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

Molson Coors Brewing Co B / Equity Bottom-Up

<ul><li>This is our first report on global beverage giant, Molson Coors Beverage Company. has exhibited commendable resilience this quarter, particularly with their premium light brands in the U.S.</li><li>Their brands, Coors Light and Miller Lite, registered double-digit revenue growth, significantly aided by their first Super Bowl campaign in over three decades.</li><li>We initiate coverage on the stock of Molson Coors Beverage Company with a 'Hold' rating.</li></ul>

This is our first report on global beverage giant, Molson Coors Beverage Company. has exhibited commendable resilience this quarter, particularly with their premium light brands in the U.S.Their brands, Coors Light and Miller Lite, registered double-digit revenue growth, significantly aided by their first Super Bowl campaign in over three decades.We initiate coverage on the stock of Molson Coors Beverage Company with a 'Hold' rating.

Molson Coors Beverage Company: Initiation of Coverage – Diversification

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/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador Inc (EMP PM)</a> is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. </li>
<li>Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. </li>
<li>While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. </li>
</ul>



Emperador Inc (EMP PM) is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. 
Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. 
While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. 


Emperador SGX Secondary Listing: Scotch, Not so Neat

Budweiser Brewing  APAC  / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/budweiser-brewing-company-apac-limited" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing Company APAC (1876 HK)</a>/Budweiser APAC will commence trading on Monday, 30 September. Budweiser APAC priced its IPO at HK$27 per share (the low-end of the range) and partially exercised its upsize option. The allotment results showed that both the international and Hong Kong offer Shares were "<em>moderately over-subscribed.</em>"</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-ipo-valuation-falling-on-deaf-ears" target="_blank" rel="noopener">our valuation note</a>, we valued Budweiser APAC on a SoTP basis which resulted in a valuation of HK$24.50 per share. Our DCF analysis supports this valuation while our DCF-based scenario analysis suggests that the IPO price while justifiable, requires strong execution. </p></div>

Budweiser Brewing Company APAC (1876 HK)/Budweiser APAC will commence trading on Monday, 30 September. Budweiser APAC priced its IPO at HK$27 per share (the low-end of the range) and partially exercised its upsize option. The allotment results showed that both the international and Hong Kong offer Shares were "moderately over-subscribed."In our valuation note, we valued Budweiser APAC on a SoTP basis which resulted in a valuation of HK$24.50 per share. Our DCF analysis supports this valuation while our DCF-based scenario analysis suggests that the IPO price while justifiable, requires strong execution. 

Budweiser Brewing Company APAC: Trading Debut, Valuation Scenario Analysis

Budweiser Brewing  APAC  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/budweiser-brewing-company-apac-limited" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing Company APAC (1876 HK)</a>/Budweiser APAC will open its books on Wednesday. Budweiser APAC is looking to sell about 1.26 billion shares, or close to 10% of its enlarged share capital, at an indicative price range of HK$27–30 per share to raise HK$34–$37.8 billion ($4.3–4.8 billion), according to press reports. Budweiser APAC is seeking to sell shares at a valuation of $45.6-50.7 billion.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-ipo-lazarus-redux" target="_blank" rel="noopener">our previous note</a>, we concluded that Budweiser APAC’s fundamentals continue to offer more positives than negatives. In the current highly price-sensitive IPO market, investors want deals at a discount to listed peers to provide a margin of safety. Disappointingly, the proposed valuation range largely fails to take this adequately into consideration.</p></div>

Budweiser Brewing Company APAC (1876 HK)/Budweiser APAC will open its books on Wednesday. Budweiser APAC is looking to sell about 1.26 billion shares, or close to 10% of its enlarged share capital, at an indicative price range of HK$27–30 per share to raise HK$34–$37.8 billion ($4.3–4.8 billion), according to press reports. Budweiser APAC is seeking to sell shares at a valuation of $45.6-50.7 billion.In our previous note, we concluded that Budweiser APAC’s fundamentals continue to offer more positives than negatives. In the current highly price-sensitive IPO market, investors want deals at a discount to listed peers to provide a margin of safety. Disappointingly, the proposed valuation range largely fails to take this adequately into consideration.

Budweiser Brewing Company APAC IPO: Valuation Falling on Deaf Ears

<p><a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing Company APAC (1876 HK)</a> is <a href="https://www.smartkarma.com/entities/anheuser-busch-inbev-sa-nv" target="_blank" data-smartkarma-citation="entities:865:1" rel="noopener">Anheuser Busch Inbev Sa/Nv (ABI BB)</a>’s Asian business and is the largest beer company by retail sales value-based in the Asia Pacific, according to GlobalData. Budweiser APAC is currently in talks with GIC for a cornerstone investment of about $1 billion, according to press reports.</p><div class="content-highlight"><p>Budweiser APAC, excluding the Australian business, is now more of a China story. Undoubtedly, Budweiser APAC is hoping that its pivot to China will help it take advantage of the hefty multiples of its china beer peers. In this note, we examine the relative attractiveness of “new” Budweiser APAC vs its previous incarnation. Overall, our analysis suggests that in comparison to the “old” Budweiser APAC the “new” version offers investors superior growth and returns at the cost of margin and FCF generation.</p></div>

Budweiser Brewing Company APAC (1876 HK) is Anheuser Busch Inbev Sa/Nv (ABI BB)’s Asian business and is the largest beer company by retail sales value-based in the Asia Pacific, according to GlobalData. Budweiser APAC is currently in talks with GIC for a cornerstone investment of about $1 billion, according to press reports.Budweiser APAC, excluding the Australian business, is now more of a China story. Undoubtedly, Budweiser APAC is hoping that its pivot to China will help it take advantage of the hefty multiples of its china beer peers. In this note, we examine the relative attractiveness of “new” Budweiser APAC vs its previous incarnation. Overall, our analysis suggests that in comparison to the “old” Budweiser APAC the “new” version offers investors superior growth and returns at the cost of margin and FCF generation.

Budweiser Brewing Company APAC IPO: A Better Business Without Australia?

United States

Molson Coors Brewing Company operates as a brewing company. The Company brews and produces beer. Molson Coors Brewing serves customers worldwide.

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Molson Coors Brewing Co B (TAP US)

Molson Coors Beverage Company: Initiation of Coverage – Diversification

This is our first report on global beverage giant, Molson Coors Beverage Company. has exhibited commendable resilience this quarter, particularly...

Baptista Research

Emperador SGX Secondary Listing: Scotch, Not so Neat

Emperador is pre-marketing a secondary listing on the SGX IPO by raising US$300-500m. While the fundamentals are solid the valuation looks full in...

Arun George

Budweiser Brewing Company APAC: Trading Debut, Valuation Scenario Analysis

Budweiser Brewing Company APAC (1876 HK)/Budweiser APAC will commence trading on Monday, 30 September. Budweiser APAC priced its IPO at HK$27 per...

Arun George

Budweiser Brewing Company APAC IPO: Valuation Falling on Deaf Ears

Budweiser Brewing Company APAC (1876 HK)/Budweiser APAC will open its books on Wednesday. Budweiser APAC is looking to sell about 1.26 billion...

Arun George

Budweiser Brewing Company APAC IPO: A Better Business Without Australia?

Budweiser Brewing Company APAC (1876 HK) is Anheuser Busch Inbev Sa/Nv (ABI BB)’s Asian business and is the largest beer company by retail sales...

Arun George

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