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 Capital Markets

Uber Technologies  / Equity Capital Markets

<ul><li>Uber delivered a mixed set of results as its revenues surpassed Wall Street expectations with gross bookings up 32% year over year.</li><li>The company may have delivered a positive EBITDA over its guidance range as well as decent free cash flows but its overall bottom-line losses were wider than Wall Street expectations.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Uber delivered a mixed set of results as its revenues surpassed Wall Street expectations with gross bookings up 32% year over year.The company may have delivered a positive EBITDA over its guidance range as well as decent free cash flows but its overall bottom-line losses were wider than Wall Street expectations.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Uber Technologies: Advertising Division & Other Drivers

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Several news media outlets reported that food delivery giant <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> is preparing to enter the food delivery market in Hong Kong as domestic market is slowing down.</li>
<li>Slowdown in Chinese economy coupled with regulatory hurdles have made it impossible for Meituan and other domestic tech players to expand locally.</li>
<li>Online food delivery market in HK is dominated by Foodpanda and Deliveroo, and we think Meituan will have to offer deep discounts to grab market share from these two dominants.</li>
</ul>


Several news media outlets reported that food delivery giant Meituan (3690 HK) is preparing to enter the food delivery market in Hong Kong as domestic market is slowing down.
Slowdown in Chinese economy coupled with regulatory hurdles have made it impossible for Meituan and other domestic tech players to expand locally.
Online food delivery market in HK is dominated by Foodpanda and Deliveroo, and we think Meituan will have to offer deep discounts to grab market share from these two dominants.


Does Meituan Have the Appetite to Serve HK Food Delivery Market and Take On Foodpanda and Deliveroo?

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.

Event-Driven

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>


Multiple new agencies have been reporting that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. 
The reports have been coming in since the second half of the year and the company has been duly denying these rumors.
In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.


Tencent Investee Selldown - The US$120bn Global Overhang

<ul><li>Uber Technologies delivered a mixed quarterly result with revenues above expectations resulting from an increase in the annualized run rate and gross bookings.</li><li>The company failed to meet market expectations on the earnings front as a result of considerable forex challenges through it did generate a positive free cash flow.</li><li>The top-line growth of the company continues to be durable and the onboarding process has shown a significant improvement.</li></ul>

Uber Technologies delivered a mixed quarterly result with revenues above expectations resulting from an increase in the annualized run rate and gross bookings.The company failed to meet market expectations on the earnings front as a result of considerable forex challenges through it did generate a positive free cash flow.The top-line growth of the company continues to be durable and the onboarding process has shown a significant improvement.

Uber Technologies: AV-Based Food Delivery Pilot & Other Developments

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 22 August, it was announced that KB Kookmin Bank invested 200 billion won worth of TMap Mobility, valuing the company at 2.2 trillion won ($1.7 billion).</li>
<li>At the end of 2021, SK Square owned a 66.3% stake in TMap Mobility. After this investment, KB Kookmin Bank will own an 8.2% stake in TMap Mobility.</li>
<li>TMap Mobility generated sales of 74.5 billion won,  operating loss of 67.8 billion won, and net loss of 5.3 billion won in 2021.</li>
</ul>


On 22 August, it was announced that KB Kookmin Bank invested 200 billion won worth of TMap Mobility, valuing the company at 2.2 trillion won ($1.7 billion).
At the end of 2021, SK Square owned a 66.3% stake in TMap Mobility. After this investment, KB Kookmin Bank will own an 8.2% stake in TMap Mobility.
TMap Mobility generated sales of 74.5 billion won,  operating loss of 67.8 billion won, and net loss of 5.3 billion won in 2021.


KB Kookmin Bank Invests 200 Billion Won in SK Square's TMap Mobility

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Uber Technologies: Advertising Division & Other Drivers

Uber delivered a mixed set of results as its revenues surpassed Wall Street expectations with gross bookings up 32% year over year. The company...

Baptista Research

Does Meituan Have the Appetite to Serve HK Food Delivery Market and Take On Foodpanda and Deliveroo?

Several news media outlets reported that Meituan is preparing to enter the food delivery market in HK which is a duopoly between Foodpanda and...

Shifara Samsudeen, FCMA, CGMA

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

Uber Technologies: AV-Based Food Delivery Pilot & Other Developments

Uber Technologies delivered a mixed quarterly result with revenues above expectations resulting from an increase in the annualized run rate and...

Baptista Research

KB Kookmin Bank Invests 200 Billion Won in SK Square's TMap Mobility

On 22 August, it was announced that KB Kookmin Bank invested 200 billion won worth of TMap Mobility, valuing the company at 2.2 trillion won ($1.7...

Douglas Kim

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