleable production and initial employee deliveries.</li><li>The R2 is positioned as a more affordable, mass-market vehicle compared to the R1 platform, leveraging significant structural cost reductions—approximately half the bill of materials cost and over 50% reduction in non-material costs—achieved through design simplifications, manufacturing efficiencies, and consolidated components.</li></ul>

Rivian Automotive reported its first quarter of 2026 results emphasizing key operational milestones and strategic initiatives while signaling ongoing financial challenges typical of a growth-stage electric vehicle (EV) manufacturer.A major highlight was the launch of the R2 midsize SUV at the Normal, Illinois plant, marking the start of saleable production and initial employee deliveries.The R2 is positioned as a more affordable, mass-market vehicle compared to the R1 platform, leveraging significant structural cost reductions—approximately half the bill of materials cost and over 50% reduction in non-material costs—achieved through design simplifications, manufacturing efficiencies, and consolidated components.

Rivian Automotive: Inside the R2 Cost Breakthrough That Could Reshape Its EV Growth Story!

<ul><li>Rivian Automotive Inc., a notable player in the electric vehicle (EV) sector, exhibited a mixed performance in its recent earnings report for 2025, with significant strides in production, sales, and technology offset by ongoing challenges.</li><li>On the positive side, Rivian's R1S model secured a prominent position in key markets like California and New York, reflecting strong consumer interest in its premium EV offerings.</li><li>Moreover, Rivian is poised to launch its R2 model, aimed at the mass market with a price point around $50,000, which could tap into a currently underserved segment.</li></ul>

Rivian Automotive Inc., a notable player in the electric vehicle (EV) sector, exhibited a mixed performance in its recent earnings report for 2025, with significant strides in production, sales, and technology offset by ongoing challenges.On the positive side, Rivian's R1S model secured a prominent position in key markets like California and New York, reflecting strong consumer interest in its premium EV offerings.Moreover, Rivian is poised to launch its R2 model, aimed at the mass market with a price point around $50,000, which could tap into a currently underserved segment.

Rivian Automotive: Why the Volkswagen Partnership Could Be the Real Long-Term Inflection Point!

United States

Rivian Automotive, Inc. is an automotive technology company. The Company designs and manufactures vans, trucks, and sports utility vehicles, as well as offers software solutions, IT, repair, and maintenance services. Rivian Automotive serves customers in North America and the United Kingdom.

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Rivian Automotive (RIVN US)

Rivian Automotive’s R2 Launch: Can 500,000+ Vehicle Capacity Reshape Its Growth Story?

Rivian Automotive reported second-quarter 2026 results marked by the start of external deliveries for its R2 vehicle, along with continued growth...

Baptista Research

US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

RCP predicts a big Trump win, TheEconomist a narrow Harris one. Turnout key for Trump; his win would lower oil prices & hit China, benefitting the...

Prasenjit K. Basu

2024 High Conviction: VinFast (VFS US) – Heading for Trouble

VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and...

Arun George

Rivian Automotive: Inside the R2 Cost Breakthrough That Could Reshape Its EV Growth Story!

Rivian Automotive reported its first quarter of 2026 results emphasizing key operational milestones and strategic initiatives while signaling...

Baptista Research

Rivian Automotive: Why the Volkswagen Partnership Could Be the Real Long-Term Inflection Point!

Rivian Automotive Inc., a notable player in the electric vehicle (EV) sector, exhibited a mixed performance in its recent earnings report for...

Baptista Research

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