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 suddenly finds itself at the center of an unusual Wall Street power struggle.</li><li>Shares jumped roughly 3% on September 2 after reports that activist investor Elliott Investment Management had built a sizable stake in Deutsche Telekom and was pushing the German telecom giant to abandon a potential combination with T-Mobile.</li><li>The reaction was particularly notable because T-Mobile shares had fallen roughly 27% over the preceding year.</li></ul>

T-Mobile US suddenly finds itself at the center of an unusual Wall Street power struggle.Shares jumped roughly 3% on September 2 after reports that activist investor Elliott Investment Management had built a sizable stake in Deutsche Telekom and was pushing the German telecom giant to abandon a potential combination with T-Mobile.The reaction was particularly notable because T-Mobile shares had fallen roughly 27% over the preceding year.

T-Mobile’s 27% Slide Meets An Elliott Revolt—Could A Rerating Be Next?

<ul><li>The report from T-Mobile U.S. for the second quarter of 2026 demonstrates continued execution on its strategic focus of delivering an integrated customer experience combining superior network quality, value, and service.</li><li>The company highlighted its record-high Net Promoter Score (NPS) of 46, which it described as the highest ever among the major U.S. wireless carriers, indicating strong customer satisfaction.</li><li>T-Mobile U.S. emphasized growth opportunities in both urban and rural markets, particularly noting that rural areas, representing approximately 40% of the U.S. population, remain underpenetrated with only 24% household share, a segment bolstered by the ongoing integration of UScellular.</li></ul>

The report from T-Mobile U.S. for the second quarter of 2026 demonstrates continued execution on its strategic focus of delivering an integrated customer experience combining superior network quality, value, and service.The company highlighted its record-high Net Promoter Score (NPS) of 46, which it described as the highest ever among the major U.S. wireless carriers, indicating strong customer satisfaction.T-Mobile U.S. emphasized growth opportunities in both urban and rural markets, particularly noting that rural areas, representing approximately 40% of the U.S. population, remain underpenetrated with only 24% household share, a segment bolstered by the ongoing integration of UScellular.

T-Mobile U.S. Is No Longer Just a Wireless Company — 5G Broadband Is Becoming a Major Growth Engine!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Despite trading up from its multi-year low implied stub and simple ratio (<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>/<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>), SoftBank remains "cheap".</li>
<li>Preceding my comments on SoftBank - and <a href="https://www.smartkarma.com/entities/ytl-corp-bhd" target="_blank" data-smartkarma-citation="entities:8553:1" rel="noopener">YTL Corp (YTL MK)</a>- are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Despite trading up from its multi-year low implied stub and simple ratio (Softbank Group (9984 JP)/ARM Holdings (ARM US)), SoftBank remains "cheap".
Preceding my comments on SoftBank - and YTL Corp (YTL MK)- are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: A SoftBank Set-Up Hinges Off Its All-In OpenAI Bet

<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!

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 27% Slide Meets An Elliott Revolt—Could A Rerating Be Next?

T-Mobile US suddenly finds itself at the center of an unusual Wall Street power struggle. Shares jumped roughly 3% on September 2 after reports...

Baptista Research

T-Mobile U.S. Is No Longer Just a Wireless Company — 5G Broadband Is Becoming a Major Growth Engine!

The report from T-Mobile U.S. for the second quarter of 2026 demonstrates continued execution on its strategic focus of delivering an integrated...

Baptista Research

StubWorld: A SoftBank Set-Up Hinges Off Its All-In OpenAI Bet

From an implied stub angle, and IF you have a strong opinion on OpenAI, I might be inclined to set up the stub here. The simple ratio - SoftBank...

David Blennerhassett

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

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