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 recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors.</li><li>In 2024, Lyft achieved several milestones that signal its efforts toward strengthening its market position.</li><li>The company reported substantial records with a peak in rides, riders, and driver hours, resulting in increased market share compared to previous years.</li></ul>

Lyft's recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors.In 2024, Lyft achieved several milestones that signal its efforts toward strengthening its market position.The company reported substantial records with a peak in rides, riders, and driver hours, resulting in increased market share compared to previous years.

Lyft Inc.: The AV Race & Why It Could Make Or Break the Company!

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>In Q324, Didi grew slowly, but core margin improved significantly on higher "take rate"</li>
<li>Q324 liquidity position sound, but pace of 2024 investment difficult to sustain</li>
<li>Two important reasons Didi could list shares in '25, even if cash needs aren't urgent</li>
</ul>


In Q324, Didi grew slowly, but core margin improved significantly on higher "take rate"
Q324 liquidity position sound, but pace of 2024 investment difficult to sustain
Two important reasons Didi could list shares in '25, even if cash needs aren't urgent


Didi Global Q324 Results & Two Key Reasons Company May Consider A New Listing in 2025

<ul>
<li>Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%</li>
<li>Improved revenue mix and effective OpEx control contributed to higher margins</li>
<li>Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8</li>
</ul>


Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%
Improved revenue mix and effective OpEx control contributed to higher margins
Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8


Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

<ul><li>The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook.</li><li>On the positive side, Lyft reported gross bookings exceeding $4.1 billion, marking a 16% year-over-year increase.</li><li>The company also saw strong demand across its services with a 9% growth in active riders and a 6% rise in ride frequency, propelled by various strategic initiatives such as the 'Price Lock' feature aimed at commuters.</li></ul>

The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook.On the positive side, Lyft reported gross bookings exceeding $4.1 billion, marking a 16% year-over-year increase.The company also saw strong demand across its services with a 9% growth in active riders and a 6% rise in ride frequency, propelled by various strategic initiatives such as the 'Price Lock' feature aimed at commuters.

Lyft Inc.: How First-Party Data is Powering a Digital Advertising Revolution! - 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>, an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.</li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


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.

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Lyft (LYFT US)

Lyft Inc.: The AV Race & Why It Could Make Or Break the Company!

Lyft's recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors. In 2024, Lyft achieved...

Baptista Research

Didi Global Q324 Results & Two Key Reasons Company May Consider A New Listing in 2025

Didi Global's core profitability continued to improve in Q324. More importantly, compared to even a few months ago, we believe a 2025 IPO is...

Tracking Traffic

Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

Full Truck Alliance's shares shot up 15% on November 20 after the company reported another set of impressive results. We still like the company but...

Tracking Traffic

Lyft Inc.: How First-Party Data is Powering a Digital Advertising Revolution! - Major Drivers

The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook. On the...

Baptista Research

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

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