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>Visa's first-quarter earnings for fiscal year 2026 reflect a robust overall performance with continued expansion and innovation across its portfolio.</li><li>The company reported a 15% increase in net revenue year-over-year, reaching $10.9 billion, and a 15% jump in earnings per share, alongside a solid growth in payments volume.</li><li>Revenue growth was driven by strong performances in value-added services, commercial and money movement solutions, and consumer payments.</li></ul>

Visa's first-quarter earnings for fiscal year 2026 reflect a robust overall performance with continued expansion and innovation across its portfolio.The company reported a 15% increase in net revenue year-over-year, reaching $10.9 billion, and a 15% jump in earnings per share, alongside a solid growth in payments volume.Revenue growth was driven by strong performances in value-added services, commercial and money movement solutions, and consumer payments.

Visa and Stablecoins: Is 24/7 Crypto Settlement the Next Big Payments Breakthrough?

Credit

<ul><li>Visa and Mastercard have agreed to a landmark settlement that could end a decades-long legal standoff with U.S. merchants over credit card processing fees.</li><li>Filed in the Eastern District Court of New York, the settlement would cut interchange fees—typically between 2% and 2.5%—by 0.1 percentage points for five years and allow merchants more freedom in rejecting high-fee rewards cards.</li><li>If approved by the court, the settlement would end litigation dating back to 2005, resolving antitrust claims from merchants about the networks' "honor-all-cards" rules and alleged anti-competitive practices.</li></ul>

Visa and Mastercard have agreed to a landmark settlement that could end a decades-long legal standoff with U.S. merchants over credit card processing fees.Filed in the Eastern District Court of New York, the settlement would cut interchange fees—typically between 2% and 2.5%—by 0.1 percentage points for five years and allow merchants more freedom in rejecting high-fee rewards cards.If approved by the court, the settlement would end litigation dating back to 2005, resolving antitrust claims from merchants about the networks' "honor-all-cards" rules and alleged anti-competitive practices.

Visa’s Fee Shake-Up Could Crush Credit Card Points Programs; What's The Impact?

<ul><li>Visa Inc. reported strong financial performance for its fiscal fourth quarter and full year 2025, illustrating a robust growth trajectory across its various business segments.</li><li>The company announced a 12% year-over-year increase in net revenue for the fourth quarter, reaching $10.7 billion, and an EPS growth of 10%.</li><li>Full-year net revenue rose by 11% with a parallel EPS increase of 14%, underlining Visa's effective management and operational strategies.</li></ul>

Visa Inc. reported strong financial performance for its fiscal fourth quarter and full year 2025, illustrating a robust growth trajectory across its various business segments.The company announced a 12% year-over-year increase in net revenue for the fourth quarter, reaching $10.7 billion, and an EPS growth of 10%.Full-year net revenue rose by 11% with a parallel EPS increase of 14%, underlining Visa's effective management and operational strategies.

Visa Inc. Takes on Stablecoins: Is This the Future of Cross-Border Payments?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.</li>
<li>TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.</li>
<li>Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.</li>
</ul>


Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.
TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.
Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.


Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

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.

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,340/1,334 points and the resistance at 1,350/1,354 points.</li><li>The recommended investment strategy remains selling on rallies and buying at support levels until a new breakout signal emerges.</li><li>The market expects the ECB to continue cutting interest rates for the fifth consecutive time by another 25 bps, bringing the deposit facility rate down to 2.75% from 3.0% and the marginal lending rate to 3.15% from 3.4%.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,340/1,334 points and the resistance at 1,350/1,354 points.The recommended investment strategy remains selling on rallies and buying at support levels until a new breakout signal emerges.The market expects the ECB to continue cutting interest rates for the fifth consecutive time by another 25 bps, bringing the deposit facility rate down to 2.75% from 3.0% and the marginal lending rate to 3.15% from 3.4%.

4Q24 GDP for the EU & US and FOMC & ECB Meetings

United States

Visa Inc. operates a retail electronic payments network and manages global financial services.  The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

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Visa (V US)

Visa and Stablecoins: Is 24/7 Crypto Settlement the Next Big Payments Breakthrough?

Visa's first-quarter earnings for fiscal year 2026 reflect a robust overall performance with continued expansion and innovation across its...

Baptista Research

Visa’s Fee Shake-Up Could Crush Credit Card Points Programs; What's The Impact?

Visa and Mastercard have agreed to a landmark settlement that could end a decades-long legal standoff with U.S. merchants over credit card...

Baptista Research

Visa Inc. Takes on Stablecoins: Is This the Future of Cross-Border Payments?

Visa Inc. reported strong financial performance for its fiscal fourth quarter and full year 2025, illustrating a robust growth trajectory across...

Baptista Research

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

4Q24 GDP for the EU & US and FOMC & ECB Meetings

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,340/1,334 points and the resistance at...

Krungthai XSpring

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