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>PepsiCo, once a formidable rival to Coca-Cola in the global soda market, is now facing one of its most challenging periods in decades.</li><li>Its flagship cola brand recently slipped to the No. 3 position in the U.S., behind Coca-Cola and Dr Pepper, highlighting the severity of the erosion in its core beverage business.</li><li>Ram Krishnan, the CEO of PepsiCo Beverages North America, is spearheading a turnaround mission with aggressive in-store visits, a refreshed marketing strategy, and operational restructuring.</li></ul>

PepsiCo, once a formidable rival to Coca-Cola in the global soda market, is now facing one of its most challenging periods in decades.Its flagship cola brand recently slipped to the No. 3 position in the U.S., behind Coca-Cola and Dr Pepper, highlighting the severity of the erosion in its core beverage business.Ram Krishnan, the CEO of PepsiCo Beverages North America, is spearheading a turnaround mission with aggressive in-store visits, a refreshed marketing strategy, and operational restructuring.

PepsiCo’s Great Beverage Meltdown: Is It Too Late for Its Soda Empire?

<ul><li>PepsiCo's latest financial results and future outlook shed light on the company's current operational dynamics and strategic priorities.</li><li>The earnings call emphasized PepsiCo's focus on long-term growth strategies, amplified investments, and a cautious approach to navigating a volatile economic environment.</li><li>Here are the key takeaways from the call: PepsiCo has been keen on reinvigorating its Frito-Lay business amidst a challenging market environment.</li></ul>

PepsiCo's latest financial results and future outlook shed light on the company's current operational dynamics and strategic priorities.The earnings call emphasized PepsiCo's focus on long-term growth strategies, amplified investments, and a cautious approach to navigating a volatile economic environment.Here are the key takeaways from the call: PepsiCo has been keen on reinvigorating its Frito-Lay business amidst a challenging market environment.

PepsiCo Inc.: Capitalizing On Away-From-Home Channels & Meal Solutions To Catalyze Growth!

<ul><li>PepsiCo's results for the third quarter of 2024 reflected the complexities of navigating through evolving consumer habits and geopolitical challenges.</li><li>The company reported a deceleration in growth due to several factors, indicating both challenges and strategic initiatives needed for future growth.</li><li>One of the main highlights is the Frito-Lay segment, which, after experiencing significant double-digit growth over the last few years, is expected to normalize this year.</li></ul>

PepsiCo's results for the third quarter of 2024 reflected the complexities of navigating through evolving consumer habits and geopolitical challenges.The company reported a deceleration in growth due to several factors, indicating both challenges and strategic initiatives needed for future growth.One of the main highlights is the Frito-Lay segment, which, after experiencing significant double-digit growth over the last few years, is expected to normalize this year.

PepsiCo Inc.: Portfolio Diversification & Innovation As A Vital Tool For Growth! - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.</li>
<li>The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.</li>
<li>Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">XLP</a> and <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">XLK</a>.</li>
</ul>


The changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.
The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.
Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the XLP and XLK.


Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We are positive on Orion Corp. Regardless of the overall market movement next year (up or down), we believe Orion Corp could outperform KOSPI in the next 6-12 months.</li>
<li>The company has millions of loyal customers in major overseas countries including China, Russia, and Vietnam. Despite difficult operating conditions, Orion continues to generate stable growth in sales and profits.</li>
<li>Orion Corp's valuations are attractive. Orion Corp is currently trading at 2024E EV/EBITDA of 4.4x (42% lower than average valuation multiple from 2019 to 2023).</li>
</ul>


We are positive on Orion Corp. Regardless of the overall market movement next year (up or down), we believe Orion Corp could outperform KOSPI in the next 6-12 months.
The company has millions of loyal customers in major overseas countries including China, Russia, and Vietnam. Despite difficult operating conditions, Orion continues to generate stable growth in sales and profits.
Orion Corp's valuations are attractive. Orion Corp is currently trading at 2024E EV/EBITDA of 4.4x (42% lower than average valuation multiple from 2019 to 2023).


United States

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufactures or uses contract manufacturers, markets and sells a variety of grain-based snacks, carbonated and non-carbonated beverages and foods in countries throughout the world.

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Pepsico Inc (PEP US)

PepsiCo’s Great Beverage Meltdown: Is It Too Late for Its Soda Empire?

PepsiCo, once a formidable rival to Coca-Cola in the global soda market, is now facing one of its most challenging periods in decades. Its...

Baptista Research

PepsiCo Inc.: Capitalizing On Away-From-Home Channels & Meal Solutions To Catalyze Growth!

PepsiCo's latest financial results and future outlook shed light on the company's current operational dynamics and strategic priorities. The...

Baptista Research

PepsiCo Inc.: Portfolio Diversification & Innovation As A Vital Tool For Growth! - Major Drivers

PepsiCo's results for the third quarter of 2024 reflected the complexities of navigating through evolving consumer habits and geopolitical...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

2024 High Conviction: Orion Corp

We are positive on Orion Corp. Regardless of the overall market movement next year (up or down), we believe Orion Corp could outperform KOSPI in...

Douglas Kim

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