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.

Credit

<ul><li>Altria Group has had a solid recovery after the Covid-19 headwinds have receded as the volume trends of tobacco have gone back to stability after a rough 2020.</li><li>Various steps have been taken by the management, including acceleration of retail share growth and further enhancement of abilities to expand new U.S tobacco products and heated tobacco.</li><li>Altria has made strides to establish a best-in-class consumer engagement system to support the smoker's transition to smoke-free products.</li></ul>

Altria Group has had a solid recovery after the Covid-19 headwinds have receded as the volume trends of tobacco have gone back to stability after a rough 2020.Various steps have been taken by the management, including acceleration of retail share growth and further enhancement of abilities to expand new U.S tobacco products and heated tobacco.Altria has made strides to establish a best-in-class consumer engagement system to support the smoker's transition to smoke-free products.

Altria Group: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>Altria has delivered a strong financial performance all over the business and its recovery from the Covid-19 seems more than complete.</li><li>The company generated solid profitability and cash flows and successfully returned $8.1 billion in cash to shareholders in what is the biggest single-year cash return in the history of Altria.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Altria has delivered a strong financial performance all over the business and its recovery from the Covid-19 seems more than complete.The company generated solid profitability and cash flows and successfully returned $8.1 billion in cash to shareholders in what is the biggest single-year cash return in the history of Altria.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Altria Group: Financial & Price Forecasts

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/tilray-inc" target="_blank" data-smartkarma-citation="entities:27402:1" rel="noopener">Tilray Inc (TLRY US)</a> hit 52-week low amid delay to pass a federal marijuana legalization bill in the U.S., falling cannabis prices and intense competition among cannabis producers.</li>
<li>Tilray’s valuation looks attractive keeping in mind upcoming (Jan-Mar 2022) marijuana legalization at the federal level in the United States and acquisition of Breckenridge Distillery and MedMen.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/tilray-inc" target="_blank" data-smartkarma-citation="entities:27402:1" rel="noopener">Tilray Inc (TLRY US)</a> will report strong earnings for Q2’FY22 on January 10th next year and see interest from Big Tobacco to enter high-growth marijuana business.</li>
</ul>


Shares of Tilray Inc (TLRY US) hit 52-week low amid delay to pass a federal marijuana legalization bill in the U.S., falling cannabis prices and intense competition among cannabis producers.
Tilray’s valuation looks attractive keeping in mind upcoming (Jan-Mar 2022) marijuana legalization at the federal level in the United States and acquisition of Breckenridge Distillery and MedMen.
We expect Tilray Inc (TLRY US) will report strong earnings for Q2’FY22 on January 10th next year and see interest from Big Tobacco to enter high-growth marijuana business.


Opportunity To Secure a Strategic Investment From a Big Tobacco Company?

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>After a lengthy period of weakness which saw shares decline more than 62% to ¥1,812 per share by June 2020, <a href="https://www.smartkarma.com/entities/japan-tobacco-inc" target="_blank" data-smartkarma-citation="entities:13498:1" rel="noopener">Japan Tobacco (2914 JP)</a> seems to have turned a corner with the share price trending upwards (for a considerable period) for the first time in a 5-6 year time period.</li>
<li>JT’s valuation looks cheap and we think that there is potential for multiple expansion alongside a dividend hike and strong OP performance in the second half of the year.</li>
</ul>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/975/original/image_96854996521629110963958.png?1629110966" class="editor-image img-responsive" data-smartkarma-image-id="223975"></figure>


After a lengthy period of weakness which saw shares decline more than 62% to ¥1,812 per share by June 2020, Japan Tobacco (2914 JP) seems to have turned a corner with the share price trending upwards (for a considerable period) for the first time in a 5-6 year time period.
JT’s valuation looks cheap and we think that there is potential for multiple expansion alongside a dividend hike and strong OP performance in the second half of the year.



<ul><li>Altria reported a decent quarter with revenues rising on account of both, increased shipment volumes as well as a higher pricing across various categories.</li><li>One of the biggest positives from Altria’s recent results has been the management’s focus on the core tobacco business.</li><li>It is to be seen how the management intends to use the cash in the coming quarters.</li></ul>

Altria reported a decent quarter with revenues rising on account of both, increased shipment volumes as well as a higher pricing across various categories.One of the biggest positives from Altria’s recent results has been the management’s focus on the core tobacco business.It is to be seen how the management intends to use the cash in the coming quarters.

United States

Altria Group, Inc. is a holding company.  The Company, through subsidiaries, manufactures and sells cigarettes and other tobacco products, including cigars and pipe tobacco.  Altria holds an interest in a brewery company.

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Altria Group (MO US)

Altria Group: Detailed Credit Analysis & Financial Strength Evaluation Report

Altria Group has had a solid recovery after the Covid-19 headwinds have receded as the volume trends of tobacco have gone back to stability after...

Baptista Research

Altria Group: Financial & Price Forecasts

Altria has delivered a strong financial performance all over the business and its recovery from the Covid-19 seems more than complete. The company...

Baptista Research

Opportunity To Secure a Strategic Investment From a Big Tobacco Company?

We believe Tilray is a promising investment in global cannabis industry keeping in mind strong interest from Big Tobacco and upcoming marijuana...

Andrei Zakharov

Japan Tobacco: Turning a Corner

After a lengthy period of weakness which saw shares decline more than 62% by June 2020, JT seems to have turned a corner with the share price...

Oshadhi Kumarasiri

Altria Group Inc - Investment Thesis

Altria reported a decent quarter with revenues rising on account of both, increased shipment volumes as well as a higher pricing across various...

Baptista Research

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