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>Fastenal had a disappointing second quarter of 2023 as it failed to meet the revenue expectations of analysts despite a 5.9% increase in daily sales.</li><li>Its overall business activity has moderated since March, culminating in June with a 4.7% daily sales growth.</li><li>We give Fastenal Company a 'Hold' rating with a revised target price.</li></ul>

Fastenal had a disappointing second quarter of 2023 as it failed to meet the revenue expectations of analysts despite a 5.9% increase in daily sales.Its overall business activity has moderated since March, culminating in June with a 4.7% daily sales growth.We give Fastenal Company a 'Hold' rating with a revised target price.

Fastenal Company: 4 Key Contributing Factors To Its Growth – Financial Forecasts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

JINGDONG Industrials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials</a>  is looking to raise about US$1bn in its upcoming HK IPO. </li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



JD Industrials  is looking to raise about US$1bn in its upcoming HK IPO. 
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


JD Industrials Pre-IPO - Initial Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials</a> is looking to raise about US$1bn in its upcoming HK IPO. </li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We undertook a peer comparison in our previous note, in this note we talk about some additional useful information that we found interesting from peer filings.</li>
</ul>



JD Industrials is looking to raise about US$1bn in its upcoming HK IPO. 
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We undertook a peer comparison in our previous note, in this note we talk about some additional useful information that we found interesting from peer filings.


JD Industrials Pre-IPO - Peer Comparison - Some Interesting Nuggets from Peer Filings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (</a>JDI)  is looking to raise about US$1bn in its upcoming HK IPO. </li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>In this note, we will undertake a peer comparison versus domestic and international peers.</li>
</ul>



JD Industrials (JDI)  is looking to raise about US$1bn in its upcoming HK IPO. 
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
In this note, we will undertake a peer comparison versus domestic and international peers.


<ul><li>This is our first report on Fastenal, a major wholesale distributor of industrial and construction supplies.</li><li>The company delivered a strong performance in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.</li><li>We initiate coverage on the stock of Fastenal Company with a 'Hold' rating.</li></ul>

This is our first report on Fastenal, a major wholesale distributor of industrial and construction supplies.The company delivered a strong performance in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.We initiate coverage on the stock of Fastenal Company with a 'Hold' rating.

Fastenal Company: Initiation of Coverage – Financial Forecasts

United States

Fastenal Company sell industrial and construction supplies in a wholesale and retail fashion.  The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and The Netherlands.

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Fastenal Co (FAST US)

Fastenal Company: 4 Key Contributing Factors To Its Growth – Financial Forecasts

Fastenal had a disappointing second quarter of 2023 as it failed to meet the revenue expectations of analysts despite a 5.9% increase in daily...

Baptista Research

JD Industrials Pre-IPO - Initial Thoughts on Valuation

JD Industrials is looking to raise about US$1bn in its upcoming HK IPO. In this note, we talk about our initial thoughts on valuations.

Sumeet Singh

JD Industrials Pre-IPO - Peer Comparison - Some Interesting Nuggets from Peer Filings

JD Industrials is looking to raise about US$1bn in its upcoming HK IPO. In this note we talk about some additional useful information that we...

Sumeet Singh

JD Industrials Pre-IPO - Peer Comparison

JD Industrials (JDI) is looking to raise about US$1bn in its upcoming HK IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Fastenal Company: Initiation of Coverage – Financial Forecasts

This is our first report on Fastenal, a major wholesale distributor of industrial and construction supplies. The company delivered a strong...

Baptista Research

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