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>Viking recently reported its first-quarter results for 2025, showcasing a solid financial and operational performance.</li><li>The company experienced a 7.1% increase in net yields alongside a 14.9% capacity boost compared to the previous year.</li><li>Total revenue reached nearly $900 million, approximately three times higher than in 2019, reflecting strong demand for Viking's offerings and the disciplined implementation of its growth strategy.</li></ul>

Viking recently reported its first-quarter results for 2025, showcasing a solid financial and operational performance.The company experienced a 7.1% increase in net yields alongside a 14.9% capacity boost compared to the previous year.Total revenue reached nearly $900 million, approximately three times higher than in 2019, reflecting strong demand for Viking's offerings and the disciplined implementation of its growth strategy.

Viking Holdings Is Quietly Becoming the Hottest Cruise Stock — Why Smart Money Thinks It's About to Soar!

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

Waterways Leisure Tourism / Equity Bottom-Up

<ul>
<li>Cordelia Cruises, India's only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.</li>
<li>The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.</li>
<li>The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.</li>
</ul>


Cordelia Cruises, India's only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.
The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.
The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.


Cordelia Cruises IPO: A Game-Changer in India's Growing Cruise Market

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/viking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:44043:1" rel="noopener">Viking Holdings (VIK US)</a> is expected to fail the fcap threshold at the November 2024 review despite a 10% boost in free float from the secondary offering. </li>
<li>
<a href="https://www.smartkarma.com/entities/viking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:44043:1" rel="noopener">Viking Holdings (VIK US)</a> is forecasted to pass eligibility and get added in North America's small-cap segment at the December 2024 review.</li>
<li>Following the Secondary Offering in September 2024, the company now passes voting rights and is expected to get added in the US Top 1000 index at the June 2025 review.</li>
</ul>



Viking Holdings (VIK US) is expected to fail the fcap threshold at the November 2024 review despite a 10% boost in free float from the secondary offering. 

Viking Holdings (VIK US) is forecasted to pass eligibility and get added in North America's small-cap segment at the December 2024 review.
Following the Secondary Offering in September 2024, the company now passes voting rights and is expected to get added in the US Top 1000 index at the June 2025 review.


Viking Holdings (VIK US): Cruising Into US & Global Index Post-Secondary Offering

United States

Viking Holdings Ltd operates as a holding company. The Company, through its subsidiaries, specializes in providing offshore recreational travel services by cruise vessel. Viking Holdings serves customers worldwide.

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Viking Holdings (VIK US)

Viking Holdings Is Quietly Becoming the Hottest Cruise Stock — Why Smart Money Thinks It's About to Soar!

Viking recently reported its first-quarter results for 2025, showcasing a solid financial and operational performance. The company experienced a...

Baptista Research

Cordelia Cruises IPO: A Game-Changer in India's Growing Cruise Market

India's Cordelia Cruises going public with Rs. 7.27 billion IPO to triple fleet by 2028, capitalizing on under-penetrated Indian cruise market...

Sudarshan Bhandari