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>T-Mobile US reported strong results for the first quarter of 2026, reflecting ongoing execution of its strategy centered around delivering the best network, best value, and best customer experience.</li><li>The company emphasized expanding its differentiation, particularly highlighted by an industry-leading Net Promoter Score (NPS) of 45, which is significantly higher than its nearest competitor.</li><li>This differentiation has driven industry-leading growth, especially among postpaid households, recent switchers attracted primarily by network quality, and underpenetrated smaller and rural markets where T-Mobile holds only 24% household share.</li></ul>

T-Mobile US reported strong results for the first quarter of 2026, reflecting ongoing execution of its strategy centered around delivering the best network, best value, and best customer experience.The company emphasized expanding its differentiation, particularly highlighted by an industry-leading Net Promoter Score (NPS) of 45, which is significantly higher than its nearest competitor.This differentiation has driven industry-leading growth, especially among postpaid households, recent switchers attracted primarily by network quality, and underpenetrated smaller and rural markets where T-Mobile holds only 24% household share.

T-Mobile US: The Journey From 5G Advanced to Physical AI—A Game-Changing Network Advantage Taking Shape!

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/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the additional aspects on valautions.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the additional aspects on valautions.


Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the fundmental valuation views.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the fundmental valuation views.


Aequitas: SpaceX IPO - Fundmanetal Thoughts on Valuation

<ul><li>T-Mobile US Inc. recently held an update on its financial results and strategic initiatives midway through its Capital Markets Day cycle.</li><li>The company emphasized its robust performance in service revenue and EBITDA growth, significantly outpacing its competitors.</li><li>T-Mobile US Inc. has distributed over $20 billion to shareholders with strong free cash flow conversion, marking an exemplary industry benchmark.</li></ul>

T-Mobile US Inc. recently held an update on its financial results and strategic initiatives midway through its Capital Markets Day cycle.The company emphasized its robust performance in service revenue and EBITDA growth, significantly outpacing its competitors.T-Mobile US Inc. has distributed over $20 billion to shareholders with strong free cash flow conversion, marking an exemplary industry benchmark.

From 5G to 6G: How T-Mobile Is Positioning AI-Driven Networks for the Next Telecom Supercycle!

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn units during Mar 2026, up 20% YoY compared to 2.33mn units in Mar 2025.</li><li>Cumulatively, local manufacturing/assembly reached 7.36mn units in 1Q2026, up 2% YoY.</li><li>Pakistan fulfilled 86% of its mobile phone demand through local manufacturing/assembly in 1Q2026.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn units during Mar 2026, up 20% YoY compared to 2.33mn units in Mar 2025.Cumulatively, local manufacturing/assembly reached 7.36mn units in 1Q2026, up 2% YoY.Pakistan fulfilled 86% of its mobile phone demand through local manufacturing/assembly in 1Q2026.

Pakistan Telecom: Local Manufacturing/Assembly Of Mobile Phones Up 20% YoY In Mar-26

United States

T-Mobile US, Inc. is one of four national wireless carriers in the US. The company was created as the combination of T-Mobile USA and MetroPCS.

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T Mobile Us Inc (TMUS US)

T-Mobile US: The Journey From 5G Advanced to Physical AI—A Game-Changing Network Advantage Taking Shape!

T-Mobile US reported strong results for the first quarter of 2026, reflecting ongoing execution of its strategy centered around delivering the...

Baptista Research

Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about the retail frenzy,...

Sumeet Singh

Aequitas: SpaceX IPO - Fundmanetal Thoughts on Valuation

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we take a fundamental look at...

Sumeet Singh

From 5G to 6G: How T-Mobile Is Positioning AI-Driven Networks for the Next Telecom Supercycle!

T-Mobile US Inc. recently held an update on its financial results and strategic initiatives midway through its Capital Markets Day cycle. The...

Baptista Research

Pakistan Telecom: Local Manufacturing/Assembly Of Mobile Phones Up 20% YoY In Mar-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.79mn...

Topline Securities

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