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>Spotify Technology S.A. delivered a mixed set of results for the third quarter of 2024, showcasing both achievements and continued challenges as the company navigates through its business strategy.</li><li>On one hand, it marked a milestone by delivering strong growth metrics in both subscribers (net addition of 6 million to reach a total of 252 million) and monthly active users (MAU, rising by 14 million to 640 million).</li><li>These metrics exceeded Spotify's guidance and reflect its dual focus on product innovation and marketing efficiency.</li></ul>

Spotify Technology S.A. delivered a mixed set of results for the third quarter of 2024, showcasing both achievements and continued challenges as the company navigates through its business strategy.On one hand, it marked a milestone by delivering strong growth metrics in both subscribers (net addition of 6 million to reach a total of 252 million) and monthly active users (MAU, rising by 14 million to 640 million).These metrics exceeded Spotify's guidance and reflect its dual focus on product innovation and marketing efficiency.

How Spotify Turned Critical Mass Into Massive Profits—Breaking Down the Numbers! - Major Drivers

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Tencent Music Entertainment / Equity Bottom-Up

<ul>
<li>Hong Kong market sectors outperforming since the stimulus in September are Consumer Discretionary and Healthcare as Utilities, Telecom and Energy lag.</li>
<li>
<a href="https://www.smartkarma.com/entities/crrc-corp-ltd-461535b2-37ac-4589-b4d9-8b71c06c43b8" target="_blank" data-smartkarma-citation="entities:124:1" rel="noopener">CRRC Corp Ltd H (1766 HK)</a> gets BUY recommendations as its results point to continued strength in the rail equipment sector with passenger volume surging.
</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> reported solid results as it shifts to a pay-to-stream subscription model. <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> had a blowout quarter with EV sales surging.
</li>
</ul>


Hong Kong market sectors outperforming since the stimulus in September are Consumer Discretionary and Healthcare as Utilities, Telecom and Energy lag.

CRRC Corp Ltd H (1766 HK) gets BUY recommendations as its results point to continued strength in the rail equipment sector with passenger volume surging.


Tencent Music Entertainment Group (1698 HK) reported solid results as it shifts to a pay-to-stream subscription model. Xiaomi Corp (1810 HK) had a blowout quarter with EV sales surging.



BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

<ul><li>Spotify has reported a solid performance for the second quarter of 2024, characterized by notable strides in subscriber growth, profitability, and revenue enhancements.</li><li>The company's delivery on key metrics evidenced a substantiation of their dual commitment to offering a robust product while proving their business sustainability.</li><li>Their execution of strategic initiatives such as diversified subscription plans and regional price adjustments contributed positively to the financial results.</li></ul>

Spotify has reported a solid performance for the second quarter of 2024, characterized by notable strides in subscriber growth, profitability, and revenue enhancements.The company's delivery on key metrics evidenced a substantiation of their dual commitment to offering a robust product while proving their business sustainability.Their execution of strategic initiatives such as diversified subscription plans and regional price adjustments contributed positively to the financial results.

Spotify Technologies: Will Its Focus On Podcasting and Content Diversification Give A Much Needed Boost To Profitability? - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.


Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

<ul><li>Spotify's first-quarter 2024 earnings were marked by strong growth and a shift towards monetization and efficiency in operations.</li><li>The company demonstrated solid performance with robust revenue growth, ongoing expansion in gross margin, and the most significant operating income to date.</li><li>Spotify’s continued focus on increasing revenue while improving the bottom line resulted in an encouraging quarterly performance that exceeded expectations.</li></ul>

Spotify's first-quarter 2024 earnings were marked by strong growth and a shift towards monetization and efficiency in operations.The company demonstrated solid performance with robust revenue growth, ongoing expansion in gross margin, and the most significant operating income to date.Spotify’s continued focus on increasing revenue while improving the bottom line resulted in an encouraging quarterly performance that exceeded expectations.

Spotify Technologies: Is It Able To Achieve The Necessary Growth through Audiobooks & Flexible Pricing Structures? - Major Drivers

Luxembourg

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

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Spotify (SPOT US)

How Spotify Turned Critical Mass Into Massive Profits—Breaking Down the Numbers! - Major Drivers

Spotify Technology S.A. delivered a mixed set of results for the third quarter of 2024, showcasing both achievements and continued challenges as...

Baptista Research

BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

Hong Kong has seen its Consumer Discretionary and Healthcare sectors perform well since the stimulus in September. CRCC has had several buy...

David Mudd

Spotify Technologies: Will Its Focus On Podcasting and Content Diversification Give A Much Needed Boost To Profitability? - Major Drivers

Spotify has reported a solid performance for the second quarter of 2024, characterized by notable strides in subscriber growth, profitability, and...

Baptista Research

Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.

Ethan Aw

Spotify Technologies: Is It Able To Achieve The Necessary Growth through Audiobooks & Flexible Pricing Structures? - Major Drivers

Spotify's first-quarter 2024 earnings were marked by strong growth and a shift towards monetization and efficiency in operations. The company...

Baptista Research

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