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>SharkNinja's third-quarter 2025 earnings presented a mix of remarkable achievements alongside some challenges.</li><li>Through diligent execution and a focus on innovation, the company achieved strong financial outcomes, yet it also navigated ongoing industry headwinds.</li><li>From a financial standpoint, SharkNinja showcased robust growth.</li></ul>

SharkNinja's third-quarter 2025 earnings presented a mix of remarkable achievements alongside some challenges.Through diligent execution and a focus on innovation, the company achieved strong financial outcomes, yet it also navigated ongoing industry headwinds.From a financial standpoint, SharkNinja showcased robust growth.

SharkNinja: An Insight Into How Its Cost Strategy

<ul><li>SharkNinja's second quarter 2025 financial performance highlights both its strengths and challenges within a globally turbulent environment.</li><li>The company reported a 15.7% increase year-over-year in net sales, reaching $1.4 billion.</li><li>This top-line growth was accompanied by a significant 33% rise in adjusted EBITDA, which reached $223 million, underscoring the company's ability to improve profitability through efficient cost management and operational execution.</li></ul>

SharkNinja's second quarter 2025 financial performance highlights both its strengths and challenges within a globally turbulent environment.The company reported a 15.7% increase year-over-year in net sales, reaching $1.4 billion.This top-line growth was accompanied by a significant 33% rise in adjusted EBITDA, which reached $223 million, underscoring the company's ability to improve profitability through efficient cost management and operational execution.

SharkNinja Powers Ahead With Game-Changing Beauty Tech Expansion; What’s The Expected Future Revenue Impact?

<ul><li>SharkNinja's first quarter results for 2025 reflect a period of both significant achievements and challenges, painting a nuanced picture for potential investors.</li><li>The company demonstrated resilience in sales growth and strategic adaptability amidst an uncertain macroeconomic backdrop.</li><li>Let's explore both the positive and negative aspects of the financial results and strategic directions highlighted in the call.</li></ul>

SharkNinja's first quarter results for 2025 reflect a period of both significant achievements and challenges, painting a nuanced picture for potential investors.The company demonstrated resilience in sales growth and strategic adaptability amidst an uncertain macroeconomic backdrop.Let's explore both the positive and negative aspects of the financial results and strategic directions highlighted in the call.

SharkNinja Unleashes 25 Game-Changing Products: Can They Impact Its 2025 Growth Story?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 23 February, household appliance maker <a href="https://www.smartkarma.com/entities/js-global-lifestyle-co-ltd" target="_blank" data-smartkarma-citation="entities:28155:1" rel="noopener">JS Global Lifestyle (1691 HK)</a> proposed spinning off SharkNinja's ex-Asia Pac ops in the U.S.  </li>
<li>This spin-off would be undertaken as a distribution in-specie, creating a parallel listing structure for SharkNinja and the remaining operations.</li>
<li>Shareholders of JSG will vote on the separate listing at the EGM on the 26 June, with the last day cum-entitlement on the 27 June.</li>
</ul>


Back on the 23 February, household appliance maker JS Global Lifestyle (1691 HK) proposed spinning off SharkNinja's ex-Asia Pac ops in the U.S.  
This spin-off would be undertaken as a distribution in-specie, creating a parallel listing structure for SharkNinja and the remaining operations.
Shareholders of JSG will vote on the separate listing at the EGM on the 26 June, with the last day cum-entitlement on the 27 June.


JS Global (1691 HK)'s SharkNinja Spin-Off

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Beijing Roborock Technology  / Equity Bottom-Up

<ul>
<li>Roborock's margins are expected to bottom-out after a tough four quarters of strategically prioritizing market share at the cost of margins. 3Q-4Q25 will mark the start of new margin cycle.</li>
<li>Margins stabilizing at the new normal of 12-14% NPM will mean earnings will track revenue growth going forward. Meanwhile, revenues can surprise on the upside with &gt;25% CAGR in medium-term.</li>
<li>
HK-Listing into 2H25/ 1H26 is a strong catalyst which can bring in fresh money, and improve disclosure standards - a key concern. We expect 70% upside in our bull case.
</li>
</ul>


Roborock's margins are expected to bottom-out after a tough four quarters of strategically prioritizing market share at the cost of margins. 3Q-4Q25 will mark the start of new margin cycle.
Margins stabilizing at the new normal of 12-14% NPM will mean earnings will track revenue growth going forward. Meanwhile, revenues can surprise on the upside with &gt;25% CAGR in medium-term.

HK-Listing into 2H25/ 1H26 is a strong catalyst which can bring in fresh money, and improve disclosure standards - a key concern. We expect 70% upside in our bull case.



Beijing Roborock (688169.SS): Structural Margin Recovery to Drive Re-Rating; HK Listing Key Catalyst

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SharkNinja (SN US)

SharkNinja: An Insight Into How Its Cost Strategy

SharkNinja's third-quarter 2025 earnings presented a mix of remarkable achievements alongside some challenges. Through diligent execution and a...

Baptista Research

SharkNinja Powers Ahead With Game-Changing Beauty Tech Expansion; What’s The Expected Future Revenue Impact?

SharkNinja's second quarter 2025 financial performance highlights both its strengths and challenges within a globally turbulent environment. The...

Baptista Research

SharkNinja Unleashes 25 Game-Changing Products: Can They Impact Its 2025 Growth Story?

SharkNinja's first quarter results for 2025 reflect a period of both significant achievements and challenges, painting a nuanced picture for...

Baptista Research

JS Global (1691 HK)'s SharkNinja Spin-Off

Wow - SharkNinja (SN US)'s market cap on its first day of trading is ~US$4.2bn - a punchy 23x trailing PER - well above the expected value of...

David Blennerhassett

Beijing Roborock (688169.SS): Structural Margin Recovery to Drive Re-Rating; HK Listing Key Catalyst

We just published a quarterly update note on this Beijing Roborock Margin Recovery story post 3Q earnings, and the way forward. Beijing Roborock is...

Raj S, CA, CFA

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