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

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 Incorporated reported a strong start to 2026 with first-quarter revenue of $1.649 billion, reflecting a 14% increase year-over-year and exceeding prior guidance by $37 million.</li><li>On an organic, constant currency basis, revenue grew 13%, driven primarily by an impressive 38% increase in U.S. mortgage revenue, which outperformed expectations due to elevated mortgage activity before recent interest rate hikes linked to geopolitical tensions involving Iran.</li><li>Excluding FICO-related revenue, growth was approximately 10%, aligning with the company’s long-term outlook.</li></ul>

Equifax Incorporated reported a strong start to 2026 with first-quarter revenue of $1.649 billion, reflecting a 14% increase year-over-year and exceeding prior guidance by $37 million.On an organic, constant currency basis, revenue grew 13%, driven primarily by an impressive 38% increase in U.S. mortgage revenue, which outperformed expectations due to elevated mortgage activity before recent interest rate hikes linked to geopolitical tensions involving Iran.Excluding FICO-related revenue, growth was approximately 10%, aligning with the company’s long-term outlook.

Equifax: A 38% Mortgage Jump Raises Sustainability Questions?

<ul><li>Equifax Inc. reported solid financial results for the full year 2025 and a strong fourth quarter performance, demonstrating resilience despite headwinds from a weak U.S. mortgage market and a slowing U.S. hiring environment.</li><li>Total revenue for 2025 reached $6.075 billion, reflecting 7% organic growth, which aligns with the company's long-term growth framework of 7% to 10%.</li><li>Earnings per share (EPS) were reported at $7.65, and free cash flow hit $1.13 billion, with a record 120% free cash flow conversion rate, significantly exceeding the company's long-term target of 95%.</li></ul>

Equifax Inc. reported solid financial results for the full year 2025 and a strong fourth quarter performance, demonstrating resilience despite headwinds from a weak U.S. mortgage market and a slowing U.S. hiring environment.Total revenue for 2025 reached $6.075 billion, reflecting 7% organic growth, which aligns with the company's long-term growth framework of 7% to 10%.Earnings per share (EPS) were reported at $7.65, and free cash flow hit $1.13 billion, with a record 120% free cash flow conversion rate, significantly exceeding the company's long-term target of 95%.

Equifax: Walled Gardens, Exclusive Data & VantageScore—What Protects Its Competitive Edge In AI Era?

<ul><li>Equifax Inc.'s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational adjustments.</li><li>The company reported a revenue of $1.54 billion, marking a growth of over 7% in both constant currency and reported dollars.</li><li>This performance surpassed the guidance provided in July by $25 million, primarily courtesy of strong performance in U.S. mortgage, Employment & Income Verification (EWS), and U.S. Information Solutions (USIS) non-mortgage sectors.</li></ul>

Equifax Inc.'s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational adjustments.The company reported a revenue of $1.54 billion, marking a growth of over 7% in both constant currency and reported dollars.This performance surpassed the guidance provided in July by $25 million, primarily courtesy of strong performance in U.S. mortgage, Employment & Income Verification (EWS), and U.S. Information Solutions (USIS) non-mortgage sectors.

Equifax’s Vault Verify Acquisition: Can It Supercharge TWN & Government Growth?

Equifax: An Insight Into Its VantageScore Adoption, Pricing Strategy & Other Major Drivers!

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)

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

Equifax: A 38% Mortgage Jump Raises Sustainability Questions?

Equifax Incorporated reported a strong start to 2026 with first-quarter revenue of $1.649 billion, reflecting a 14% increase year-over-year and...

Baptista Research

Equifax: Walled Gardens, Exclusive Data & VantageScore—What Protects Its Competitive Edge In AI Era?

Equifax Inc. reported solid financial results for the full year 2025 and a strong fourth quarter performance, demonstrating resilience despite...

Baptista Research

Equifax’s Vault Verify Acquisition: Can It Supercharge TWN & Government Growth?

Equifax Inc.'s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational...

Baptista Research

Equifax: An Insight Into Its VantageScore Adoption, Pricing Strategy & Other Major Drivers!

Equifax Inc.'s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational...

Baptista Research

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