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>General Mills delivered a decent result for the previous quarter, surpassing the market expectations with respect to revenues and earnings.</li><li>In the recent scenario, North America is the first priority of General Mills and they are focused on growth in its core market.</li><li>Despite the post-pandemic situation and hurdles, the company has witnessed a decent growth in cash flow and revenue.</li></ul>

General Mills delivered a decent result for the previous quarter, surpassing the market expectations with respect to revenues and earnings.In the recent scenario, North America is the first priority of General Mills and they are focused on growth in its core market.Despite the post-pandemic situation and hurdles, the company has witnessed a decent growth in cash flow and revenue.

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>General Mills continued to outperform the market, in spite of the sharp drop in share price in recent months.</li>
<li>The company now trades closer to fair value, but weakness in the pet food segment was largely unexpected.</li>
<li>The drop in volumes is unsettling, but the company now trading closer to a fair value.</li>
</ul>


General Mills continued to outperform the market, in spite of the sharp drop in share price in recent months.
The company now trades closer to fair value, but weakness in the pet food segment was largely unexpected.
The drop in volumes is unsettling, but the company now trading closer to a fair value.


General Mills: I Am Once Again Bullish And Have 2 Areas Investors Should Watch Closely

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After selling a 35.43% stake in Olam Agri to Saudi Arabia’s Public Investment Fund last month, <strong><a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a></strong> intends to dual list the company in Singapore and Saudi Arabia. </li>
<li>The stake sale implied a US$3.5bn value for the agricultural arm, or ~50% of OGL's current market cap based on its remaining position in Olam Agri. </li>
<li>Olam Agri <em>may</em> raise up to US$1bn via the listing. A separate London listing of OGL's food ingredient business is expected to occur subsequent to Olam Agri's listing.</li>
</ul>


After selling a 35.43% stake in Olam Agri to Saudi Arabia’s Public Investment Fund last month, Olam Group (OLG SP) intends to dual list the company in Singapore and Saudi Arabia. 
The stake sale implied a US$3.5bn value for the agricultural arm, or ~50% of OGL's current market cap based on its remaining position in Olam Agri. 
Olam Agri may raise up to US$1bn via the listing. A separate London listing of OGL's food ingredient business is expected to occur subsequent to Olam Agri's listing.


Petrodollars Fan Olam's Agri Listing In Singapore And Saudi Arabia

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

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>.</li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics</li>
</ul>


I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics


I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

<ul>
<li>General Mills has significantly outperformed the broader equity market and the consumer staples industry as a whole.</li>
<li>The share price seems to be running ahead of fundamentals which reduces expected returns going forward.</li>
<li>The company would also need to dial-up investments in the coming year to secure its strong competitive positioning, according to the company.</li>
</ul>


General Mills has significantly outperformed the broader equity market and the consumer staples industry as a whole.
The share price seems to be running ahead of fundamentals which reduces expected returns going forward.
The company would also need to dial-up investments in the coming year to secure its strong competitive positioning, according to the company.


General Mills: Delivering High Returns During Market Downturns

United States

General Mills, Inc. manufactures and markets branded and packaged consumer foods worldwide. The Company also supplies branded and unbranded food products to the foodservice and commercial baking industries.

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General Mills (GIS US)

General Mills Inc.: Major Drivers

General Mills delivered a decent result for the previous quarter, surpassing the market expectations with respect to revenues and earnings. In the...

Baptista Research

General Mills: I Am Once Again Bullish And Have 2 Areas Investors Should Watch Closely

The company now trades closer to fair value, but weakness in the pet food segment was largely unexpected. The drop in volumes is unsettling, but...

Vladimir Dimitrov, CFA

Petrodollars Fan Olam's Agri Listing In Singapore And Saudi Arabia

Investors may be inclined to hold onto Olam shares for the Olam Agri in-specie and then exit. Or participate directly in the IPO I'd be picking up...

David Blennerhassett

I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).

Sumeet Singh

General Mills: Delivering High Returns During Market Downturns

General Mills has significantly outperformed the broader equity market and the consumer staples industry as a whole.The share price seems to be...

Vladimir Dimitrov, CFA

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