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.

Credit

<ul><li>MGM is one of the major operators of casinos, hotels, entertainment resorts, and sports betting platforms in the world.</li><li>The company’s domestic business has been strong with the Las Vegas Strip reaching new highs for revenues but its recent bottom-line has been negative.</li><li>Cosmopolitan Las Vegas continued to surpass the company's early projections while operating under MGM Resorts' direction and had one of its finest quarters.</li></ul>

MGM is one of the major operators of casinos, hotels, entertainment resorts, and sports betting platforms in the world.The company’s domestic business has been strong with the Las Vegas Strip reaching new highs for revenues but its recent bottom-line has been negative.Cosmopolitan Las Vegas continued to surpass the company's early projections while operating under MGM Resorts' direction and had one of its finest quarters.

MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Bottom-Up

MGM Resorts International / Equity Bottom-Up

<ul><li>This is our first report on MGM, one of the largest owners and operators of casinos, hotels, and entertainment resorts in the world.</li><li>The company reported a mixed quarterly result, surpassing Wall Street expectations in terms of revenues but reporting wider than expected losses.</li><li>Cosmopolitan Las Vegas continued to surpass the company's early projections while operating under MGM Resorts' direction and had one of its finest quarters.</li></ul>

This is our first report on MGM, one of the largest owners and operators of casinos, hotels, and entertainment resorts in the world.The company reported a mixed quarterly result, surpassing Wall Street expectations in terms of revenues but reporting wider than expected losses.Cosmopolitan Las Vegas continued to surpass the company's early projections while operating under MGM Resorts' direction and had one of its finest quarters.

MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>Reportedly Macau authorities are not satisfied with some concessionaire proposals from gaming firms and require them to increase investment into non-gaming facilities under a concession retendering process</li>
<li>Preceding my comments on some of the gaming plays such as <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> and <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Reportedly Macau authorities are not satisfied with some concessionaire proposals from gaming firms and require them to increase investment into non-gaming facilities under a concession retendering process
Preceding my comments on some of the gaming plays such as Melco International Development (200 HK) and Genting Bhd (GENT MK) are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Macau Plays Need To Up Non-Gaming Game

<ul>
<li>Macau gaming companies gained this week as Hong Kong is expected to ease Covid restrictions, with Macau expected to follow suit.</li>
<li>Last week, the six incumbent Macau gaming operators submitted tenders for the gaming concessions, together with last-minute interloper, the Genting Group.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> has borrowed heavily and also leads other Macau gaming plays in dividends paid out to shareholders. This may not be lost on Macau officials. </li>
</ul>


Macau gaming companies gained this week as Hong Kong is expected to ease Covid restrictions, with Macau expected to follow suit.
Last week, the six incumbent Macau gaming operators submitted tenders for the gaming concessions, together with last-minute interloper, the Genting Group.

Sands China (1928 HK) has borrowed heavily and also leads other Macau gaming plays in dividends paid out to shareholders. This may not be lost on Macau officials. 


Sands China (1928 HK): Positives And Negatives

<ul>
<li>In a surprise move, <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> - or <a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> - has joined the six incumbents in bidding for new casino licences in Macau.</li>
<li>The bidding process follows Macau's record low monthly gaming revenue in July after casinos were closed for 12 days in response to a Covid outbreak.</li>
<li>Casinos have re-opened, yet there is little to cheer about as business remains muted. The six winners are expected to be announced by the end of November or early December.</li>
</ul>


In a surprise move, Genting Bhd (GENT MK) - or Genting Malaysia (GENM MK) - has joined the six incumbents in bidding for new casino licences in Macau.
The bidding process follows Macau's record low monthly gaming revenue in July after casinos were closed for 12 days in response to a Covid outbreak.
Casinos have re-opened, yet there is little to cheer about as business remains muted. The six winners are expected to be announced by the end of November or early December.


United States

MGM Resorts International operates gaming, hospitality and entertainment resorts.  The Company owns properties in Nevada, Mississippi and Michigan in the United States; and owns interests in properties in Nevada and Illinois in the United States, and Macau. MGM Resorts also offers hospitality management services for casino and non-casino properties around the world.

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MGM Resorts International (MGM US)

MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report

MGM is one of the major operators of casinos, hotels, entertainment resorts, and sports betting platforms in the world. The company’s domestic...

Baptista Research

MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on MGM, one of the largest owners and operators of casinos, hotels, and entertainment resorts in the world. The company...

Baptista Research

StubWorld: Macau Plays Need To Up Non-Gaming Game

Reportedly Macau authorities are not satisfied with some concessionaire proposals and now require them to increase investment into non-gambling...

David Blennerhassett

Sands China (1928 HK): Positives And Negatives

Sands China appears fairly valued here. If I had to bet on one incumbent whose license could be lost, Sand China stands out. For that, I would...

David Blennerhassett

Genting Fancies A Flutter In Macau

Macau's China-like, zero-Covid policy affords limited visibility. In contrast, Singapore reported its highest gaming revenue quarter - April-June -...

David Blennerhassett

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