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>Spotify Technology S.A. reported solid results in the second quarter of 2026, demonstrating continued growth across key metrics and launching initiatives aimed at long-term value creation.</li><li>The company’s revenue rose 15% year-over-year on a constant currency basis, accelerating slightly from the 14% growth reported in the previous quarter.</li><li>Premium subscriber count exceeded guidance by 1 million, crossing 300 million subscribers globally for the first time, alongside healthy 12% annual growth in monthly active users (MAU) to 777 million.</li></ul>

Spotify Technology S.A. reported solid results in the second quarter of 2026, demonstrating continued growth across key metrics and launching initiatives aimed at long-term value creation.The company’s revenue rose 15% year-over-year on a constant currency basis, accelerating slightly from the 14% growth reported in the previous quarter.Premium subscriber count exceeded guidance by 1 million, crossing 300 million subscribers globally for the first time, alongside healthy 12% annual growth in monthly active users (MAU) to 777 million.

Spotify Technology Crosses 300 Million Subscribers — Can Margins Keep Climbing?

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

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Review of the conventional arguments (Bloomberg article): the timing gap between Capex and Revenue is the real issue.</li>
<li>Review of history of Tech Bubbles (Krugman): not clear if AI is a bubble, it could keep going for years, but if it bursts it will be worse than 1999-2003.</li>
<li>Best AI comp is Cloud Computing. Both enable new data analytics, new applications. Both are platforms. US Cloud Computing revenues increased 25x in 10 years (2015 to 2024).</li>
</ul>


Review of the conventional arguments (Bloomberg article): the timing gap between Capex and Revenue is the real issue.
Review of history of Tech Bubbles (Krugman): not clear if AI is a bubble, it could keep going for years, but if it bursts it will be worse than 1999-2003.
Best AI comp is Cloud Computing. Both enable new data analytics, new applications. Both are platforms. US Cloud Computing revenues increased 25x in 10 years (2015 to 2024).


What Are the Arguments in Favor and Against an AI Bubble?

<ul><li>Spotify Technology S.A. reported a solid start to 2026, reflecting steady user growth, improved engagement, and ongoing margin expansion alongside strategic investments in AI and advertising technologies.</li><li>The company surpassed 760 million monthly active users (MAU), marking a 12% year-over-year increase, and added 3 million net subscribers to reach 293 million paid subscribers, consistent with its guidance.</li><li>Revenue totaled €4.5 billion for the quarter, growing 14% year-over-year and showing acceleration compared to the previous quarter, driven in part by a 5.7% increase in average revenue per user (ARPU).</li></ul>

Spotify Technology S.A. reported a solid start to 2026, reflecting steady user growth, improved engagement, and ongoing margin expansion alongside strategic investments in AI and advertising technologies.The company surpassed 760 million monthly active users (MAU), marking a 12% year-over-year increase, and added 3 million net subscribers to reach 293 million paid subscribers, consistent with its guidance.Revenue totaled €4.5 billion for the quarter, growing 14% year-over-year and showing acceleration compared to the previous quarter, driven in part by a 5.7% increase in average revenue per user (ARPU).

Spotify’s Fitness Video Bet Could Become A Powerful ARPU Expansion Lever!

Luxembourg

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

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Spotify (SPOT US)

Spotify Technology Crosses 300 Million Subscribers — Can Margins Keep Climbing?

Spotify Technology S.A. reported solid results in the second quarter of 2026, demonstrating continued growth across key metrics and launching...

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

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

What Are the Arguments in Favor and Against an AI Bubble?

Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...

Nicolas Baratte

Spotify’s Fitness Video Bet Could Become A Powerful ARPU Expansion Lever!

Spotify Technology S.A. reported a solid start to 2026, reflecting steady user growth, improved engagement, and ongoing margin expansion alongside...

Baptista Research

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52-week Range

Market Cap (USDm)

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Spotify Technology Crosses 300 Million Subscribers — Can Margins Keep Climbing?

Spotify Technology S.A. reported solid results in the second quarter of 2026, demonstrating continued growth across key metrics and launching...

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

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

What Are the Arguments in Favor and Against an AI Bubble?

​Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...

Nicolas Baratte

Spotify’s Fitness Video Bet Could Become A Powerful ARPU Expansion Lever!

Spotify Technology S.A. reported a solid start to 2026, reflecting steady user growth, improved engagement, and ongoing margin expansion alongside...

Baptista Research

Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...