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>Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.</li>
<li>The company reported a commendable order intake of €10.9 billion, with a book-to-bill ratio of 1.25, reflecting strong momentum and supporting their growth strategy.</li>
<li>The emphasis on high-quality, margin-accretive orders, particularly in Services and Signaling projects, underscores Alstom’s focus on quality and strategic execution.</li>
</ul>


Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.
The company reported a commendable order intake of €10.9 billion, with a book-to-bill ratio of 1.25, reflecting strong momentum and supporting their growth strategy.
The emphasis on high-quality, margin-accretive orders, particularly in Services and Signaling projects, underscores Alstom’s focus on quality and strategic execution.


Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!

Investment Strategist, Transparently.AI

Mark Jolley

Investment Strategist

AI detection of accounting fraud and manipulation

Transparently.AI

Fraud and manipulation of their numbers see companies lose USD1 trillion+ per year for their stakeholders. Transparently.AI has developed an AI system that determines:

1. The likelihood that a company is committing fraud/serious manipulation of their books;
2. Whether it is serious enough to result in total corporate failure;
3. Estimated $ losses to stakeholders;
4. How that manipulation/fraud evolves through time; and
5. Detailed analytics on the forms of manipulation/fraud (e.g. which parts of the accounts, what tricks of the trade, questions for analysts to ask management, where/how to investigate further, etc.).

This is effectively automating the analysis of forensic accountants, activist short sellers, credit analysts, etc to do work that would typically take weeks per company, and instead run it in seconds and for thousands of companies simultaneously.

Critically, this solution frequently alerts users to the presence of serious manipulation risk up to 2-3 years in advance of the wider market and short sellers becoming aware of problems.

Forensic Accounting

<ul>
<li>Accounting fraud costs the global economy at least US$1 trillion each year in losses to investors, suppliers and consumers</li>
<li>Detecting accounting fraud early gives investors valuable intel to rethink certain stock or bond holdings.</li>
<li>Transparently.AI's AI-powered solution is highly accurate in measuring and detecting accounting manipulation and fraud.</li>
</ul>


Accounting fraud costs the global economy at least US$1 trillion each year in losses to investors, suppliers and consumers
Detecting accounting fraud early gives investors valuable intel to rethink certain stock or bond holdings.
Transparently.AI's AI-powered solution is highly accurate in measuring and detecting accounting manipulation and fraud.


Using AI to Detect Fraud and Protect Your Investments

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Hollysys Automation Technologies / Event-Driven

<ul>
<li>Dazheng (without Recco) has returned with <a href="https://www.businesswire.com/news/home/20231224144642/en/Buyer-Consortium-Led-by-Dazheng-Group-Announces-Enhanced-All-Cash-Proposal-of-US29.00-Per-Share-to-Acquire-Hollysys" target="_blank" rel="noopener">a revised US$29.00 offer</a> for <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, 9.4% higher than Ascendent Capital’s US$26.50 binding offer.</li>
<li>While Dazheng’s proposal represents an all-time high, it would likely not be a superior proposal based on the Ascendent merger agreement due to the clauses on financing and due diligence.</li>
<li>Nevertheless, to avoid the high risk that shareholders vote down the Ascendent offer and/or there are substantial dissenting shareholders, the Board will likely ask Ascendent to match Dazheng's offer.  </li>
</ul>


Dazheng (without Recco) has returned with a revised US$29.00 offer for Hollysys Automation Technologies (HOLI US), 9.4% higher than Ascendent Capital’s US$26.50 binding offer.
While Dazheng’s proposal represents an all-time high, it would likely not be a superior proposal based on the Ascendent merger agreement due to the clauses on financing and due diligence.
Nevertheless, to avoid the high risk that shareholders vote down the Ascendent offer and/or there are substantial dissenting shareholders, the Board will likely ask Ascendent to match Dazheng's offer.  


Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer

<ul>
<li>Bloomberg reports that the Recco consortium is considering “<em>a significantly higher</em>” <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> offer than Ascendent’s US$26.50 binding offer.</li>
<li>The Hollysys 6-K filling outlines the closing conditions - a simple majority YES vote, regulatory approvals, minimum net cash (waivable) and a 10% maximum dissent condition (waivable).  </li>
<li>Recco is a committed suitor and will not easily give up. The merger agreement clauses point to a Recco offer floor of US$27.03 and a ceiling of US$30.48.</li>
</ul>


Bloomberg reports that the Recco consortium is considering “a significantly higher” Hollysys Automation Technologies (HOLI US) offer than Ascendent’s US$26.50 binding offer.
The Hollysys 6-K filling outlines the closing conditions - a simple majority YES vote, regulatory approvals, minimum net cash (waivable) and a 10% maximum dissent condition (waivable).  
Recco is a committed suitor and will not easily give up. The merger agreement clauses point to a Recco offer floor of US$27.03 and a ceiling of US$30.48.


Hollysys (HOLI US): Merger Agreement Leaves the Door Ajar for a Higher Recco Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> has agreed to be acquired by Ascendent Capital, the largest shareholder, for US$26.50, a 16.7% premium to the last close.   </li>
<li>The Board's claims of realising the highest shareholder value are not credible. The Board fails to explain why Ascendent’s offer is superior to Recco’s, although both have the same value.</li>
<li>Deal fatigue (the process first started in December 2020) and the 42% premium to the undisturbed price suggests meeting the simple majority threshold for a statutory merger is achievable.</li>
</ul>



Hollysys Automation Technologies (HOLI US) has agreed to be acquired by Ascendent Capital, the largest shareholder, for US$26.50, a 16.7% premium to the last close.   
The Board's claims of realising the highest shareholder value are not credible. The Board fails to explain why Ascendent’s offer is superior to Recco’s, although both have the same value.
Deal fatigue (the process first started in December 2020) and the 42% premium to the undisturbed price suggests meeting the simple majority threshold for a statutory merger is achievable.


Hollysys (HOLI US): Questionable Process Results in Ascendent’s Winning US$26.50 Bid

France

Alstom SA develops and markets integrated systems for transportation sector. The Company offers a complete range of equipment and services, from high-speed trains, metros, trams and e-buses to integrated systems, customized services, infrastructure, signaling, and digital mobility solutions. Alstom serves customers worldwide.

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Alstom (ALO FP)

Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!

Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.

Baptista Research

Using AI to Detect Fraud and Protect Your Investments

Accounting fraud costs investors, consumers and suppliers around the world $1 trillion annually. Early detection with Transparently.AI's solution...

Mark Jolley

Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer

While higher, the Board has the basis not to deem Dazheng’s proposal superior. However, due to the risk that shareholders vote down its offer,...

Arun George

Hollysys (HOLI US): Merger Agreement Leaves the Door Ajar for a Higher Recco Offer

Bloomberg reports that the Recco consortium is considering “a significantly higher” offer. The merger agreement clauses point to a Recco offer...

Arun George

Hollysys (HOLI US): Questionable Process Results in Ascendent’s Winning US$26.50 Bid

Despite a dubious sales process, deal fatigue and the 42% premium to the undisturbed price should help get the vote up. At the last close, the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!

Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.

Baptista Research

Using AI to Detect Fraud and Protect Your Investments

​Accounting fraud costs investors, consumers and suppliers around the world $1 trillion annually. Early detection with Transparently.AI's solution...

Mark Jolley

Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer

While higher, the Board has the basis not to deem Dazheng’s proposal superior. However, due to the risk that shareholders vote down its offer,...

Arun George

Hollysys (HOLI US): Merger Agreement Leaves the Door Ajar for a Higher Recco Offer

Bloomberg reports that the Recco consortium is considering “a significantly higher” offer. The merger agreement clauses point to a Recco offer...

Arun George

Hollysys (HOLI US): Questionable Process Results in Ascendent’s Winning US$26.50 Bid

Despite a dubious sales process, deal fatigue and the 42% premium to the undisturbed price should help get the vote up. At the last close, the...

Arun George

Accounting fraud costs investors, consumers and suppliers around the world $1 trillion annually. Early detection with Transparently.AI's solution...