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>Wynn Resorts confirmed an upward trend in the company's financial performance, with several notable highlights and challenges observed.</li><li>The fourth quarter of 2023 was evidently a prosperous period for the firm as it marked an all-time quarterly record of $630.4 million of property EBITDAR. This can be attributed to the progressively building momentum of the firm's business throughout the year.</li><li>Annual earnings were also record-breaking, with nearly $2.2 billion of property EBITDAR generated over the year.</li></ul>

Wynn Resorts confirmed an upward trend in the company's financial performance, with several notable highlights and challenges observed.The fourth quarter of 2023 was evidently a prosperous period for the firm as it marked an all-time quarterly record of $630.4 million of property EBITDAR. This can be attributed to the progressively building momentum of the firm's business throughout the year.Annual earnings were also record-breaking, with nearly $2.2 billion of property EBITDAR generated over the year.

Wynn Reports: Well-positioned Macau Operations

<ul><li>Wynn Resorts delivered a solid result and managed an all-around beat in the last quarter.</li><li>In the realm of Wynn Las Vegas, they reported a commendable performance in the third quarter.</li><li>The developments extend beyond gaming, with non-gaming sectors such as retail and hotel revenue experiencing impressive growth.</li></ul>

Wynn Resorts delivered a solid result and managed an all-around beat in the last quarter.In the realm of Wynn Las Vegas, they reported a commendable performance in the third quarter.The developments extend beyond gaming, with non-gaming sectors such as retail and hotel revenue experiencing impressive growth.

Wynn Resorts: A Tale Of Macau Recovery & Market Share Growth! - Major Drivers

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

<ul>
<li>Investors appear to be divided in  outlook  on Wynn. Some concern about post covid Las Vegas boom losing steam vs. exploding  Macau recovery beyond most early forecasts.</li>
<li>Wynn's Macau properties are particularly aimed at the all  important premium  mass segment which is already showing itself in dramatic casino win  games at  Wynn propeties.</li>
<li>The company still  benefits from the  vision  of  founder Steve Wynn in the properties developed before his controversial resignation in 2018.</li>
</ul>


Investors appear to be divided in  outlook  on Wynn. Some concern about post covid Las Vegas boom losing steam vs. exploding  Macau recovery beyond most early forecasts.
Wynn's Macau properties are particularly aimed at the all  important premium  mass segment which is already showing itself in dramatic casino win  games at  Wynn propeties.
The company still  benefits from the  vision  of  founder Steve Wynn in the properties developed before his controversial resignation in 2018.


Wynn: Market Has Not Caught on yet to Speed of Macau Recovery Making Current Entry Point Attractive

<ul><li>Wynn Resorts delivered a positive result and managed an all-around beat in the last quarter.</li><li>During the quarter, Wynn Las Vegas generated $224.1 million in adjusted property EBITDA on $578.1 million in operating revenue, resulting in an EBITDA margin of 38.8%.</li><li>Additionally, Wynn Resorts had strong hotel occupancy and excellent tenant retail sales in July.</li></ul>

Wynn Resorts delivered a positive result and managed an all-around beat in the last quarter.During the quarter, Wynn Las Vegas generated $224.1 million in adjusted property EBITDA on $578.1 million in operating revenue, resulting in an EBITDA margin of 38.8%.Additionally, Wynn Resorts had strong hotel occupancy and excellent tenant retail sales in July.

Wynn Resorts: The Strategic Partnership With Preferred Hotels & Resorts Expected To Be A Growth Catalyst? - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The JIP TOB for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> is here. Finally. It's still too low. Since the announcement, when it was too low, peers are up a lot, and memory looks healthier.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> selling Three Exchange Square sounds purely speculative. At best. But it would have a bigly impact on Hong Kong Office sentiment if true. </li>
<li>
<a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex (1605 JP)</a> reported 1H results, a change in forecasts, and a bigly buyback. The mechanics are the same. The impact is a bit different, but it's worth looking at.</li>
</ul>


The JIP TOB for Toshiba (6502 JP) is here. Finally. It's still too low. Since the announcement, when it was too low, peers are up a lot, and memory looks healthier.

Hongkong Land (HKL SP) selling Three Exchange Square sounds purely speculative. At best. But it would have a bigly impact on Hong Kong Office sentiment if true. 

Inpex (1605 JP) reported 1H results, a change in forecasts, and a bigly buyback. The mechanics are the same. The impact is a bit different, but it's worth looking at.


Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

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Wynn Resorts (WYNN US)

Wynn Reports: Well-positioned Macau Operations

Wynn Resorts confirmed an upward trend in the company's financial performance, with several notable highlights and challenges observed. The fourth...

Baptista Research

Wynn: Market Has Not Caught on yet to Speed of Macau Recovery Making Current Entry Point Attractive

The market has ignored a strong buy on the dip opportunity when Macau recovery is moving faster than all forecasts to date.

Howard J Klein

Wynn Resorts: The Strategic Partnership With Preferred Hotels & Resorts Expected To Be A Growth Catalyst? - Major Drivers

Wynn Resorts delivered a positive result and managed an all-around beat in the last quarter. During the quarter, Wynn Las Vegas generated $224.1...

Baptista Research

Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Wynn Reports: Well-positioned Macau Operations

Wynn Resorts confirmed an upward trend in the company's financial performance, with several notable highlights and challenges observed. The fourth...

Baptista Research

Wynn Resorts: A Tale Of Macau Recovery & Market Share Growth! - Major Drivers

Wynn Resorts delivered a solid result and managed an all-around beat in the last quarter. In the realm of Wynn Las Vegas, they reported a...

Baptista Research

Wynn: Market Has Not Caught on yet to Speed of Macau Recovery Making Current Entry Point Attractive

The market has ignored a strong buy on the dip opportunity when Macau recovery is moving faster than all forecasts to date.

Howard J Klein

Wynn Resorts: The Strategic Partnership With Preferred Hotels & Resorts Expected To Be A Growth Catalyst? - Major Drivers

Wynn Resorts delivered a positive result and managed an all-around beat in the last quarter. During the quarter, Wynn Las Vegas generated $224.1...

Baptista Research

Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett