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!

<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!

<ul><li>T-Mobile US Inc. (T-Mobile) reported another robust quarter, showcasing significant customer growth and maintaining its momentum in a competitive telecommunications landscape.</li><li>The third quarter of 2025 highlighted some key achievements, but also presented areas that investors may want to watch closely due to potential challenges ahead.</li><li>Positively, T-Mobile achieved its highest postpaid customer account growth, marking its best quarter in over a decade with more than 1 million postpaid phone net additions.</li></ul>

T-Mobile US Inc. (T-Mobile) reported another robust quarter, showcasing significant customer growth and maintaining its momentum in a competitive telecommunications landscape.The third quarter of 2025 highlighted some key achievements, but also presented areas that investors may want to watch closely due to potential challenges ahead.Positively, T-Mobile achieved its highest postpaid customer account growth, marking its best quarter in over a decade with more than 1 million postpaid phone net additions.

T-Mobile’s AI Revolution — Can OpenAI Integration Transform the Wireless Experience?

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

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.</li><li>Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.</li><li>The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

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

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

T-Mobile’s AI Revolution — Can OpenAI Integration Transform the Wireless Experience?

T-Mobile US Inc. (T-Mobile) reported another robust quarter, showcasing significant customer growth and maintaining its momentum in a competitive...

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

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn...

Topline Securities

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