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>It has been a busy stretch for Salesforce.</li><li>Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while sharpening its data foundation through Informatica.</li><li>Revenue hit $10.26 billion in Q3, operating margins expanded, and Agentforce ARR surged more than 300% year over year.</li></ul>

It has been a busy stretch for Salesforce.Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while sharpening its data foundation through Informatica.Revenue hit $10.26 billion in Q3, operating margins expanded, and Agentforce ARR surged more than 300% year over year.

Salesforce.Com Inc - Salesforce Just Expanded Agentforce — But Control Is The Story!

<ul><li>Salesforce, the global leader in AI-powered customer relationship management (CRM), has made headlines once again with its definitive agreement to acquire Qualified, a specialist in agentic AI marketing solutions.</li><li>This move aligns with Salesforce’s growing ambitions in agent-based enterprise solutions, particularly through its Agentforce suite.</li><li>Qualified’s flagship product uses agentic AI to autonomously engage inbound website visitors, qualify leads, and schedule meetings—an ideal fit for Salesforce’s vision of “agentifying” the modern revenue organization.</li></ul>

Salesforce, the global leader in AI-powered customer relationship management (CRM), has made headlines once again with its definitive agreement to acquire Qualified, a specialist in agentic AI marketing solutions.This move aligns with Salesforce’s growing ambitions in agent-based enterprise solutions, particularly through its Agentforce suite.Qualified’s flagship product uses agentic AI to autonomously engage inbound website visitors, qualify leads, and schedule meetings—an ideal fit for Salesforce’s vision of “agentifying” the modern revenue organization.

Salesforce.Com Inc - Salesforce Snaps Up Qualified—A Silent Threat to Legacy MarTech Stacks?

<ul><li>Salesforce's latest financial results and strategic direction highlight several key aspects for potential investors to consider.</li><li>For Q2 fiscal 2026, Salesforce reported revenue of $10.25 billion, representing a 10% year-over-year increase.</li><li>This growth was driven primarily by strong sales execution, particularly in substantial deal closures, and the expansion into new customer segments and services.</li></ul>

Salesforce's latest financial results and strategic direction highlight several key aspects for potential investors to consider.For Q2 fiscal 2026, Salesforce reported revenue of $10.25 billion, representing a 10% year-over-year increase.This growth was driven primarily by strong sales execution, particularly in substantial deal closures, and the expansion into new customer segments and services.

CRM US - Salesforce + Spindle AI: The Game-Changing Duo That Could Dominate Enterprise AI!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.</li>
<li>The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.</li>
<li>Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.</li>
</ul>


Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.
The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.
Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.


ANTHROPIC IPO: Will Investors Accept a Down Round?

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS keeps 'hold' on Genting Singapore, citing World Cup's impact on gaming patrons.</li><li>CGS International raises Yangzijiang Shipbuilding's target price to $5.10.</li><li>RHB optimistic on CLAR; portfolio changes expected to boost DPU from FY2027.</li></ul>

DBS keeps 'hold' on Genting Singapore, citing World Cup's impact on gaming patrons.CGS International raises Yangzijiang Shipbuilding's target price to $5.10.RHB optimistic on CLAR; portfolio changes expected to boost DPU from FY2027.

Singapore Market Roundup (23-Jul-2026): DBS maintains 'hold' on Genting Singapore due to World

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 Just Expanded Agentforce — But Control Is The Story!

It has been a busy stretch for Salesforce. Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while...

Baptista Research

Salesforce.Com Inc - Salesforce Snaps Up Qualified—A Silent Threat to Legacy MarTech Stacks?

Salesforce, the global leader in AI-powered customer relationship management (CRM), has made headlines once again with its definitive agreement to...

Baptista Research

CRM US - Salesforce + Spindle AI: The Game-Changing Duo That Could Dominate Enterprise AI!

Salesforce's latest financial results and strategic direction highlight several key aspects for potential investors to consider. For Q2 fiscal...

Baptista Research

ANTHROPIC IPO: Will Investors Accept a Down Round?

Anthropic faces a potential "Down Round" in its IPO slated for later this year. The dynamics of the AI sector have deteriorated substantially...

David Mudd

Singapore Market Roundup (23-Jul-2026): DBS maintains 'hold' on Genting Singapore due to World

DBS maintains 'hold' on Genting Singapore due to World Cup effects. CGS raises Yangzijiang target to $5.10; RHB optimistic on CLAR, expecting DPU...

Singapore Market Roundup

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