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>DISH's results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>In the last quarter, the company faced a cybersecurity incident, leading to disruptions in its network and operations.</li><li>Financially, the incident resulted in approximately $30 million in expenses for remediation and additional support, impacting DISH TV disconnects and churn.</li></ul>

DISH's results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street.In the last quarter, the company faced a cybersecurity incident, leading to disruptions in its network and operations.Financially, the incident resulted in approximately $30 million in expenses for remediation and additional support, impacting DISH TV disconnects and churn.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>It was a busy week with index rebalance implementations and announcements of index changes.</li>
<li>The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.</li>
<li>There were big inflows to China ETFs during the week while the largest inflows went to the <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> ETF.</li>
</ul>


It was a busy week with index rebalance implementations and announcements of index changes.
The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.
There were big inflows to China ETFs during the week while the largest inflows went to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF.


Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

Credit

<ul><li>DISH Network Corporation is a leading provider of television entertainment and technology.</li><li>DISH’s wireless and broadband networks, as well as DISH and Sling services, are still up and running and functioning regularly.</li><li>DISH Network further launched Samsung-supported sites for the DISH Wireless 5G network, kicking off Samsung's participation in the operator's nationwide rollout.</li></ul>

DISH Network Corporation is a leading provider of television entertainment and technology.DISH’s wireless and broadband networks, as well as DISH and Sling services, are still up and running and functioning regularly.DISH Network further launched Samsung-supported sites for the DISH Wireless 5G network, kicking off Samsung's participation in the operator's nationwide rollout.

DISH Network Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

Dish Network Corp A / Equity Capital Markets

<ul><li>This is our first report on DISH Network Corporation, a leading provider of television entertainment and technology.</li><li>DISH’s wireless and broadband networks, as well as DISH and Sling services, are still up and running and functioning regularly.</li><li>DISH Network further launched Samsung-supported sites for the DISH Wireless 5G network, kicking off Samsung's participation in the operator's nationwide rollout.</li></ul>

This is our first report on DISH Network Corporation, a leading provider of television entertainment and technology.DISH’s wireless and broadband networks, as well as DISH and Sling services, are still up and running and functioning regularly.DISH Network further launched Samsung-supported sites for the DISH Wireless 5G network, kicking off Samsung's participation in the operator's nationwide rollout.

DISH Network Corporation: Initiation of Coverage – Potential DirecTV Merger & Other Developments

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. </li>
<li>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.</li>
<li>Today we are flagging PRA Grp, Herbalife, DISH, DXC Tech, Corsair Gaming, Ubiquiti .</li>
</ul>


Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. 
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.
Today we are flagging PRA Grp, Herbalife, DISH, DXC Tech, Corsair Gaming, Ubiquiti .


Declining Business Short Candidates: PRA Grp, Herbalife, DISH, DXC Tech, Corsair Gaming, Ubiquiti

United States

DISH Network Corp. provides a direct broadcast satellite subscription television, audio programming and interactive television services to commercial and residential subscribers in the United States.

Dish Network Corp A (DISH US)

DISH Network Corporation: Major Drivers

DISH's results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall...

Baptista Research

Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

DISH Network Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

DISH Network Corporation is a leading provider of television entertainment and technology. DISH’s wireless and broadband networks, as well as DISH...

Baptista Research

DISH Network Corporation: Initiation of Coverage – Potential DirecTV Merger & Other Developments

This is our first report on DISH Network Corporation, a leading provider of television entertainment and technology. DISH’s wireless and broadband...

Baptista Research

Declining Business Short Candidates: PRA Grp, Herbalife, DISH, DXC Tech, Corsair Gaming, Ubiquiti

Declining business shorts pursue profit by following negative business momentum. Today we are flagging PRA Grp, Herbalife, DISH, DXC Tech,...

Eric Fernandez, CFA