Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.</li>
<li>The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.</li>
<li>With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.</li>
</ul>


Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.


Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

Podcast on In-depth Business Talks, Speedwell Research

The Synopsis

Podcast on In-depth Business Talks

Speedwell Research

Speedwell Research spends hundreds of hours researching public businesses each month and in "The Synopsis" they share their key learnings. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, industry-specific issues, so long as they are explained clearly. We cover businesses from inception to current day, coupling business analysis and an investors lens. Start listening today to become a better analyst and investor.

Equity Bottom-Up

<ul><li>Brian Chesky and Joe Gebbia, founders of Airbnb, met at the Rhode Island School of Design in 1999</li><li>Chesky's background in industrial design engineering heavily influenced Airbnb's design-centric approach</li><li>Chesky's scrappiness and founder mentality have driven Airbnb's success, with a focus on improving margins and generating free cash flow.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Brian Chesky and Joe Gebbia, founders of Airbnb, met at the Rhode Island School of Design in 1999Chesky's background in industrial design engineering heavily influenced Airbnb's design-centric approachChesky's scrappiness and founder mentality have driven Airbnb's success, with a focus on improving margins and generating free cash flow.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> in June but there are capping changes for the Select Sector indices and the Equal Weight Index.</li>
<li>The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund (XLC US)</a> and <a href="https://www.smartkarma.com/entities/energy-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27537:1" rel="noopener">Energy Select Sector SPDR Fund (XLE US)</a>. </li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet</a>, <a href="https://www.smartkarma.com/entities/chevron-corp" target="_blank" data-smartkarma-citation="entities:11091:1" rel="noopener">Chevron Corp</a>, <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa</a>, <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone</a>, <a href="https://www.smartkarma.com/entities/live-nation-entertainment-inc" target="_blank" data-smartkarma-citation="entities:6893:1" rel="noopener">Live Nation Entertainment</a>, <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta</a>, <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/tko-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:40463:1" rel="noopener">TKO Group Holdings</a>, <a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies</a> and <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group</a>.</li>
</ul>


There are no constituent changes for the S&amp;P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US). 
The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.


Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

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.

<ul><li>Airbnb's financial results for the first quarter of 2025 reflect both strengths and challenges as the company continues to navigate a dynamic global travel landscape.</li><li>The company reported revenue of $2.3 billion, a 6% year-over-year increase.</li><li>However, it's worth noting that without the impact of foreign exchange and calendar factors such as Easter shifting from Q1 2024, this revenue growth would have been 11%.</li></ul>

Airbnb's financial results for the first quarter of 2025 reflect both strengths and challenges as the company continues to navigate a dynamic global travel landscape.The company reported revenue of $2.3 billion, a 6% year-over-year increase.However, it's worth noting that without the impact of foreign exchange and calendar factors such as Easter shifting from Q1 2024, this revenue growth would have been 11%.

Airbnb’s Bold New Move: AI, Apps, & Affordable Stays Driving Global Surge!

<ul><li>Airbnb’s latest earnings report sent its stock surging 12.6% as investors reacted to stronger-than expected financial performance and ambitious growth plans.</li><li>Despite missing out on much of the recent travel boom, the company is now positioning itself as the “Amazon of travel” by expanding beyond its traditional short-term rental business.</li><li>CEO Brian Chesky emphasized this strategic pivot, revealing plans to invest up to $250 million in new businesses set to launch in May.</li></ul>

Airbnb’s latest earnings report sent its stock surging 12.6% as investors reacted to stronger-than expected financial performance and ambitious growth plans.Despite missing out on much of the recent travel boom, the company is now positioning itself as the “Amazon of travel” by expanding beyond its traditional short-term rental business.CEO Brian Chesky emphasized this strategic pivot, revealing plans to invest up to $250 million in new businesses set to launch in May.

Airbnb Inc.: A $250 Million Bet To Make It the Amazon of Travel?

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.

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Airbnb (ABNB US)

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

Company. Airbnb: Becoming a Verb

Brian Chesky and Joe Gebbia, founders of Airbnb, met at the Rhode Island School of Design in 1999 and Chesky's background in design has played a...

The Synopsis

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

Airbnb’s Bold New Move: AI, Apps, & Affordable Stays Driving Global Surge!

Airbnb's financial results for the first quarter of 2025 reflect both strengths and challenges as the company continues to navigate a dynamic...

Baptista Research

Airbnb Inc.: A $250 Million Bet To Make It the Amazon of Travel?

Airbnb’s latest earnings report sent its stock surging 12.6% as investors reacted to stronger-than expected financial performance and ambitious...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

​Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

Company. Airbnb: Becoming a Verb

Brian Chesky and Joe Gebbia, founders of Airbnb, met at the Rhode Island School of Design in 1999 and Chesky's background in design has played a...

The Synopsis

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

Airbnb’s Bold New Move: AI, Apps, & Affordable Stays Driving Global Surge!

Airbnb's financial results for the first quarter of 2025 reflect both strengths and challenges as the company continues to navigate a dynamic...

Baptista Research

Airbnb Inc.: A $250 Million Bet To Make It the Amazon of Travel?

Airbnb’s latest earnings report sent its stock surging 12.6% as investors reacted to stronger-than expected financial performance and ambitious...

Baptista Research

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...