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 Capital Markets

<ul><li>Alphabet reported a rare weak result with below par revenues and earnings on account of an underperformance from Youtube.</li><li>The company’s Youtube Shorts offering is growing fast and already has 30 billion daily views.</li><li>Alphabet is continuing to investing in areas such as YouTube, AI, cloud, and search and beyond.</li></ul>

Alphabet reported a rare weak result with below par revenues and earnings on account of an underperformance from Youtube.The company’s Youtube Shorts offering is growing fast and already has 30 billion daily views.Alphabet is continuing to investing in areas such as YouTube, AI, cloud, and search and beyond.

Alphabet Inc.: The YouTube Disappointment & Other Drivers

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Promised operating leverage is pushed out until likely 3Q22, but only higher employee RSUs is a permanent inflationary impact.</li>
<li>Overcapacity is almost certainly transitory, as long as the retail business grows, this will be soaked up in a quarter or two.</li>
<li>AWS backlog is booming again. Amazon's current valuation = 12x forward AWS sales.</li>
</ul>


Promised operating leverage is pushed out until likely 3Q22, but only higher employee RSUs is a permanent inflationary impact.
Overcapacity is almost certainly transitory, as long as the retail business grows, this will be soaked up in a quarter or two.
AWS backlog is booming again. Amazon's current valuation = 12x forward AWS sales.


Amazon 1Q22: (Some) Cost Inflation Is Transitory, The Moat Is Not

<ul>
<li>Solid earnings call heightened our conviction in Facebook as a terrific long for the next year.</li>
<li>Reels monetization headwind will become a tailwind... just a question of when. TikTok threat is real, but Facebook knows how to clone other's innovations.</li>
<li>Apple IDFA issues not worsening, Facebook will figure this out eventually.</li>
</ul>


Solid earnings call heightened our conviction in Facebook as a terrific long for the next year.
Reels monetization headwind will become a tailwind... just a question of when. TikTok threat is real, but Facebook knows how to clone other's innovations.
Apple IDFA issues not worsening, Facebook will figure this out eventually.


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Ownership in Tesla hits record levels among Global managers. Of the 371 Global equity funds in our analysis, a record 15.1% now have exposure to the stock.</li>
<li>GARP managers are the most aggressively allocated, with a 0.42% holding on average, though the larger individual positions are held by Growth and Aggressive Growth strategies.</li>
<li>Despite this record, Tesla remains under-owned by Global active managers compared to large cap peers, and is the second largest underweight in the World</li>
</ul>


Ownership in Tesla hits record levels among Global managers. Of the 371 Global equity funds in our analysis, a record 15.1% now have exposure to the stock.
GARP managers are the most aggressively allocated, with a 0.42% holding on average, though the larger individual positions are held by Growth and Aggressive Growth strategies.
Despite this record, Tesla remains under-owned by Global active managers compared to large cap peers, and is the second largest underweight in the World


Tesla Motors: Record Exposure, But Still Under-Owned

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.</li>
<li>The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.</li>
<li>Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won. </li>
</ul>


One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.
The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.
Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won. 


One Store IPO: Changes Comps But Maintains Same IPO Price Range

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Alphabet Inc.: The YouTube Disappointment & Other Drivers

Alphabet reported a rare weak result with below par revenues and earnings on account of an underperformance from Youtube. The company’s Youtube...

Baptista Research

Amazon 1Q22: (Some) Cost Inflation Is Transitory, The Moat Is Not

Current 2023E has AWS @ $104B and Advertising at $48B in revenues. Both are 45%+ EBITDA margin businesses. Today you are paying 16x forward EBITDA...

Aaron Gabin

Facebook 1Q22: TikTok-Ified

Positively addressed IDFA, spending, and monetization concerns. Facebook is massively undervalued. We think its worth at least $290, which is 50%...

Aaron Gabin

Tesla Motors: Record Exposure, But Still Under-Owned

Ownership in Tesla hits record levels among Global managers. Of the 371 Global equity funds in our analysis, a record 15.1% now have exposure to...

Steven Holden

One Store IPO: Changes Comps But Maintains Same IPO Price Range

The bankers used new comps in the OneStore IPO valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than...

Douglas Kim

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