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>Coupang's financial performance in the first quarter of 2025 illustrates both positive advancements and ongoing challenges.</li>
<li>Consolidated revenue increased by 11% year-over-year, or 21% on a constant currency basis.</li>
<li>This growth reflects strong demand and expansion in key segments, supported by an extensive selection of products and enhancements in their delivery service.</li>
</ul>


Coupang's financial performance in the first quarter of 2025 illustrates both positive advancements and ongoing challenges.
Consolidated revenue increased by 11% year-over-year, or 21% on a constant currency basis.
This growth reflects strong demand and expansion in key segments, supported by an extensive selection of products and enhancements in their delivery service.


Coupang: The Taiwan Market Expansion Can Help Create Significant Long-Term Value!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.</li>
<li>We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. </li>
<li>If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.</li>
</ul>


In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.
We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. 
If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.


JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

<ul>
<li>Coupang's recent performance in the fourth quarter of 2024 illustrates both advancements and challenges within the company.</li>
<li>On the positive side, Coupang's efforts in expanding its logistical and technological capabilities have yielded significant results.</li>
<li>Over the past 12 months, the company reported nearly a $6 billion increase in net revenues, reflecting a 23% growth in constant currency, after excluding the acquisition of Farfetch and the gains from a fulfillment center fire insurance.</li>
</ul>


Coupang's recent performance in the fourth quarter of 2024 illustrates both advancements and challenges within the company.
On the positive side, Coupang's efforts in expanding its logistical and technological capabilities have yielded significant results.
Over the past 12 months, the company reported nearly a $6 billion increase in net revenues, reflecting a 23% growth in constant currency, after excluding the acquisition of Farfetch and the gains from a fulfillment center fire insurance.


Coupang Inc.: Geographic Expansion & Market Penetration Driving Our Optimism!

<ul>
<li>I recently visited Daiso near Seoul Station. Daiso is one of the few off-line stores that has been crushing the competition in Korea in the past several years.</li>
<li>Amid continued weak economy in Korea in the past several years, Daiso has thrived through its detailed execution of focus on low priced products with highest value to consumers.</li>
<li>Able C&amp;C (078520 KS) is a prime example a company capitalizing on the strong demand for cosmetic products at Daiso. </li>
</ul>


I recently visited Daiso near Seoul Station. Daiso is one of the few off-line stores that has been crushing the competition in Korea in the past several years.
Amid continued weak economy in Korea in the past several years, Daiso has thrived through its detailed execution of focus on low priced products with highest value to consumers.
Able C&amp;C (078520 KS) is a prime example a company capitalizing on the strong demand for cosmetic products at Daiso. 


A Visit to Daiso in Seoul - A Retail Giant Crushing the Competition

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>AliExpress has prioritized South Korea. We expect AliExpress’ South Korea GMV to increase 150%~ YoY to about US 1bn in 2023, or about 3% of Coupang’s. </li>
<li>We found that AliExpress has more overlap with CPNG’s key products rather than Naver. The average price of recommended items on AliExpress was 65%~ cheaper than CPNG in our sample; </li>
<li>We lower our CPNG GMV est. by 2%/3% in 2023/2024. We downgrade CPNG to SELL and lower its TP to US$ 15.1. </li>
</ul>


AliExpress has prioritized South Korea. We expect AliExpress’ South Korea GMV to increase 150%~ YoY to about US 1bn in 2023, or about 3% of Coupang’s. 
We found that AliExpress has more overlap with CPNG’s key products rather than Naver. The average price of recommended items on AliExpress was 65%~ cheaper than CPNG in our sample; 
We lower our CPNG GMV est. by 2%/3% in 2023/2024. We downgrade CPNG to SELL and lower its TP to US$ 15.1. 


Coupang(CPNG US, SELL, TP US$15.1) Rating Change: Facing More Competition from AliExpress,DG to Sell

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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Coupang (CPNG US)

Coupang: The Taiwan Market Expansion Can Help Create Significant Long-Term Value!

Coupang's financial performance in the first quarter of 2025 illustrates both positive advancements and ongoing challenges.

Baptista Research

JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean...

Douglas Kim

Coupang Inc.: Geographic Expansion & Market Penetration Driving Our Optimism!

Coupang's recent performance in the fourth quarter of 2024 illustrates both advancements and challenges within the company.

Baptista Research

A Visit to Daiso in Seoul - A Retail Giant Crushing the Competition

I recently visited Daiso near Seoul Station. Daiso is one of the few off-line stores that has been crushing the competition in Korea in the past...

Douglas Kim

Coupang(CPNG US, SELL, TP US$15.1) Rating Change: Facing More Competition from AliExpress,DG to Sell

AliExpress has prioritized South Korea. We expect AliExpress’ South Korea GMV to increase 150%~ YoY to about US 1bn in 2023, or about 3% of Coupang’s.

Blue Lotus Research Institute

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