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>Alteryx had a strong Q2 result, exceeding Wall Street expectations in terms of both, revenues as well as earnings.</li><li>The company reported an ARR of $727 million, up 33% year over year, and revenue of $181 million, up 50% year over year.</li><li>The present market climate resonates with its value-driven sales approach, and sales execution is still excellent.</li></ul>

Alteryx had a strong Q2 result, exceeding Wall Street expectations in terms of both, revenues as well as earnings.The company reported an ARR of $727 million, up 33% year over year, and revenue of $181 million, up 50% year over year.The present market climate resonates with its value-driven sales approach, and sales execution is still excellent.

Alteryx Inc: New Alteryx Server For FIPS & Other Drivers

Equity Bottom-Up

<ul><li>This is our first report on process automation player, Alteryx.</li><li>The company had a great start to 2022 and saw increasing traction with large enterprise customers.</li><li>The company’s brand-new, integrated Alteryx Analytics Cloud platform now offers access to its entire cloud portfolio.</li></ul>

This is our first report on process automation player, Alteryx.The company had a great start to 2022 and saw increasing traction with large enterprise customers.The company’s brand-new, integrated Alteryx Analytics Cloud platform now offers access to its entire cloud portfolio.

Alteryx Inc.: Initiation of Coverage – Enterprise Analytics

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

<p><a href="https://www.smartkarma.com/entities/bairong" target="_blank" data-smartkarma-citation="entities:31486:1" rel="noopener">Bairong (6608 HK)</a> is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan.</p><p>Bairong was listed on the HKEx on 31 March 2021 and raised net proceeds of HK$3,759.0 million at HK$31.80 per share. The shares currently trade 62% below their IPO price. Bairong priced its IPO at the market peak and the shares have collapsed in part due to China’s regulatory reset. </p><p><a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> fell 15% on 5 August after a lockup expiry, as early backers headed for the exit amid fears of China’s widening online crackdown. The ongoing regulatory crackdown has alerted investors to the risk of upcoming expiring lockups.  </p><div class="content-highlight"><p>Bairong’s pre-IPO investors’ lock-up period expires on 20 September. The cornerstones investors lock-up period expires on 30 September. In this note, we look at the returns of the pre-IPO investors and potential share sales post-lockup expiry.</p></div>

Bairong (6608 HK) is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan.Bairong was listed on the HKEx on 31 March 2021 and raised net proceeds of HK$3,759.0 million at HK$31.80 per share. The shares currently trade 62% below their IPO price. Bairong priced its IPO at the market peak and the shares have collapsed in part due to China’s regulatory reset. Kuaishou Technology (1024 HK) fell 15% on 5 August after a lockup expiry, as early backers headed for the exit amid fears of China’s widening online crackdown. The ongoing regulatory crackdown has alerted investors to the risk of upcoming expiring lockups.  Bairong’s pre-IPO investors’ lock-up period expires on 20 September. The cornerstones investors lock-up period expires on 30 September. In this note, we look at the returns of the pre-IPO investors and potential share sales post-lockup expiry.

<div><p><a href="https://www.smartkarma.com/entities/bairong" target="_blank" data-smartkarma-citation="entities:31486:1" rel="noopener">Bairong (1569395D CH)</a> is a leading independent AI-powered technology platform in China serving the financial services industry. Biarong will commence trading on Wednesday, 31 March. Bairong priced its IPO at HK$31.80 and <a href="https://inews.hket.com/article/2920642/%E3%80%90%E6%96%B0%E8%82%A1IPO%E3%80%91%E7%99%BE%E8%9E%8D%E9%9B%B2%E5%89%B56608%E6%9A%97%E7%9B%A4%E6%BD%9B%E6%B0%B4%E3%80%80%E4%B8%80%E6%89%8B%E5%B8%B3%E9%9D%A2%E8%9D%951400%E5%85%83?mtc=40001&amp;srkw=IPO%E6%9C%80%E5%BF%AB%E6%9C%80%E9%BD%8A" target="_blank" rel="noopener">opened around -9% lower</a> at HK$29 in the grey market. The poor grey market performance is perhaps unsurprisingly in light of the choppy market conditions and declining market sentiment on Chinese tech names. </p></div><div><p>In <a href="https://www.smartkarma.com/insights/bairong-ipo-initiation-creditworthy" target="_blank" data-smartkarma-citation="insights:49249" rel="noopener">Bairong IPO Initiation: Creditworthy</a>, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. In <a href="https://www.smartkarma.com/insights/bairong-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:49418" rel="noopener">Bairong IPO: Valuation Insights</a>, we noted that the IPO price range is reasonable.</p></div><div><div><div class="content-highlight"><p>Updating for the final IPO net raise, our base-case DCF derived price target of HK$35.79 per share. Our DCF sensitivity analysis shows that the IPO price remains reasonable and the grey market factors in conservative market share and margin forecasts. For investors with a longer-term horizon, we think that the grey market price represents good value. </p></div></div></div>

Bairong (1569395D CH) is a leading independent AI-powered technology platform in China serving the financial services industry. Biarong will commence trading on Wednesday, 31 March. Bairong priced its IPO at HK$31.80 and opened around -9% lower at HK$29 in the grey market. The poor grey market performance is perhaps unsurprisingly in light of the choppy market conditions and declining market sentiment on Chinese tech names. In Bairong IPO Initiation: Creditworthy, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. In Bairong IPO: Valuation Insights, we noted that the IPO price range is reasonable.Updating for the final IPO net raise, our base-case DCF derived price target of HK$35.79 per share. Our DCF sensitivity analysis shows that the IPO price remains reasonable and the grey market factors in conservative market share and margin forecasts. For investors with a longer-term horizon, we think that the grey market price represents good value. 

<div><p><a href="https://www.smartkarma.com/entities/bairong" target="_blank" data-smartkarma-citation="entities:31486:1" rel="noopener">Bairong (1569395D CH)</a> is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan. </p></div><div><p>At the proposed IPO price range of HK$26.50-31.80 per share, Bairong will have a market cap of HK$13,125.2-15,750.2 million ($1.7-2.0 billion). At the mid-point of the IPO price range, the net proceeds are HK$3,440.7 million ($443 million). Three cornerstone investors will purchase $220 million worth of the offer shares (47.29% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are Cederberg (a London-based fund manager), China Structural Reform Fund and Franchise Fund. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/bairong-ipo-initiation-creditworthy" target="_blank" data-smartkarma-citation="insights:49249" rel="noopener">Bairong IPO Initiation: Creditworthy</a>, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive. Overall, we would participate in the IPO. </p></div></div></div>

Bairong (1569395D CH) is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan. At the proposed IPO price range of HK$26.50-31.80 per share, Bairong will have a market cap of HK$13,125.2-15,750.2 million ($1.7-2.0 billion). At the mid-point of the IPO price range, the net proceeds are HK$3,440.7 million ($443 million). Three cornerstone investors will purchase $220 million worth of the offer shares (47.29% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are Cederberg (a London-based fund manager), China Structural Reform Fund and Franchise Fund. In Bairong IPO Initiation: Creditworthy, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive. Overall, we would participate in the IPO. 

United States

Alteryx, Inc. designs and develops software. The Company provides data storage, retrieval, management, reporting, and analytics solutions. Alteryx serves customers worldwide.

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Alteryx Inc (AYX US)

Alteryx Inc: New Alteryx Server For FIPS & Other Drivers

Alteryx had a strong Q2 result, exceeding Wall Street expectations in terms of both, revenues as well as earnings. The company reported an ARR of...

Baptista Research

Alteryx Inc.: Initiation of Coverage – Enterprise Analytics

This is our first report on process automation player, Alteryx. The company had a great start to 2022 and saw increasing traction with large...

Baptista Research

Bairong: Upcoming Lock-Up Expiry

Bairong’s pre-IPO investors’ lock-up period expires on 20 September. In this note, we look at the returns of the pre-IPO investors and potential...

Arun George

Bairong IPO: Trading Debut

Bairong priced its IPO at HK$31.80 and opened around -9% lower at HK$29 in the grey market. Our DCF sensitivity analysis shows that the grey market...

Arun George

Bairong IPO: Valuation Insights

Bairong has launched its IPO to raise net proceeds of $443m at the mid-point of the IPO price range of HK$26.50-31.80 per share. Our valuation...

Arun George

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