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

Intercontinental Exchange / Equity Bottom-Up

<ul><li>Intercontinental Exchange managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>Their interest rate markets also saw volume rise in the first quarter due to increased hedging activity from central bank activities and banking concerns.</li><li>Intercontinental Exchange also had significant volumes in its SONIA contract, up 12% from the previous year.</li></ul>

Intercontinental Exchange managed to exceed analyst expectations in terms of revenue as well as earnings.Their interest rate markets also saw volume rise in the first quarter due to increased hedging activity from central bank activities and banking concerns.Intercontinental Exchange also had significant volumes in its SONIA contract, up 12% from the previous year.

Intercontinental Exchange Inc.: Noteworthy Success Of The Multi-Currency

Credit

<ul><li>Intercontinental Exchange (ICE) is one of the largest providers of provider of market infrastructure, data services and technology solutions in the world.</li><li>In ICE’s equity derivatives complex, the ADV in its MSCI complex has been rising as the volatility levels in the market have grown.</li><li>Recurring revenues of the company have been increasing, driven by robust demand for the company’s energy exchange data rendering strong future foreseeability.</li></ul>

Intercontinental Exchange (ICE) is one of the largest providers of provider of market infrastructure, data services and technology solutions in the world.In ICE’s equity derivatives complex, the ADV in its MSCI complex has been rising as the volatility levels in the market have grown.Recurring revenues of the company have been increasing, driven by robust demand for the company’s energy exchange data rendering strong future foreseeability.

Intercontinental Exchange (ICE): Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on the Intercontinental Exchange (ICE), one of the largest providers of provider of market infrastructure, data services and technology solutions in the world.</li><li>In ICE’s equity derivatives complex, the ADV in its MSCI complex was up as the volatility levels continued rising.</li><li>Recurring revenues increased, driven by robust demand for the company’s energy exchange data as well as the continued benefit from its record 2021 listings performance.</li></ul>

This is our first report on the Intercontinental Exchange (ICE), one of the largest providers of provider of market infrastructure, data services and technology solutions in the world.In ICE’s equity derivatives complex, the ADV in its MSCI complex was up as the volatility levels continued rising.Recurring revenues increased, driven by robust demand for the company’s energy exchange data as well as the continued benefit from its record 2021 listings performance.

Intercontinental Exchange (ICE): Initiation of Coverage – APAC Expansion & Other Drivers

China and US Equity Analyst

Roger Xie

Hong Kong Exchanges and Clearing / Equity Bottom-Up

Hong Kong Exchanges and Clearing (388 HK)

<ul>
<li>LME Nickel future trading will be resumed on March 16 after its epic price surge before halting; the focus will be on safe reopen as more restrictions will be applied</li>
<li>The trading suspension benefits Chinese billionaire behind Nickel short position, who has secured bank lending in past few days. The angry parties are mainly hedge fund and financial investors. </li>
<li>We remain bullish on HKEX (388 HK) with the view that China economy will likely rebound in 2022, which will drive the rebound of IPO activities and trading volume. </li>
</ul>


LME Nickel future trading will be resumed on March 16 after its epic price surge before halting; the focus will be on safe reopen as more restrictions will be applied
The trading suspension benefits Chinese billionaire behind Nickel short position, who has secured bank lending in past few days. The angry parties are mainly hedge fund and financial investors. 
We remain bullish on HKEX (388 HK) with the view that China economy will likely rebound in 2022, which will drive the rebound of IPO activities and trading volume. 


HKEx (388.HK): Aftermath of Epic Short Squeeze of Nickel Future

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Among EM banks, our top picks are Sberbank in Russia, Banco do Brasil and HDFC Bank in India; we are negative on recent IPO Nubank due to inflated market expectations</li>
<li>Our top picks for 2022 are BBVA and Banco BPM for Southern Europe banks. In Exchanges, we are positive on B3 of Brazil and SGX</li>
<li>In payments, we like Mastercard and Pagseguro, but we are negative on Paytm; we see BTG Pactual as an attractive pick and winner in the digital wealth managers and brokers</li>
</ul>


Among EM banks, our top picks are Sberbank in Russia, Banco do Brasil and HDFC Bank in India; we are negative on recent IPO Nubank due to inflated market expectations
Our top picks for 2022 are BBVA and Banco BPM for Southern Europe banks. In Exchanges, we are positive on B3 of Brazil and SGX
In payments, we like Mastercard and Pagseguro, but we are negative on Paytm; we see BTG Pactual as an attractive pick and winner in the digital wealth managers and brokers


2022 High Conviction Ideas in FinTech & Financials

United States

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces.  The Company operates electronic energy markets and soft commodity exchanges as well.  ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

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Intercontinental Exchange (ICE US)

Intercontinental Exchange Inc.: Noteworthy Success Of The Multi-Currency

Intercontinental Exchange managed to exceed analyst expectations in terms of revenue as well as earnings. Their interest rate markets also saw...

Baptista Research

Intercontinental Exchange (ICE): Detailed Credit Analysis & Financial Strength Evaluation Report

Intercontinental Exchange (ICE) is one of the largest providers of provider of market infrastructure, data services and technology solutions in...

Baptista Research

Intercontinental Exchange (ICE): Initiation of Coverage – APAC Expansion & Other Drivers

This is our first report on the Intercontinental Exchange (ICE), one of the largest providers of provider of market infrastructure, data services...

Baptista Research

HKEx (388.HK): Aftermath of Epic Short Squeeze of Nickel Future

LME nickel future trading will be resumed trading after epic short squeeze. The trading halt benefits Chinese billionaire behind nickel short...

Roger Xie

2022 High Conviction Ideas in FinTech & Financials

Our 2022 high conviction ideas include buys on Sberbank, Banco do Brasil and HDFC Bank, as well as BBVA, Banco BPM, B3, SGX, Mastercard and...

Victor Galliano

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