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 Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding expectations by reporting a year-over-year increase of 20.5% in constant currency.</li><li>This was a point above the high end of their guidance, reflecting the solid demand for its platforms and services.</li><li>The company recorded an operating margin of 33.5%, surpassing the anticipated margin by 3 points, showcasing significant operational efficiencies that further bolstered profitability with a free cash flow margin hitting 17.5%.</li></ul>

ServiceNow Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding expectations by reporting a year-over-year increase of 20.5% in constant currency.This was a point above the high end of their guidance, reflecting the solid demand for its platforms and services.The company recorded an operating margin of 33.5%, surpassing the anticipated margin by 3 points, showcasing significant operational efficiencies that further bolstered profitability with a free cash flow margin hitting 17.5%.

ServiceNow’s AI Explosion: How Its 55x Usage Growth Is Reshaping Enterprise Workflow!

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 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.</li><li>During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.</li><li>Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).</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 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).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) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

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?

Professional Special Situation Investor, TripleS Special Situation Investing

Triple S Special Situations Investing

Professional Special Situation Investor

TripleS Special Situation Investing

Professional Special Situation Investor with over 20 years of experience.

Thematic (Sector/Industry)

<ul><li>Uncy is a drug company targeting renal patients.</li><li>The company got its second Complete Response Letter on June 30 and fell 40% to $5.</li><li>The FDA raised no efficacy or safety concerns, asked for no new data, and rejected the thing over the same third-party manufacturing deficiencies as the June 2025 CRL.</li></ul>

Uncy is a drug company targeting renal patients.The company got its second Complete Response Letter on June 30 and fell 40% to $5.The FDA raised no efficacy or safety concerns, asked for no new data, and rejected the thing over the same third-party manufacturing deficiencies as the June 2025 CRL.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>The pace of change across the tech sector is accelerating.</li><li>The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.</li><li>Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.</li></ul>

The pace of change across the tech sector is accelerating.The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

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’s AI Explosion: How Its 55x Usage Growth Is Reshaping Enterprise Workflow!

ServiceNow Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding...

Baptista Research

ServiceNow (NOW US) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income...

CMB International

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

Stock Trade Compilation Episode Nueve

The FDA raised no efficacy or safety concerns, asked for no new data, and rejected the thing over the same third-party manufacturing deficiencies...

Triple S Special Situations Investing

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

Forsyth Barr

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