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>Boyd Gaming reported a quarter characterized by strong operational results, significant capital deployment, and a transformative monetization of its digital gaming stake.</li><li>The company announced the sale of its 5% equity interest in FanDuel to Flutter Entertainment for $1.755 billion in cash, with after-tax proceeds of approximately $1.4 billion.</li><li>Proceeds will be used to repay outstanding credit facility debt, lowering leverage from 2.8x to below 2x and resulting in estimated annual interest savings of $85 million.</li></ul>

Boyd Gaming reported a quarter characterized by strong operational results, significant capital deployment, and a transformative monetization of its digital gaming stake.The company announced the sale of its 5% equity interest in FanDuel to Flutter Entertainment for $1.755 billion in cash, with after-tax proceeds of approximately $1.4 billion.Proceeds will be used to repay outstanding credit facility debt, lowering leverage from 2.8x to below 2x and resulting in estimated annual interest savings of $85 million.

Boyd Gaming: An Insight Into Its FanDuel Stake Monetization

<ul><li>Boyd Gaming Corporation delivered a solid performance in the first quarter of 2025, highlighted by consistent revenue and EBITDAR growth despite several external challenges.</li><li>The company's revenues reached nearly $1 billion, with an EBITDAR of $338 million, maintaining a strong property margin of 40%.</li><li>The resilience of Boyd Gaming's core customer base and stable trends in retail play were central to its performance.</li></ul>

Boyd Gaming Corporation delivered a solid performance in the first quarter of 2025, highlighted by consistent revenue and EBITDAR growth despite several external challenges.The company's revenues reached nearly $1 billion, with an EBITDAR of $338 million, maintaining a strong property margin of 40%.The resilience of Boyd Gaming's core customer base and stable trends in retail play were central to its performance.

Boyd Gaming: Dealing With Competitive Pressure at The Orleans Casino

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Thematic (Sector/Industry)

Key points (machine generated)<ul><li>Regional casino stocks have been downgraded to historical lows despite recent growth in gross gaming revenue (GGR).</li><li>The report suggests that GGR growth is supported by a loyal customer base and is likely to continue, outpacing GDP growth.</li><li>If growth trends persist, stock prices could appreciate by 30-40% as valuations return to historical ranges of 8-10x EBITDA.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Regional casino stocks have been downgraded to historical lows despite recent growth in gross gaming revenue (GGR).The report suggests that GGR growth is supported by a loyal customer base and is likely to continue, outpacing GDP growth.If growth trends persist, stock prices could appreciate by 30-40% as valuations return to historical ranges of 8-10x EBITDA.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Regional Gaming (Game ) - Monday, Jul 14, 2025

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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> launched its IPO, while <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH)</a> has been pre-marketing.</li>
<li>On the placements front, there were a number of large deals acros the region, along with some large lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian Flavouring &amp; Food (603288 CH) launched its IPO, while Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) has been pre-marketing.
On the placements front, there were a number of large deals acros the region, along with some large lockup expiries.


ECM Weekly (16 June 2025) - Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Eastroc Beverage A/H Listing - Energized - Fast Growth, Better Margins

United States

Boyd Gaming Corporation owns and operates several gaming properties throughout the United States.  The Company also operates entertainment, restaurants, shopping, and recreational facilities on its properties.

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Boyd Gaming (BYD US)

Boyd Gaming: An Insight Into Its FanDuel Stake Monetization

Boyd Gaming reported a quarter characterized by strong operational results, significant capital deployment, and a transformative monetization of...

Baptista Research

Boyd Gaming: Dealing With Competitive Pressure at The Orleans Casino

Boyd Gaming Corporation delivered a solid performance in the first quarter of 2025, highlighted by consistent revenue and EBITDAR growth despite...

Baptista Research

Regional Gaming (Game ) - Monday, Jul 14, 2025

Regional casino stocks, undervalued due to stagnant trends, may see a 30-40% price increase as GGR growth resumes, potentially returning valuations...

Value Investors Club (VIC)

ECM Weekly (16 June 2025) - Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Eastroc Beverage A/H Listing - Energized - Fast Growth, Better Margins

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

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