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>ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.</li><li>The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.</li><li>Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.</li></ul>

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

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>ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 20% YoY to US$953mn, 3% ahead of consensus estimate thanks to efficiency gains on internal AI deployment.</li><li>cRPO increased by 22% YoY to US$10.3bn as of 1Q25, beating guidance by 150bps, supported by the strength across workflows and industries.</li><li>Despite the 1Q25 earnings beat, management has raised merely FY25 subscription revenue guidance by US$5mn to US$12.64-12.68bn (+18.5-19.0% YoY), in a conservative manner given the macro uncertainty in 2H25. </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.

ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 20% YoY to US$953mn, 3% ahead of consensus estimate thanks to efficiency gains on internal AI deployment.cRPO increased by 22% YoY to US$10.3bn as of 1Q25, beating guidance by 150bps, supported by the strength across workflows and industries.Despite the 1Q25 earnings beat, management has raised merely FY25 subscription revenue guidance by US$5mn to US$12.64-12.68bn (+18.5-19.0% YoY), in a conservative manner given the macro uncertainty in 2H25. 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.

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty

<ul><li>ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both in line with consensus estimates.</li><li>FY24 total revenue was up by 22% YoY to US$10.98bn, with non-GAAP OPM up by 1.9ppts YoY to 29.6%, driven by operating leverage and efficiency gains.</li><li>For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, which is slightly below consensus estimate (+20.5% YoY). </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.

ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both in line with consensus estimates.FY24 total revenue was up by 22% YoY to US$10.98bn, with non-GAAP OPM up by 1.9ppts YoY to 29.6%, driven by operating leverage and efficiency gains.For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, which is slightly below consensus estimate (+20.5% YoY). 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.

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development

<ul><li>ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024.</li><li>The company reported a subscription revenue growth of 21% year-over-year, with the remaining performance obligation reaching nearly $23 billion.</li><li>This emphasizes the firm's ability to capture and sustain customer interest in its services.</li></ul>

ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024.The company reported a subscription revenue growth of 21% year-over-year, with the remaining performance obligation reaching nearly $23 billion.This emphasizes the firm's ability to capture and sustain customer interest in its services.

ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! - Major Drivers

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

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.</li>
<li>Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.</li>
<li>Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.</li>
</ul>


Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.


Palantir Technologies Inc:  Rotation Signals Momentum Shift

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also...

Baptista Research

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty

ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate

CMB International

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development

ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both...

CMB International

ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! - Major Drivers

ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024. The company reported a subscription...

Baptista Research

Palantir Technologies Inc: Rotation Signals Momentum Shift

Palantir has surged into global fund portfolios, doubling ownership to record highs. Growth-led buying and a 500% rally push it toward Tesla-like...

Steven Holden

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