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>Unilever's second quarter and first half results of 2025 demonstrate a mixture of growth patterns, strategic advancements, and operational challenges across its global business units.</li><li>The company reported an underlying sales growth of 3.4% in the first half, driven by a combination of volume (1.5%) and price (1.9%) contributions, showcasing a balanced approach to growth.</li><li>The overall volume growth was balanced across its diverse portfolio and regions, reflecting Unilever's focus on a multi-pronged growth strategy.</li></ul>

Unilever's second quarter and first half results of 2025 demonstrate a mixture of growth patterns, strategic advancements, and operational challenges across its global business units.The company reported an underlying sales growth of 3.4% in the first half, driven by a combination of volume (1.5%) and price (1.9%) contributions, showcasing a balanced approach to growth.The overall volume growth was balanced across its diverse portfolio and regions, reflecting Unilever's focus on a multi-pronged growth strategy.

Unilever’s Global Shift, Portfolio Realignment & Strategic Disposals—What Will Shape Its Future?

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.

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.</li><li>The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.</li><li>The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.</li></ul>

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25.The banking sector’s earnings declined by 3% YoY and 9% QoQ to Rs148.9bn in 2QFY26.The food and personal care sector recorded a 3.6x YoY increase in profitability to Rs28.6bn, driven by one-off gains recognized by National Foods (NATF) from the sale of stake in its subsidiary.

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

Thematic (Sector/Industry)

<ul><li>KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.</li><li>Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.</li><li>The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.</li></ul>

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Gold leasing rates have surged from 2-3% to 6-7%, squeezing jewellers margins. Higher funding costs and volatile gold prices are forcing industry leaders to reconsider pricing strategies.</li>
<li>Foreign companies in India paid the lowest tax on earnings in over 30 years in FY24, with the tax burden dropping significantly due to corporate tax cuts and GST reforms.</li>
<li>Despite slow growth in India, <a href="https://www.smartkarma.com/entities/unilever-plc-9bad7ce3-0d24-469f-831a-14bf19340303" target="_blank" data-smartkarma-citation="entities:28467:1" rel="noopener">Unilever (UL US)</a> remains committed to its local operations, with plans to focus on expanding its beauty &amp; wellbeing segment as part of its 2030 strategy.</li>
</ul>


Gold leasing rates have surged from 2-3% to 6-7%, squeezing jewellers margins. Higher funding costs and volatile gold prices are forcing industry leaders to reconsider pricing strategies.
Foreign companies in India paid the lowest tax on earnings in over 30 years in FY24, with the tax burden dropping significantly due to corporate tax cuts and GST reforms.
Despite slow growth in India, Unilever (UL US) remains committed to its local operations, with plans to focus on expanding its beauty &amp; wellbeing segment as part of its 2030 strategy.


#105 India Insight: Gold Leasing Rates Surge, Tax Cuts Ease Foreign Firms' Burden, Unilever Expands

<ul>
<li>India is adapting to tougher US sanctions on Russian oil by rebuilding supply chains with non-sanctioned merchants, tankers, and insurance providers. </li>
<li>
<a href="https://www.smartkarma.com/entities/unilever-plc-9bad7ce3-0d24-469f-831a-14bf19340303" target="_blank" data-smartkarma-citation="entities:28467:1" rel="noopener">Unilever (UL US)</a>  plans to invest in India’s beauty and wellness sector, expecting improved demand conditions mid-term after fiscal stimulus.</li>
<li>
<a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a> will divest its 15% stake in ITC Hotels at the "best moment," aiming to maximize shareholder value, following ITC Hotels demerger from <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>  earlier.</li>
</ul>


India is adapting to tougher US sanctions on Russian oil by rebuilding supply chains with non-sanctioned merchants, tankers, and insurance providers. 

Unilever (UL US)  plans to invest in India’s beauty and wellness sector, expecting improved demand conditions mid-term after fiscal stimulus.

British American Tobacco (BATS LN) will divest its 15% stake in ITC Hotels at the "best moment," aiming to maximize shareholder value, following ITC Hotels demerger from ITC Ltd (ITC IN)  earlier.


#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

United Kingdom

Unilever is a British multinational consumer goods company that manufactures and sells a wide range of products including foods, condiments, home care, and personal care items. Its portfolio includes approximately 400 brands, with key segments in Beauty & Wellbeing, Personal Care, Home Care, and Nutrition. The company is headquartered in London, England, and was founded in 1929 through the merger of Margarine Unie and Lever Brothers.

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Unilever (UL US)

Unilever’s Global Shift, Portfolio Realignment & Strategic Disposals—What Will Shape Its Future?

Unilever's second quarter and first half results of 2025 demonstrate a mixture of growth patterns, strategic advancements, and operational...

Baptista Research

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25. The banking sector’s earnings declined by 3% YoY...

Topline Securities

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

#105 India Insight: Gold Leasing Rates Surge, Tax Cuts Ease Foreign Firms' Burden, Unilever Expands

Gold leasing rates surge, squeezing jewellers' margins; foreign companies in India enjoy lowest tax burden in 30 years; Unilever remains committed...

Sudarshan Bhandari

#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Unilever’s Global Shift, Portfolio Realignment & Strategic Disposals—What Will Shape Its Future?

Unilever's second quarter and first half results of 2025 demonstrate a mixture of growth patterns, strategic advancements, and operational...

Baptista Research

Pakistan Strategy - Corporate Profitability In 2QFY26; Earnings Up 3%, While Dividends Grew By 12% YoY

KSE-100 index companies posted earnings of Rs456bn in 2QFY26, up 3% YoY from Rs443bn in 2QFY25. The banking sector’s earnings declined by 3% YoY...

Topline Securities

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

#105 India Insight: Gold Leasing Rates Surge, Tax Cuts Ease Foreign Firms' Burden, Unilever Expands

​Gold leasing rates surge, squeezing jewellers' margins; foreign companies in India enjoy lowest tax burden in 30 years; Unilever remains committed...

Sudarshan Bhandari

#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

​India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...

Sudarshan Bhandari

Gold leasing rates surge, squeezing jewellers' margins; foreign companies in India enjoy lowest tax burden in 30 years; Unilever remains committed...

India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...