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>Snap Inc. reported second-quarter 2026 results demonstrating continued growth and operational improvement amid ongoing investment in long-term innovation, notably its augmented reality hardware initiative, Specs.</li><li>The company’s monthly active users approached 1 billion, with daily active users reaching 493 million, reflecting steady engagement expansion.</li><li>Total revenue grew 19% year-over-year to $1.6 billion, driven by a 9% rise in advertising revenues reaching $1.28 billion and an 85% surge in other revenues to $316 million, primarily from Snapchat+, Memory Storage, and Lens+ subscription services.</li></ul>

Snap Inc. reported second-quarter 2026 results demonstrating continued growth and operational improvement amid ongoing investment in long-term innovation, notably its augmented reality hardware initiative, Specs.The company’s monthly active users approached 1 billion, with daily active users reaching 493 million, reflecting steady engagement expansion.Total revenue grew 19% year-over-year to $1.6 billion, driven by a 9% rise in advertising revenues reaching $1.28 billion and an 85% surge in other revenues to $316 million, primarily from Snapchat+, Memory Storage, and Lens+ subscription services.

Snap Is Not Just An Advertising Story — Subscriptions Reach $316 Million!

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/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.</li>
<li>Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.</li>
<li>Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.</li>
</ul>



Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.
Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.
Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.


Aequitas: Tencent Investee Selldown - Start of Another US$70bn Selldown Wave

<ul><li>Snap Inc. delivered a mixed first quarter that showed meaningful progress in revenue diversification, cost discipline and cash generation, while also underlining continuing pressure in parts of the advertising business.</li><li>Total revenue rose 12 percent year over year to $1.53 billion, supported by strong growth in other revenue, which increased 87 percent to $285 million.</li><li>Advertising revenue grew only 3 percent to $1.24 billion, reflecting better performance in direct response products and small and medium business advertisers, partly offset by weakness among large North American advertisers and geopolitical disruption in the Middle East.</li></ul>

Snap Inc. delivered a mixed first quarter that showed meaningful progress in revenue diversification, cost discipline and cash generation, while also underlining continuing pressure in parts of the advertising business.Total revenue rose 12 percent year over year to $1.53 billion, supported by strong growth in other revenue, which increased 87 percent to $285 million.Advertising revenue grew only 3 percent to $1.24 billion, reflecting better performance in direct response products and small and medium business advertisers, partly offset by weakness among large North American advertisers and geopolitical disruption in the Middle East.

Snap Inc.’s 483 Million Daily Users: Can Engagement Finally Translate Into Profitability?

<ul><li>Snap Inc. is once again asking investors to focus on discipline, efficiency, and a clearer path to profitability.</li><li>The company has outlined a sharper push toward profitable growth, highlighted margin expansion, and pointed to stronger subscription momentum, higher-performing ad formats, and tighter cost control as evidence that the business is stabilizing.</li><li>Management reported fourth-quarter 2025 revenue of $1.72 billion, up 10% year over year, with advertising revenue rising 5% and other revenue increasing 62% as subscribers reached 24 million.</li></ul>

Snap Inc. is once again asking investors to focus on discipline, efficiency, and a clearer path to profitability.The company has outlined a sharper push toward profitable growth, highlighted margin expansion, and pointed to stronger subscription momentum, higher-performing ad formats, and tighter cost control as evidence that the business is stabilizing.Management reported fourth-quarter 2025 revenue of $1.72 billion, up 10% year over year, with advertising revenue rising 5% and other revenue increasing 62% as subscribers reached 24 million.

Snap Is Cutting Jobs—But Losing The Viral War!

<ul><li>Snap Inc. entered 2026 with a business that is finally showing signs of sharper financial discipline, better gross margin performance, stronger free cash flow generation, and a more deliberate focus on monetization.</li><li>That is precisely why the company’s long-running push into Specs now stands out so clearly.</li><li>The debate is no longer just about whether smart glasses can become a meaningful computing platform over time.</li></ul>

Snap Inc. entered 2026 with a business that is finally showing signs of sharper financial discipline, better gross margin performance, stronger free cash flow generation, and a more deliberate focus on monetization.That is precisely why the company’s long-running push into Specs now stands out so clearly.The debate is no longer just about whether smart glasses can become a meaningful computing platform over time.

Snap’s $3.5 Billion Detour Could Be Its Biggest Strategic Error Yet!

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Snap Is Not Just An Advertising Story — Subscriptions Reach $316 Million!

Snap Inc. reported second-quarter 2026 results demonstrating continued growth and operational improvement amid ongoing investment in long-term...

Baptista Research

Aequitas: Tencent Investee Selldown - Start of Another US$70bn Selldown Wave

Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.

Sumeet Singh

Snap Inc.’s 483 Million Daily Users: Can Engagement Finally Translate Into Profitability?

Snap Inc. delivered a mixed first quarter that showed meaningful progress in revenue diversification, cost discipline and cash generation, while...

Baptista Research

Snap Is Cutting Jobs—But Losing The Viral War!

Snap Inc. is once again asking investors to focus on discipline, efficiency, and a clearer path to profitability. The company has outlined a...

Baptista Research

Snap’s $3.5 Billion Detour Could Be Its Biggest Strategic Error Yet!

Snap Inc. entered 2026 with a business that is finally showing signs of sharper financial discipline, better gross margin performance, stronger...

Baptista Research

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