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>Walmart Inc. reported second-quarter fiscal 2027 results showing continued strength across its diversified retail and e-commerce operations despite a challenging macroeconomic environment.</li><li>Net sales increased 5% on a constant currency basis, near the high end of guidance.</li><li>Walmart U.S. comparable sales excluding fuel rose 2.6%, supported by transaction and unit growth.</li></ul>

Walmart Inc. reported second-quarter fiscal 2027 results showing continued strength across its diversified retail and e-commerce operations despite a challenging macroeconomic environment.Net sales increased 5% on a constant currency basis, near the high end of guidance.Walmart U.S. comparable sales excluding fuel rose 2.6%, supported by transaction and unit growth.

Walmart's Digital Powerhouse — E-Commerce, Ads & Memberships Accelerate!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/walmart-inc">Walmart</a>'s dominance in retail is underpinned by its vast scale and cost leadership strategy, which are now being leveraged to build a powerful, high-margin digital ecosystem.</li>
  <li>Strategic investments in technology, supply chain automation, and e-commerce are pivotal to its transformation into an omnichannel powerhouse, aiming to drive profit growth faster than its historically high-volume, low-margin sales.</li>
  <li>The company is aggressively expanding into new revenue streams such as advertising (<a href="https://smartkarma.com/entities/walmart-inc">Walmart</a> Connect), marketplace services, and memberships (<a href="https://smartkarma.com/entities/walmart-inc">Walmart</a>+), positioning itself to compete directly with tech giants like Amazon in higher-margin segments.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Walmart's dominance in retail is underpinned by its vast scale and cost leadership strategy, which are now being leveraged to build a powerful, high-margin digital ecosystem.
  Strategic investments in technology, supply chain automation, and e-commerce are pivotal to its transformation into an omnichannel powerhouse, aiming to drive profit growth faster than its historically high-volume, low-margin sales.
  The company is aggressively expanding into new revenue streams such as advertising (Walmart Connect), marketplace services, and memberships (Walmart+), positioning itself to compete directly with tech giants like Amazon in higher-margin segments.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.</li>
<li>The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.</li>
<li>Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.</li>
</ul>



Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.


Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

<ul><li>Walmart is changing far more than the names inside its executive offices.</li><li>Kieran Shanahan, chief operating officer of Walmart U.S., is leaving his position and will be succeeded by Kyle Kinnard, currently chief operating officer of Walmart International.</li><li>Shanahan, who joined Walmart’s former U.K. subsidiary Asda nearly three decades ago, will remain with the company as an adviser through January 31, 2027.</li></ul>

Walmart is changing far more than the names inside its executive offices.Kieran Shanahan, chief operating officer of Walmart U.S., is leaving his position and will be succeeded by Kyle Kinnard, currently chief operating officer of Walmart International.Shanahan, who joined Walmart’s former U.K. subsidiary Asda nearly three decades ago, will remain with the company as an adviser through January 31, 2027.

Walmart Is Quietly Becoming Amazon, Instacart & An AI Giant!

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Walmart's Digital Powerhouse — E-Commerce, Ads & Memberships Accelerate!

Walmart Inc. reported second-quarter fiscal 2027 results showing continued strength across its diversified retail and e-commerce operations...

Baptista Research

Primer: Walmart (WMT US) - Aug 2026

Walmart's dominance in retail is underpinned by its vast scale and cost leadership strategy, which are now being leveraged to build a powerful,...

αSK Primers

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

AstraZeneca (AZN) will delist its ADRs from Nasdaq and transition to a direct listing of its ordinary shares on the NYSE on 2 February. As a...

Dimitris Ioannidis

Walmart Is Quietly Becoming Amazon, Instacart & An AI Giant!

Walmart is changing far more than the names inside its executive offices. Kieran Shanahan, chief operating officer of Walmart U.S., is leaving his...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

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