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>Las Vegas Sands Corp.</li><li>reported that Macao delivered $654 million of EBITDA for the quarter, a significant enhancement since the coronavirus pandemic's end.</li><li>According to them, robust growth in both gaming and non-gaming revenues is anticipated, propelled by their substantial share in non rolling table win, rolling table win, and slot ETG win.</li></ul>

Las Vegas Sands Corp.reported that Macao delivered $654 million of EBITDA for the quarter, a significant enhancement since the coronavirus pandemic's end.According to them, robust growth in both gaming and non-gaming revenues is anticipated, propelled by their substantial share in non rolling table win, rolling table win, and slot ETG win.

Las Vegas Sands Corp.: Intense Competition in the Premium Mass Segment & 3 Other Major Challenges In Its Path! - Key Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>This week in StubWorld ...</p>
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<p>Cashed-up <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> is in the market every day as its shares trade around all-time lows on an implied stub and simple ratio basis.</p>
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<p>Preceding my comments on CKH are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...




Cashed-up CK Hutchison Holdings (1 HK) is in the market every day as its shares trade around all-time lows on an implied stub and simple ratio basis.




Preceding my comments on CKH are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

<ul>
<li>Adelson family interests have sold 10% of their LVS equity to acquire a pro basketball franchise. This triggered am 8.5% decline in the stock when it was actually  bullish.</li>
<li>The market has not yet grasped the magnitude of  the Asian  gaming  recovery arc which points to 2024 reaching baseline 2019 arrivals and GRR pace by mid-2024.</li>
<li>LVS has the scale and amenities to outperform peers but this  is  not  yet reflected in its trading  range dead pooled in  the $40s.</li>
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Adelson family interests have sold 10% of their LVS equity to acquire a pro basketball franchise. This triggered am 8.5% decline in the stock when it was actually  bullish.
The market has not yet grasped the magnitude of  the Asian  gaming  recovery arc which points to 2024 reaching baseline 2019 arrivals and GRR pace by mid-2024.
LVS has the scale and amenities to outperform peers but this  is  not  yet reflected in its trading  range dead pooled in  the $40s.


Las Vegas Sands: Our Case for This as a $70 Stock Is Strong but It Lingers in the 40s

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<li>Our long held strong conviction on  LVS has not faltered despite its chronically undervalued.</li>
<li>Monthly gross gaming win trends do not reflect sagging China economy.</li>
<li>Imminent 3Q23  earnings release may well  hold upside surprises. We sense a beat.</li>
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Our long held strong conviction on  LVS has not faltered despite its chronically undervalued.
Monthly gross gaming win trends do not reflect sagging China economy.
Imminent 3Q23  earnings release may well  hold upside surprises. We sense a beat.


Las Vegas Sands: A Clear Cut Buy on the Dip Strategy as Asia Gaming Recovery Gains Strength

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<strong><a href="https://www.smartkarma.com/entities/las-vegas-sands-corp" target="_blank" data-smartkarma-citation="entities:807:1" rel="noopener">Las Vegas Sands (LVS US)</a></strong> is coming up "cheap" on my monitor as Macau's gross gaming revenue touches a new post-Covid high. </li>
<li>Preceding my comments on LVS are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Las Vegas Sands (LVS US) is coming up "cheap" on my monitor as Macau's gross gaming revenue touches a new post-Covid high. 
Preceding my comments on LVS are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: LVS Trading "Cheap" As Macau Recovers

United States

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

Las Vegas Sands (LVS US)

Las Vegas Sands Corp.: Intense Competition in the Premium Mass Segment & 3 Other Major Challenges In Its Path! - Key Drivers

Las Vegas Sands Corp. reported that Macao delivered $654 million of EBITDA for the quarter, a significant enhancement since the coronavirus...

Baptista Research

StubWorld: CK Hutch's Ongoing Buybacks

CKH looks cheap here priced at 6.8x/0.4x forward PE/PBR, together with a 50% discount to NAV. Expect buybacks to continue. Recommend an outright...

David Blennerhassett

Las Vegas Sands: Our Case for This as a $70 Stock Is Strong but It Lingers in the 40s

LVS is vastly undervalued due to outlier sentiment. Basics indicate a PT of $70 which we believer reflects a truer valuation given its recovery...

Howard J Klein

Las Vegas Sands: A Clear Cut Buy on the Dip Strategy as Asia Gaming Recovery Gains Strength

LVS has been chronically undervalued largely due to lingering concerns about Asia gaming recovery. The company is already ramping faster than ...

Howard J Klein

StubWorld: LVS Trading "Cheap" As Macau Recovers

I believe a lot of this "positive" news is baked in. It's not a strong conviction trade, but I'd be looking to gradually set up the stub here and...

David Blennerhassett