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 Inc., an e-commerce giant based in South Korea, has reportedly shown significant advancements and growth in their latest fourth quarter earnings.</li>
<li>They boasted a year of accelerating growth, record profits and notably expanded free cash flows in business, with the creation of the ‘wow’ moments for customers deemed as the foundation to their long-term growth, profitability and in turn, shareholder value.</li>
<li>Customer growth and revenues notably accelerated every quarter in 2023, with active customers growing 16% year-over-year.</li>
</ul>


Coupang Inc., an e-commerce giant based in South Korea, has reportedly shown significant advancements and growth in their latest fourth quarter earnings.
They boasted a year of accelerating growth, record profits and notably expanded free cash flows in business, with the creation of the ‘wow’ moments for customers deemed as the foundation to their long-term growth, profitability and in turn, shareholder value.
Customer growth and revenues notably accelerated every quarter in 2023, with active customers growing 16% year-over-year.


Coupang Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! - Major Drivers

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

Thematic (Sector/Industry)

<ul>
<li>BABA/CPNG/PDD: AliExpress offering 0% commission to sellers of Korean brand products (+/-/-)</li>
<li>700 HK/NTES:NPPA has released the latest approvals for imported games, and Tencent’s highly anticipated &lt;DNF Mobile&gt; has received approval(+)</li>
<li>3690 HK: Meituan changed organizational structure by consolidating In-store and food delivery business(+)</li>
</ul>


BABA/CPNG/PDD: AliExpress offering 0% commission to sellers of Korean brand products (+/-/-)
700 HK/NTES:NPPA has released the latest approvals for imported games, and Tencent’s highly anticipated &lt;DNF Mobile&gt; has received approval(+)
3690 HK: Meituan changed organizational structure by consolidating In-store and food delivery business(+)


[Blue Lotus Daily - TMT Update]:BABA/CPNG/PDD/700 HK/NTES/3690 HK

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>E Mart Inc (139480 KS) has been a strong outperformer this year (up 5.6% YTD) versus KOSPI which is down 5.8% in the same period. </li>
<li>We expect E Mart to outperform the market in the rest of 2024 driven by two major factors including "open on Sundays" policy and focus on low P/B stocks. </li>
<li>E Mart is trading at P/B of 0.2x versus Coupang which is trading at P/B of 8.3x. E Mart is more attractive than Coupang, especially considering the recent catalysts. </li>
</ul>


E Mart Inc (139480 KS) has been a strong outperformer this year (up 5.6% YTD) versus KOSPI which is down 5.8% in the same period. 
We expect E Mart to outperform the market in the rest of 2024 driven by two major factors including "open on Sundays" policy and focus on low P/B stocks. 
E Mart is trading at P/B of 0.2x versus Coupang which is trading at P/B of 8.3x. E Mart is more attractive than Coupang, especially considering the recent catalysts. 


Emart: Double Catalysts Of "Open on Sundays" + Focus on Low P/B Stocks

<ul>
<li>TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)</li>
<li>PDD/ZTO/1519 HK: PDD partners with ZTO and J&amp;T for upcoming “Open during Spring Festival” event (+/+/+)</li>
<li>PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)</li>
</ul>


TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)
PDD/ZTO/1519 HK: PDD partners with ZTO and J&amp;T for upcoming “Open during Spring Festival” event (+/+/+)
PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)


[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

<ul>
<li>In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past year. </li>
<li>Temu's MAU skyrocketed in the past year in Korea. Temu's MAU surged from zero in January 2023 to 3.28 million as of December 2023.</li>
<li>One could argue that Coupang's valuations are overvalued relative to its Chinese competitors such as PDD Holdings (PDD US).</li>
</ul>


In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past year. 
Temu's MAU skyrocketed in the past year in Korea. Temu's MAU surged from zero in January 2023 to 3.28 million as of December 2023.
One could argue that Coupang's valuations are overvalued relative to its Chinese competitors such as PDD Holdings (PDD US).


Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea

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 Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! - Major Drivers

Coupang Inc., an e-commerce giant based in South Korea, has reportedly shown significant advancements and growth in their latest fourth quarter...

Baptista Research

[Blue Lotus Daily - TMT Update]:BABA/CPNG/PDD/700 HK/NTES/3690 HK

AliExpress is waiving commission fees for Korean brand sellers; NPPA has released the latest approvals for imported games; and Meituan...

Blue Lotus Research Institute

Emart: Double Catalysts Of "Open on Sundays" + Focus on Low P/B Stocks

We expect E Mart to outperform the market in the rest of 2024 driven by two major factors including "open on Sundays" policy and focus on low P/B...

Douglas Kim

[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Coupang Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! - Major Drivers

Coupang Inc., an e-commerce giant based in South Korea, has reportedly shown significant advancements and growth in their latest fourth quarter...

Baptista Research

[Blue Lotus Daily - TMT Update]:BABA/CPNG/PDD/700 HK/NTES/3690 HK

​AliExpress is waiving commission fees for Korean brand sellers; NPPA has released the latest approvals for imported games; and Meituan...

Blue Lotus Research Institute

Emart: Double Catalysts Of "Open on Sundays" + Focus on Low P/B Stocks

We expect E Mart to outperform the market in the rest of 2024 driven by two major factors including "open on Sundays" policy and focus on low P/B...

Douglas Kim

[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

​Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

Blue Lotus Research Institute

Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea

In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past...

Douglas Kim

AliExpress is waiving commission fees for Korean brand sellers; NPPA has released the latest approvals for imported games; and Meituan...

Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...