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>Lyft's positive financial performance and future expectations make it an attractive investment opportunity.</li><li>Lyft's 2023 performance was marked by significant growth in the company's rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.</li><li>This growth demonstrates the strong demand for Lyft's service, which bodes well for its future performance.</li></ul>

Lyft's positive financial performance and future expectations make it an attractive investment opportunity.Lyft's 2023 performance was marked by significant growth in the company's rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.This growth demonstrates the strong demand for Lyft's service, which bodes well for its future performance.

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! - Financial Forecasts

<ul><li>Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.</li><li>A pivotal development in the quarter was the significant rise in drivers opting for Lyft, resulting in an impressive 45% year-over-year surge in the hours spent using the platform, particularly in non-incentivized hours.</li><li>The emphasis on simplifying the earning process for drivers proved successful, maintaining a stable conversion rate even as rider demand escalated.</li></ul>

Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.A pivotal development in the quarter was the significant rise in drivers opting for Lyft, resulting in an impressive 45% year-over-year surge in the hours spent using the platform, particularly in non-incentivized hours.The emphasis on simplifying the earning process for drivers proved successful, maintaining a stable conversion rate even as rider demand escalated.

Lyft Inc.: Focus on Operational Excellence & Differentiated Products! - Major Drivers

<ul><li>Lyft, Inc. delivered significant results in the quarter.</li><li>Revenue increased by 3% year over year to $1.021 billion.</li><li>In July, Lyft saw sustained robust supply trends, with 25% more drivers using Lyft than the previous year and driver hours increasing by nearly 45% year over year.</li></ul>

Lyft, Inc. delivered significant results in the quarter.Revenue increased by 3% year over year to $1.021 billion.In July, Lyft saw sustained robust supply trends, with 25% more drivers using Lyft than the previous year and driver hours increasing by nearly 45% year over year.

Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! - Major Drivers

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.</li>
<li>The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. </li>
</ul>



Grab's 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.
The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.

Grab remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. 


Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Doordash's multiple has come in from 14x to 4x, it is no longer a good standalone short, but its valuation discrepancy vs. Uber means it is a good paired short.</li>
<li>Solid quarter overall, but commentary about pushing on investments remains openended, and with little quantification of unit economics, Dash remains uninvestable to us.</li>
<li>We still prefer Uber to Dash on valuation and long term profitability.</li>
</ul>


Doordash's multiple has come in from 14x to 4x, it is no longer a good standalone short, but its valuation discrepancy vs. Uber means it is a good paired short.
Solid quarter overall, but commentary about pushing on investments remains openended, and with little quantification of unit economics, Dash remains uninvestable to us.
We still prefer Uber to Dash on valuation and long term profitability.


DoorDash 1Q22 Earnings: Are Delivery Platforms More Profitable than Ride Sharing?

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

Lyft (LYFT US)

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! - Financial Forecasts

Lyft's positive financial performance and future expectations make it an attractive investment opportunity. Lyft's 2023 performance was marked by...

Baptista Research

Lyft Inc.: Focus on Operational Excellence & Differentiated Products! - Major Drivers

Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus. A pivotal development in the quarter was...

Baptista Research

Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! - Major Drivers

Lyft, Inc. delivered significant results in the quarter. Revenue increased by 3% year over year to $1.021 billion. In July, Lyft saw sustained...

Baptista Research

Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

Grab remains confident on the outlook with guidance revised upwards, with the company looking at some potentially interesting M&A, which should be...

Angus Mackintosh

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! - Financial Forecasts

Lyft's positive financial performance and future expectations make it an attractive investment opportunity. Lyft's 2023 performance was marked by...

Baptista Research

Lyft Inc.: Focus on Operational Excellence & Differentiated Products! - Major Drivers

Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus. A pivotal development in the quarter was...

Baptista Research

Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! - Major Drivers

Lyft, Inc. delivered significant results in the quarter. Revenue increased by 3% year over year to $1.021 billion. In July, Lyft saw sustained...

Baptista Research

Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

Grab remains confident on the outlook with guidance revised upwards, with the company looking at some potentially interesting M&A, which should be...

Angus Mackintosh

DoorDash 1Q22 Earnings: Are Delivery Platforms More Profitable than Ride Sharing?

Doordash’s valuation has come in significantly from 14x Fwd P/S to 4x , but Uber at 2x istoo cheap compared to Dash, give better LT profitability...

Aaron Gabin