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>S&P Global reported solid financial results for the first quarter of 2026 despite a challenging and volatile macroeconomic environment shaped by geopolitical conflicts, particularly in the Middle East, and heightened market uncertainty.</li><li>The company achieved a 10% year-over-year increase in reported revenue and 9% on an organic constant currency basis.</li><li>Subscription revenues grew 6%, supported by strong renewals and net sales across the franchise, while market-driven businesses—Ratings and Indices—demonstrated resilience and robust growth.</li></ul>

S&P Global reported solid financial results for the first quarter of 2026 despite a challenging and volatile macroeconomic environment shaped by geopolitical conflicts, particularly in the Middle East, and heightened market uncertainty.The company achieved a 10% year-over-year increase in reported revenue and 9% on an organic constant currency basis.Subscription revenues grew 6%, supported by strong renewals and net sales across the franchise, while market-driven businesses—Ratings and Indices—demonstrated resilience and robust growth.

S&P Global: 17% Indices Growth And Mobility Spin-Off Support The Buy Despite Q4 Risk!

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

<ul><li>S&P Global delivered a noteworthy performance for the full year of 2025, characterized by strong revenue growth and expansion of operating margins, culminating in a 14% increase in Earnings Per Share (EPS).</li><li>These results exceeded the initial guidance provided at the beginning of the year.</li><li>The company also significantly rewarded shareholders, distributing 113% of adjusted free cash flow via dividends and share repurchases, and raised its dividend for the 53rd consecutive year while repurchasing over $5 billion in stock.</li></ul>

S&P Global delivered a noteworthy performance for the full year of 2025, characterized by strong revenue growth and expansion of operating margins, culminating in a 14% increase in Earnings Per Share (EPS).These results exceeded the initial guidance provided at the beginning of the year.The company also significantly rewarded shareholders, distributing 113% of adjusted free cash flow via dividends and share repurchases, and raised its dividend for the 53rd consecutive year while repurchasing over $5 billion in stock.

S&P Global: From AI-Enhanced Data to Private Markets—A High-Quality Growth Engine Emerges!

<ul><li>S&P Global Inc. demonstrated a robust performance in the third quarter of 2025, achieving record revenue, operating profit, and EPS.</li><li>Revenue increased by 9% year-over-year, supported by a 6% rise in subscription revenue.</li><li>These results were underpinned by strategic investments in capacity, new products, and technology, which facilitated margin expansion of 180 basis points on a trailing 12-month basis and a 22% increase in adjusted EPS.</li></ul>

S&P Global Inc. demonstrated a robust performance in the third quarter of 2025, achieving record revenue, operating profit, and EPS.Revenue increased by 9% year-over-year, supported by a 6% rise in subscription revenue.These results were underpinned by strategic investments in capacity, new products, and technology, which facilitated margin expansion of 180 basis points on a trailing 12-month basis and a 22% increase in adjusted EPS.

S&P Global: Why Is Its Proprietary Data the Ultimate Competitive Moat?

<ul><li>S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.</li><li>The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.</li><li>Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.</li></ul>

S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.

S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!

United States

S&P Global Inc. provides clients with financial information services. The Company offers information regarding ratings, benchmarks, and analytics in the global capital and commodity markets. S&P Global operates worldwide.

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S&P Global (SPGI US)

S&P Global: 17% Indices Growth And Mobility Spin-Off Support The Buy Despite Q4 Risk!

S&P Global reported solid financial results for the first quarter of 2026 despite a challenging and volatile macroeconomic environment shaped...

Baptista Research

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

S&P Global: From AI-Enhanced Data to Private Markets—A High-Quality Growth Engine Emerges!

S&P Global delivered a noteworthy performance for the full year of 2025, characterized by strong revenue growth and expansion of operating...

Baptista Research

S&P Global: Why Is Its Proprietary Data the Ultimate Competitive Moat?

S&P Global Inc. demonstrated a robust performance in the third quarter of 2025, achieving record revenue, operating profit, and EPS. Revenue...

Baptista Research

S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!

S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8...

Baptista Research

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