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>This is our first report on one of the most popular marketplace companies in the world – eBay.</li>
<li>In contrast to stimulus-driven results from the previous year, they maintained strong positive growth within their luxury categories in 2022 so far.</li>
<li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li>
</ul>


This is our first report on one of the most popular marketplace companies in the world – eBay.
In contrast to stimulus-driven results from the previous year, they maintained strong positive growth within their luxury categories in 2022 so far.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.


eBay Inc.: Initiation of Coverage – The KnownOrigin Acquisition

Crypto in Sports, Sporting Crypto

Sporting Crypto

Crypto in Sports

Breaking down the intersection between Sports and Crypto

Intersection Between Sports and Crypto

<ul><li>eBay have made their first foray into NFTs by launching Wayne Gretzky collectibles, starting as low as $10 for their ‘Green’ tier, ensuring affordability for the everyday fan.</li><li>They’ve partnered with <a href="https://www.oneof.com/" target="_blank" rel="noopener">OneOf</a>, who help lifestyle and sports brands drop NFTs - as well as having their own marketplace for resale purposes.</li><li>Buyers were able to purchase in fiat and were then taken to a landing page to mint the NFT for free.</li></ul>

eBay have made their first foray into NFTs by launching Wayne Gretzky collectibles, starting as low as $10 for their ‘Green’ tier, ensuring affordability for the everyday fan.They’ve partnered with OneOf, who help lifestyle and sports brands drop NFTs - as well as having their own marketplace for resale purposes.Buyers were able to purchase in fiat and were then taken to a landing page to mint the NFT for free.

Sporting Crypto - May 30th 2022: eBay Skate to where the puck is going

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.</li>
<li>In <a href="https://www.smartkarma.com/insights/goto-gojek-tokopedia-ipo-initiation-island-shopping" target="_blank" data-smartkarma-citation="insights:67047" rel="noopener">GoTo Gojek Tokopedia IPO Initiation: Island Shopping</a>, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. </li>
<li>Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. </li>
</ul>



GoTo (1379371D IJ) is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.
In GoTo Gojek Tokopedia IPO Initiation: Island Shopping, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. 
Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. 


GoTo Gojek Tokopedia IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (1566215D CH)</a> is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It will launch an HKEx IPO on Monday to raise up to US$318 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/huitongda-network-ipo-initiation-clicks-to-bricks" target="_blank" data-smartkarma-citation="insights:63428" rel="noopener">Huitongda Network IPO Initiation: Clicks to Bricks</a>, we noted the positives (addressable market, solid growth and profitability) and key negatives (low margins which reflect a fragmented and competitive market).   </li>
<li>For investors willing to brave the gloomy IPO market, our valuation analysis suggests that the IPO price range is attractive at the low end of the price range. </li>
</ul>



Huitongda (1566215D CH) is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It will launch an HKEx IPO on Monday to raise up to US$318 million.
In Huitongda Network IPO Initiation: Clicks to Bricks, we noted the positives (addressable market, solid growth and profitability) and key negatives (low margins which reflect a fragmented and competitive market).   
For investors willing to brave the gloomy IPO market, our valuation analysis suggests that the IPO price range is attractive at the low end of the price range. 


Huitongda Network IPO: Valuation Insights

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>Qoo10 has become one of the most popular Japanese malls among young women for all things Korean, particularly cosmetics and fashion.</li>
<li>The online mall now wants to exploit this by creating a new dedicated fashion mall with better promotional opportunities for merchants of all nationalities.</li>
<li>This should bring more competition to <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1" rel="noopener">ZOZO Inc (3092 JP)</a> and <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>.</li>
</ul>


Qoo10 has become one of the most popular Japanese malls among young women for all things Korean, particularly cosmetics and fashion.
The online mall now wants to exploit this by creating a new dedicated fashion mall with better promotional opportunities for merchants of all nationalities.
This should bring more competition to ZOZO Inc (3092 JP) and Rakuten Inc (4755 JP).


Qoo10 Japan to Launch ¥10 Billion Fashion Mall Rival to Zozo

United States

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

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Ebay Inc (EBAY US)

eBay Inc.: Initiation of Coverage – The KnownOrigin Acquisition

This is our first report on one of the most popular marketplace companies in the world – eBay. In contrast to stimulus-driven results from the...

Baptista Research

Sporting Crypto - May 30th 2022: eBay Skate to where the puck is going

eBay have made their first foray into NFTs by launching Wayne Gretzky collectibles, starting as low as $10 for their ‘Green’ tier, ensuring...

Sporting Crypto

GoTo Gojek Tokopedia IPO: Valuation Insights

Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. Books will close on 21 March....

Arun George

Huitongda Network IPO: Valuation Insights

Huitongda will launch an HKEx IPO on Monday to raise up to US$318m. Our valuation analysis suggests that the IPO price range is attractive at the...

Arun George

Qoo10 Japan to Launch ¥10 Billion Fashion Mall Rival to Zozo

Qoo10 is largely unknown outside Japan but has grown fast and is becoming more of a competitor to Zozo and Rakuten, particularly in the key market...

Michael Causton

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