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>PepsiCo's third-quarter 2025 earnings call highlighted several key aspects of the company's performance and strategic direction.</li><li>The company reported growth in beverages after adjusting for changes in its case pack water business, but noted some challenges within the food segment due to a new promotional strategy.</li><li>This shift from brand-specific discounts to an everyday low-value approach impacted volumes but improved revenue realization.</li></ul>

PepsiCo's third-quarter 2025 earnings call highlighted several key aspects of the company's performance and strategic direction.The company reported growth in beverages after adjusting for changes in its case pack water business, but noted some challenges within the food segment due to a new promotional strategy.This shift from brand-specific discounts to an everyday low-value approach impacted volumes but improved revenue realization.

PepsiCo Faces A $4 Billion Shake-Up: Is Elliott About To Break The Bottles?

<ul><li>PepsiCo recently reported its third-quarter 2025 earnings, focusing on the key challenges and opportunities across its food and beverage businesses.</li><li>Volume pressures were noted in both segments, influenced by strategic shifts like the pivot to smaller pack sizes and changes in promotional strategies.</li><li>This has led to a nuanced impact on volume, with beverages witnessing slight growth when excluding the case pack water divestment, while the foods segment saw adjusted promotional strategies result in better revenue realization despite impacting volumes.</li></ul>

PepsiCo recently reported its third-quarter 2025 earnings, focusing on the key challenges and opportunities across its food and beverage businesses.Volume pressures were noted in both segments, influenced by strategic shifts like the pivot to smaller pack sizes and changes in promotional strategies.This has led to a nuanced impact on volume, with beverages witnessing slight growth when excluding the case pack water divestment, while the foods segment saw adjusted promotional strategies result in better revenue realization despite impacting volumes.

PepsiCo: What Is The Story Behind Its Expansion in Nonsparkling Beverages & Latest International Market Penetration?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IFBH (6603 HK) raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. 
In this note, we will talk about the lockup dynamics and possible placement.


IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

<ul><li>PepsiCo is stirring the energy drink market with a $585 million investment to increase its stake in Celsius Holdings to 11%, while also transferring the U.S. and Canadian operations of Rockstar Energy to Celsius.</li><li>This strategic reshuffling, paired with PepsiCo's recent productivity drive and renewed distribution focus, signals a tactical repositioning in a segment long dominated by Red Bull and Monster.</li><li>Celsius will now take the lead in managing PepsiCo's energy drink strategy in North America, overseeing brands like Celsius, Alani Nu, and Rockstar.</li></ul>

PepsiCo is stirring the energy drink market with a $585 million investment to increase its stake in Celsius Holdings to 11%, while also transferring the U.S. and Canadian operations of Rockstar Energy to Celsius.This strategic reshuffling, paired with PepsiCo's recent productivity drive and renewed distribution focus, signals a tactical repositioning in a segment long dominated by Red Bull and Monster.Celsius will now take the lead in managing PepsiCo's energy drink strategy in North America, overseeing brands like Celsius, Alani Nu, and Rockstar.

PepsiCo’s $585 Million Bet And Elliott’s $4 Billion Stake: Is A Reboot Coming?

<ul><li>PepsiCo's recent earnings revealed several key highlights and challenges facing the company.</li><li>The firm is focusing on productivity initiatives and strategically optimizing its asset footprint to mitigate potential impacts from moderated growth in certain segments.</li><li>PepsiCo is undertaking a multi-year horizon strategy in its North American market, integrating its large businesses—Frito-Lay and the North American beverage division—to create efficiencies, reduce costs, and explore growth opportunities.</li></ul>

PepsiCo's recent earnings revealed several key highlights and challenges facing the company.The firm is focusing on productivity initiatives and strategically optimizing its asset footprint to mitigate potential impacts from moderated growth in certain segments.PepsiCo is undertaking a multi-year horizon strategy in its North American market, integrating its large businesses—Frito-Lay and the North American beverage division—to create efficiencies, reduce costs, and explore growth opportunities.

PepsiCo’s Health Kick Pays Off: Can $2B in Permissible Snacks Disrupt the Market?

United States

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufactures or uses contract manufacturers, markets and sells a variety of grain-based snacks, carbonated and non-carbonated beverages and foods in countries throughout the world.

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Pepsico Inc (PEP US)

PepsiCo Faces A $4 Billion Shake-Up: Is Elliott About To Break The Bottles?

PepsiCo's third-quarter 2025 earnings call highlighted several key aspects of the company's performance and strategic direction. The company...

Baptista Research

PepsiCo: What Is The Story Behind Its Expansion in Nonsparkling Beverages & Latest International Market Penetration?

PepsiCo recently reported its third-quarter 2025 earnings, focusing on the key challenges and opportunities across its food and beverage...

Baptista Research

IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

IFBH Ltd raised around US$169m from its Hong Kong IPO in June 2025. The lockup on its cornerstone and pre-IPO investors is set to expire soon.

Akshat Shah

PepsiCo’s $585 Million Bet And Elliott’s $4 Billion Stake: Is A Reboot Coming?

PepsiCo is stirring the energy drink market with a $585 million investment to increase its stake in Celsius Holdings to 11%, while also...

Baptista Research

PepsiCo’s Health Kick Pays Off: Can $2B in Permissible Snacks Disrupt the Market?

PepsiCo's recent earnings revealed several key highlights and challenges facing the company. The firm is focusing on productivity initiatives and...

Baptista Research

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