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.'s third quarter 2025 earnings call highlighted a combination of strategic shifts, ongoing challenges, and potential opportunities.</li><li>With the recent transition in leadership to Dan Schulman as CEO, there is a pronounced focus on steering the company towards customer-centric strategies while maintaining financial discipline.</li><li>In terms of positives, Verizon reported a steady financial performance with consolidated revenue rising by 1.5% to $33.8 billion.</li></ul>

Verizon Communications Inc.'s third quarter 2025 earnings call highlighted a combination of strategic shifts, ongoing challenges, and potential opportunities.With the recent transition in leadership to Dan Schulman as CEO, there is a pronounced focus on steering the company towards customer-centric strategies while maintaining financial discipline.In terms of positives, Verizon reported a steady financial performance with consolidated revenue rising by 1.5% to $33.8 billion.

Verizon: An Insight Into Its 5G Monetization

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  </li>
<li>While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  </li>
<li>The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.</li>
</ul>


Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  
While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  
The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.


Can India’s Equity Outperformance Last?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,334/1,330 points and the resistance at 1,350/1,355 points.</li><li>Short-term investment sentiment has turned cautious, with concerns that the index may drop to retest 1,330/1,300 points.</li><li>This follows a sharp reversal yesterday, forming a black candlestick after two days of an upward trend, and raising the possibility of a new sell signal if the index breaks the key support level at 1,334 points today.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,334/1,330 points and the resistance at 1,350/1,355 points.Short-term investment sentiment has turned cautious, with concerns that the index may drop to retest 1,330/1,300 points.This follows a sharp reversal yesterday, forming a black candlestick after two days of an upward trend, and raising the possibility of a new sell signal if the index breaks the key support level at 1,334 points today.

Composite Manufacturing and Services PMIs of the US, EU, and Japan, and the BoJ Meeting

<ul>
<li>India Inc. leaders have been outperformers as compared to global peers on the back of strong ROE and EPS growth over the years.</li>
<li>India Inc has a higher % of companies with better RoE than the rest of the world.</li>
<li>Key takeaways for investors: Avoid macro noise, focus on fundamentals with peer comparison</li>
</ul>


India Inc. leaders have been outperformers as compared to global peers on the back of strong ROE and EPS growth over the years.
India Inc has a higher % of companies with better RoE than the rest of the world.
Key takeaways for investors: Avoid macro noise, focus on fundamentals with peer comparison


Chartered Insights: Why Indian Businesses Outperform: A Data-Driven Perspective

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360 points, after a large green candlestick occurred for the first time yesterday (low: 1,354.98 points; high: 1,376.94 points).</li><li>The ECB is anticipated to keep the policy interest rate steady at 4.5% (with the deposit facility rate at 4.0%).</li><li>The consensus is forecasting +2% QoQ (vs. 3Q23: +4.9% QoQ), while the Atlanta Fed expects +2.4% QoQ.</li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360 points, after a large green candlestick occurred for the first time yesterday (low: 1,354.98 points; high: 1,376.94 points).The ECB is anticipated to keep the policy interest rate steady at 4.5% (with the deposit facility rate at 4.0%).The consensus is forecasting +2% QoQ (vs. 3Q23: +4.9% QoQ), while the Atlanta Fed expects +2.4% QoQ.

Keep a Close Watch on US GDP & ECB Meeting

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: An Insight Into Its 5G Monetization

Verizon Communications Inc.'s third quarter 2025 earnings call highlighted a combination of strategic shifts, ongoing challenges, and potential...

Baptista Research

Can India’s Equity Outperformance Last?

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Composite Manufacturing and Services PMIs of the US, EU, and Japan, and the BoJ Meeting

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,334/1,330 points and the resistance at...

Krungthai XSpring

Chartered Insights: Why Indian Businesses Outperform: A Data-Driven Perspective

Indian companies have outperformed global peers with strong ROE and EPS growth, emphasizing the importance of focusing on fundamentals and peer...

Nimish Maheshwari

Keep a Close Watch on US GDP & ECB Meeting

Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Verizon: An Insight Into Its 5G Monetization

Verizon Communications Inc.'s third quarter 2025 earnings call highlighted a combination of strategic shifts, ongoing challenges, and potential...

Baptista Research

Can India’s Equity Outperformance Last?

​Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Composite Manufacturing and Services PMIs of the US, EU, and Japan, and the BoJ Meeting

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,334/1,330 points and the resistance at...

Krungthai XSpring

Chartered Insights: Why Indian Businesses Outperform: A Data-Driven Perspective

​Indian companies have outperformed global peers with strong ROE and EPS growth, emphasizing the importance of focusing on fundamentals and peer...

Nimish Maheshwari

Keep a Close Watch on US GDP & ECB Meeting

Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360...

Krungthai XSpring

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Indian companies have outperformed global peers with strong ROE and EPS growth, emphasizing the importance of focusing on fundamentals and peer...