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>Chevron Corporation's third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial headwinds.</li>
<li>The company reported earnings of $4.5 billion or $2.48 per share, with adjusted earnings similarly at $4.5 billion or $2.51 per share.</li>
<li>Despite these substantial earnings, this marked a decrease from the prior year largely due to lower liquids realizations and increased depreciation, depletion, and amortization (DD&amp;A), particularly at the Tengizchevroil (TCO) project in Kazakhstan.</li>
</ul>


Chevron Corporation's third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial headwinds.
The company reported earnings of $4.5 billion or $2.48 per share, with adjusted earnings similarly at $4.5 billion or $2.51 per share.
Despite these substantial earnings, this marked a decrease from the prior year largely due to lower liquids realizations and increased depreciation, depletion, and amortization (DD&amp;A), particularly at the Tengizchevroil (TCO) project in Kazakhstan.


Coupang Inc.: Its Efforts Towards International Expansion & Market Penetration & Other Major Drivers

<ul>
<li>Coupang's recent quarter highlights a strong performance driven by strategic initiatives and operational improvements, alongside a promising outlook tempered by certain challenges that need to be addressed for sustained growth.</li>
<li>The company's revenue grew by 30% year-over-year in constant currency, showcasing impressive sales momentum.</li>
<li>This growth was partly fueled by the acquisition of Farfetch, which played a key role in the company’s multifaceted growth strategy.</li>
</ul>


Coupang's recent quarter highlights a strong performance driven by strategic initiatives and operational improvements, alongside a promising outlook tempered by certain challenges that need to be addressed for sustained growth.
The company's revenue grew by 30% year-over-year in constant currency, showcasing impressive sales momentum.
This growth was partly fueled by the acquisition of Farfetch, which played a key role in the company’s multifaceted growth strategy.


Coupang Inc.: Market Expansion Through WOW Membership Program Is A Critical Growth Lever!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>One of the biggest stories in the Korean e-commerce sector this week has been TMON and WeMakePrice filing for court receivership due to liquidity crisis. </li>
<li>Singapore's Qoo10 is the controlling shareholder of TMON and WeMakePrice. Young-Bae Ku is the largest shareholder of Qoo10 with a 42.77% stake, followed by KKR with a 25.65% stake. </li>
<li>Competitors such as E-Mart and Coupang are most to benefit. PG companies such as KG Inicis and NHP KCP are negatively impacted. </li>
</ul>


One of the biggest stories in the Korean e-commerce sector this week has been TMON and WeMakePrice filing for court receivership due to liquidity crisis. 
Singapore's Qoo10 is the controlling shareholder of TMON and WeMakePrice. Young-Bae Ku is the largest shareholder of Qoo10 with a 42.77% stake, followed by KKR with a 25.65% stake. 
Competitors such as E-Mart and Coupang are most to benefit. PG companies such as KG Inicis and NHP KCP are negatively impacted. 


TMON and WeMakePrice File for Court Receivership - Impact on the Korean E-Commerce and PG Sectors

<ul>
<li>Coupang has commenced 2024 with a notable performance that underscores both strengths and areas in need of meticulous attention.</li>
<li>During the first quarter, Coupang reported a robust 28% year-over-year growth in revenues in constant currency terms, attributed primarily to increased spending across customer cohorts, including its longest-standing customers.</li>
<li>This points to successful customer retention and the appealing nature of its offerings.</li>
</ul>


Coupang has commenced 2024 with a notable performance that underscores both strengths and areas in need of meticulous attention.
During the first quarter, Coupang reported a robust 28% year-over-year growth in revenues in constant currency terms, attributed primarily to increased spending across customer cohorts, including its longest-standing customers.
This points to successful customer retention and the appealing nature of its offerings.


Coupang Inc.:  Artificial Intelligence Integration & 5 Major Growth Drivers

Event-Driven

<ul>
<li>Emart and Shinsegae are facing concerns about put options of nearly 1 trillion won on private equity investors' investment in SSG.com nearly six years ago. </li>
<li>From AEP and BRV's point of views, they want to get their money back through put options since an IPO is not likely in the near term.</li>
<li>The most probable result appears to be that this is likely to be dragged on for some time, which will cause continued concerns on both Emart and Shinsegae. </li>
</ul>


Emart and Shinsegae are facing concerns about put options of nearly 1 trillion won on private equity investors' investment in SSG.com nearly six years ago. 
From AEP and BRV's point of views, they want to get their money back through put options since an IPO is not likely in the near term.
The most probable result appears to be that this is likely to be dragged on for some time, which will cause continued concerns on both Emart and Shinsegae. 


Legal Complications on Put Options on SSG.Com to Result in Ongoing Concerns for Emart and Shinsegae

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.: Its Efforts Towards International Expansion & Market Penetration & Other Major Drivers

Chevron Corporation's third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial headwinds.

Baptista Research

Coupang Inc.: Market Expansion Through WOW Membership Program Is A Critical Growth Lever!

Coupang's recent quarter highlights a strong performance driven by strategic initiatives and operational improvements, alongside a promising...

Baptista Research

TMON and WeMakePrice File for Court Receivership - Impact on the Korean E-Commerce and PG Sectors

TMON and WeMakePrice filing for court receivership is likely to benefit competitors such as E-Mart and Coupang. Payment Gateway (PG) companies such...

Douglas Kim

Coupang Inc.: Artificial Intelligence Integration & 5 Major Growth Drivers

Coupang has commenced 2024 with a notable performance that underscores both strengths and areas in need of meticulous attention.

Baptista Research

Legal Complications on Put Options on SSG.Com to Result in Ongoing Concerns for Emart and Shinsegae

Emart and Shinsegae are facing concerns about put options of nearly 1 trillion won on private equity investors' investment in SSG.com nearly six...

Douglas Kim

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