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>Salesforce, a leading enterprise software company, reported its second-quarter fiscal 2027 results, underscoring continued adoption of its platform amid evolving AI integration trends.</li><li>The company showcased robust customer engagements, notably with three clients—Xero, Legora, and Replit—each leveraging Salesforce’s infrastructure to support distinct AI-driven workflows and operational models.</li><li>Xero, a long-term customer since 2014, emphasized Salesforce’s foundational role across sales, service, and marketing functions, enabling real-time customer support via Salesforce’s Agentforce AI platform.</li></ul>

Salesforce, a leading enterprise software company, reported its second-quarter fiscal 2027 results, underscoring continued adoption of its platform amid evolving AI integration trends.The company showcased robust customer engagements, notably with three clients—Xero, Legora, and Replit—each leveraging Salesforce’s infrastructure to support distinct AI-driven workflows and operational models.Xero, a long-term customer since 2014, emphasized Salesforce’s foundational role across sales, service, and marketing functions, enabling real-time customer support via Salesforce’s Agentforce AI platform.

Salesforce.Com Inc - Salesforce Supercharges Enterprise AI As Xero, Legora And Replit Expand Usage!

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Salesforce reported Q2 FY 2027 revenue of $11.345 billion, up 11% YoY in constant currency, at the high end of the previously guided range. </li>
<li>Cloudforce, a partnership between Anthropic &amp; Salesforce, integrates Claude into Salesforce and vice versa. Basically, Claude becomes the new user interface for Salesforce, as long as you upgrade to premium</li>
<li>Benioff is betting big on Cloudforce unlocking previously unheard of value from customers's underlying Salesforce data and that they will pay handsomely for this privilege. Let's see... </li>
</ul>


Salesforce reported Q2 FY 2027 revenue of $11.345 billion, up 11% YoY in constant currency, at the high end of the previously guided range. 
Cloudforce, a partnership between Anthropic &amp; Salesforce, integrates Claude into Salesforce and vice versa. Basically, Claude becomes the new user interface for Salesforce, as long as you upgrade to premium
Benioff is betting big on Cloudforce unlocking previously unheard of value from customers's underlying Salesforce data and that they will pay handsomely for this privilege. Let's see... 


Salesforce Opens The AI Floodgates With Cloudforce. But Why?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Salesforce reported 2QFY27 results: total revenue increased by 11% YoY to US$11.3bn, and non-GAAP operating income grew by 10% YoY to US$3.87bn, both in line with Visible Alpha (VA) consensus estimates.</li><li>2QFY27 cRPO was up by 14% YoY to US$33.5bn, 1ppt ahead of the company guidance, mainly thanks to the strong bookings and low customer attrition.</li><li>NNAOV growth in 2QFY27 is the strongest in four years, supporting the second-half organic revenue reacceleration and further easing investor concern on “SaaSpocalypse”.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Salesforce reported 2QFY27 results: total revenue increased by 11% YoY to US$11.3bn, and non-GAAP operating income grew by 10% YoY to US$3.87bn, both in line with Visible Alpha (VA) consensus estimates.2QFY27 cRPO was up by 14% YoY to US$33.5bn, 1ppt ahead of the company guidance, mainly thanks to the strong bookings and low customer attrition.NNAOV growth in 2QFY27 is the strongest in four years, supporting the second-half organic revenue reacceleration and further easing investor concern on “SaaSpocalypse”.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Salesforce (CRM US) - 2QFY27 Review: Robust Bookings Growth on Strong AI Momentum

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Sun Hung Kai executives have made headlines by purchasing a Hong Kong home for $23 million.</li><li>OUE REIT's $252 million acquisition of Salesforce Tower has significantly impacted the Sydney office market.</li><li>CapitaLand Ascott Trust acquired three apartment blocks in Japan for $30 million amid rising property rents.</li></ul>

Sun Hung Kai executives have made headlines by purchasing a Hong Kong home for $23 million.OUE REIT's $252 million acquisition of Salesforce Tower has significantly impacted the Sydney office market.CapitaLand Ascott Trust acquired three apartment blocks in Japan for $30 million amid rising property rents.

Asia Real Estate Tracker (25-Feb-2026): Sun Hung Kai execs buy HK home for $23M; real estate news.

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Salesforce.Com Inc - Salesforce Supercharges Enterprise AI As Xero, Legora And Replit Expand Usage!

Salesforce, a leading enterprise software company, reported its second-quarter fiscal 2027 results, underscoring continued adoption of its...

Baptista Research

Salesforce Opens The AI Floodgates With Cloudforce. But Why?

Benioff is betting big on Cloudforce unlocking previously unheard of value from customers's underlying Salesforce data and that they will pay...

William Keating

Salesforce (CRM US) - 2QFY27 Review: Robust Bookings Growth on Strong AI Momentum

2QFY27 cRPO was up by 14% YoY to US$33.5bn, 1ppt ahead of the company guidance, mainly thanks to the strong bookings and low customer attrition.

CMB International

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Asia Real Estate Tracker (25-Feb-2026): Sun Hung Kai execs buy HK home for $23M; real estate news.

Recent APAC real estate activity includes Sun Hung Kai's $23M home purchase in Hong Kong, OUE REIT's $252M acquisition in Sydney, and rising...

Asia Real Estate Tracker

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