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>JPMorgan Chase & Co. reported a mixed set of financial results for the second quarter of 2025.</li><li>The firm's net income was recorded at $15 billion with an earnings per share (EPS) of $5.24, built on revenues totaling $45.7 billion.</li><li>However, revenue decreased by approximately 10% from the previous year, declining $5.3 billion.</li></ul>

JPMorgan Chase & Co. reported a mixed set of financial results for the second quarter of 2025.The firm's net income was recorded at $15 billion with an earnings per share (EPS) of $5.24, built on revenues totaling $45.7 billion.However, revenue decreased by approximately 10% from the previous year, declining $5.3 billion.

JPMorgan Chase Eyes Basel III Relief — Will ROTCE Skyrocket?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market</li>
<li>Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks</li>
<li>CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital</li>
</ul>


US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market
Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks
CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital


US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

<ul><li>JPMorgan Chase reported solid financial performance in its first quarter of 2025, with net income standing at $14.6 billion on revenues of $46 billion.</li><li>This reflected an 8% increase year-over-year.</li><li>Earnings per share were pegged at $5.07, and the firm's return on tangible common equity (ROTCE) solidified at a robust 21%.</li></ul>

JPMorgan Chase reported solid financial performance in its first quarter of 2025, with net income standing at $14.6 billion on revenues of $46 billion.This reflected an 8% increase year-over-year.Earnings per share were pegged at $5.07, and the firm's return on tangible common equity (ROTCE) solidified at a robust 21%.

JPMorgan Chase & Co.: These Are The 4 Biggest Challenges In Its Path!

Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>The U.S. Big 3 banks delivered strong 3Q23 earnings on the back of record net interest income, despite a lower balance in commercial loans and residential mortgages.</li>
<li>Credit quality is mostly steady, with credit card charge-offs normalized. The main pain point is in CRE, especially for WFC. </li>
<li>The proposed Basel III end game, if materialized, could have a huge impact on JPM and Citigroup in particular.</li>
</ul>


The U.S. Big 3 banks delivered strong 3Q23 earnings on the back of record net interest income, despite a lower balance in commercial loans and residential mortgages.
Credit quality is mostly steady, with credit card charge-offs normalized. The main pain point is in CRE, especially for WFC. 
The proposed Basel III end game, if materialized, could have a huge impact on JPM and Citigroup in particular.


The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Forensic Accounting

JPMorgan Chase & Co / Forensic Accounting

<ul>
<li>India's inclusion in global bond indexes by JP Morgan is significant, but the expected foreign inflow is relatively small, not likely to impact exchange rates or interest rates significantly.</li>
<li>The bond inclusion won't strengthen the Rupee against the Dollar due to limited foreign inflows. A slight reduction in interest rates is expected with JP Morgan's inclusion.</li>
<li>Indian bonds offer attractive yields, but rising US bond yields and rupee depreciation could affect foreign investor interest. This development could lead to improved fiscal policies and Indian bond markets.</li>
</ul>


India's inclusion in global bond indexes by JP Morgan is significant, but the expected foreign inflow is relatively small, not likely to impact exchange rates or interest rates significantly.
The bond inclusion won't strengthen the Rupee against the Dollar due to limited foreign inflows. A slight reduction in interest rates is expected with JP Morgan's inclusion.
Indian bonds offer attractive yields, but rising US bond yields and rupee depreciation could affect foreign investor interest. This development could lead to improved fiscal policies and Indian bond markets.


Make in India Bonds into the Global Bond Index: An Examination of Effects and Significances

United States

JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.

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JPMorgan Chase & Co (JPM US)

JPMorgan Chase Eyes Basel III Relief — Will ROTCE Skyrocket?

JPMorgan Chase & Co. reported a mixed set of financial results for the second quarter of 2025. The firm's net income was recorded at $15...

Baptista Research

US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

US banks show continued strength in weekly balance sheets, accelerating loan growth at 5.43% YoY with only 0.56% YoY growth in loan loss reserves....

Daniel Tabbush

JPMorgan Chase & Co.: These Are The 4 Biggest Challenges In Its Path!

JPMorgan Chase reported solid financial performance in its first quarter of 2025, with net income standing at $14.6 billion on revenues of $46...

Baptista Research

The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality

The Big 3 U.S. Banks JPM, Citigroup and WFC delivered strong earnings on the back of higher interest rates and benign credit quality. Proposed...

Fern Wang

Make in India Bonds into the Global Bond Index: An Examination of Effects and Significances

India's inclusion in global bond indexes by JP Morgan has a limited impact on interest rates and rupees. Bond inclusion won't strengthen the Rupee...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPMorgan Chase Eyes Basel III Relief — Will ROTCE Skyrocket?

JPMorgan Chase & Co. reported a mixed set of financial results for the second quarter of 2025. The firm's net income was recorded at $15...

Baptista Research

US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

US banks show continued strength in weekly balance sheets, accelerating loan growth at 5.43% YoY with only 0.56% YoY growth in loan loss reserves....

Daniel Tabbush

JPMorgan Chase & Co.: These Are The 4 Biggest Challenges In Its Path!

JPMorgan Chase reported solid financial performance in its first quarter of 2025, with net income standing at $14.6 billion on revenues of $46...

Baptista Research

The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality

The Big 3 U.S. Banks JPM, Citigroup and WFC delivered strong earnings on the back of higher interest rates and benign credit quality. Proposed...

Fern Wang

Make in India Bonds into the Global Bond Index: An Examination of Effects and Significances

​India's inclusion in global bond indexes by JP Morgan has a limited impact on interest rates and rupees. Bond inclusion won't strengthen the Rupee...

Nimish Maheshwari

India's inclusion in global bond indexes by JP Morgan has a limited impact on interest rates and rupees. Bond inclusion won't strengthen the Rupee...