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>Light & Wonder delivered a mixed second quarter of 2025, demonstrating growth in some areas while facing challenges in others.</li><li>The company achieved earnings growth driven by strong game performance and disciplined investment, although sales were impacted by timing issues and macroeconomic factors.</li><li>Positively, the company's diversification strategy was highlighted by the successful integration of Grover Charitable Gaming, which contributed $21 million in revenue.</li></ul>

Light & Wonder delivered a mixed second quarter of 2025, demonstrating growth in some areas while facing challenges in others.The company achieved earnings growth driven by strong game performance and disciplined investment, although sales were impacted by timing issues and macroeconomic factors.Positively, the company's diversification strategy was highlighted by the successful integration of Grover Charitable Gaming, which contributed $21 million in revenue.

Light & Wonder: Accelerating Growth by Tapping SciPlay’s Untapped Potential!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Investors see value in <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>. Many are concerned TICO and TM will deliberately engage in bad corporate governance to punish minorities if the Offer doesn't go through.</li>
<li>It's doubtful an international tribunal has the clout to overturn <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CKH (1 HK)</a>'s Supreme Court decision. The safe takeaway here is that this entire construct won't be concluded anytime soon.</li>
<li>
<a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a>'s divergence with <a href="https://www.smartkarma.com/entities/melco-crown-entertainme-adr" target="_blank" data-smartkarma-citation="entities:810:1" rel="noopener">Melco Resorts &amp; Entertainment (MLCO US)</a> is a curious thing. Is a statutory merger in the wings?</li>
</ul>


Investors see value in Toyota Industries (6201 JP). Many are concerned TICO and TM will deliberately engage in bad corporate governance to punish minorities if the Offer doesn't go through.
It's doubtful an international tribunal has the clout to overturn CKH (1 HK)'s Supreme Court decision. The safe takeaway here is that this entire construct won't be concluded anytime soon.

Melco International Development (200 HK)'s divergence with Melco Resorts &amp; Entertainment (MLCO US) is a curious thing. Is a statutory merger in the wings?


Last Week In Event SPACE: CKH, Toyota Industries, Melco, Rio/Glencore, Guoco

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. </li>
<li>The largest industry net increase in the past week was A$317mn into "Diversified Meals"; the largest industry net decrease was A$433mn out of "Coal &amp; Consumable Fuels". </li>
<li>Companies mentioned in this (soon-to-be-regular) weekly report include <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp (LYC AU)</a>, <a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a>, <a href="https://www.smartkarma.com/entities/domino-s-pizza-enterprises" target="_blank" data-smartkarma-citation="entities:700:1" rel="noopener">Domino's Pizza Enterprises (DMP AU)</a>, <a href="https://www.smartkarma.com/entities/amcor-limited" target="_blank" data-smartkarma-citation="entities:674:1" rel="noopener">Amcor (AMC AU)</a>, and <a href="https://www.smartkarma.com/entities/boss-energy" target="_blank" data-smartkarma-citation="entities:4823:1" rel="noopener">Boss Energy (BOE AU)</a>.  </li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. 
The largest industry net increase in the past week was A$317mn into "Diversified Meals"; the largest industry net decrease was A$433mn out of "Coal &amp; Consumable Fuels". 
Companies mentioned in this (soon-to-be-regular) weekly report include Lynas Corp (LYC AU), Light &amp; Wonder (LNW US), Domino's Pizza Enterprises (DMP AU), Amcor (AMC AU), and Boss Energy (BOE AU).  


Aussie Shorts (23rd Jan 2026): Lynas, Light & Wonder, Domino's Pizza, Amcor, Boss Energy

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a> will be delisted at the close of tomorrow US time (two trading days left) and shares converted to Australian CDIs.</li>
<li>After studying the matter we have amended our assumptions on how flows work. More net selling than expected in November, irksome uncertainy in December, more buyback flows in the meantime.</li>
<li>The stock was higher on earnings in Australia, skipped a day, then skipped another day, then jumped in the US yesterday. </li>
</ul>



Light &amp; Wonder (LNW US) will be delisted at the close of tomorrow US time (two trading days left) and shares converted to Australian CDIs.
After studying the matter we have amended our assumptions on how flows work. More net selling than expected in November, irksome uncertainy in December, more buyback flows in the meantime.
The stock was higher on earnings in Australia, skipped a day, then skipped another day, then jumped in the US yesterday. 


[Quiddity Index] Light & Wonder (LNW US/AU) US Delisting Event - Updating The Assumptions/Estimates

Mandarin Oriental International / Event-Driven

Mandarin Oriental International (MAND SP)

<ul>
<li>It's fair bet <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Matheson (JM SP)</a> opted for a Scheme for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> to avoid a repeat of the appraisal rights afforded <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic (JS SP)</a>'s dissentient shareholders.</li>
<li>On <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU/LNW US)</a> giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. </li>
<li>Qatar Airways books a loss on its eight-yar investment as <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a> moves to take out its 9.57% stake. </li>
</ul>


It's fair bet Matheson (JM SP) opted for a Scheme for Mandarin Oriental (MAND SP) to avoid a repeat of the appraisal rights afforded Jardine Strategic (JS SP)'s dissentient shareholders.
On Light &amp; Wonder (LNW AU/LNW US) giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. 
Qatar Airways books a loss on its eight-yar investment as Cathay Pacific Airways (293 HK) moves to take out its 9.57% stake. 


Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

United States

Light & Wonder Inc. provides gambling products and services. The Company creates content and products for land-based casino gaming, social, and digital organizations. Light & Wonder serves customers worldwide.

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Light & Wonder (LNW US)

Light & Wonder: Accelerating Growth by Tapping SciPlay’s Untapped Potential!

Light & Wonder delivered a mixed second quarter of 2025, demonstrating growth in some areas while facing challenges in others. The company...

Baptista Research

Last Week In Event SPACE: CKH, Toyota Industries, Melco, Rio/Glencore, Guoco

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Aussie Shorts (23rd Jan 2026): Lynas, Light & Wonder, Domino's Pizza, Amcor, Boss Energy

Companies mentioned in this (soon-to-be-regular) weekly report include Lynas Corp (LYC AU), Light & Wonder (LNW US), Domino's Pizza Enterprises...

David Blennerhassett

[Quiddity Index] Light & Wonder (LNW US/AU) US Delisting Event - Updating The Assumptions/Estimates

The company announced a change in buyback pace which is meaningful. A large holder bought a little more. Index treatment appears to have more US...

Travis Lundy

Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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