Independent research on the U.S. markets, Baptista Research

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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

Howard Hughes Holdings  / Equity Bottom-Up

<ul>
<li>Howard Hughes Holdings' third-quarter 2025 results showcased a balanced performance, with both promising advancements and cautious considerations across its different business segments.</li>
<li>On the positive side, Howard Hughes reported a strong quarter in its Master Planned Communities (MPC) segment, achieving a record $205 million in earnings before taxes (EBT), primarily driven by robust land sales in Summerlin.</li>
<li>The sale of 319 acres, including a significant 231-acre bulk sale, although below the company's average price per acre due to the lack of required upfront infrastructure, contributed notably to the quarterly performance.</li>
</ul>


Howard Hughes Holdings' third-quarter 2025 results showcased a balanced performance, with both promising advancements and cautious considerations across its different business segments.
On the positive side, Howard Hughes reported a strong quarter in its Master Planned Communities (MPC) segment, achieving a record $205 million in earnings before taxes (EBT), primarily driven by robust land sales in Summerlin.
The sale of 319 acres, including a significant 231-acre bulk sale, although below the company's average price per acre due to the lack of required upfront infrastructure, contributed notably to the quarterly performance.


Howard Hughes Holdings: An Inside Look at Its Rising Property Values

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Richard Howe

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<ul><li>Just a quick update: I’ll be selling my position in Howard Hughes (HHH) to fund a purchase of Havas (HAVAS).</li><li>Howard Hughes remains an attractive company that isn’t directly impacted by potential tariffs—aside from broader recession-related risks.</li><li>However, with Pershing Square attempting to take the company private, I don’t feel I have a clear edge in the current situation.</li></ul>

Just a quick update: I’ll be selling my position in Howard Hughes (HHH) to fund a purchase of Havas (HAVAS).Howard Hughes remains an attractive company that isn’t directly impacted by potential tariffs—aside from broader recession-related risks.However, with Pershing Square attempting to take the company private, I don’t feel I have a clear edge in the current situation.

<ul><li>I want to use my introduction to provide some comments on Howard Hughes (HHH).</li><li>Bill Ackman’s Pershing Square Capital Management has disclosed a new offer related to Howard Hughes.</li><li>The proposal is that Pershing Square Capital Management purchases 10 million newly issued shares at $90 each, totaling $900 million, which would increase Pershing Square’s stake from 37.6% to 48%.</li></ul>

I want to use my introduction to provide some comments on Howard Hughes (HHH).Bill Ackman’s Pershing Square Capital Management has disclosed a new offer related to Howard Hughes.The proposal is that Pershing Square Capital Management purchases 10 million newly issued shares at $90 each, totaling $900 million, which would increase Pershing Square’s stake from 37.6% to 48%.

Weekly Update (SNDK, LBTYA, MRP, HHH, GTX)

<ul>
<li>
This week, IAC Inc (IAC) provided <a href="https://www.prnewswire.com/news-releases/iac-announces-plan-to-spin-off-angi-reorganizes-leadership-302349721.html" target="_blank" rel="noopener">an update</a> on its Angi Inc (ANGI) spin-off plans.
</li>
<li>
Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.
</li>
<li>
IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 
</li>
</ul>



This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans.


Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.


IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 



<ul>
<li>Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.</li>
<li>Vivendi (VIV), the French media conglomerate, has recently undergone a significant restructuring by spinning off several of its key divisions into independent entities.</li>
<li>On December 30, 2024, Lions Gate Entertainment (LGFA/LGFB) filed its latest proxy related to the spin-off of Lionsgate Studios (LION). <a href="https://www.bamsec.com/filing/119312524287096?cik=929351" target="_blank" rel="noopener">You can read it here</a>.</li>
</ul>


Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.
Vivendi (VIV), the French media conglomerate, has recently undergone a significant restructuring by spinning off several of its key divisions into independent entities.
On December 30, 2024, Lions Gate Entertainment (LGFA/LGFB) filed its latest proxy related to the spin-off of Lionsgate Studios (LION). You can read it here.


United States

Howard Hughes Holdings Inc. operates as a holding company. The Company, through its subsidiaries, owns, manages, and develops commercial, residential, and mixed-use real estates. Howard Hughes Holdings serves customers in the United States.

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Howard Hughes Holdings (HHH US)

Howard Hughes Holdings: An Inside Look at Its Rising Property Values

Howard Hughes Holdings' third-quarter 2025 results showcased a balanced performance, with both promising advancements and cautious considerations...

Baptista Research

[Alert] Sell Howard Hughes (HHH)

Just a quick update: I’ll be selling my position in Howard Hughes (HHH) to fund a purchase of Havas (HAVAS). Howard Hughes remains an attractive...

Richard Howe

Weekly Update (SNDK, LBTYA, MRP, HHH, GTX)

I want to use my introduction to provide some comments on Howard Hughes (HHH). Bill Ackman’s Pershing Square Capital Management has disclosed a new...

Richard Howe

Weekly Update (SNRE, HHH, ANGI, MRP)

This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans. Previously, IAC had suggested that it would spin off ANGI but...

Richard Howe

Weekly Update: January 10, 2025

Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.

Richard Howe

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