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>Clear Secure remains steadfast in its commitment to grow its member base, enhance the customer experience, and improve its financial stability, with several significant developments detailed in the fiscal second quarter 2024 earnings call.</li><li>The company reported robust growth, adding 2.3 million new members, and highlighted its innovative projects, like the implementation of new technologies to make travel and identity verification smoother and more integrated.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Clear Secure remains steadfast in its commitment to grow its member base, enhance the customer experience, and improve its financial stability, with several significant developments detailed in the fiscal second quarter 2024 earnings call.The company reported robust growth, adding 2.3 million new members, and highlighted its innovative projects, like the implementation of new technologies to make travel and identity verification smoother and more integrated.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Clear Secure Inc.: How Will It Deal With The Challenge of Scaling Infrastructure Reliably? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> were finally added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and there is huge size to trade in the stocks.</li>
<li>There will also be big buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> following a float increase driven by <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> selling last quarter.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.

Dell Technologies (DELL US) and Palantir Technologies (PLTR US) were finally added to the S&amp;P 500 INDEX (SPX INDEX) and there is huge size to trade in the stocks.
There will also be big buying in Apple (AAPL US) following a float increase driven by Berkshire Hathaway Inc Cl A (BRK/A US) selling last quarter.


S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

<ul><li>Clear's latest financial results indicate the company is maintaining a strong work ethic, focusing on enhancing the member experience, broadening TSA PreCheck accessibility, and the progressive enrollment in Clear Verified.</li><li>This consistent approach is crucial as it enables the progression towards Clear's long-term strategic goals, notably capitalizing on a rising trend of relying on digital identities in the wake of increased cybersecurity threats and the need for frictionless customer transactions.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Clear's latest financial results indicate the company is maintaining a strong work ethic, focusing on enhancing the member experience, broadening TSA PreCheck accessibility, and the progressive enrollment in Clear Verified.This consistent approach is crucial as it enables the progression towards Clear's long-term strategic goals, notably capitalizing on a rising trend of relying on digital identities in the wake of increased cybersecurity threats and the need for frictionless customer transactions.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Clear Secure Inc.: Expansion of TSA PreCheck and Clear Verified Services! - Major Drivers

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

<ul>
<li>The <a href="https://www.smartkarma.com/entities/intellicentrics-global-holding" target="_blank" data-smartkarma-citation="entities:40901:1" rel="noopener">IntelliCentrics Global Holding (6819 HK)</a> IFA considers the terms for the disposal of assets to symplr software as fair and reasonable. The EGM vote is on 18 April.</li>
<li>The consideration will be distributed to shareholders as a special dividend with a minimum and maximum of US$0.52 (HK$4.07) and US$0.55 (HK$4.30), respectively. </li>
<li>Irrevocables ensure that the EGM vote will pass. At the last close and for a 7 May payment, the gross and annualised spread of the minimum dividend is 2.8%/33.6%.</li>
</ul>


The IntelliCentrics Global Holding (6819 HK) IFA considers the terms for the disposal of assets to symplr software as fair and reasonable. The EGM vote is on 18 April.
The consideration will be distributed to shareholders as a special dividend with a minimum and maximum of US$0.52 (HK$4.07) and US$0.55 (HK$4.30), respectively. 
Irrevocables ensure that the EGM vote will pass. At the last close and for a 7 May payment, the gross and annualised spread of the minimum dividend is 2.8%/33.6%.


IntelliCentrics (6819 HK): Special Dividend Vote on 18 April

<ul><li>This is our first report on CLEAR, an American technology company.</li><li>In its Q4 result, the management revealed significant achievements and areas for improvement.</li><li>Following the year 2023, the company's CEO, Caryn Seidman-Becker, highlights the surpass of 20 million registered members on their platform and reported revenue growth of 40%.</li></ul>

This is our first report on CLEAR, an American technology company.In its Q4 result, the management revealed significant achievements and areas for improvement.Following the year 2023, the company's CEO, Caryn Seidman-Becker, highlights the surpass of 20 million registered members on their platform and reported revenue growth of 40%.

Clear Secure Inc.: Initiation Of Coverage - 4 Major Growth Drivers For 2024 & Beyond! - Financial Forecasts

United States

Clear Secure, Inc. provides software solutions. The Company offers security applications for airports, stadiums, and other venues. Clear Secure serves customers in the United States.

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Clear Secure (YOU US)

Clear Secure Inc.: How Will It Deal With The Challenge of Scaling Infrastructure Reliably? - Major Drivers

Clear Secure remains steadfast in its commitment to grow its member base, enhance the customer experience, and improve its financial stability,...

Baptista Research

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

Clear Secure Inc.: Expansion of TSA PreCheck and Clear Verified Services! - Major Drivers

Clear's latest financial results indicate the company is maintaining a strong work ethic, focusing on enhancing the member experience, broadening...

Baptista Research

IntelliCentrics (6819 HK): Special Dividend Vote on 18 April

Irrevocables ensure that the EGM vote will pass. At the last close and for a 7 May payment, the gross and annualised spread of the minimum dividend...

Arun George

Clear Secure Inc.: Initiation Of Coverage - 4 Major Growth Drivers For 2024 & Beyond! - Financial Forecasts

This is our first report on CLEAR, an American technology company. In its Q4 result, the management revealed significant achievements and areas...

Baptista Research

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