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>The earnings report for Rolls-Royce Holdings plc for the first half of 2025 reveals multiple facets of the business's current standing, offering both positives and challenges.</li>
<li>The group's operating profit grew significantly to £1.7 billion, showing a 50% increase compared to the previous year.</li>
<li>The operating margin also saw substantial improvement, rising by 4.9 percentage points to 19.1%.</li>
</ul>


The earnings report for Rolls-Royce Holdings plc for the first half of 2025 reveals multiple facets of the business's current standing, offering both positives and challenges.
The group's operating profit grew significantly to £1.7 billion, showing a 50% increase compared to the previous year.
The operating margin also saw substantial improvement, rising by 4.9 percentage points to 19.1%.


Rolls-Royce Accelerates Engine Breakthroughs with £1 Billion “Time on Wing” Revolution; What’s Next?

<ul>
<li>Rolls-Royce Holdings PLC is navigating through a complex landscape with several achievements and challenges highlighted in their recent results presentation.</li>
<li>The company's financial performance in the first half of 2025 reflects strong progress across its divisions, underscored by its transformation program designed to make RollsRoyce a more competitive and resilient business.</li>
<li>On the positive side, Rolls-Royce reported a 50% increase in operating profit to GBP 1.7 billion, driven by significant improvements across Civil Aerospace, Defence, and Power Systems.</li>
</ul>


Rolls-Royce Holdings PLC is navigating through a complex landscape with several achievements and challenges highlighted in their recent results presentation.
The company's financial performance in the first half of 2025 reflects strong progress across its divisions, underscored by its transformation program designed to make RollsRoyce a more competitive and resilient business.
On the positive side, Rolls-Royce reported a 50% increase in operating profit to GBP 1.7 billion, driven by significant improvements across Civil Aerospace, Defence, and Power Systems.


Rolls-Royce’s Civil Aerospace Upgrades Double Engine Lifespan–Is This A Key Catalyst For The Future?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>BAE ownership jumped from 29.4% to 36.7% of UK funds, reaching its strongest level in two years.</li>
<li>Despite gains, BAE remains the sixth-largest underweight versus the FTSE All-Share.</li>
<li>BAE dominates UK aerospace and defence peers, but underweights may be harder to defend amid Europe’s rearmament and geopolitical tensions.</li>
</ul>


BAE ownership jumped from 29.4% to 36.7% of UK funds, reaching its strongest level in two years.
Despite gains, BAE remains the sixth-largest underweight versus the FTSE All-Share.
BAE dominates UK aerospace and defence peers, but underweights may be harder to defend amid Europe’s rearmament and geopolitical tensions.


BAE Systems: Positioning Rebounds, Underweight Widens

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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.

Index Rebalance

Banco Bilbao Vizcaya Argentari / Index Rebalance

<ul>
<li>The main forecasted additions are <a href="https://www.smartkarma.com/entities/banco-bilbao-vizcaya-argentari" target="_blank" data-smartkarma-citation="entities:21251:1" rel="noopener">Banco Bilbao Vizcaya Argentari (BBVA SM)</a> and <a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> as they are both surpassing the entry rank.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/mercedes-benz-group-ag" target="_blank" data-smartkarma-citation="entities:21602:1" rel="noopener">Mercedes-Benz Group (MBG GR)</a> and <a href="https://www.smartkarma.com/entities/basf-se" target="_blank" data-smartkarma-citation="entities:21585:1" rel="noopener">BASF (BAS GR)</a> as they are both below the exit rank.</li>
<li>The highest-ranked among <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a>, <a href="https://www.smartkarma.com/entities/bae-systems-plc" target="_blank" data-smartkarma-citation="entities:21825:1" rel="noopener">BAE Systems (BA/ LN)</a> and <a href="https://www.smartkarma.com/entities/barclays-plc" target="_blank" data-smartkarma-citation="entities:1121:1" rel="noopener">Barclays (BARC LN)</a> may replace <a href="https://www.smartkarma.com/entities/diageo-plc" target="_blank" data-smartkarma-citation="entities:977:1" rel="noopener">Diageo Plc (DGE LN)</a> if its price falls further.</li>
</ul>


The main forecasted additions are Banco Bilbao Vizcaya Argentari (BBVA SM) and Rheinmetall AG (RHM GR) as they are both surpassing the entry rank.
The main forecasted deletions are Mercedes-Benz Group (MBG GR) and BASF (BAS GR) as they are both below the exit rank.
The highest-ranked among Deutsche Bank (DBK GR), BAE Systems (BA/ LN) and Barclays (BARC LN) may replace Diageo Plc (DGE LN) if its price falls further.


STOXX Europe50 September 2025 Forecast: BBVA & RHM Set to Join, BAS & MBG to Exit

Global Materials | Industrials | Commodities

Rahul Jain

Hindustan Aeronautics  / Equity Bottom-Up

<ul>
<li>Over FY22–FY25, HAL’s revenue grew at a CAGR of ~8%, while PAT rose at ~15% CAGR, with the order book doubling to ₹1.89 lakh Cr, providing LT visibility.</li>
<li>India’s defence indigenization drive, large platform rollouts (LCA Mk1A, LUH, AMCA, engines), positions HAL to address a Rs3–4 lakh Cr opportunity over the next 5–10 years, including exports.</li>
<li>Despite strong earnings growth, zero debt, and long-term JV upside (e.g., Safran engine), HAL trades at a P/E of ~33–38×, below many peers, indicating room for re-rating.</li>
</ul>


Over FY22–FY25, HAL’s revenue grew at a CAGR of ~8%, while PAT rose at ~15% CAGR, with the order book doubling to ₹1.89 lakh Cr, providing LT visibility.
India’s defence indigenization drive, large platform rollouts (LCA Mk1A, LUH, AMCA, engines), positions HAL to address a Rs3–4 lakh Cr opportunity over the next 5–10 years, including exports.
Despite strong earnings growth, zero debt, and long-term JV upside (e.g., Safran engine), HAL trades at a P/E of ~33–38×, below many peers, indicating room for re-rating.


HAL (NSE: HAL) – Strong Visibility, Undervalued Optionality

United Kingdom

Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines for civil and military aircraft. The Group designs, constructs and installs power generation systems, transmission and distribution systems, and equipment for the marine propulsion, oil and gas pumping, and defense markets.

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Rolls-Royce Holdings (RR/ LN)

Rolls-Royce Accelerates Engine Breakthroughs with £1 Billion “Time on Wing” Revolution; What’s Next?

The earnings report for Rolls-Royce Holdings plc for the first half of 2025 reveals multiple facets of the business's current standing, offering...

Baptista Research

Rolls-Royce’s Civil Aerospace Upgrades Double Engine Lifespan–Is This A Key Catalyst For The Future?

Rolls-Royce Holdings PLC is navigating through a complex landscape with several achievements and challenges highlighted in their recent results...

Baptista Research

BAE Systems: Positioning Rebounds, Underweight Widens

BAE Systems ownership has rebounded sharply, cementing its lead in UK defence holdings. Yet it remains a key underweight, raising risks for...

Steven Holden

STOXX Europe50 September 2025 Forecast: BBVA & RHM Set to Join, BAS & MBG to Exit

Main forecasted additions are BBVA and RHM, while MBG and BAS are the main forecasted deletions. DBK , BA., and BARC are potential replacement...

Dimitris Ioannidis

HAL (NSE: HAL) – Strong Visibility, Undervalued Optionality

HAL's strong revenue and profit growth, coupled with a growing order book and opportunities in India's defense indigenization drive, suggest...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rolls-Royce Accelerates Engine Breakthroughs with £1 Billion “Time on Wing” Revolution; What’s Next?

The earnings report for Rolls-Royce Holdings plc for the first half of 2025 reveals multiple facets of the business's current standing, offering...

Baptista Research

Rolls-Royce’s Civil Aerospace Upgrades Double Engine Lifespan–Is This A Key Catalyst For The Future?

Rolls-Royce Holdings PLC is navigating through a complex landscape with several achievements and challenges highlighted in their recent results...

Baptista Research

BAE Systems: Positioning Rebounds, Underweight Widens

BAE Systems ownership has rebounded sharply, cementing its lead in UK defence holdings. Yet it remains a key underweight, raising risks for...

Steven Holden

STOXX Europe50 September 2025 Forecast: BBVA & RHM Set to Join, BAS & MBG to Exit

​Main forecasted additions are BBVA and RHM, while MBG and BAS are the main forecasted deletions. DBK , BA., and BARC are potential replacement...

Dimitris Ioannidis

HAL (NSE: HAL) – Strong Visibility, Undervalued Optionality

​HAL's strong revenue and profit growth, coupled with a growing order book and opportunities in India's defense indigenization drive, suggest...

Rahul Jain

Main forecasted additions are BBVA and RHM, while MBG and BAS are the main forecasted deletions. DBK , BA., and BARC are potential replacement...

HAL's strong revenue and profit growth, coupled with a growing order book and opportunities in India's defense indigenization drive, suggest...