Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

<ul>
<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

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Short covering dominated the week of July 20.</li><li>Korea-linked ETFs saw dramatic SI drops, while biotech and borrow markets told a more bearish story.</li><li>A handful of names bucked the trend - shorts added exposure in clinical-stage biotech and niche fixed income plays.</li></ul>

Short covering dominated the week of July 20.Korea-linked ETFs saw dramatic SI drops, while biotech and borrow markets told a more bearish story.A handful of names bucked the trend - shorts added exposure in clinical-stage biotech and niche fixed income plays.

Korea, Biotech Lead a Mixed Week for Short Sellers

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.

<ul><li>Equifax Inc. reported its financial results for the second quarter of 2026, demonstrating revenue growth, margin expansion, and continued strategic execution, albeit with some challenges notably in its U.S. mortgage segment and international markets.</li><li>Revenue for the quarter reached $1.7 billion, reflecting an 11% increase on a reported basis and a 10% rise in constant currency, slightly surpassing prior guidance.</li><li>Excluding FICO mortgage royalty revenues, which are pass-through with zero margin, revenue increased roughly 7%.</li></ul>

Equifax Inc. reported its financial results for the second quarter of 2026, demonstrating revenue growth, margin expansion, and continued strategic execution, albeit with some challenges notably in its U.S. mortgage segment and international markets.Revenue for the quarter reached $1.7 billion, reflecting an 11% increase on a reported basis and a 10% rise in constant currency, slightly surpassing prior guidance.Excluding FICO mortgage royalty revenues, which are pass-through with zero margin, revenue increased roughly 7%.

Equifax Inc.’s Mortgage Revenue Surged 25% — Can The Momentum Last?

<ul><li>Equifax has moved deeper into Latin America with a definitive agreement to acquire 100% of Círculo de Crédito, Mexico’s fastest-growing credit bureau, for an enterprise value of $750 million.</li><li>The transaction, announced on July 7, 2026, would mark Equifax’s 17th bolt-on acquisition since 2020 and lift its total M&A deployment over that period to nearly $5 billion.</li><li>Círculo de Crédito generated an estimated $134 million in revenue, up 31%, and $62 million in adjusted EBITDA for the twelve months ended June 30, 2026, with mid-40s adjusted EBITDA margins.</li></ul>

Equifax has moved deeper into Latin America with a definitive agreement to acquire 100% of Círculo de Crédito, Mexico’s fastest-growing credit bureau, for an enterprise value of $750 million.The transaction, announced on July 7, 2026, would mark Equifax’s 17th bolt-on acquisition since 2020 and lift its total M&A deployment over that period to nearly $5 billion.Círculo de Crédito generated an estimated $134 million in revenue, up 31%, and $62 million in adjusted EBITDA for the twelve months ended June 30, 2026, with mid-40s adjusted EBITDA margins.

Equifax Takeover Of Círculo Could Reshape Its Data Moat!

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)

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

Korea, Biotech Lead a Mixed Week for Short Sellers

Short covering dominated the week of July 20. Korea-linked ETFs saw dramatic SI drops, while biotech and borrow markets told a more bearish...

ORTEX Market Intel

Equifax Inc.’s Mortgage Revenue Surged 25% — Can The Momentum Last?

Equifax Inc. reported its financial results for the second quarter of 2026, demonstrating revenue growth, margin expansion, and continued...

Baptista Research

Equifax Takeover Of Círculo Could Reshape Its Data Moat!

Equifax has moved deeper into Latin America with a definitive agreement to acquire 100% of Círculo de Crédito, Mexico’s fastest-growing credit...

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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