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>Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading electric vehicle manufacturer.</li><li>The company, under the leadership of CEO Peter Rawlinson, continues to make significant strides in technology and production capabilities.</li><li>The financial results from the second quarter showed promise with a significant increase in vehicle deliveries, marking a 70.5% year-on-year increase with 2,394 vehicles delivered.</li></ul>

Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading electric vehicle manufacturer.The company, under the leadership of CEO Peter Rawlinson, continues to make significant strides in technology and production capabilities.The financial results from the second quarter showed promise with a significant increase in vehicle deliveries, marking a 70.5% year-on-year increase with 2,394 vehicles delivered.

Lucid Group Inc.: Expansion into Energy Storage Systems But Can It Help Them Break Even Sooner? - Major Drivers

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the dynamics can change rapidly as it restructures Tokopedia. </li>
<li>We also look at <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a> as it delays its US factory launch until 2028 versus 2025 due to slower EV sales and we examine the Grab &amp; Trans-cab situation. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the dynamics can change rapidly as it restructures Tokopedia. 
We also look at Vinfast as it delays its US factory launch until 2028 versus 2025 due to slower EV sales and we examine the Grab &amp; Trans-cab situation. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

<ul><li>Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV) market footprint while managing production efficiency and scaling operations.</li><li>On the bright side, Lucid Group reported better-than-expected production and delivery figures during the quarter, with a 39.9% year-over-year increase in deliveries, totaling 1,967 Lucid Air models.</li><li>This performance marks Lucid's best quarter to date for deliveries, reflecting a robust demand trajectory for its premium EV offerings.</li></ul>

Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV) market footprint while managing production efficiency and scaling operations.On the bright side, Lucid Group reported better-than-expected production and delivery figures during the quarter, with a 39.9% year-over-year increase in deliveries, totaling 1,967 Lucid Air models.This performance marks Lucid's best quarter to date for deliveries, reflecting a robust demand trajectory for its premium EV offerings.

Lucid Group: How Are They Carrying Out The Expansion of Product Lineup and Addressable Market? - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, has launched an IPO to raise up to US$368 million.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:117508" rel="noopener">ZEEKR IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:117721" rel="noopener">ZEEKR IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/zeekr-ipo-latest-updates-as-the-ipo-process-restarts" target="_blank" data-smartkarma-citation="insights:136469" rel="noopener">ZEEKR IPO: Latest Updates as the IPO Process Restarts</a>. </li>
<li>The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. </li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has launched an IPO to raise up to US$368 million.  
We previously discussed the IPO in ZEEKR IPO: The Bull Case, ZEEKR IPO: The Bear Case and ZEEKR IPO: Latest Updates as the IPO Process Restarts. 
The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the not-so-positive aspects of the deal.


Horizon Robotics Pre-IPO - The Negatives - Large Part of the Growth Stems from Its JV

United States

Lucid Group Inc. operates as an automotive company. The Company manufactures luxury electric cars, as well as provides energy storage and original equipment solutions. Lucid Group serves customers in the United States and Canada.

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Lucid Group (LCID US)

Lucid Group Inc.: Expansion into Energy Storage Systems But Can It Help Them Break Even Sooner? - Major Drivers

Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading...

Baptista Research

CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the...

Angus Mackintosh

Lucid Group: How Are They Carrying Out The Expansion of Product Lineup and Addressable Market? - Major Drivers

Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV)...

Baptista Research

ZEEKR (ZK US) IPO: Valuation Insights

The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO.

Arun George

Horizon Robotics Pre-IPO - The Negatives - Large Part of the Growth Stems from Its JV

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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