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>iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its current business trajectory.</li><li>This analysis aims to distill the substantial information provided during the earnings call and form an even-handed view on iQIYI's performance and future prospects.</li><li>iQIYI remains a significant player in the long-form video sector in China, holding a competitive edge in the drama and film categories.</li></ul>

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its current business trajectory.This analysis aims to distill the substantial information provided during the earnings call and form an even-handed view on iQIYI's performance and future prospects.iQIYI remains a significant player in the long-form video sector in China, holding a competitive edge in the drama and film categories.

iQIYI Inc.: The Mini & Short Dramas Integration & Other Major Drivers

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BABA US/3690 HK:Ele.me Launches Group Ordering Service, Mimicking Meituan's "PinHaoFan".(-)</li>
<li>BABA US:DingTalk adds new features to its 365 Membership (/)</li>
<li>BABA US/JD US/PDD US:Taobao launches advertising rebate campaign for newly joined merchants (+/-/-)</li>
</ul>


BABA US/3690 HK:Ele.me Launches Group Ordering Service, Mimicking Meituan's "PinHaoFan".(-)
BABA US:DingTalk adds new features to its 365 Membership (/)
BABA US/JD US/PDD US:Taobao launches advertising rebate campaign for newly joined merchants (+/-/-)


[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

<ul>
<li>NTES US: &lt;Hearthstone&gt; PC Preload Begins, Official Return on September 25 (+)</li>
<li>700 HK: Tencent's &lt;Peacekeeper Elite&gt; Tops iOS Grossing Chart After Major Gameplay Update.(+)</li>
<li>700 HK: Tencent's FPS Game &lt;Delta Force&gt; Pre-launch Character Creation Event Starts, Launch on September 26 (/)</li>
</ul>


NTES US: &lt;Hearthstone&gt; PC Preload Begins, Official Return on September 25 (+)
700 HK: Tencent's &lt;Peacekeeper Elite&gt; Tops iOS Grossing Chart After Major Gameplay Update.(+)
700 HK: Tencent's FPS Game &lt;Delta Force&gt; Pre-launch Character Creation Event Starts, Launch on September 26 (/)


[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

iQIYI Inc.: Can The Expansion into Overseas Markets Be A Potential Game Changer? - Major Drivers

<ul>
<li>IQiyi reported C2Q24 top line, non-GAAP operating profit and GAAP net income inline, 5.0% and 18% vs. consensus. </li>
<li>The short-term reason is executional, but long-term reason is sustained competition from well-funded rivals and short video platforms. </li>
<li>We keep the stock at BUY and cut TP to US$3.7.</li>
</ul>


IQiyi reported C2Q24 top line, non-GAAP operating profit and GAAP net income inline, 5.0% and 18% vs. consensus. 
The short-term reason is executional, but long-term reason is sustained competition from well-funded rivals and short video platforms. 
We keep the stock at BUY and cut TP to US$3.7.


[iQIYI, Lnc. (IQ US, BUY, TP US$3.7) TP Change]: Take Out Value Is Still the Key Support for IQ

China

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

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iQIYI Inc (IQ US)

iQIYI Inc.: The Mini & Short Dramas Integration & Other Major Drivers

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its...

Baptista Research

[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Blue Lotus Research Institute

iQIYI Inc.: Can The Expansion into Overseas Markets Be A Potential Game Changer? - Major Drivers

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its...

Baptista Research

[iQIYI, Lnc. (IQ US, BUY, TP US$3.7) TP Change]: Take Out Value Is Still the Key Support for IQ

IQiyi's recent financial results met expectations, but long-term concerns remain due to competition from well-funded rivals and short video...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

iQIYI Inc.: The Mini & Short Dramas Integration & Other Major Drivers

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its...

Baptista Research

[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

​Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

​Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Blue Lotus Research Institute

iQIYI Inc.: Can The Expansion into Overseas Markets Be A Potential Game Changer? - Major Drivers

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its...

Baptista Research

[iQIYI, Lnc. (IQ US, BUY, TP US$3.7) TP Change]: Take Out Value Is Still the Key Support for IQ

​IQiyi's recent financial results met expectations, but long-term concerns remain due to competition from well-funded rivals and short video...

Blue Lotus Research Institute

Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

IQiyi's recent financial results met expectations, but long-term concerns remain due to competition from well-funded rivals and short video...