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

Honda Motor Co Ltd (Adr) / Equity Bottom-Up

<ul><li>Honda Motor delivered a disappointing set of results as it was unable to meet the revenue and earnings expectations of Wall Street.</li><li>The motorcycle businesses experienced high profits, while the automotive sector saw improved profitability, particularly in North America.</li><li>In the United States, Honda experienced solid demand with a secured semiconductor supply, leading to higher year-on-year results.</li></ul>

Honda Motor delivered a disappointing set of results as it was unable to meet the revenue and earnings expectations of Wall Street.The motorcycle businesses experienced high profits, while the automotive sector saw improved profitability, particularly in North America.In the United States, Honda experienced solid demand with a secured semiconductor supply, leading to higher year-on-year results.

Honda Motor Co.: Wage Hike Considerations & Global Economic Context – Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy</a> is looking to raise around US$300m in its Hong Kong IPO.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> aims to raise US$430m via selling around 14.6% of <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>. </li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Sep 23, it had 14.3m deposit accounts with a total deposit base of JPY9.5tn.</li>
<li>In this note, we will talk about the deal dynamics and updates since our last note.</li>
</ul>



Rakuten Group (4755 JP) aims to raise US$430m via selling around 14.6% of Rakuten Bank (5838 JP). 
RB is the largest internet bank in Japan, by number of accounts. As of Sep 23, it had 14.3m deposit accounts with a total deposit base of JPY9.5tn.
In this note, we will talk about the deal dynamics and updates since our last note.


Rakuten Bank Placement - Was Expected at Some Point, Current Timing Seems Opportunistic

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> (RB),  the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a>, raised around US$630m in its Japan IPO. Its IPO linked lockup will expire soon.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Jun 23, it had 14.0m deposit accounts with a total deposit base of JPY9.4tn.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Rakuten Bank (5838 JP) (RB),  the online banking arm of Rakuten Group (4755 JP), raised around US$630m in its Japan IPO. Its IPO linked lockup will expire soon.
RB is the largest internet bank in Japan, by number of accounts. As of Jun 23, it had 14.0m deposit accounts with a total deposit base of JPY9.4tn.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Rakuten Bank IPO Lock-Up - Parent and Company Will Come Out of Lockup

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Hong Kong / In Depth: Will Hong Kong’s tax tweaks end its real estate slump?</li><li><p>PMI /: China services activity picks up momentum on stronger demand, Caixin PMI shows</p></li><li><p>Index /: Caixin China New Economy Index falls on lower capital inputs</p></li></ul>

Hong Kong / In Depth: Will Hong Kong’s tax tweaks end its real estate slump?PMI /: China services activity picks up momentum on stronger demand, Caixin PMI showsIndex /: Caixin China New Economy Index falls on lower capital inputs

CX Daily: Will Hong Kong’s Tax Tweaks End Its Real Estate Slump? 

Japan

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

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Honda Motor (7267 JP)

Honda Motor Co.: Wage Hike Considerations & Global Economic Context – Major Drivers

Honda Motor delivered a disappointing set of results as it was unable to meet the revenue and earnings expectations of Wall Street. The motorcycle...

Baptista Research

REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO. We have looked at the past performance in our earlier notes, in this...

Sumeet Singh

Rakuten Bank Placement - Was Expected at Some Point, Current Timing Seems Opportunistic

Rakuten Group (4755 JP) aims to raise US$430m via selling around 14.6% of Rakuten Bank (5838 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Rakuten Bank IPO Lock-Up - Parent and Company Will Come Out of Lockup

Rakuten has just announced that it will selldown some of its stake in Rakuten Bank in order to fund redemption of some of its bonds.

Sumeet Singh

CX Daily: Will Hong Kong’s Tax Tweaks End Its Real Estate Slump?

Hong Kong / In Depth: Will Hong Kong’s tax tweaks end its real estate slump? Rescue measures intended to coax mainland Chinese to purchase...

Caixin Global

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