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>Equifax Inc. has provided a comprehensive overview of its Q1 2025 financial performance and outlook in its recent earnings, revealing both strengths and challenges in the company's operational landscape.</li><li>Starting with the positives, Equifax reported a strong beginning to 2025 with revenue reaching $1.442 billion, marking a 4% growth on a reported basis and 5% in constant currency.</li><li>Notably, this was $37 million above the midpoint of the company's previous guidance offered in February.</li></ul>

Equifax Inc. has provided a comprehensive overview of its Q1 2025 financial performance and outlook in its recent earnings, revealing both strengths and challenges in the company's operational landscape.Starting with the positives, Equifax reported a strong beginning to 2025 with revenue reaching $1.442 billion, marking a 4% growth on a reported basis and 5% in constant currency.Notably, this was $37 million above the midpoint of the company's previous guidance offered in February.

Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!

Equity Long-Short Analyst

Pyari Menon

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<li>
<a href="https://www.smartkarma.com/entities/credit-bureau-asia-ltd" target="_blank" data-smartkarma-citation="entities:31060:1" rel="noopener">Credit Bureau Asia (CBA SP)</a> subscription-based services and transaction fees generate consistent, recurring revenue from financial institutions and other businesses, ensuring significant financial stability and strong financial metrics.</li>
<li>Regulatory relationships, vast data repositories, and long-standing client relationships and contracts create significant competitive advantages and protect market share.</li>
<li>If markets can get comfortable with this microcap delivering 3% long-term growth forecast and sustainability of current operating and financial metrics the stock should see at least100% upside.  </li>
</ul>



Credit Bureau Asia (CBA SP) subscription-based services and transaction fees generate consistent, recurring revenue from financial institutions and other businesses, ensuring significant financial stability and strong financial metrics.
Regulatory relationships, vast data repositories, and long-standing client relationships and contracts create significant competitive advantages and protect market share.
If markets can get comfortable with this microcap delivering 3% long-term growth forecast and sustainability of current operating and financial metrics the stock should see at least100% upside.  


Credit Bureau Asia: Good Fundamentals Even Better Valuations

<ul><li>Equifax Inc. presented a detailed discussion during its third quarter 2024 earnings conference, highlighting significant strides and persistent challenges.</li><li>The company reported substantial developments, particularly in its cloud transformation endeavors, which are likely to secure future growth and operational efficiency.</li><li>Structural changes involved the migration of U.S. and Canadian data exchanges to Equifax's cloud platform, an advancement that is poised to offer cost savings estimated at over $70 million per annum post-completion in early 2025.</li></ul>

Equifax Inc. presented a detailed discussion during its third quarter 2024 earnings conference, highlighting significant strides and persistent challenges.The company reported substantial developments, particularly in its cloud transformation endeavors, which are likely to secure future growth and operational efficiency.Structural changes involved the migration of U.S. and Canadian data exchanges to Equifax's cloud platform, an advancement that is poised to offer cost savings estimated at over $70 million per annum post-completion in early 2025.

Equifax Inc.: Recent Technological Advancements

<ul><li>Equifax Inc. has detailed its Q2 2024 earnings, highlighting substantial progress and strategic advances, particularly within its cloud transformation initiatives, which demonstrate both the company's forward-looking vision and the challenges it encounters in a shifting technological landscape.</li><li>The company reported strong revenue growth, reaching just over $1.43 billion, representing a 9% increase, marginally surpassing its forecast.</li><li>This growth is supported by a solid performance in its global non-mortgage businesses, which showed a 13% growth in current constant currency revenue.</li></ul>

Equifax Inc. has detailed its Q2 2024 earnings, highlighting substantial progress and strategic advances, particularly within its cloud transformation initiatives, which demonstrate both the company's forward-looking vision and the challenges it encounters in a shifting technological landscape.The company reported strong revenue growth, reaching just over $1.43 billion, representing a 9% increase, marginally surpassing its forecast.This growth is supported by a solid performance in its global non-mortgage businesses, which showed a 13% growth in current constant currency revenue.

Equifax Inc.: A Tale Of Expanding Cloud Infrastructure & Margin Expansion! - Major Drivers

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

<p><a href="https://www.smartkarma.com/entities/ctos-digital-bhd" target="_blank" data-smartkarma-citation="entities:33496:1" rel="noopener">CTOS Digital (1054055D MK)</a> is a regional market leader for credit bureaux in the ASEAN region, with a presence in Malaysia and Thailand. CTOS is Malaysia’s leading CRA (credit reporting agency), with a revenue market share of 71.2% in 2020, according to IMR.  </p><p>CTOS has launched an IPO to raise RM1.2 billion ($290 million) at an initial price of RM1.10 per share. The primary/secondary split is 18%/82%. The selling shareholders are Inodes (backed by the Creador Group), Chung Tze Keong (co-founder), Chung Tze Wen (co-founder) and Ng Gaik Lin. Pricing will be announced on 7 July and the shares will be listed on 19 July.</p><p>CTOS has a dominant position in Malaysia, which is the second-largest CRA market in ASEAN by revenue. The recent acquisition of Basis, a Malaysian CRA, further cements its position in Malaysia. CTOS' market share is supported by the industry’s high barriers to entry, CTOS’s proprietary database ecosystem and a full suite of digital solutions with a focus on new value-added services. CTOS’ acquisition strategy has also enabled it to gain a foothold in merging credit reporting markets outside of Malaysia. For example, the acquisition of a 20% interest in <a href="https://www.smartkarma.com/entities/business-online-pcl" target="_blank" data-smartkarma-citation="entities:18347:1" rel="noopener">Business Online (BOL TB)</a>, the largest credit bureaux in Thailand, provides an entry point into the Thai market.    </p><div class="content-highlight"><p>CTOS is complementing its strong market position by delivering solid revenue growth (on a like-for-like basis), strong customer retention rates, sector leading margin and strong cash generation. Overall, we think that the CTOS story warrants a closer look.  We will discuss valuation in our next note.  </p></div>

CTOS Digital (1054055D MK) is a regional market leader for credit bureaux in the ASEAN region, with a presence in Malaysia and Thailand. CTOS is Malaysia’s leading CRA (credit reporting agency), with a revenue market share of 71.2% in 2020, according to IMR.  CTOS has launched an IPO to raise RM1.2 billion ($290 million) at an initial price of RM1.10 per share. The primary/secondary split is 18%/82%. The selling shareholders are Inodes (backed by the Creador Group), Chung Tze Keong (co-founder), Chung Tze Wen (co-founder) and Ng Gaik Lin. Pricing will be announced on 7 July and the shares will be listed on 19 July.CTOS has a dominant position in Malaysia, which is the second-largest CRA market in ASEAN by revenue. The recent acquisition of Basis, a Malaysian CRA, further cements its position in Malaysia. CTOS' market share is supported by the industry’s high barriers to entry, CTOS’s proprietary database ecosystem and a full suite of digital solutions with a focus on new value-added services. CTOS’ acquisition strategy has also enabled it to gain a foothold in merging credit reporting markets outside of Malaysia. For example, the acquisition of a 20% interest in Business Online (BOL TB), the largest credit bureaux in Thailand, provides an entry point into the Thai market.    CTOS is complementing its strong market position by delivering solid revenue growth (on a like-for-like basis), strong customer retention rates, sector leading margin and strong cash generation. Overall, we think that the CTOS story warrants a closer look.  We will discuss valuation in our next note.  

CTOS Digital IPO Initiation: Keeping Tabs

United States

Equifax Inc. brings buyers and sellers together through its information management, transaction processing, direct marketing, and customer relationship management businesses. The company serves the financial services, retail, credit card, telecommunications/utilities, transportation, information technology and healthcare industries and government.

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Equifax Inc (EFX US)

Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!

Equifax Inc. has provided a comprehensive overview of its Q1 2025 financial performance and outlook in its recent earnings, revealing both...

Baptista Research

Credit Bureau Asia: Good Fundamentals Even Better Valuations

CBA is a dominant and entrenched credit and risk information provider in Southeast Asia, with resilient business model and strong financials, now...

Pyari Menon

Equifax Inc.: Recent Technological Advancements

Equifax Inc. presented a detailed discussion during its third quarter 2024 earnings conference, highlighting significant strides and persistent...

Baptista Research

Equifax Inc.: A Tale Of Expanding Cloud Infrastructure & Margin Expansion! - Major Drivers

Equifax Inc. has detailed its Q2 2024 earnings, highlighting substantial progress and strategic advances, particularly within its cloud...

Baptista Research

CTOS Digital IPO Initiation: Keeping Tabs

CTOS is complementing its strong market position by delivering solid growth, strong customer retention rates, sector leading margin and strong cash...

Arun George

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