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>Mastercard Inc. reported a robust performance in its second quarter of 2024, demonstrating significant resilience and adaptability amid a fluctuating economic landscape.</li><li>The company recorded a 13% increase in net revenues and a substantial 24% growth in adjusted net income on a non-GAAP currency-neutral basis.</li><li>These positive outcomes were primarily fueled by healthy consumer spending which continues to draw strength from a solid labor market and wage growth.</li></ul>

Mastercard Inc. reported a robust performance in its second quarter of 2024, demonstrating significant resilience and adaptability amid a fluctuating economic landscape.The company recorded a 13% increase in net revenues and a substantial 24% growth in adjusted net income on a non-GAAP currency-neutral basis.These positive outcomes were primarily fueled by healthy consumer spending which continues to draw strength from a solid labor market and wage growth.

Mastercard Incorporated: A Tale Of Cross-Border Payment Expansion & New FinTech Partnerships! - Major Drivers

<ul><li>Mastercard Inc.'s Q1 2024 earnings showcased the company's firm position in the payments sector, underpinned by robust revenue and adjusted net income growth on a non-GAAP, currency-neutral basis.</li><li>The company's strong results go beyond the uptake in consumer spending, extending to the rapid growth in cross-border volumes.</li><li>There are several factors at play that make Mastercard attractive from an investment standpoint.</li></ul>

Mastercard Inc.'s Q1 2024 earnings showcased the company's firm position in the payments sector, underpinned by robust revenue and adjusted net income growth on a non-GAAP, currency-neutral basis.The company's strong results go beyond the uptake in consumer spending, extending to the rapid growth in cross-border volumes.There are several factors at play that make Mastercard attractive from an investment standpoint.

Mastercard Incorporated:  Cross-Border Travel and Consumer Behaviors Impact! - Major Drivers

Podcast by Magellan Asset Management, Magellan Asset Management

MAGELLAN - IN THE KNOW

Podcast by Magellan Asset Management

Magellan Asset Management

‘In The Know’ is a new monthly investment podcast brought to you by Magellan Asset Management, one of Australia’s leading global equities investors. We seek to bring you timely, unique and thought-provoking insights to help you make sense of today’s investment landscape. From deep dives into the latest macroeconomic and geopolitical issues, to our analysis on sectors and stocks on global markets. Join Magellan, as they connect with a myriad of experts in their field, including CEOs of stocks we hold, global leaders and consultants in finance, investing, risk and politics, and key members of our investment team and business. ‘In The Know’ - a monthly podcast from Magellan is worth investing your time in! Magellan - Experts in global investing.

<ul><li>The electronic financial transactions industry is expanding, with a focus on personalization, the gig economy, and fraud prevention</li><li>Mastercard is well positioned to benefit from the shift away from cash and towards digital payments</li><li>Magellan's portfolio manager Alyssa DeMarco discusses Mastercard's growth and innovation with Devin Core, highlighting the company's evolution over the past decade and its strategic focus on diversification and global expansion</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

The electronic financial transactions industry is expanding, with a focus on personalization, the gig economy, and fraud preventionMastercard is well positioned to benefit from the shift away from cash and towards digital paymentsMagellan's portfolio manager Alyssa DeMarco discusses Mastercard's growth and innovation with Devin Core, highlighting the company's evolution over the past decade and its strategic focus on diversification and global expansionThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul><li>Mastercard Incorporated closed off 2023 with solid earnings and revenue growth in Q4.</li><li>Net revenues were up 11% and operating income increased by 13% compared to the previous year.</li><li>This success was driven by robust consumer spending and the consistent execution of their business strategy.</li></ul>

Mastercard Incorporated closed off 2023 with solid earnings and revenue growth in Q4.Net revenues were up 11% and operating income increased by 13% compared to the previous year.This success was driven by robust consumer spending and the consistent execution of their business strategy.

Mastercard Incorporated: Uptake of Real-Time Payments and Open Banking Solutions - Major Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.


Cuscal IPO - Peer Comparison & Thoughts on Valuation

United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

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Mastercard (MA US)

Mastercard Incorporated: A Tale Of Cross-Border Payment Expansion & New FinTech Partnerships! - Major Drivers

Mastercard Inc. reported a robust performance in its second quarter of 2024, demonstrating significant resilience and adaptability amid a...

Baptista Research

Mastercard Incorporated: Cross-Border Travel and Consumer Behaviors Impact! - Major Drivers

Mastercard Inc.'s Q1 2024 earnings showcased the company's firm position in the payments sector, underpinned by robust revenue and adjusted net...

Baptista Research

Mastering the World of Payments

Magellan's investment in Mastercard has yielded over 20% annual returns for over 14 years, with the company well positioned to benefit from the...

MAGELLAN - IN THE KNOW

Mastercard Incorporated: Uptake of Real-Time Payments and Open Banking Solutions - Major Drivers

Mastercard Incorporated closed off 2023 with solid earnings and revenue growth in Q4. Net revenues were up 11% and operating income increased by...

Baptista Research

Cuscal IPO - Peer Comparison & Thoughts on Valuation

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note we will undertake a peer comparison and share our...

Clarence Chu

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