Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Costs and expenses to make sure that we're optimizing for the margin profile that we've been able to maintain over the years.</li><li>As we move throughout 2025 and think about the revenues potentially picking up in the second half of the year, we do expect that there will be some margin improvement aligned with that as we get some better gross margin recovery from a volume perspective and potential mix shifts.</li><li>However, given the soft revenue outlook overall when factoring in market digestions in areas such as silicon IGBT and the planned lower system sales into certain international markets, sustaining a significant gross margin increase year-over-year will be challenging without notable shifts in demand across our core business sectors.</li></ul>

Costs and expenses to make sure that we're optimizing for the margin profile that we've been able to maintain over the years.As we move throughout 2025 and think about the revenues potentially picking up in the second half of the year, we do expect that there will be some margin improvement aligned with that as we get some better gross margin recovery from a volume perspective and potential mix shifts.However, given the soft revenue outlook overall when factoring in market digestions in areas such as silicon IGBT and the planned lower system sales into certain international markets, sustaining a significant gross margin increase year-over-year will be challenging without notable shifts in demand across our core business sectors.

Axcelis Technologies、Advanced Logicと日本進出により2025年に堅実な成長軌道を目指す！