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>Alcoa Corporation recently reported its first quarter 2024 earnings, delivering a mix of strategic developments and financial results that reflect the company's evolving business landscape.</li><li>The company announced a significant transaction, the acquisition of Alumina Limited, which is expected to consolidate its ownership in the Alcoa World Alumina and Chemicals joint venture.</li><li>This all-stock deal, valued at approximately $2.2 billion, aims to provide a streamlined corporate structure and enhance shareholder value.</li></ul>

Alcoa Corporation recently reported its first quarter 2024 earnings, delivering a mix of strategic developments and financial results that reflect the company's evolving business landscape.The company announced a significant transaction, the acquisition of Alumina Limited, which is expected to consolidate its ownership in the Alcoa World Alumina and Chemicals joint venture.This all-stock deal, valued at approximately $2.2 billion, aims to provide a streamlined corporate structure and enhance shareholder value.

Alcoa Corporation: Strategic Acquisition Of Alumina & 5 Pivotal Growth Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Citic Resources Holdings / Equity Bottom-Up

<ul>
<li>One of a basket of Hong Kong commodity stocks we like</li>
<li>One off issues in 2023 which should reverse in 2024</li>
<li>Can also be viewed as  a tangential play on India's industrial growth</li>
</ul>


One of a basket of Hong Kong commodity stocks we like
One off issues in 2023 which should reverse in 2024
Can also be viewed as  a tangential play on India's industrial growth


Citic Resource Holdings (1205.HK) - A Play on Oil and Coal Demand

Materials| Industrials |Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>The U.S. has doubled tariffs on imported steel and aluminum to 50%, citing national security and domestic industry protection.</li>
<li>The move is expected to raise domestic prices, reduce imports, and increase costs for metal-intensive industries.</li>
<li>Winners include U.S.-based producers like Nucor, United States Steel, Cleveland Cliffs and Century Aluminum; losers are foreign exporters like Aloca, RioTinto, Nippon Steel, Ford, GM etc.</li>
</ul>


The U.S. has doubled tariffs on imported steel and aluminum to 50%, citing national security and domestic industry protection.
The move is expected to raise domestic prices, reduce imports, and increase costs for metal-intensive industries.
Winners include U.S.-based producers like Nucor, United States Steel, Cleveland Cliffs and Century Aluminum; losers are foreign exporters like Aloca, RioTinto, Nippon Steel, Ford, GM etc.


Tariff Surge 2025: Winners, Losers, and the Real Impact on U.S. Steel and Aluminium

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

Nanshan Aluminium International Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium International Holdings (NAI HK)</a> , raised around US$302m in its Hong Kong IPO.</li>
<li>It is a leading high-quality alumina manufacturer in Southeast Asia.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Nanshan Aluminium International Holdings (NAI HK) , raised around US$302m in its Hong Kong IPO.
It is a leading high-quality alumina manufacturer in Southeast Asia.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak

United States

Alcoa Corporation manufactures metal products. The Company produces and sells bauxite, alumina, and aluminum products. Alcoa serves aluminum industry worldwide.

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Alcoa (AA US)

Alcoa Corporation: Strategic Acquisition Of Alumina & 5 Pivotal Growth Drivers

Alcoa Corporation recently reported its first quarter 2024 earnings, delivering a mix of strategic developments and financial results that reflect...

Baptista Research

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Citic Resource Holdings (1205.HK) - A Play on Oil and Coal Demand

A HK commodity stock with earnings expected to improve over the next few years - also tied to India's industrial growth.

Rikki Malik

Tariff Surge 2025: Winners, Losers, and the Real Impact on U.S. Steel and Aluminium

The U.S. Midwest aluminum premium spiked by 54% on Monday and 164% YTD to $0.58/lb on June 2, driven by new tariffs and typical early-month...

Rahul Jain

Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak

Nanshan Aluminium, raised around US$302m in its Hong Kong IPO. It is a leading high-quality alumina manufacturer in Southeast Asia. In this note,...

Nicholas Tan

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