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>SPS Commerce delivered a mixed set of results for the third quarter of 2025, reporting a solid performance across its core business but highlighting specific challenges in its revenue recovery activities.</li><li>The company achieved a 16% year-over-year increase in revenue to $189.9 million, driven by an 18% growth in recurring revenue and a 20% increase in its fulfillment business.</li><li>The net addition of 450 customers was a significant contributor, surpassing prior expectations, and underscored the company's robust retail relationship management programs.</li></ul>

SPS Commerce delivered a mixed set of results for the third quarter of 2025, reporting a solid performance across its core business but highlighting specific challenges in its revenue recovery activities.The company achieved a 16% year-over-year increase in revenue to $189.9 million, driven by an 18% growth in recurring revenue and a 20% increase in its fulfillment business.The net addition of 450 customers was a significant contributor, surpassing prior expectations, and underscored the company's robust retail relationship management programs.

SPS Commerce Is Turning Retail Chaos Into Cash — The Revenue Recovery Play Every Investor Should Watch!

<ul><li>SPS Commerce's latest earnings reveal a company navigating a complex macroeconomic environment with strategic measures aimed at maintaining growth and efficiency.</li><li>For the second quarter of 2025, the company reported a 22% year-over-year increase in revenue to $187.4 million, with recurring revenue climbing by 24%.</li><li>These results mark the 98th consecutive quarter of revenue growth, underlining a resilient performance despite ongoing economic challenges such as tariffs and heightened scrutiny on supplier spending.</li></ul>

SPS Commerce's latest earnings reveal a company navigating a complex macroeconomic environment with strategic measures aimed at maintaining growth and efficiency.For the second quarter of 2025, the company reported a 22% year-over-year increase in revenue to $187.4 million, with recurring revenue climbing by 24%.These results mark the 98th consecutive quarter of revenue growth, underlining a resilient performance despite ongoing economic challenges such as tariffs and heightened scrutiny on supplier spending.

SPS Commerce: ARPU Expansion Through Incremental Network Connections Is A Vital Component Of Its Long-Term Growth Outlook!

<ul><li>SPS Commerce delivered a strong performance in the first quarter of fiscal year 2025.</li><li>The company's revenue grew by 21% year-over-year to $181.5 million, marking its 97th consecutive quarter of revenue growth.</li><li>Recurring revenue also saw a 23% increase, underscoring the stability and consistent demand for SPS Commerce's solutions.</li></ul>

SPS Commerce delivered a strong performance in the first quarter of fiscal year 2025.The company's revenue grew by 21% year-over-year to $181.5 million, marking its 97th consecutive quarter of revenue growth.Recurring revenue also saw a 23% increase, underscoring the stability and consistent demand for SPS Commerce's solutions.

SPS Commerce: Is The Robust Recurring Revenue Growth Here To Stay?

<ul><li>SPS Commerce has reported a strong performance for the fourth quarter and full-year 2024, showcasing a notable growth trajectory.</li><li>For the full year, the company's revenue increased by 19% to $637.8 million, with recurring revenue rising by 20%.</li><li>Fulfillment and analytics sectors also saw significant growth, with the former growing by 20% and the latter by 8%.</li></ul>

SPS Commerce has reported a strong performance for the fourth quarter and full-year 2024, showcasing a notable growth trajectory.For the full year, the company's revenue increased by 19% to $637.8 million, with recurring revenue rising by 20%.Fulfillment and analytics sectors also saw significant growth, with the former growing by 20% and the latter by 8%.

SPS Commerce Is Expanding Its Total Addressable Market (TAM) & Wallet Share But Does It Warrant A ‘Buy’ Rating?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jst-group" target="_blank" data-smartkarma-citation="entities:39885:1" rel="noopener">JST Group (6687 HK)</a> is China’s largest e-commerce SaaS ERP provider. It is seeking to raise HK$2,086 million (US$268 million).</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/jst-group-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:205203" rel="noopener">JST Group IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.</li>
</ul>



JST Group (6687 HK) is China’s largest e-commerce SaaS ERP provider. It is seeking to raise HK$2,086 million (US$268 million).
I previously discussed the IPO in JST Group IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.


United States

SPS Commerce Inc provides on-demand supply chain management solutions through an online hosted software suite.  The Company uses pre-built integrations to eliminate on-premise software and support staff to shorten supply cycle times, optimize inventory levels and reduce costs.

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Sps Commerce (SPSC US)

SPS Commerce Is Turning Retail Chaos Into Cash — The Revenue Recovery Play Every Investor Should Watch!

SPS Commerce delivered a mixed set of results for the third quarter of 2025, reporting a solid performance across its core business but...

Baptista Research

SPS Commerce: ARPU Expansion Through Incremental Network Connections Is A Vital Component Of Its Long-Term Growth Outlook!

SPS Commerce's latest earnings reveal a company navigating a complex macroeconomic environment with strategic measures aimed at maintaining growth...

Baptista Research

SPS Commerce: Is The Robust Recurring Revenue Growth Here To Stay?

SPS Commerce delivered a strong performance in the first quarter of fiscal year 2025. The company's revenue grew by 21% year-over-year to $181.5...

Baptista Research

JST Group (6687 HK): Valuation Insights

In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SPS Commerce Is Turning Retail Chaos Into Cash — The Revenue Recovery Play Every Investor Should Watch!

SPS Commerce delivered a mixed set of results for the third quarter of 2025, reporting a solid performance across its core business but...

Baptista Research

SPS Commerce: ARPU Expansion Through Incremental Network Connections Is A Vital Component Of Its Long-Term Growth Outlook!

SPS Commerce's latest earnings reveal a company navigating a complex macroeconomic environment with strategic measures aimed at maintaining growth...

Baptista Research

SPS Commerce: Is The Robust Recurring Revenue Growth Here To Stay?

SPS Commerce delivered a strong performance in the first quarter of fiscal year 2025. The company's revenue grew by 21% year-over-year to $181.5...

Baptista Research

SPS Commerce Is Expanding Its Total Addressable Market (TAM) & Wallet Share But Does It Warrant A ‘Buy’ Rating?

SPS Commerce has reported a strong performance for the fourth quarter and full-year 2024, showcasing a notable growth trajectory. For the full...

Baptista Research

JST Group (6687 HK): Valuation Insights

In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.

Arun George