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>BP, the energy giant has reaffirmed its annual target and unveiled a new cost-cutting measure, reflecting its bid for financial resilience in an increasingly competitive energy market.</li><li>Despite an unplanned outage at its Whiting refinery, BP posted an adjusted EBITDA of $10.3bn in the first quarter of 2024, underlining a robust financial performance.</li><li>Its operating cash flow, adjusting for seasonal working capital build, was $7.4bn in the reported quarter.</li></ul>

BP, the energy giant has reaffirmed its annual target and unveiled a new cost-cutting measure, reflecting its bid for financial resilience in an increasingly competitive energy market.Despite an unplanned outage at its Whiting refinery, BP posted an adjusted EBITDA of $10.3bn in the first quarter of 2024, underlining a robust financial performance.Its operating cash flow, adjusting for seasonal working capital build, was $7.4bn in the reported quarter.

BP p.l.c.:  A Focus On Value Over Volume In Hydrocarbon Production - Major Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car-inc" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (9690 HK)</a> was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.</li>
<li>Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>Trading with a very small float of 1.8%, in its upcoming six-month lockup expiry, &gt;90% of Tuhu’s pre-IPO investors, cornerstones and management combined stakes will come off six-month lockup expiry.</li>
</ul>



Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.
Tuhu is an integrated online and offline platform for automotive services in China.
Trading with a very small float of 1.8%, in its upcoming six-month lockup expiry, &gt;90% of Tuhu’s pre-IPO investors, cornerstones and management combined stakes will come off six-month lockup expiry.


Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

<ul><li>BP's fourth quarter and full-year 2023 earnings call updates showcase the company's robust growth strategy and progressive journey from an international oil company (IOC) to an integrated energy company (IEC).</li><li>The firm shows a steadfast commitment to rendering higher margins with reduced emissions, evident from the introduction of biofuels, sustainable aviation fuel and biodiesel to customers while concurrently reducing their plants' carbon footprints.</li><li>Over the past four years, BP’s reputed trading organization has optimized these chains to drive returns surpassing industry standards.</li></ul>

BP's fourth quarter and full-year 2023 earnings call updates showcase the company's robust growth strategy and progressive journey from an international oil company (IOC) to an integrated energy company (IEC).The firm shows a steadfast commitment to rendering higher margins with reduced emissions, evident from the introduction of biofuels, sustainable aviation fuel and biodiesel to customers while concurrently reducing their plants' carbon footprints.Over the past four years, BP’s reputed trading organization has optimized these chains to drive returns surpassing industry standards.

BP p.l.c.: A Story Of Strategic Transition To Optimize Profitability & Sustainability! - Major Drivers

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>Panama Canal and Suez Canal are critical corridors underpinning global trade. &gt;50% of containers from Asia into America cross either through Panama or Suez.</li>
<li>Affected by El Niño, Panama Canal's capacity has shrunk to 25/day crossings &amp; risks falling to 18/day by February next year from an average of 36/day given shrinking water levels.</li>
<li>Given Europe’s higher sensitivity to geopolitics, European Natural Gas &amp; Crude Oil prices have reacted more wildly and have jumped sharply relative to US Gas and Oil prices.</li>
</ul>


Panama Canal and Suez Canal are critical corridors underpinning global trade. &gt;50% of containers from Asia into America cross either through Panama or Suez.
Affected by El Niño, Panama Canal's capacity has shrunk to 25/day crossings &amp; risks falling to 18/day by February next year from an average of 36/day given shrinking water levels.
Given Europe’s higher sensitivity to geopolitics, European Natural Gas &amp; Crude Oil prices have reacted more wildly and have jumped sharply relative to US Gas and Oil prices.


War and Weather Choking Supply Chains and Risks Spooking Inflation

<ul><li>BP's results were a major disappointment as the company failed to meet the revenue expectations as well as earnings expectations of Wall Street.</li><li>They reported strong operational performance, with upstream plant reliability and refining availability at 96% year-to-date.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

BP's results were a major disappointment as the company failed to meet the revenue expectations as well as earnings expectations of Wall Street.They reported strong operational performance, with upstream plant reliability and refining availability at 96% year-to-date.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

BP plc: A Disappointing Quarter: A Deep Dive into the Unexpected Setbacks! - Major Drivers

United Kingdom

BP P.L.C is an energy company. The Company explores and produces oil and natural gas, refines, markets, and supplies petroleum products, as well as generates solar energy, and manufactures and markets chemicals such as terephthalic acid, acetic acid, acrylonitrile, ethylene, and polyethylene. BP serves customers worldwide.

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BP (BP US)

BP p.l.c.: A Focus On Value Over Volume In Hydrocarbon Production - Major Drivers

BP, the energy giant has reaffirmed its annual target and unveiled a new cost-cutting measure, reflecting its bid for financial resilience in an...

Baptista Research

Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.

Clarence Chu

BP p.l.c.: A Story Of Strategic Transition To Optimize Profitability & Sustainability! - Major Drivers

BP's fourth quarter and full-year 2023 earnings call updates showcase the company's robust growth strategy and progressive journey from an...

Baptista Research

War and Weather Choking Supply Chains and Risks Spooking Inflation

Conflicts are intensifying in the Red Sea. US and UK launched about 70 airstrikes on Houthi targets in Yemen. Houthis vows to respond and asserts...

Mint Finance

BP plc: A Disappointing Quarter: A Deep Dive into the Unexpected Setbacks! - Major Drivers

BP's results were a major disappointment as the company failed to meet the revenue expectations as well as earnings expectations of Wall...

Baptista Research

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