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>TransUnion reported a strong start to 2026, exceeding first quarter guidance across revenue, adjusted EBITDA, and adjusted diluted earnings per share (EPS).</li><li>The company achieved 11% organic constant currency revenue growth, surpassing the 8% to 9% guidance range.</li><li>Excluding FICO mortgage royalties, revenue grew 7%, driven by a 14% increase in U.S. markets.</li></ul>

TransUnion reported a strong start to 2026, exceeding first quarter guidance across revenue, adjusted EBITDA, and adjusted diluted earnings per share (EPS).The company achieved 11% organic constant currency revenue growth, surpassing the 8% to 9% guidance range.Excluding FICO mortgage royalties, revenue grew 7%, driven by a 14% increase in U.S. markets.

Transunion - TransUnion: What Matters Now Is FICO Mortgage Dependency Not The Headline Revenue Beat!

Equity Long-Short Analyst

Pyari Menon

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<li>
<a href="https://www.smartkarma.com/entities/credit-bureau-asia-ltd" target="_blank" data-smartkarma-citation="entities:31060:1" rel="noopener">Credit Bureau Asia (CBA SP)</a> subscription-based services and transaction fees generate consistent, recurring revenue from financial institutions and other businesses, ensuring significant financial stability and strong financial metrics.</li>
<li>Regulatory relationships, vast data repositories, and long-standing client relationships and contracts create significant competitive advantages and protect market share.</li>
<li>If markets can get comfortable with this microcap delivering 3% long-term growth forecast and sustainability of current operating and financial metrics the stock should see at least100% upside.  </li>
</ul>



Credit Bureau Asia (CBA SP) subscription-based services and transaction fees generate consistent, recurring revenue from financial institutions and other businesses, ensuring significant financial stability and strong financial metrics.
Regulatory relationships, vast data repositories, and long-standing client relationships and contracts create significant competitive advantages and protect market share.
If markets can get comfortable with this microcap delivering 3% long-term growth forecast and sustainability of current operating and financial metrics the stock should see at least100% upside.  


Credit Bureau Asia: Good Fundamentals Even Better Valuations

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

<p><a href="https://www.smartkarma.com/entities/ctos-digital-bhd" target="_blank" data-smartkarma-citation="entities:33496:1" rel="noopener">CTOS Digital (1054055D MK)</a> is a regional market leader for credit bureaux in the ASEAN region, with a presence in Malaysia and Thailand. CTOS is Malaysia’s leading CRA (credit reporting agency), with a revenue market share of 71.2% in 2020, according to IMR.  </p><p>CTOS has launched an IPO to raise RM1.2 billion ($290 million) at an initial price of RM1.10 per share. The primary/secondary split is 18%/82%. The selling shareholders are Inodes (backed by the Creador Group), Chung Tze Keong (co-founder), Chung Tze Wen (co-founder) and Ng Gaik Lin. Pricing will be announced on 7 July and the shares will be listed on 19 July.</p><p>CTOS has a dominant position in Malaysia, which is the second-largest CRA market in ASEAN by revenue. The recent acquisition of Basis, a Malaysian CRA, further cements its position in Malaysia. CTOS' market share is supported by the industry’s high barriers to entry, CTOS’s proprietary database ecosystem and a full suite of digital solutions with a focus on new value-added services. CTOS’ acquisition strategy has also enabled it to gain a foothold in merging credit reporting markets outside of Malaysia. For example, the acquisition of a 20% interest in <a href="https://www.smartkarma.com/entities/business-online-pcl" target="_blank" data-smartkarma-citation="entities:18347:1" rel="noopener">Business Online (BOL TB)</a>, the largest credit bureaux in Thailand, provides an entry point into the Thai market.    </p><div class="content-highlight"><p>CTOS is complementing its strong market position by delivering solid revenue growth (on a like-for-like basis), strong customer retention rates, sector leading margin and strong cash generation. Overall, we think that the CTOS story warrants a closer look.  We will discuss valuation in our next note.  </p></div>

CTOS Digital (1054055D MK) is a regional market leader for credit bureaux in the ASEAN region, with a presence in Malaysia and Thailand. CTOS is Malaysia’s leading CRA (credit reporting agency), with a revenue market share of 71.2% in 2020, according to IMR.  CTOS has launched an IPO to raise RM1.2 billion ($290 million) at an initial price of RM1.10 per share. The primary/secondary split is 18%/82%. The selling shareholders are Inodes (backed by the Creador Group), Chung Tze Keong (co-founder), Chung Tze Wen (co-founder) and Ng Gaik Lin. Pricing will be announced on 7 July and the shares will be listed on 19 July.CTOS has a dominant position in Malaysia, which is the second-largest CRA market in ASEAN by revenue. The recent acquisition of Basis, a Malaysian CRA, further cements its position in Malaysia. CTOS' market share is supported by the industry’s high barriers to entry, CTOS’s proprietary database ecosystem and a full suite of digital solutions with a focus on new value-added services. CTOS’ acquisition strategy has also enabled it to gain a foothold in merging credit reporting markets outside of Malaysia. For example, the acquisition of a 20% interest in Business Online (BOL TB), the largest credit bureaux in Thailand, provides an entry point into the Thai market.    CTOS is complementing its strong market position by delivering solid revenue growth (on a like-for-like basis), strong customer retention rates, sector leading margin and strong cash generation. Overall, we think that the CTOS story warrants a closer look.  We will discuss valuation in our next note.  

CTOS Digital IPO Initiation: Keeping Tabs

<ul><li>TransUnion reported a strong third quarter in 2025, demonstrating impressive growth and operational strides with regard to technology modernization, strategic acquisitions, and enhanced shareholder returns.</li><li>The company exceeded all key guidance metrics, supporting a cautiously optimistic outlook for the future amid challenges and opportunities.</li><li>A major highlight of the quarter was TransUnion's 11% organic constant currency revenue growth, excluding last year's breach win—a clear indicator of solid underlying business performance.</li></ul>

TransUnion reported a strong third quarter in 2025, demonstrating impressive growth and operational strides with regard to technology modernization, strategic acquisitions, and enhanced shareholder returns.The company exceeded all key guidance metrics, supporting a cautiously optimistic outlook for the future amid challenges and opportunities.A major highlight of the quarter was TransUnion's 11% organic constant currency revenue growth, excluding last year's breach win—a clear indicator of solid underlying business performance.

TransUnion’s Recent Growth Story: How It’s Winning in Insurance, Marketing, & Communications!

<ul><li>TransUnion's second-quarter 2025 earnings reflected notable strength in performance, with the company exceeding its financial guidance across key metrics.</li><li>The revenue demonstrated significant resilience, increasing by 9% on an organic constant currency basis.</li><li>The U.S. Markets segment was particularly strong, achieving 10% growth, buoyed by an impressive 17% increase in Financial Services revenue.</li></ul>

TransUnion's second-quarter 2025 earnings reflected notable strength in performance, with the company exceeding its financial guidance across key metrics.The revenue demonstrated significant resilience, increasing by 9% on an organic constant currency basis.The U.S. Markets segment was particularly strong, achieving 10% growth, buoyed by an impressive 17% increase in Financial Services revenue.

TransUnion: Initiation Of Coverage- Strategic Global Expansion to Potentially Accelerate Its Growth Trajectory Outside North America!

United States

TransUnion operates as a credit reporting agency. The Company offers consumer reports, risk scores, analytical services, and decisioning capabilities to businesses. TransUnion provides risk and information solutions to businesses and consumers.

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Transunion (TRU US)

Transunion - TransUnion: What Matters Now Is FICO Mortgage Dependency Not The Headline Revenue Beat!

TransUnion reported a strong start to 2026, exceeding first quarter guidance across revenue, adjusted EBITDA, and adjusted diluted earnings per...

Baptista Research

Credit Bureau Asia: Good Fundamentals Even Better Valuations

CBA is a dominant and entrenched credit and risk information provider in Southeast Asia, with resilient business model and strong financials, now...

Pyari Menon

CTOS Digital IPO Initiation: Keeping Tabs

CTOS is complementing its strong market position by delivering solid growth, strong customer retention rates, sector leading margin and strong cash...

Arun George

TransUnion’s Recent Growth Story: How It’s Winning in Insurance, Marketing, & Communications!

TransUnion reported a strong third quarter in 2025, demonstrating impressive growth and operational strides with regard to technology...

Baptista Research

TransUnion: Initiation Of Coverage- Strategic Global Expansion to Potentially Accelerate Its Growth Trajectory Outside North America!

TransUnion's second-quarter 2025 earnings reflected notable strength in performance, with the company exceeding its financial guidance across key...

Baptista Research

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