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>Yum!</li><li>Brands, Inc. reported a solid start to 2026, reflecting fundamental strengths across its portfolio of restaurant brands and strategic initiatives aimed at sustaining long-term growth.</li><li>The company’s system sales grew 6% year-over-year in the first quarter, driven by robust unit growth of 5% and same-store sales increase of 3%.</li></ul>

Yum!Brands, Inc. reported a solid start to 2026, reflecting fundamental strengths across its portfolio of restaurant brands and strategic initiatives aimed at sustaining long-term growth.The company’s system sales grew 6% year-over-year in the first quarter, driven by robust unit growth of 5% and same-store sales increase of 3%.

Yum! Brands Pizza Hut's Strategic Review Is The Constraint The Portfolio Cannot Shake!

<ul><li>Yum!</li><li>Brands delivered a mixed set of results for the fourth quarter of 2025.</li><li>The company showcased robust performance from its two major brands, KFC and Taco Bell, both achieving commendable growth.</li></ul>

Yum!Brands delivered a mixed set of results for the fourth quarter of 2025.The company showcased robust performance from its two major brands, KFC and Taco Bell, both achieving commendable growth.

Yum! Brands’ Global White Space Opportunity—How KFC and Taco Bell Are Scaling Faster Than Expected!

<ul><li>Yum!</li><li>Brands, Inc. delivered a robust performance in the third quarter of 2025, accentuated by strong system sales and core operating profit growth.</li><li>The company's comprehensive strategy focused on leveraging its scale and brand strengths, primarily through its key brands, KFC and Taco Bell, which collectively account for a significant portion of its operating profit.</li></ul>

Yum!Brands, Inc. delivered a robust performance in the third quarter of 2025, accentuated by strong system sales and core operating profit growth.The company's comprehensive strategy focused on leveraging its scale and brand strengths, primarily through its key brands, KFC and Taco Bell, which collectively account for a significant portion of its operating profit.

Yum! Brands: An Insight Into Its Franchisee & Store-Level Economic Strength & Key Growth Levers!

<ul><li>Yum!</li><li>Brands reported its second quarter results for 2025, showcasing a mix of growth and strategic shifts amidst a challenging consumer environment.</li><li>The quarter was highlighted by system sales growth of 4%, with contributions from KFC International and Taco Bell US, which delivered positive transaction growth.</li></ul>

Yum!Brands reported its second quarter results for 2025, showcasing a mix of growth and strategic shifts amidst a challenging consumer environment.The quarter was highlighted by system sales growth of 4%, with contributions from KFC International and Taco Bell US, which delivered positive transaction growth.

Yum Brands Eyes Pizza Hut Exit—Is a Breakup the Best Way to Unlock Value?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 6th January this year, <strong><a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee (JFC PM)</a></strong> announced it planned to separate its international operations and business from its Philippine operations and business.</li>
<li>On the <a href="https://edge.pse.com.ph/openDiscViewer.do?edge_no=2508da042511fd3764d70b69f0a3140b" target="_blank" rel="noopener">1st September</a>, Jollibee announced it has selected HKEx for an in-specie distribution. </li>
<li>Timing is unknown. Jollibee is trading below its five-year averages on all metrics.</li>
</ul>


Back on the 6th January this year, Jollibee (JFC PM) announced it planned to separate its international operations and business from its Philippine operations and business.
On the 1st September, Jollibee announced it has selected HKEx for an in-specie distribution. 
Timing is unknown. Jollibee is trading below its five-year averages on all metrics.


On Jollibee (JFC PM) In-Specie-Ing Its International Ops

United States

Yum! Brands, Inc, owns and franchises quick-service restaurants worldwide.  The Company develops, operates, franchises and licenses a worldwide system of restaurants which prepare, package and sell a menu of food items.

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Yum! Brands Inc (YUM US)

Yum! Brands Pizza Hut's Strategic Review Is The Constraint The Portfolio Cannot Shake!

Yum! Brands, Inc. reported a solid start to 2026, reflecting fundamental strengths across its portfolio of restaurant brands and strategic...

Baptista Research

Yum! Brands’ Global White Space Opportunity—How KFC and Taco Bell Are Scaling Faster Than Expected!

Yum! Brands delivered a mixed set of results for the fourth quarter of 2025. The company showcased robust performance from its two major brands,...

Baptista Research

Yum! Brands: An Insight Into Its Franchisee & Store-Level Economic Strength & Key Growth Levers!

Yum! Brands, Inc. delivered a robust performance in the third quarter of 2025, accentuated by strong system sales and core operating profit...

Baptista Research

Yum Brands Eyes Pizza Hut Exit—Is a Breakup the Best Way to Unlock Value?

Yum! Brands reported its second quarter results for 2025, showcasing a mix of growth and strategic shifts amidst a challenging consumer...

Baptista Research

On Jollibee (JFC PM) In-Specie-Ing Its International Ops

The takeaway is that the spin-off may extract a higher multiple for its fast-growing international ops; and/or a clearer valuation for its...

David Blennerhassett

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