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>Despite a dynamic and challenging economic environment, McDonald's is intent on leveraging its significant competitive strengths to address softening market conditions and consumer behavior changes.</li><li>The context of the current quarterly results is set against a backdrop of increased financial strain on consumers, especially among lower-income households, which has widened across McDonald's major markets, including the U.S., Australia, Canada, and Germany.</li><li>Such economic pressures, compounded by geopolitical tensions like the ongoing conflict in the Middle East, have significantly impacted consumer spending patterns within the quick service restaurant (QSR) sector, leading to a downturn in industry traffic and consequent declines in McDonald's global and segment-wise comparable sales.</li></ul>

Despite a dynamic and challenging economic environment, McDonald's is intent on leveraging its significant competitive strengths to address softening market conditions and consumer behavior changes.The context of the current quarterly results is set against a backdrop of increased financial strain on consumers, especially among lower-income households, which has widened across McDonald's major markets, including the U.S., Australia, Canada, and Germany.Such economic pressures, compounded by geopolitical tensions like the ongoing conflict in the Middle East, have significantly impacted consumer spending patterns within the quick service restaurant (QSR) sector, leading to a downturn in industry traffic and consequent declines in McDonald's global and segment-wise comparable sales.

McDonald's Corporation: Leveraging Digital Transformation and Loyalty Programs To Drive Growth! - Major Drivers

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a> recently acquired Compose Coffee, the second-largest take-out chain in South Korea's competitive value coffee retail segment.</li>
<li>While the acquisition presents growth opportunities for Jollibee, the intense competition and inherent challenges of the value coffee retail segment warrant caution.</li>
<li>With Jollibee's Coffee &amp; Tea business vertical now growing into a meaningful size, we recommend listing it separately to enhance visibility, accountability and unlock shareholder value.</li>
</ul>



Jollibee Foods (JFC PM) recently acquired Compose Coffee, the second-largest take-out chain in South Korea's competitive value coffee retail segment.
While the acquisition presents growth opportunities for Jollibee, the intense competition and inherent challenges of the value coffee retail segment warrant caution.
With Jollibee's Coffee &amp; Tea business vertical now growing into a meaningful size, we recommend listing it separately to enhance visibility, accountability and unlock shareholder value.


Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we look at the company’s prior performance and future prospects.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we look at the company’s prior performance and future prospects.


Guzman Y Gomez IPO - The Positives - Network Growing, Sales Have Outpaced Network Growth

<ul><li>McDonald's Corporation's first quarter results for 2024 revealed positive growth trajectories despite broader consumer pressures across the globe.</li><li>Increased inflation has led to a more scrutinizing consumer behavior in spending, putting considerable strain on the QSR industry.</li><li>Nevertheless, McDonald's underscored its 13th consecutive quarter of positive comparable sales growth with a 30% growth over the past four years, highlighting its robust strategic plan based on consumer insights.</li></ul>

McDonald's Corporation's first quarter results for 2024 revealed positive growth trajectories despite broader consumer pressures across the globe.Increased inflation has led to a more scrutinizing consumer behavior in spending, putting considerable strain on the QSR industry.Nevertheless, McDonald's underscored its 13th consecutive quarter of positive comparable sales growth with a 30% growth over the past four years, highlighting its robust strategic plan based on consumer insights.

McDonald's Corporation: Emphasizing Value to Attractive Various Income Cohorts! - Major Drivers

Podcast hosted by Hedgeye CEO Keith McCullough, Real Conversations

Real Conversations

Podcast hosted by Hedgeye CEO Keith McCullough

Hedgeye is an investment research and financial media company founded in 2008. Our core principles are transparency, accountability and trust. Hedgeye’s Real Conversations series, hosted by CEO Keith McCullough, brings together the brightest minds in the business to cut through the noise and discuss the financial market moves that actually matter.LEGALThe opinions expressed in Hedgeye Real Conversations are those of the individual speaking and not of Hedgeye, and should not be construed as specific investment advice. Hedgeye® is a registered trademark. All Hedegye Real Conversations are the intellectual property of Hedgeye. All rights reserved.

Cross Asset Strategy

<ul><li>Russell was down almost a full percent last week, but consumer staples, MLPS, and shipping performed well</li><li>Domino's reported slightly lower earnings and showed signs of global headwinds, momentum slowing</li><li>China looks like a good long bias opportunity for the second half of 2024, while consumer staples are poorly positioned for reaccelerating inflation</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>

Russell was down almost a full percent last week, but consumer staples, MLPS, and shipping performed wellDomino's reported slightly lower earnings and showed signs of global headwinds, momentum slowingChina looks like a good long bias opportunity for the second half of 2024, while consumer staples are poorly positioned for reaccelerating inflationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

United States

McDonald's Corporation franchises and operates fast-food restaurants in the global restaurant industry. The Company's restaurants serve a variety of value-priced menu products in countries around the world.

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Mcdonald's Corp (MCD US)

McDonald's Corporation: Leveraging Digital Transformation and Loyalty Programs To Drive Growth! - Major Drivers

Despite a dynamic and challenging economic environment, McDonald's is intent on leveraging its significant competitive strengths to address...

Baptista Research

Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

Cautious on Jollibee's acquisition of Compose coffee. Though it presents growth opportunities, the intense competition and inherent challenges of...

Devi Subhakesan

Guzman Y Gomez IPO - The Positives - Network Growing, Sales Have Outpaced Network Growth

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

McDonald's Corporation: Emphasizing Value to Attractive Various Income Cohorts! - Major Drivers

McDonald's Corporation's first quarter results for 2024 revealed positive growth trajectories despite broader consumer pressures across the...

Baptista Research

The Call @ Hedgeye | February 26, 2024

Last week saw a mixed market with Russell down almost 1%, consumer staples and MLPs performing well, Howard's cannabis MSOs showing strength,...

Real Conversations

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