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>BlackRock delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>BlackRock achieved $190 billion in total net inflows, indicating favorable flows from wealth and institutional customers across regions.</li><li>BlackRock generated $48 billion in net inflows during the quarter, taking the leading market share of ETF industry flows.</li></ul>

BlackRock delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.BlackRock achieved $190 billion in total net inflows, indicating favorable flows from wealth and institutional customers across regions.BlackRock generated $48 billion in net inflows during the quarter, taking the leading market share of ETF industry flows.

BlackRock Inc.: Why Are They Successfully Winning Over Investment Clients? – Key Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$175m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the not-so-positive aspects of the deal.


Integral Corporation Pre-IPO - The Negatives - Ambitious Indicative Pricing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$175m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the positive aspects of the deal.


Integral Corporation Pre-IPO - The Positives - Strong Track Record

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>BlackRock, Inc. stock is overlooked, as most market participants have yet to recognize the firm's recent inflection points.</li>
<li>The firm's base rates improved in Q1, which we think will continue into late 2023 and early 2024.</li>
<li>However, we still back BlackRock's stock to succeed.</li>
</ul>


BlackRock, Inc. stock is overlooked, as most market participants have yet to recognize the firm's recent inflection points.
The firm's base rates improved in Q1, which we think will continue into late 2023 and early 2024.
However, we still back BlackRock's stock to succeed.


BlackRock: Higher Entry Fees And Incentives Inbound (Rating Upgrade)

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a> is pre-marketing an HKEx IPO to raise up to US$400 million, according to press reports.</li>
<li>Adicon is the third largest independent clinical laboratories (ICL) service provider in China, with an 8.6% market share of the non-COVID-19 testing market in 2021, according to Frost &amp; Sullivan.</li>
<li>The key elements of the bull case rest on the growing non-COVID-19 testing addressable market, improving market sentiment, strong non-COVID-19 testing growth, stable EBITDA margin and cash generation. </li>
</ul>



ADICON Holdings Limited (ADI HK) is pre-marketing an HKEx IPO to raise up to US$400 million, according to press reports.
Adicon is the third largest independent clinical laboratories (ICL) service provider in China, with an 8.6% market share of the non-COVID-19 testing market in 2021, according to Frost &amp; Sullivan.
The key elements of the bull case rest on the growing non-COVID-19 testing addressable market, improving market sentiment, strong non-COVID-19 testing growth, stable EBITDA margin and cash generation. 


United States

BlackRock, Inc. provides investment management services. The Company offers investment, advisory, and risk management services. BlackRock serves individuals, families, educational, governments, insurance companies, and non profit organizations worldwide.

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BlackRock (BLK US)

BlackRock Inc.: Why Are They Successfully Winning Over Investment Clients? – Key Drivers

BlackRock delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par...

Baptista Research

Integral Corporation Pre-IPO - The Negatives - Ambitious Indicative Pricing

Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Integral Corporation Pre-IPO - The Positives - Strong Track Record

Integral Corporation, a private equity management company, is looking to raise around US$175m in its Japan IPO. In this note we talk about the...

Sumeet Singh

BlackRock: Higher Entry Fees And Incentives Inbound (Rating Upgrade)

The firm's base rates improved in Q1, which we think will continue into late 2023 and early 2024. However, we still back BlackRock's stock to succeed.

Pearl Gray Equity and Research

ADICON Holdings IPO: The Bull Case

The key elements of the bull case rest on the growing non-COVID-19 testing addressable market, improving market sentiment, strong non-COVID-19...

Arun George

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