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>Moody’s delivered a strong financial result in the last quarter and continues to see a strong demand for its mission-critical insights and products.</li><li>Among new launches, the company recently launched innovative capabilities for helping customers using its tools of credit scoring so they are able to understand and integrate the financial impact of transition and physical risks.</li><li>Moody’s Analytics also announced the launch of an integrated lending solution, CreditLens, particularly designed for supporting the commercial real estate’s unique workflow.</li></ul>

Moody’s delivered a strong financial result in the last quarter and continues to see a strong demand for its mission-critical insights and products.Among new launches, the company recently launched innovative capabilities for helping customers using its tools of credit scoring so they are able to understand and integrate the financial impact of transition and physical risks.Moody’s Analytics also announced the launch of an integrated lending solution, CreditLens, particularly designed for supporting the commercial real estate’s unique workflow.

Equity Capital Markets

<ul><li>Moody's delivered robust financial results in the previous quarter with revenues driven by strong customer demand for their mission-critical products and insights.</li><li>Higher interest rates would imply a slower debt issuance and would impact Moody’s business.</li><li>Given its strong business fundamentals, we give the company an 'Outperform' rating with a revised target price.</li></ul>

Moody's delivered robust financial results in the previous quarter with revenues driven by strong customer demand for their mission-critical products and insights.Higher interest rates would imply a slower debt issuance and would impact Moody’s business.Given its strong business fundamentals, we give the company an 'Outperform' rating with a revised target price.

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>In a recent Insight, <a href="https://www.smartkarma.com/insights/regulating-esg-ratings-in-india-outline-of-sebi-s-proposed-regulatory-framework" target="_blank" data-smartkarma-citation="insights:64468" rel="noopener">Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework</a>, I summarised SEBI's proposed regulatory framework for ESG ratings in India. </li>
<li>This Insight goes a bit further, looking at implications of regulation on stocks of ESG ratings providers (ERPs), especially Credit Rating Agencies (CRAs) and Research Analysts (RAs).</li>
<li>Downside risk are minimal for ERPs, but a few scenarios and stipulations related to conflicts of interest and compensation (how ERPs are paid, and by whom) could have an impact.</li>
</ul>


In a recent Insight, Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework, I summarised SEBI's proposed regulatory framework for ESG ratings in India. 
This Insight goes a bit further, looking at implications of regulation on stocks of ESG ratings providers (ERPs), especially Credit Rating Agencies (CRAs) and Research Analysts (RAs).
Downside risk are minimal for ERPs, but a few scenarios and stipulations related to conflicts of interest and compensation (how ERPs are paid, and by whom) could have an impact.


Credit Rating Agency Stocks Most Impacted by SEBI Regulation of ESG Ratings in India

<ul>
<li>On 25 January, the Securities and Exchange Board of India (SEBI) issued a consultation paper regarding a regulatory framework governing ESG ratings and ratings providers in India.</li>
<li>SEBI's framework aims to standardise ESG ratings, increase transparency, and reduce conflicts of interest to improve the quality and usefulness of ESG ratings and derivative products.</li>
<li>SEBI-Registered Credit Rating Agencies such as <a href="https://www.smartkarma.com/entities/crisil-ltd" target="_blank" data-smartkarma-citation="entities:15699:1" rel="noopener">CRISIL (CRISIL IN)</a> and <a href="https://www.smartkarma.com/entities/icra-ltd" target="_blank" data-smartkarma-citation="entities:12560:1" rel="noopener">ICRA (ICRA IN)</a> are the focus, but other entities and products (e.g., ESG indexes/indexers) are under its purview.</li>
</ul>


On 25 January, the Securities and Exchange Board of India (SEBI) issued a consultation paper regarding a regulatory framework governing ESG ratings and ratings providers in India.
SEBI's framework aims to standardise ESG ratings, increase transparency, and reduce conflicts of interest to improve the quality and usefulness of ESG ratings and derivative products.
SEBI-Registered Credit Rating Agencies such as CRISIL (CRISIL IN) and ICRA (ICRA IN) are the focus, but other entities and products (e.g., ESG indexes/indexers) are under its purview.


Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework

<ul>
<li>On 23 November, the International Organization of Securities Commissions (IOSCO) released a framework aimed at greater oversight and accountability of ESG ratings and data providers.</li>
<li>Generally, this is a positive for ESG investing. Implications for specific stocks, however, are still vague and depend on how regional regulators interpret and implement IOSCO's suggestions.</li>
<li>That said, one of IOSCO's concerns – conflicts of interest – could affect certain ESG ratings and data providers, especially those owned by the "Big Three" credit rating agencies.</li>
</ul>


On 23 November, the International Organization of Securities Commissions (IOSCO) released a framework aimed at greater oversight and accountability of ESG ratings and data providers.
Generally, this is a positive for ESG investing. Implications for specific stocks, however, are still vague and depend on how regional regulators interpret and implement IOSCO's suggestions.
That said, one of IOSCO's concerns – conflicts of interest – could affect certain ESG ratings and data providers, especially those owned by the "Big Three" credit rating agencies.


ESG Ratings and Data Providers Subject to Greater Oversight Under IOSCO Framework

United States

Moody's Corporation is a credit rating, research, and risk analysis firm.  The Company provides credit ratings and related research, data and analytical tools, quantitative credit risk measures, risk scoring software, and credit portfolio management solutions and securities pricing software and valuation models.

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Moody's Corp (MCO US)

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Credit Rating Agency Stocks Most Impacted by SEBI Regulation of ESG Ratings in India

The potential impacts of SEBI's proposed framework for regulating ESG ratings are unclear at this stage, but a few things (related to conflicts of...

Kyle Rudden

Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework

SEBI's framework for regulating ESG ratings in India aims to improve the quality of ESG ratings and related investment products, and to create an...

Kyle Rudden

ESG Ratings and Data Providers Subject to Greater Oversight Under IOSCO Framework

ESG ratings and data are largely unregulated, despite growing relevance to capital markets. That is why IOSCO decided it is time for greater...

Kyle Rudden

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