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 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?

<ul><li>T-Mobile shares edged lower after the company announced that Srini Gopalan, its current Chief Operating Officer and former Deutsche Telekom executive, will replace Mike Sievert as Chief Executive Officer.</li><li>Sievert, who has led the telecom giant since April 2020, will move into a newly created role as Vice Chairman.</li><li>The stock dipped nearly 1% in premarket trading following the announcement, a modest reaction that analysts attribute more to timing than to concerns about execution.</li></ul>

T-Mobile shares edged lower after the company announced that Srini Gopalan, its current Chief Operating Officer and former Deutsche Telekom executive, will replace Mike Sievert as Chief Executive Officer.Sievert, who has led the telecom giant since April 2020, will move into a newly created role as Vice Chairman.The stock dipped nearly 1% in premarket trading following the announcement, a modest reaction that analysts attribute more to timing than to concerns about execution.

T-Mobile’s Surprise CEO Shake-Up: Will Growth Stay On Track Under Srini Gopalan?

<ul><li>T-Mobile U.S. recently reported its earnings for the second quarter of 2025, revealing key highlights and challenges from the period.</li><li>The company demonstrated its continued success in expanding its customer base and financial growth, claiming significant accomplishments in terms of both customer additions and financial performance.</li><li>This quarter marked a historic achievement for T-Mobile U.S in customer growth, with the highestever Q2 postpaid phone net additions, total net additions, and gross additions, reflecting strong double-digit growth year-over-year.</li></ul>

T-Mobile U.S. recently reported its earnings for the second quarter of 2025, revealing key highlights and challenges from the period.The company demonstrated its continued success in expanding its customer base and financial growth, claiming significant accomplishments in terms of both customer additions and financial performance.This quarter marked a historic achievement for T-Mobile U.S in customer growth, with the highestever Q2 postpaid phone net additions, total net additions, and gross additions, reflecting strong double-digit growth year-over-year.

T-Mobile Is Turbocharging Its 5G Network—4,000 New Towers Are Only The Beginning!

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 2.61mn 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

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.</li><li>The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.</li><li>Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.

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’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

T-Mobile’s Surprise CEO Shake-Up: Will Growth Stay On Track Under Srini Gopalan?

T-Mobile shares edged lower after the company announced that Srini Gopalan, its current Chief Operating Officer and former Deutsche Telekom...

Baptista Research

T-Mobile Is Turbocharging Its 5G Network—4,000 New Towers Are Only The Beginning!

T-Mobile U.S. recently reported its earnings for the second quarter of 2025, revealing key highlights and challenges from the period. The company...

Baptista Research

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

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 2.49mn...

Topline Securities

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