Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in February and 11.2% in March 2015. The unemployment rate was at its lowest level since August 2011, and the gradual improvement in the labor market is expected to continue.The decline in the unemployment was largely across the board amongst the Eurozone members. It decreased to 10% in France in March 2016 compared to 10.2% in February while it fell to 4.2%…

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in February and 11.2% in March 2015. The unemployment rate was at its lowest level since August 2011, and the gradual improvement in the labor market is expected to continue.The decline in the unemployment was largely across the board amongst the Eurozone members. It decreased to 10% in France in March 2016 compared to 10.2% in February while it fell to 4.2%…

Eurozone: Seasonally Adjusted Unemployment Rate Continues to Trend Downwards

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>Danone reported a resilient set of financial results for the first half of 2025, reflecting strong global performance amidst a challenging macroeconomic environment.</li><li>The company achieved a like-for-like sales growth of 4.2%, driven largely by a balanced mix of volume/mix and price efforts.</li><li>This growth was underpinned by significant strides in operational productivity and a disciplined execution strategy which saw the recurring operating margin improve by 49 basis points year-on-year to 13.2%.</li></ul>

Danone reported a resilient set of financial results for the first half of 2025, reflecting strong global performance amidst a challenging macroeconomic environment.The company achieved a like-for-like sales growth of 4.2%, driven largely by a balanced mix of volume/mix and price efforts.This growth was underpinned by significant strides in operational productivity and a disciplined execution strategy which saw the recurring operating margin improve by 49 basis points year-on-year to 13.2%.

Danone SA: Prioritizing Protein & Activia in North America to Drive Growth In Competitive Markets!

<ul><li>Danone S.A. recently released its 2024 full-year financial results, presenting an intricate picture of the company's performance and strategy execution.</li><li>This report provides a nuanced look into Danone's path forward as it wraps up the initial phase of the "Renew Danone" strategy, which has been in play for three years.</li><li>Danone reported a robust like-for-like sales growth of 4.3% for the full year, with a particularly strong finish in the fourth quarter at 4.7%.</li></ul>

Danone S.A. recently released its 2024 full-year financial results, presenting an intricate picture of the company's performance and strategy execution.This report provides a nuanced look into Danone's path forward as it wraps up the initial phase of the "Renew Danone" strategy, which has been in play for three years.Danone reported a robust like-for-like sales growth of 4.3% for the full year, with a particularly strong finish in the fourth quarter at 4.7%.

Danone SA: Initiation of Coverage- Innovative Product Lines & Health-Centric Branding For Building A Robust Long-Term Growth Trajectory!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> scheme document is out with the court meeting scheduled for 23 June. The IFA considers the HK$1.20 per share offer to be fair and reasonable. </li>
<li>Key conditions include approval by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The shareholder with a blocking stake should be supportive.</li>
<li>This is a done deal. At the last close and for the 13 July payment, the gross and annualised spread is 1.7% and 15.3%, respectively.</li>
</ul>


The Yashili International Holdings (1230 HK) scheme document is out with the court meeting scheduled for 23 June. The IFA considers the HK$1.20 per share offer to be fair and reasonable. 
Key conditions include approval by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The shareholder with a blocking stake should be supportive.
This is a done deal. At the last close and for the 13 July payment, the gross and annualised spread is 1.7% and 15.3%, respectively.


Yashili (1230 HK): Scheme Vote on 23 June

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal was discussed on Smartkarma this past week: TPG's non-binding Offer for <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-trading-corporation" target="_blank" data-smartkarma-citation="entities:13087:1" rel="noopener">Nippon Steel Trading Corporation (9810 JP)</a>, and <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a>.</li>
</ul>


There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma this past week: TPG's non-binding Offer for Invocare Ltd (IVC AU).
Key updates took place for Yashili International Holdings (1230 HK), Pushpay Holdings (PPH NZ), Nippon Steel Trading Corporation (9810 JP), and S.M.Entertainment Co (041510 KS).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

France

Danone SA is a food processing company. The Company produces dairy products, beverages, baby food and clinical/medical nutrition products.

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Danone SA (BN FP)

Eurozone: Seasonally Adjusted Unemployment Rate Continues to Trend Downwards

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in...

Rajan Govil

Danone SA: Prioritizing Protein & Activia in North America to Drive Growth In Competitive Markets!

Danone reported a resilient set of financial results for the first half of 2025, reflecting strong global performance amidst a challenging...

Baptista Research

Danone SA: Initiation of Coverage- Innovative Product Lines & Health-Centric Branding For Building A Robust Long-Term Growth Trajectory!

Danone S.A. recently released its 2024 full-year financial results, presenting an intricate picture of the company's performance and strategy...

Baptista Research

Yashili (1230 HK): Scheme Vote on 23 June

This is a done deal. At the last close and for the 13 July payment, the gross and annualised spread is 1.7% and 15.3%, respectively.

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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