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

Verizon Communications / Equity Bottom-Up

<ul><li>Verizon Communications Inc. presented its first-quarter results for 2025, indicating a strong start to the year with robust financial performance.</li><li>The company recorded a 2.7% increase in wireless service revenue, meeting the high end of its guidance range, and reported an all-time high adjusted EBITDA of $12.6 billion, marking a 4% growth.</li><li>Free cash flow improved by over $900 million, which supports its capital allocation priorities, including debt reduction and dividend growth, setting a positive tone as Verizon navigates a complex economic environment.</li></ul>

Verizon Communications Inc. presented its first-quarter results for 2025, indicating a strong start to the year with robust financial performance.The company recorded a 2.7% increase in wireless service revenue, meeting the high end of its guidance range, and reported an all-time high adjusted EBITDA of $12.6 billion, marking a 4% growth.Free cash flow improved by over $900 million, which supports its capital allocation priorities, including debt reduction and dividend growth, setting a positive tone as Verizon navigates a complex economic environment.

Verizon Communications: Expanding Fixed Wireless Access (FWA) Solutions To Change The Game!

<ul><li>Verizon Communications Inc.’s latest earnings release highlights a blend of strategic initiatives, market positioning, operational performance, and future outlook amidst both challenges and opportunities.</li><li>The results provide insights into Verizon's growth trajectory, notably in the wireless, broadband, and emerging AI sectors, as well as operational efficiencies driving financial performance.</li><li>The company reported a successful financial year, with wireless service revenue growing by 3.1% and adjusted EBITDA by 2.1%.</li></ul>

Verizon Communications Inc.’s latest earnings release highlights a blend of strategic initiatives, market positioning, operational performance, and future outlook amidst both challenges and opportunities.The results provide insights into Verizon's growth trajectory, notably in the wireless, broadband, and emerging AI sectors, as well as operational efficiencies driving financial performance.The company reported a successful financial year, with wireless service revenue growing by 3.1% and adjusted EBITDA by 2.1%.

Verizon Communication & Its 5G Empire: Can Recent Technological Innovations Help Sustain Its Market Position? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and capping changes will result in a round-trip trade of US$17.7bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>There is over US$500m to trade in <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a>, <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a>, <a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management (APO US)</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> and <a href="https://www.smartkarma.com/entities/workday-inc-class-a" target="_blank" data-smartkarma-citation="entities:5660:1" rel="noopener">Workday Inc Class A (WDAY US)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a> swings from a small net buy to a large net sell following the rally in the stock last week.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and capping changes will result in a round-trip trade of US$17.7bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
There is over US$500m to trade in Broadcom (AVGO US), Tesla (TSLA US), Apollo Global Management (APO US), Amazon.com Inc (AMZN US) and Workday Inc Class A (WDAY US). 

Broadcom (AVGO US) swings from a small net buy to a large net sell following the rally in the stock last week.


Select Sector Indices and S&P Equal Weight Rebalance: US$17.7bn Round-Trip Trade Post Capping Cutoff

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and capping changes will result in a round-trip trade of US$15.9bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and <a href="https://www.smartkarma.com/entities/invesco-s-p-500-equal-weight-e" target="_blank" data-smartkarma-citation="entities:32932:1" rel="noopener">S&amp;P 500 Equal Weight</a> trackers will need to buy <a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management</a> and <a href="https://www.smartkarma.com/entities/workday-inc-class-a" target="_blank" data-smartkarma-citation="entities:5660:1" rel="noopener">Workday</a>, adding to the buying from <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> trackers.</li>
<li>The flows will change over the next week as stock prices move around and final capping is done after the close on 13 December.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and capping changes will result in a round-trip trade of US$15.9bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P 500 Equal Weight trackers will need to buy Apollo Global Management and Workday, adding to the buying from S&amp;P 500 INDEX trackers.
The flows will change over the next week as stock prices move around and final capping is done after the close on 13 December.


Select Sector Indices and S&P Equal Weight Rebalance: US$16bn Trade; More Buying for APO and WDAY

<ul><li>Analyzing Verizon Communications Inc.’s third quarter earnings and further strategic developments provides a multifaceted view of its current financial health and future outlook.</li><li>During the latest quarterly report, the CEO of Verizon, Hans Vestberg, highlighted significant achievements and strategic advancements that delineate the company's trajectory and operational focus.</li><li>Verizon reported a strong financial performance for the third quarter, with a 2.7% growth in wireless service revenue.</li></ul>

Analyzing Verizon Communications Inc.’s third quarter earnings and further strategic developments provides a multifaceted view of its current financial health and future outlook.During the latest quarterly report, the CEO of Verizon, Hans Vestberg, highlighted significant achievements and strategic advancements that delineate the company's trajectory and operational focus.Verizon reported a strong financial performance for the third quarter, with a 2.7% growth in wireless service revenue.

Verizon Communications Inc.:  Exploitation of B2B Opportunities Through Fiber and Network Assets & Other Major Drivers

United States

Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones.

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Verizon Communications (VZ US)

Verizon Communications: Expanding Fixed Wireless Access (FWA) Solutions To Change The Game!

Verizon Communications Inc. presented its first-quarter results for 2025, indicating a strong start to the year with robust financial...

Baptista Research

Verizon Communication & Its 5G Empire: Can Recent Technological Innovations Help Sustain Its Market Position? - Major Drivers

Verizon Communications Inc.’s latest earnings release highlights a blend of strategic initiatives, market positioning, operational performance,...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance: US$17.7bn Round-Trip Trade Post Capping Cutoff

Constituent changes to the SnP500 Index and capping changes result in a round-trip trade of US$17.7bn across the Select Sector and the SnP500 Equal...

Brian Freitas

Select Sector Indices and S&P Equal Weight Rebalance: US$16bn Trade; More Buying for APO and WDAY

Constituent changes to the SPX and capping changes result in a round-trip trade of US$15.9bn. Apollo Global, Workday, Exxon and McDonald's are...

Brian Freitas

Verizon Communications Inc.: Exploitation of B2B Opportunities Through Fiber and Network Assets & Other Major Drivers

Analyzing Verizon Communications Inc.’s third quarter earnings and further strategic developments provides a multifaceted view of its current...

Baptista Research

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