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>In their First Quarter 2024 Earnings Results Lockheed Martin gave an outline of their strong financial performance and offered an insight into some key initiatives that are currently in progress.</li><li>Their results reflect a robust growth in revenue across the company, and a stable backlog amounting to $159 billion, an indication of the alignment between the firm's advanced technology solutions and the missions and priorities of their customers.</li><li>The highlights of the FY '24 defense budget reflect well on Lockheed Martin with robust funding earmarked for munitions multiyear procurement, ongoing investments into hypersonics and classified activities, and consistent support for long term initiatives such as Black Hawk, CH-53K heavy lift helicopter, the fleet ballistic missile, C-130, and F-35.</li></ul>

In their First Quarter 2024 Earnings Results Lockheed Martin gave an outline of their strong financial performance and offered an insight into some key initiatives that are currently in progress.Their results reflect a robust growth in revenue across the company, and a stable backlog amounting to $159 billion, an indication of the alignment between the firm's advanced technology solutions and the missions and priorities of their customers.The highlights of the FY '24 defense budget reflect well on Lockheed Martin with robust funding earmarked for munitions multiyear procurement, ongoing investments into hypersonics and classified activities, and consistent support for long term initiatives such as Black Hawk, CH-53K heavy lift helicopter, the fleet ballistic missile, C-130, and F-35.

Lockheed Martin Corporation: Will Its Recent Acquisition & Its Investments in Next-gen Interceptor Bear Fruit? - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

OceanaGold Philippines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oceanagold-philippines" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGCP000D PM)</a> is looking to raise up to US$140m in its Philippines IPO.</li>
<li>OceanaGold Philippines (OGPI) is a producer of gold and copper in the Philippines, and a subsidiary of OceanaGold Corporation, a Toronto Stock Exchange (TSX) listed gold mining and exploration company.</li>
<li>In this note, we talk about the company’s historical performance and share our quick thoughts on valuation.</li>
</ul>



OceanaGold Philippines (OGCP000D PM) is looking to raise up to US$140m in its Philippines IPO.
OceanaGold Philippines (OGPI) is a producer of gold and copper in the Philippines, and a subsidiary of OceanaGold Corporation, a Toronto Stock Exchange (TSX) listed gold mining and exploration company.
In this note, we talk about the company’s historical performance and share our quick thoughts on valuation.


OceanaGold Philippines IPO - Small yet Asking for a Lot

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 5 April, Hanwha Aerospace (012450 KS) formally announced that it will spin off its semiconductor equipment and video surveillance units which contributed to about 16% of its revenue. </li>
<li>We are Negative on Hanwha Aerospace mainly due to valuations. Its share price has risen so much in the past year that its valuations are no longer attractive.</li>
<li>Hanwha Aerospace is trading at premium valuation to Lockheed Martin on an EV/EBITDA basis. Despite its recent strong growth, Hanwha Aerospace is no Lockheed Martin. </li>
</ul>


On 5 April, Hanwha Aerospace (012450 KS) formally announced that it will spin off its semiconductor equipment and video surveillance units which contributed to about 16% of its revenue. 
We are Negative on Hanwha Aerospace mainly due to valuations. Its share price has risen so much in the past year that its valuations are no longer attractive.
Hanwha Aerospace is trading at premium valuation to Lockheed Martin on an EV/EBITDA basis. Despite its recent strong growth, Hanwha Aerospace is no Lockheed Martin. 


Hanwha Aerospace: Spin Off of Semiconductor Equipment and Video Surveillance Units

<ul><li>Lockheed Martin Corporation held its fourth quarter and year-end earnings conference call for 2023, outlining its performance, financial results, and future expectations.</li><li>The company emphasized strong performance in 2023, driven by considerable demand for its aircraft, helicopters, satellites, radar systems, and other products and services.</li><li>Lockheed Martin reported a record backlog of $161 billion, with sales for the full year of $67.6 billion, reflecting a 2% year-on year growth.</li></ul>

Lockheed Martin Corporation held its fourth quarter and year-end earnings conference call for 2023, outlining its performance, financial results, and future expectations.The company emphasized strong performance in 2023, driven by considerable demand for its aircraft, helicopters, satellites, radar systems, and other products and services.Lockheed Martin reported a record backlog of $161 billion, with sales for the full year of $67.6 billion, reflecting a 2% year-on year growth.

Lockheed Martin: How Bad Is The Impact of Delays in Government Budget? - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zkh-group" target="_blank" data-smartkarma-citation="entities:36818:1" rel="noopener">ZKH Group (ZKH US)</a> is looking to raise about US$300m in its upcoming US IPO.  </li>
<li>ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.</li>
<li>ZKH Group’s revenue has been primarily driven by its product sales segment during the track record period. However, its GMV growth slowed dramatically and its sales growth doesn’t appear sustainable. </li>
</ul>



ZKH Group (ZKH US) is looking to raise about US$300m in its upcoming US IPO.  
ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.
ZKH Group’s revenue has been primarily driven by its product sales segment during the track record period. However, its GMV growth slowed dramatically and its sales growth doesn’t appear sustainable. 


ZKH Group Pre-IPO - If Only Its Growth Was Sustainable

United States

Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services.  The Company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration.  Lockheed Martin operates worldwide.

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Lockheed Martin (LMT US)

Lockheed Martin Corporation: Will Its Recent Acquisition & Its Investments in Next-gen Interceptor Bear Fruit? - Major Drivers

In their First Quarter 2024 Earnings Results Lockheed Martin gave an outline of their strong financial performance and offered an insight into...

Baptista Research

OceanaGold Philippines IPO - Small yet Asking for a Lot

OceanaGold Philippines (OGCP000D PM) is looking to raise up to US$140m in its Philippines IPO. In this note, we talk about the company’s historical...

Ethan Aw

Hanwha Aerospace: Spin Off of Semiconductor Equipment and Video Surveillance Units

On 5 April, Hanwha Aerospace (012450 KS) formally announced that it will spin off its semiconductor equipment and video surveillance units. We are...

Douglas Kim

Lockheed Martin: How Bad Is The Impact of Delays in Government Budget? - Major Drivers

Lockheed Martin Corporation held its fourth quarter and year-end earnings conference call for 2023, outlining its performance, financial results,...

Baptista Research

ZKH Group Pre-IPO - If Only Its Growth Was Sustainable

ZKH has refiled its prospectus on 27th Nov 23 and downsized the deal from a reported US$300m in Mar 23 to US$100-150m in Nov 23. We have looked at...

Ethan Aw

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