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 Capital Markets

<ul><li>Etsy had a strong fourth quarter, capping off a strong 2021 with new highs in GMS, revenue, and profitability.</li><li>During the holiday season, when many retailers were experiencing supply chain congestion, Etsy sellers were able to bring the benefits of shopping small to a larger audience.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Etsy had a strong fourth quarter, capping off a strong 2021 with new highs in GMS, revenue, and profitability.During the holiday season, when many retailers were experiencing supply chain congestion, Etsy sellers were able to bring the benefits of shopping small to a larger audience.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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.

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<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

<ul><li>Etsy’s stock has taken a beating as a result of various factors such as the omicron variant, soaring inflation, and the high possibility of interest rate hikes.</li><li>Moreover, they are investing in a number of areas aimed at inspiring consumers, engaging them early in their buying cycle, and bringing them back to Etsy.</li><li>We are neutral on Etsy and we give the stock a 'Hold' rating.</li></ul>

Etsy’s stock has taken a beating as a result of various factors such as the omicron variant, soaring inflation, and the high possibility of interest rate hikes.Moreover, they are investing in a number of areas aimed at inspiring consumers, engaging them early in their buying cycle, and bringing them back to Etsy.We are neutral on Etsy and we give the stock a 'Hold' rating.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>Mercari was expected to announce at some point that it would attempt to transfer to TSE Prime. They have now announced. </li>
<li>This will end up being a BIG TOPIX inclusion in May or June. </li>
<li>And the changes to the TOPIX Free Float Weight Methodology will mean it is bigger than it would have been under the old regime (despite unchanged FFW).</li>
</ul>


Mercari was expected to announce at some point that it would attempt to transfer to TSE Prime. They have now announced. 
This will end up being a BIG TOPIX inclusion in May or June. 
And the changes to the TOPIX Free Float Weight Methodology will mean it is bigger than it would have been under the old regime (despite unchanged FFW).


Mercari (4385) Applying for TSE Prime Means TOPIX Inclusion in 4-5 Months

<ul><li>This is our first report on Etsy Inc., one of the leading global online marketplaces for handmade and vintage goods.</li><li>Its growth story has been a function of both, a strong organic growth strategy coupled with a series of acquisitions.</li><li>Etsy has expanded its e-commerce ecosystem as well as its product base through acquistions like Elo7, a Brazil-based handmade goods marketplace, and Depop, a second-hand fashion reseller in recent years.</li></ul>

This is our first report on Etsy Inc., one of the leading global online marketplaces for handmade and vintage goods.Its growth story has been a function of both, a strong organic growth strategy coupled with a series of acquisitions.Etsy has expanded its e-commerce ecosystem as well as its product base through acquistions like Elo7, a Brazil-based handmade goods marketplace, and Depop, a second-hand fashion reseller in recent years.

United States

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

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Etsy Inc (ETSY US)

Etsy Inc.: Investment Thesis

Etsy had a strong fourth quarter, capping off a strong 2021 with new highs in GMS, revenue, and profitability. During the holiday season, when...

Baptista Research

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

Etsy Inc. - Investment Thesis

Etsy’s stock has taken a beating as a result of various factors such as the omicron variant, soaring inflation, and the high possibility of...

Baptista Research

Mercari (4385) Applying for TSE Prime Means TOPIX Inclusion in 4-5 Months

Mercari (4385 JP) announced Friday it applied for TSE Prime transfer. I expect a TOPIX inclusion end-May or end-June. The change in FFW method...

Travis Lundy

Etsy Inc. - Investment Thesis

This is our first report on Etsy Inc., one of the leading global online marketplaces for handmade and vintage goods. Its growth story has been a...

Baptista Research

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