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>Airbnb's Fourth Quarter earnings for 2023 revealed significant financial growth, with 99 million Nights and Experiences booked in Q4, marking Airbnb's highest ever fourth-quarter results.</li><li>Revenue increased by 70% year on year to reach $2.2 billion.</li><li>However, the net loss for the company stood at $249 million.</li></ul>

Airbnb's Fourth Quarter earnings for 2023 revealed significant financial growth, with 99 million Nights and Experiences booked in Q4, marking Airbnb's highest ever fourth-quarter results.Revenue increased by 70% year on year to reach $2.2 billion.However, the net loss for the company stood at $249 million.

Airbnb Inc: Increased Supply & Better Conversion Rates Can Lead To A Solid 2024? - Major Drivers

<ul><li>Airbnb delivered an all-around beat in the previous quarter, reporting a net income of $4.4 billion, including a one-time income tax benefit of $2.8 billion from releasing a valuation allowance.</li><li>Excluding this benefit, adjusted net income reached a significant $1.6 billion, representing a historic adjusted net income margin of 47%.</li><li>The quarter's free cash flow amounted to $1.3 billion, with a trailing 12-month free cash flow hitting an all-time high of $4.2 billion.</li></ul>

Airbnb delivered an all-around beat in the previous quarter, reporting a net income of $4.4 billion, including a one-time income tax benefit of $2.8 billion from releasing a valuation allowance.Excluding this benefit, adjusted net income reached a significant $1.6 billion, representing a historic adjusted net income margin of 47%.The quarter's free cash flow amounted to $1.3 billion, with a trailing 12-month free cash flow hitting an all-time high of $4.2 billion.

Airbnb Inc.: The GamePlanner.AI Acquisition & Investments In AI - Major Drivers

<ul><li>Airbnb delivered a solid result and managed an all-around beat in the recent quarterwith over 115 million Nights and Experiences Booked, resulting in revenue of $2.5 billion, marking an 18% year-over-year growth.</li><li>Net income for the quarter stood at $650 million, reflecting a net income margin of 26%, the highest second-quarter margin ever achieved.</li><li>Additionally, free cash flow reached $900 million, a 13% increase from the previous year, with a trailing 12-month free cash flow of $3.9 billion and a margin of 43%.</li></ul>

Airbnb delivered a solid result and managed an all-around beat in the recent quarterwith over 115 million Nights and Experiences Booked, resulting in revenue of $2.5 billion, marking an 18% year-over-year growth.Net income for the quarter stood at $650 million, reflecting a net income margin of 26%, the highest second-quarter margin ever achieved.Additionally, free cash flow reached $900 million, a 13% increase from the previous year, with a trailing 12-month free cash flow of $3.9 billion and a margin of 43%.

Airbnb Inc.: New Strategies Tapping into Price-Sensitive Travelers! - Major Drivers

<ul><li>Airbnb delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.</li><li>The company experienced significantly high bookings, with over 120 million Nights and Experiences Booked in Q1.</li><li>Revenue grew significantly year-over-year, and the quarter was the most profitable GAAP-based.</li></ul>

Airbnb delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.The company experienced significantly high bookings, with over 120 million Nights and Experiences Booked in Q1.Revenue grew significantly year-over-year, and the quarter was the most profitable GAAP-based.

Airbnb Inc.: Possible Revenue Growth From The Affordable Rooms Offering – Key Drivers

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

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<li>
<a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a> offers digital customer experience solutions for innovative technology and blue-chip companies and has global client base including <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms (Facebook) (META US)</a> and <a href="https://www.smartkarma.com/entities/airbnb-inc" target="_blank" data-smartkarma-citation="entities:431:1" rel="noopener">Airbnb Inc (ABNB US)</a> .</li>
<li>The company’s share price has dropped more than 40% since its IPO as its largest clients were negatively impacted due to the Covid-19 outbreak.</li>
<li>TDCX’s 2Q2022 earnings were strong and the company’s client acquisition strategy is paying off and the share price has moved up 60% since then.</li>
</ul>



TDCX (TDCX US) offers digital customer experience solutions for innovative technology and blue-chip companies and has global client base including Meta Platforms (Facebook) (META US) and Airbnb Inc (ABNB US) .
The company’s share price has dropped more than 40% since its IPO as its largest clients were negatively impacted due to the Covid-19 outbreak.
TDCX’s 2Q2022 earnings were strong and the company’s client acquisition strategy is paying off and the share price has moved up 60% since then.


TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point

United States

Airbnb, Inc. operates an online marketplace for travel information and booking services. The Company offers lodging, home-stay, and tourism services via websites and mobile applications. Airbnb serves clients worldwide.

Airbnb (ABNB US)

Airbnb Inc: Increased Supply & Better Conversion Rates Can Lead To A Solid 2024? - Major Drivers

Airbnb's Fourth Quarter earnings for 2023 revealed significant financial growth, with 99 million Nights and Experiences booked in Q4, marking...

Baptista Research

Airbnb Inc.: The GamePlanner.AI Acquisition & Investments In AI - Major Drivers

Airbnb delivered an all-around beat in the previous quarter, reporting a net income of $4.4 billion, including a one-time income tax benefit of...

Baptista Research

Airbnb Inc.: New Strategies Tapping into Price-Sensitive Travelers! - Major Drivers

Airbnb delivered a solid result and managed an all-around beat in the recent quarterwith over 115 million Nights and Experiences Booked, resulting...

Baptista Research

Airbnb Inc.: Possible Revenue Growth From The Affordable Rooms Offering – Key Drivers

Airbnb delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in...

Baptista Research

TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point

Though TDCX's share price has moved up over the last three weeks, there is further upside as the company's client acquisition has started paying...

Shifara Samsudeen, ACMA, CGMA