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

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

<ul><li>Las Vegas Sands Corporation reported its second-quarter 2026 financial results, highlighting mixed performance across its key markets, Singapore and Macau, amid several external and operational factors.</li><li>The company achieved strong EBITDA of $689 million at Marina Bay Sands (MBS) in Singapore, slightly above adjusted expectations by approximately $37 million when considering rolling play hold adjustments.</li><li>This performance occurred despite typical seasonal softness and a notable decline in visitation by high-value patrons during the June World Cup football tournament.</li></ul>

Las Vegas Sands Corporation reported its second-quarter 2026 financial results, highlighting mixed performance across its key markets, Singapore and Macau, amid several external and operational factors.The company achieved strong EBITDA of $689 million at Marina Bay Sands (MBS) in Singapore, slightly above adjusted expectations by approximately $37 million when considering rolling play hold adjustments.This performance occurred despite typical seasonal softness and a notable decline in visitation by high-value patrons during the June World Cup football tournament.

Las Vegas Sands’ $700 Million Macau EBITDA Ambition — Can Premium Gaming Close The Gap?

Equity Long-Short

Mo Aziz

Galaxy Entertainment Group / Equity Bottom-Up

Galaxy Entertainment Group is a leading hospitality and gaming company that develops and operates integrated resorts, hotels, and casinos in Macau. Its key properties include Galaxy Macau, Broadway Macau, and StarWorld Macau, offering casino games, entertainment, and related hospitality services. The company is headquartered in Hong Kong and was established in 2002.

<ul>
<li>1H26 adjusted EBITDA +1%, Q2 -5%; every gaming volume line fell and hold carried the quarter. We cut FY26E EBITDA 9% to HK$14.3bn, our initiation bear case.</li>
<li>Filings show 1H26 capex of HK$1.25bn against a HK$10–11bn guide since halved; Phase 4 slips to FY28E. Net cash HK$35.9bn and payout at 75% got stronger.</li>
<li>BULLISH, fair value HK$37.00 maintained on 8.3x FY27E EV/EBITDA plus net cash; +13% upside, ~19% TSR. Buy the September shoulder ahead of typhoon-hit comps and Golden Week.</li>
</ul>


1H26 adjusted EBITDA +1%, Q2 -5%; every gaming volume line fell and hold carried the quarter. We cut FY26E EBITDA 9% to HK$14.3bn, our initiation bear case.
Filings show 1H26 capex of HK$1.25bn against a HK$10–11bn guide since halved; Phase 4 slips to FY28E. Net cash HK$35.9bn and payout at 75% got stronger.
BULLISH, fair value HK$37.00 maintained on 8.3x FY27E EV/EBITDA plus net cash; +13% upside, ~19% TSR. Buy the September shoulder ahead of typhoon-hit comps and Golden Week.


Galaxy Entertainment (27 HK): 75% Payout, Halved Capex, Flat Share — The Trade Into Easy Sep Comps

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

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

<ul>
 <li>
<a href="https://smartkarma.com/entities/sands-china-ltd-088dbd12-a0e9-4516-a68f-6a3cf8aa065d">Sands China </a>is the market leader in Macau, the world's largest gaming market, with a dominant share of approximately 24.5% and an unparalleled portfolio of integrated resorts on the Cotai Strip.</li>
 <li>The company is strategically focused on the high-margin mass and premium mass market segments, and is a leader in non-gaming attractions such as MICE, retail, and entertainment, aligning with Macau's economic diversification goals.</li>
 <li>Key risks to the outlook include a high dependency on the Chinese economy, potential for increased regulation from both Macau and mainland China, and intense competition among the six concessionaires which could pressure margins.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Sands China is the market leader in Macau, the world's largest gaming market, with a dominant share of approximately 24.5% and an unparalleled portfolio of integrated resorts on the Cotai Strip.
  The company is strategically focused on the high-margin mass and premium mass market segments, and is a leader in non-gaming attractions such as MICE, retail, and entertainment, aligning with Macau's economic diversification goals.
  Key risks to the outlook include a high dependency on the Chinese economy, potential for increased regulation from both Macau and mainland China, and intense competition among the six concessionaires which could pressure margins.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Sands China  (SCHYY US) - Aug 2026

Tycoon Group Holdings Limited is an investment holding company that distributes and retails a variety of health and well-being products, including proprietary Chinese medicine, health supplements, skincare, and personal care items. The company operates through distribution, e-commerce, and retail store segments, offering both third-party and private label brands. It was founded in 2015 and is headquartered in Sha Tin, Hong Kong.

<ul>
 <li>
<a href="https://smartkarma.com/entities/tycoon-group-holdings-limited">Tycoon Group</a> is an omnichannel distributor and retailer of health and well-being products in Hong Kong, Macau, Mainland China, and Southeast Asia, with a portfolio of over 100 third-party and private label brands.</li>
 <li>The company has experienced significant financial volatility, with a sharp decline in revenue and net income in FY2024 followed by a partial recovery in FY2025. This volatility is also reflected in its highly negative 3-year market cap and EPS compound annual growth rates.</li>
 <li>Positioned in a growing but competitive market, the company's future performance will depend on its ability to optimize its product portfolio, manage intense competition, and capitalize on the rising health consciousness in its key markets.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Tycoon Group is an omnichannel distributor and retailer of health and well-being products in Hong Kong, Macau, Mainland China, and Southeast Asia, with a portfolio of over 100 third-party and private label brands.
  The company has experienced significant financial volatility, with a sharp decline in revenue and net income in FY2024 followed by a partial recovery in FY2025. This volatility is also reflected in its highly negative 3-year market cap and EPS compound annual growth rates.
  Positioned in a growing but competitive market, the company's future performance will depend on its ability to optimize its product portfolio, manage intense competition, and capitalize on the rising health consciousness in its key markets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tycoon Group (3390 HK) - Aug 2026

SFK Construction Holdings Ltd. is an investment holding company primarily engaged in construction-related businesses, including general building and civil engineering services. The company also provides housing management, consultancy services, plant and machinery hiring, electrical installation work, and project management services. It undertakes construction projects in Hong Kong and Macau. The company is headquartered in Hong Kong and was incorporated in 2007.

<ul>
 <li>
<a href="https://smartkarma.com/entities/sfk-construction-holdings-ltd">SFK Construction</a> is an established contractor in Hong Kong and Macau, but faces significant profitability and cash flow challenges despite recent revenue growth.</li>
 <li>The company's outlook is closely tied to Hong Kong's public infrastructure spending, which presents an opportunity, but is counterbalanced by intense industry competition and rising costs.</li>
 <li>A sharp decline in dividends and negative long-term growth in key financial metrics, including net income and market capitalization, signal considerable headwinds and risks for investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
SFK Construction is an established contractor in Hong Kong and Macau, but faces significant profitability and cash flow challenges despite recent revenue growth.
  The company's outlook is closely tied to Hong Kong's public infrastructure spending, which presents an opportunity, but is counterbalanced by intense industry competition and rising costs.
  A sharp decline in dividends and negative long-term growth in key financial metrics, including net income and market capitalization, signal considerable headwinds and risks for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: SFK Construction (1447 HK) - Aug 2026

Macau
Gaming and more

Las Vegas Sands’ $700 Million Macau EBITDA Ambition — Can Premium Gaming Close The Gap?

Las Vegas Sands Corporation reported its second-quarter 2026 financial results, highlighting mixed performance across its key markets, Singapore...

Baptista Research

Primer: Sands China (SCHYY US) - Aug 2026

Sands China is the market leader in Macau, the world's largest gaming market, with a dominant share of approximately 24.5% and an unparalleled...

αSK Primers

Primer: Tycoon Group (3390 HK) - Aug 2026

Tycoon Group is an omnichannel distributor and retailer of health and well-being products in Hong Kong, Macau, Mainland China, and Southeast...

αSK Primers

Primer: SFK Construction (1447 HK) - Aug 2026

SFK Construction is an established contractor in Hong Kong and Macau, but faces significant profitability and cash flow challenges despite...

αSK Primers

Las Vegas Sands’ $700 Million Macau EBITDA Ambition — Can Premium Gaming Close The Gap?

Las Vegas Sands Corporation reported its second-quarter 2026 financial results, highlighting mixed performance across its key markets, Singapore...

Baptista Research

Galaxy Entertainment (27 HK): 75% Payout, Halved Capex, Flat Share — The Trade Into Easy Sep Comps

Earnings flat, capex halved, payout to 75%, share parked at 20%. Stock unchanged. FV HK$37 held on FY27E; buy the shoulder into easy Sept/Oct...

Mo Aziz

Primer: Sands China (SCHYY US) - Aug 2026

Sands China is the market leader in Macau, the world's largest gaming market, with a dominant share of approximately 24.5% and an unparalleled...

αSK Primers

Primer: Tycoon Group (3390 HK) - Aug 2026

Tycoon Group is an omnichannel distributor and retailer of health and well-being products in Hong Kong, Macau, Mainland China, and Southeast...

αSK Primers

Primer: SFK Construction (1447 HK) - Aug 2026

SFK Construction is an established contractor in Hong Kong and Macau, but faces significant profitability and cash flow challenges despite...

αSK Primers