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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a>, an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.</li>
<li>Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>



Bikaji Foods (BIKAJI IN), an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
In this note, we look at the company's past performance.


Bikaji Foods International IPO - Spicy Snacks

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 Brands continues to operate in a challenging operating environment and this was reflected in its recent results.</li><li>With significant contributions from all of their brands, they opened 781 gross new units in the third quarter.</li><li>However, Yum Brands was negatively impacted by inflation and failed to meet the earnings expectations of Wall Street.</li></ul>

Yum Brands continues to operate in a challenging operating environment and this was reflected in its recent results.With significant contributions from all of their brands, they opened 781 gross new units in the third quarter.However, Yum Brands was negatively impacted by inflation and failed to meet the earnings expectations of Wall Street.

Yum Brands: International Market Growth & Other Drivers

<ul><li>Yum Brands started 2022 on a positive note reporting a system sales growth of 8%, driven by unit development and same-store sales growth.</li><li>The company opened nearly 1,000 gross units, with positive unit growth across the board.</li><li>Yum's digital channels continue to grow, with approximately $6 billion in digital sales, a new first-quarter high, and a 15% year-over-year increase.</li></ul>

Yum Brands started 2022 on a positive note reporting a system sales growth of 8%, driven by unit development and same-store sales growth.The company opened nearly 1,000 gross units, with positive unit growth across the board.Yum's digital channels continue to grow, with approximately $6 billion in digital sales, a new first-quarter high, and a 15% year-over-year increase.

Yum! Brands Inc.: Financial & Price Forecasts

Credit

<ul>
<li>Brands had a decent 2021 despite facing a string of headwinds on account of inflation, labour, supply chain, and consumer mobility as a result of the Omicron variant.</li>
<li>It achieved 13% system sales growth thanks to a strong 10% same-store sales growth, resulting in an 18% increase in full-year core operating profit.</li>
<li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li>
</ul>


Brands had a decent 2021 despite facing a string of headwinds on account of inflation, labour, supply chain, and consumer mobility as a result of the Omicron variant.
It achieved 13% system sales growth thanks to a strong 10% same-store sales growth, resulting in an 18% increase in full-year core operating profit.
Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.


Yum! Brands Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>Brands ended the year on a high note, opening a total of 4,180 gross units and 3,057 net new units, resulting in a 6%-unit growth for the full year of 2021.</li><li>The company achieved 13% system sales growth thanks to a strong 10% same-store sales growth, resulting in an 18% increase in full-year core operating profit.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Brands ended the year on a high note, opening a total of 4,180 gross units and 3,057 net new units, resulting in a 6%-unit growth for the full year of 2021.The company achieved 13% system sales growth thanks to a strong 10% same-store sales growth, resulting in an 18% increase in full-year core operating profit.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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)

Bikaji Foods International IPO - Spicy Snacks

Bikaji Foods (BIKAJI IN), an ethnic snacks company, is looking to raise approximately US$107m in its India IPO. In this note, we look at the...

Sumeet Singh

Yum Brands: International Market Growth & Other Drivers

Yum Brands continues to operate in a challenging operating environment and this was reflected in its recent results. With significant...

Baptista Research

Yum! Brands Inc.: Financial & Price Forecasts

Yum Brands started 2022 on a positive note reporting a system sales growth of 8%, driven by unit development and same-store sales growth. The...

Baptista Research

Yum! Brands Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Brands had a decent 2021 despite facing a string of headwinds on account of inflation, labour, supply chain, and consumer mobility as a result of...

Baptista Research

Yum! Brands: Financial & Price Forecasts

Brands ended the year on a high note, opening a total of 4,180 gross units and 3,057 net new units, resulting in a 6%-unit growth for the full...

Baptista Research

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Market Cap (USDm)

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