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>Crescent Energy (NYSE:CRGY) is reportedly in advanced talks to acquire Vital Energy (NASDAQ:VTLE), a deal that could significantly bolster its footprint in the Permian Basin—America’s most prolific oil-producing region.</li><li>While the transaction is still under negotiation and not guaranteed, industry sources indicate a deal could be announced as soon as next week.</li><li>Vital Energy, with a market cap of approximately $600 million and carrying $2.3 billion in long-term debt, has seen its stock jump over 7% on acquisition speculation, while Crescent dipped slightly.</li></ul>

Crescent Energy (NYSE:CRGY) is reportedly in advanced talks to acquire Vital Energy (NASDAQ:VTLE), a deal that could significantly bolster its footprint in the Permian Basin—America’s most prolific oil-producing region.While the transaction is still under negotiation and not guaranteed, industry sources indicate a deal could be announced as soon as next week.Vital Energy, with a market cap of approximately $600 million and carrying $2.3 billion in long-term debt, has seen its stock jump over 7% on acquisition speculation, while Crescent dipped slightly.

Crescent Energy Eyes Vital Energy: The $600 Million Shale Move That Could Redraw Permian Power Maps!

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yankuang-energy-group" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yankuang Energy Group (1171 HK)</a> is looking to raise up to US$608m through a primary follow-on, via selling 270m H-shares.</li>
<li>The deal is a somewhat large one to digest, at 10.6 days of three month ADV and 2.7% of current mcap.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Yankuang Energy Group (1171 HK) is looking to raise up to US$608m through a primary follow-on, via selling 270m H-shares.
The deal is a somewhat large one to digest, at 10.6 days of three month ADV and 2.7% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.


Yankuang Energy Placement - Doesn’t Appear Well Flagged Although Deal Size Is Large

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boss-energy" target="_blank" data-smartkarma-citation="entities:4823:1" rel="noopener">Boss Energy (BOE AU)</a> is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and replenish working capital. </li>
<li>The deal will be a large one to digest, at 19.7 days of three month ADV and 14% dilution.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and replenish working capital. 
The deal will be a large one to digest, at 19.7 days of three month ADV and 14% dilution.
In this note, we will talk about the placement and run the deal through our ECM framework.


Boss Energy Placement - Heavy Dilution and Doesn’t Appear Well Flagged

Leader Energy Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leader-energy-holdings" target="_blank" data-smartkarma-citation="entities:39938:1" rel="noopener">Leader Energy Holdings (1814173D MK)</a> is looking to raise up to US$215m in its upcoming Malaysia IPO. </li>
<li>Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&amp;M of power assets and projects.</li>
<li>LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. </li>
</ul>



Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. 
Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&amp;M of power assets and projects.
LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. 


Leader Energy Holdings Pre-IPO - Still Too Early for an ESG Angle

Barito Renewables Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barito-renewables" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables (2306028D IJ)</a> is looking to raise around US$228m in its Indonesian IPO. </li>
<li>Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm. </li>
<li>Its revenue has been primarily driven by electricity and steam sales to PLN as PGE’s exclusive contractor and its profitability has been on the rise over the track record period.</li>
</ul>



Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO. 
Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm. 
Its revenue has been primarily driven by electricity and steam sales to PLN as PGE’s exclusive contractor and its profitability has been on the rise over the track record period.


Barito Renewables IPO - Power Producer with Stable Cash Flows

United States

Crescent Energy Inc. operates as an energy investment company. The Company focuses on operated oil and gas assets and non-operated assets, mineral and royalty interests and midstream infrastructure. Crescent Energy serves customers in the United States.

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Crescent Energy (CRGY US)

Crescent Energy Eyes Vital Energy: The $600 Million Shale Move That Could Redraw Permian Power Maps!

Crescent Energy (NYSE:CRGY) is reportedly in advanced talks to acquire Vital Energy (NASDAQ:VTLE), a deal that could significantly bolster its...

Baptista Research

Yankuang Energy Placement - Doesn’t Appear Well Flagged Although Deal Size Is Large

Yankuang Energy Group (1171 HK) is looking to raise up to US$608m through a primary follow-on, via selling 270m H-shares.

Ethan Aw

Boss Energy Placement - Heavy Dilution and Doesn’t Appear Well Flagged

Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and...

Ethan Aw

Leader Energy Holdings Pre-IPO - Still Too Early for an ESG Angle

Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. LE’s revenue has grown on the back of higher...

Ethan Aw

Barito Renewables IPO - Power Producer with Stable Cash Flows

Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO. It is Indonesia’s largest geothermal power producer, and...

Ethan Aw

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