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>This is our first report on golf distributor, Acushnet Holdings Corp.</li><li>The company's 2023 performance has been buoyed by the growth of its Titleist golf balls, increased 13%, led by strong demand for its new Pro V1 models; golf ball sales increased in all regions with the U.S. and EMEA markets leading the way.</li><li>Despite concerns about the EMEA region, golf balls and clubs were vibrant, affirming golfers' trust in the quality, consistency, and game performance of the Titleist brand.</li></ul>

This is our first report on golf distributor, Acushnet Holdings Corp.The company's 2023 performance has been buoyed by the growth of its Titleist golf balls, increased 13%, led by strong demand for its new Pro V1 models; golf ball sales increased in all regions with the U.S. and EMEA markets leading the way.Despite concerns about the EMEA region, golf balls and clubs were vibrant, affirming golfers' trust in the quality, consistency, and game performance of the Titleist brand.

Acushnet Holdings Corp.: Initiation Of Coverage - 3 Biggest Challenges In Its Path For Growth! - Major Drivers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>We provide a list of four companies including Fila Holdings, Kolmar BNH, KG Mobility, and Hanwha Galleria where the insiders have been buying shares of their own companies. </li>
<li>These four stocks are up on average 5.6% in the past one month, outperforming KOSPI which is down 1.6% in the same period.</li>
<li>Insiders at Fila Holdings are probably increasing their stakes to capitalize on the price discrepancy as Fila Holdings' 51% stake in Acushnet is 39% more than its current market cap. </li>
</ul>


We provide a list of four companies including Fila Holdings, Kolmar BNH, KG Mobility, and Hanwha Galleria where the insiders have been buying shares of their own companies. 
These four stocks are up on average 5.6% in the past one month, outperforming KOSPI which is down 1.6% in the same period.
Insiders at Fila Holdings are probably increasing their stakes to capitalize on the price discrepancy as Fila Holdings' 51% stake in Acushnet is 39% more than its current market cap. 


Insiders Are Buying Shares In These Korean Companies in January 2024

O Ta Precision Industry Co / Equity Bottom-Up

<ul>
<li>O Ta Precision Industry is a company based in Taiwan that mainly makes golf clubs for global golf equipment branded companies including Titleist, PXG, Mizuno, and Honma.</li>
<li>O-Ta Precision's dividend yield averaged 9.2% annually from 2019 to 2022. Its annual dividend payout averaged 68.5% in the same period.</li>
<li>We like the company's strong niche in the golf club OEM/ODM business with excellent list of customers with its its historically high dividend payout ratio and dividend yields. </li>
</ul>


O Ta Precision Industry is a company based in Taiwan that mainly makes golf clubs for global golf equipment branded companies including Titleist, PXG, Mizuno, and Honma.
O-Ta Precision's dividend yield averaged 9.2% annually from 2019 to 2022. Its annual dividend payout averaged 68.5% in the same period.
We like the company's strong niche in the golf club OEM/ODM business with excellent list of customers with its its historically high dividend payout ratio and dividend yields. 


Asian Dividend Gems: O-Ta Precision Industry

<ul>
<li>In the past several days, one of the biggest news in the global sports industry has been the merger of PGA Tour, DP World Tour, and LIV Golf. </li>
<li>We believe that this merger is likely to have a positive impact on the global golf industry, including on Fila Holdings (081660 KS) and Acushnet Holdings (GOLF US).</li>
<li>If this merger successfully completed this year, there is a good possibility of a pick-up in golf related equipment sales and profits for Acushnet and Fila Holdings starting 2024. </li>
</ul>


In the past several days, one of the biggest news in the global sports industry has been the merger of PGA Tour, DP World Tour, and LIV Golf. 
We believe that this merger is likely to have a positive impact on the global golf industry, including on Fila Holdings (081660 KS) and Acushnet Holdings (GOLF US).
If this merger successfully completed this year, there is a good possibility of a pick-up in golf related equipment sales and profits for Acushnet and Fila Holdings starting 2024. 


Merger of PGA Tour, DP World Tour, & LIV Golf - Impact on Fila Holdings and Acushnet

Equity Capital Markets

Golfzon Commerce / Equity Capital Markets

<ul>
<li>Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. </li>
<li>The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. </li>
<li>Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). </li>
</ul>


Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. 
The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. 
Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). 


United States

Acushnet Holdings Corp. operates as a holding company. The Company, through its subsidiaries, designs, develops, manufactures, and distributes golf products. Acushnet Holdings sells its products primarily to on-course golf pro shops, selected off-course golf specialty and sporting goods stores, and other retailers worldwide.

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Acushnet Holdings (GOLF US)

Acushnet Holdings Corp.: Initiation Of Coverage - 3 Biggest Challenges In Its Path For Growth! - Major Drivers

This is our first report on golf distributor, Acushnet Holdings Corp. The company's 2023 performance has been buoyed by the growth of its Titleist...

Baptista Research

Insiders Are Buying Shares In These Korean Companies in January 2024

We provide a list of four companies including Fila Holdings, Kolmar BNH, KG Mobility, and Hanwha Galleria where the insiders have been buying...

Douglas Kim

Asian Dividend Gems: O-Ta Precision Industry

Taiwanese company O-Ta Precision Industry specializes in manufacturing golf clubs for major global brands, with a strong track record of high...

Douglas Kim

Merger of PGA Tour, DP World Tour, & LIV Golf - Impact on Fila Holdings and Acushnet

We believe that the merger of PGA Tour, DP World Tour, and LIV Golf is likely to have a positive impact on the global golf industry, including on...

Douglas Kim

Golfzon Commerce IPO Preview

Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won.

Douglas Kim

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52-week Range

Market Cap (USDm)

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Acushnet Holdings Corp.: Initiation Of Coverage - 3 Biggest Challenges In Its Path For Growth! - Major Drivers

This is our first report on golf distributor, Acushnet Holdings Corp. The company's 2023 performance has been buoyed by the growth of its Titleist...

Baptista Research

Insiders Are Buying Shares In These Korean Companies in January 2024

We provide a list of four companies including Fila Holdings, Kolmar BNH, KG Mobility, and Hanwha Galleria where the insiders have been buying...

Douglas Kim

Asian Dividend Gems: O-Ta Precision Industry

​Taiwanese company O-Ta Precision Industry specializes in manufacturing golf clubs for major global brands, with a strong track record of high...

Douglas Kim

Merger of PGA Tour, DP World Tour, & LIV Golf - Impact on Fila Holdings and Acushnet

We believe that the merger of PGA Tour, DP World Tour, and LIV Golf is likely to have a positive impact on the global golf industry, including on...

Douglas Kim

Golfzon Commerce IPO Preview

Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won.

Douglas Kim

Taiwanese company O-Ta Precision Industry specializes in manufacturing golf clubs for major global brands, with a strong track record of high...