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

Yext, Inc. provides digital media technology services. The Company offers advertising, monetization, phone, and directory services including business listings on search sites and real-time reputation management. Yext serves customers worldwide.

<ul><li>Yext, Inc. recently reported its first-quarter financial results for fiscal year 2026, showcasing a strong performance that exceeded expectations on all metrics.</li><li>The company continues to navigate the evolving landscape of digital visibility and AI search with strategic steps in product innovation, financial management, and external partnerships.</li><li>One of the most notable developments is the company's new product, Yext Scout, which is experiencing considerable interest from both existing and potential customers.</li></ul>

Yext, Inc. recently reported its first-quarter financial results for fiscal year 2026, showcasing a strong performance that exceeded expectations on all metrics.The company continues to navigate the evolving landscape of digital visibility and AI search with strategic steps in product innovation, financial management, and external partnerships.One of the most notable developments is the company's new product, Yext Scout, which is experiencing considerable interest from both existing and potential customers.

Yext Inc.: From Scout to Share Buybacks—A Multi-Lever Approach to Value Creation!

Equity Research Analyst - Long-Short

Raj S, CA, CFA

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

<ul>
<li>Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.</li>
<li>Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.</li>
<li>This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.</li>
</ul>


Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.
Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.
This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.


2026 High-Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

<ul>
<li>Given the current high stock prices relative to EPS compared to the past, attention should be paid to whether overseas investors shift to net selling if prices begin to decline.</li>
<li>In cases where treasury stock is sold again, it raises questions: Was it necessary to repurchase treasury stock amid cash flow concerns, or was this a forward-looking cash allocation decision?</li>
<li>As cash utilization, balance sheet restructuring, and capital profitability improvements gain attention, the number of outstanding shares will gradually decline as prompt share buybacks increase.</li>
</ul>


Given the current high stock prices relative to EPS compared to the past, attention should be paid to whether overseas investors shift to net selling if prices begin to decline.
In cases where treasury stock is sold again, it raises questions: Was it necessary to repurchase treasury stock amid cash flow concerns, or was this a forward-looking cash allocation decision?
As cash utilization, balance sheet restructuring, and capital profitability improvements gain attention, the number of outstanding shares will gradually decline as prompt share buybacks increase.


What Are Companies that Re-Sell Treasury Stock Thinking?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 19th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 19th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

Global Healthcare Analyst

Tina Banerjee

NIHON KOHDEN CORPORATION develops, manufactures, and sells medical equipment, transformers, and power switches and devices.  The Company's products include testing equipment for cerebral nerve such as electroencephalographs, circulatory systems, diagnostic equipment, catheters, biogenic monitoring systems such as electrocardiographs used into patient monitoring systems.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.</li>
<li>North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.</li>
<li>Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.</li>
</ul>



Nihon Kohden (6849 JP) reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.
North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.
Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.


Nihon Kohden (6849 JP): Stable Japan, Growing US; ¥5B Share Buyback Plan Augurs Well

Buybacks
Buy them before they do

2026 High-Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)

Smallcap Deep-Value: JOYY US - $3.3bn in Net cash + 10% shareholder yield through dividends and buybacks supported by mature FCF, while building Ad...

Raj S, CA, CFA

What Are Companies that Re-Sell Treasury Stock Thinking?

I would like to discuss the issues on the December 4 Nikkei article titled ““Share Buyback Forecasts ‘Too Conservative’: Over 17 Trillion Yen in...

Metrical Inc

Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Yext Inc.: From Scout to Share Buybacks—A Multi-Lever Approach to Value Creation!

Yext, Inc. recently reported its first-quarter financial results for fiscal year 2026, showcasing a strong performance that exceeded expectations...

Baptista Research

2026 High-Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)

Smallcap Deep-Value: JOYY US - $3.3bn in Net cash + 10% shareholder yield through dividends and buybacks supported by mature FCF, while building Ad...

Raj S, CA, CFA

What Are Companies that Re-Sell Treasury Stock Thinking?

I would like to discuss the issues on the December 4 Nikkei article titled ““Share Buyback Forecasts ‘Too Conservative’: Over 17 Trillion Yen in...

Metrical Inc

Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Nihon Kohden (6849 JP): Stable Japan, Growing US; ¥5B Share Buyback Plan Augurs Well

​Nihon Kohden reaffirms revenue guidance for FY26, with focus on growth in North America and sustainable long-term prospects. The share buyback...

Tina Banerjee

Nihon Kohden reaffirms revenue guidance for FY26, with focus on growth in North America and sustainable long-term prospects. The share buyback...