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>This is our first report on the material science behemoth, Corning.</li><li>Both the gross margin and operating margin have been increasing since the start of 2022.</li><li>The company also collaborated with 5E Advanced Materials to supply boron specialty materials.</li></ul>

This is our first report on the material science behemoth, Corning.Both the gross margin and operating margin have been increasing since the start of 2022.The company also collaborated with 5E Advanced Materials to supply boron specialty materials.

Corning Incorporated: Initiation of Coverage – Business Strategy

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

<a href="https://www.smartkarma.com/entities/biel-crystal" target="_blank" data-smartkarma-citation="entities:33919:1" rel="noopener">Biel Crystal (0924581D HK)</a> is looking to raise up to US$2bn in its upcoming Hong Kong IPO. Biel Crystal (BC) is the largest smart device enclosure and module solution provider in terms of shipment value in 2020 with a market share of 17.6%, according to Frost &amp; Sullivan (F&amp;S). BC’s products are used in end products such as smartphones, tablets, smart watches, AR, and VR glasses as well as automobiles.In this note, we will look at the industry landscape and compare BC to other Apple suppliers.We covered the IPO previously in:<ul><li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/biel-crystal-pre-ipo-cash-flow-generative-business-but-underlying-trend-is-worrying" target="_blank" data-smartkarma-citation="insights:56198" rel="noopener">Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying</a> </li></ul>

Biel Crystal (0924581D HK) is looking to raise up to US$2bn in its upcoming Hong Kong IPO. Biel Crystal (BC) is the largest smart device enclosure and module solution provider in terms of shipment value in 2020 with a market share of 17.6%, according to Frost &amp; Sullivan (F&amp;S). BC’s products are used in end products such as smartphones, tablets, smart watches, AR, and VR glasses as well as automobiles.In this note, we will look at the industry landscape and compare BC to other Apple suppliers.We covered the IPO previously in:Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying 

Biel Crystal (伯恩光学) Pre-IPO - Industry Landscape & Peer Comparison -  Auto Is the Wildcard

United States

Corning Incorporated is a global, technology-based company. The Company produces optical fiber, cable, and photonic components for the telecommunications industry, as well as manufactures glass panels, funnels, liquid crystal display glass and projection video lens assemblies for the information display industry.

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Corning Inc (GLW US)

Corning Incorporated: Initiation of Coverage – Business Strategy

This is our first report on the material science behemoth, Corning. Both the gross margin and operating margin have been increasing since the...

Baptista Research

Biel Crystal (伯恩光学) Pre-IPO - Industry Landscape & Peer Comparison - Auto Is the Wildcard

Peer comparison against other Apple suppliers show that BC doesn’t stand out but neither does it underperform in any aspects.

Sumeet Singh

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