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

Toyota Motor Corp Spon Adr / Equity Bottom-Up

<ul><li>Toyota Motor Corporation, the world’s largest automaker by production volume, finds itself at a critical juncture in the global automotive industry.</li><li>Despite a commendable first-half operating income of ¥2.464 trillion for fiscal 2025 and a full-year forecast of ¥4.3 trillion, the company’s electrification strategy—or lack thereof—remains a contentious issue.</li><li>While Toyota has mastered the art of hybrid and internal combustion engine (ICE) vehicles, it continues to lag significantly behind competitors like Tesla and BYD in the electric vehicle (EV) space.</li></ul>

Toyota Motor Corporation, the world’s largest automaker by production volume, finds itself at a critical juncture in the global automotive industry.Despite a commendable first-half operating income of ¥2.464 trillion for fiscal 2025 and a full-year forecast of ¥4.3 trillion, the company’s electrification strategy—or lack thereof—remains a contentious issue.While Toyota has mastered the art of hybrid and internal combustion engine (ICE) vehicles, it continues to lag significantly behind competitors like Tesla and BYD in the electric vehicle (EV) space.

Toyota’s EV Woes: Struggling To Find The Fast Lane In Electric Mobility

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>China's semiconductor industry faces devastation with 10,000 companies going bankrupt and hiring coming to a halt.</li><li>Biden shifts chip strategy favoring TSMC over Intel as his term nears end, signaling a change in approach.</li><li>Advancements in technology may soon make 'one robot per household' a reality, with AI chip export ban discussions ongoing.</li></ul>

China's semiconductor industry faces devastation with 10,000 companies going bankrupt and hiring coming to a halt.Biden shifts chip strategy favoring TSMC over Intel as his term nears end, signaling a change in approach.Advancements in technology may soon make 'one robot per household' a reality, with AI chip export ban discussions ongoing.

Tech Supply Chain Tracker (15-Jan-2025): China's semiconductor bankruptcies mount.

<ul><li>Taiwan government concerned about reducing foreign tech R&amp;D subsidies due to budget cuts, jeopardizing innovation in the industry.</li><li>Japan commits significant investment of $638 million into Rapidus chip mass production, aiming to strengthen its position in the semiconductor market.</li><li>South Korea proposing creation of KSMC based on TSMC's model to boost semiconductor production capabilities, following global trends in the industry.</li></ul>

Taiwan government concerned about reducing foreign tech R&amp;D subsidies due to budget cuts, jeopardizing innovation in the industry.Japan commits significant investment of $638 million into Rapidus chip mass production, aiming to strengthen its position in the semiconductor market.South Korea proposing creation of KSMC based on TSMC's model to boost semiconductor production capabilities, following global trends in the industry.

Tech Supply Chain Tracker (27-Dec-2024): Taiwan warns budget cuts imperil tech subsidies.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>2wks ago I said "<a href="https://www.smartkarma.com/insights/japan-m-a-activism-toyota-industries-6201-deal-could-be-announced-near-term" target="_blank" rel="noopener">a deal could be announced near-term.</a>" 2wks later we have a deal. But it is a bad deal for TICO minorities. Low price. Minimal transparency. Awful. </li>
<li>But if you dig through deal structure and economics, it is worse than it looks. It takes digging to understand how bad, and they could tell you, but they won't. </li>
<li>The deal will take time. Things will be in limbo til then. And Toyota Group governance and capital allocation is conditional on this deal getting done, which is also bad.</li>
</ul>


2wks ago I said "a deal could be announced near-term." 2wks later we have a deal. But it is a bad deal for TICO minorities. Low price. Minimal transparency. Awful. 
But if you dig through deal structure and economics, it is worse than it looks. It takes digging to understand how bad, and they could tell you, but they won't. 
The deal will take time. Things will be in limbo til then. And Toyota Group governance and capital allocation is conditional on this deal getting done, which is also bad.


[Japan M&A] Toyota Inds (6201) Proposed Takeover - It Looks Bad, and It's Worse Than It Looks

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> raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Toyota Motor (7203 JP)

Toyota’s EV Woes: Struggling To Find The Fast Lane In Electric Mobility

Toyota Motor Corporation, the world’s largest automaker by production volume, finds itself at a critical juncture in the global automotive...

Baptista Research

Tech Supply Chain Tracker (15-Jan-2025): China's semiconductor bankruptcies mount.

China's semiconductor industry struggles as companies go bankrupt, Biden leans towards TSMC over Intel, robots in every home could be a reality,...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (27-Dec-2024): Taiwan warns budget cuts imperil tech subsidies.

Taiwan warns of budget cuts impacting tech R&D subsidies; Japan invests in chip production; NVLink boosts GPU connectivity; S. Korea plans...

Tech Supply Chain Tracker

[Japan M&A] Toyota Inds (6201) Proposed Takeover - It Looks Bad, and It's Worse Than It Looks

Toyota Group have announced a deal to take over Toyota Industries. It's lower than expected. Worse, it is offensive in its deliberate lack of...

Travis Lundy

Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)