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>Pinterest's second quarter of 2024 marked further growth in users and revenue, demonstrating continued success in the company’s strategic initiatives.</li><li>Monetary performance was strong with substantial growth, but some challenges were observed that could potentially impact long-term performance.</li><li>Ending the quarter with 522 million global monthly active users, representing a 12% year-over-year growth, Pinterest illustrated active engagement across all geographical regions.</li></ul>

Pinterest's second quarter of 2024 marked further growth in users and revenue, demonstrating continued success in the company’s strategic initiatives.Monetary performance was strong with substantial growth, but some challenges were observed that could potentially impact long-term performance.Ending the quarter with 522 million global monthly active users, representing a 12% year-over-year growth, Pinterest illustrated active engagement across all geographical regions.

Pinterest Inc.: Focus on Lower Funnel Advertising Products & Key Factors Driving Our Bullish Thesis! - Financial Forecasts

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>During the weekend, I asked my twitter followers: What do you think Facebook's DAU to MAU ratio was in 2009?</li><li>The number that got the highest votes was ~80% even though I mentioned the most recent number was ~68%.</li><li>I asked this question a couple of friends in real life too and they too picked the ~80% number.</li></ul>

During the weekend, I asked my twitter followers: What do you think Facebook's DAU to MAU ratio was in 2009?The number that got the highest votes was ~80% even though I mentioned the most recent number was ~68%.I asked this question a couple of friends in real life too and they too picked the ~80% number.

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>How long until SNAP gets back to Zuck's original $3B buyout offer?!</li>
<li>Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.</li>
<li>Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!</li>
</ul>


How long until SNAP gets back to Zuck's original $3B buyout offer?!
Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.
Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!


Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Thematic (Sector/Industry)

<ul>
<li>Apple iPhone 16 pre-orders weak and Questions on Apple Intelligence remain</li>
<li>Big software investor days. Expect AI to feature big on hype, but what to expect from TAM to ARR to products?</li>
<li>Semis: Samsung challenges, Intel relief but pressures remain, TSM momentum, this time with ByteDance </li>
</ul>


Apple iPhone 16 pre-orders weak and Questions on Apple Intelligence remain
Big software investor days. Expect AI to feature big on hype, but what to expect from TAM to ARR to products?
Semis: Samsung challenges, Intel relief but pressures remain, TSM momentum, this time with ByteDance 


TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.


Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

United States

Pinterest, Inc. operates and maintains social networking site. The Company provides online venue for personal photos, ideas, oddities, decorations, places to visit, recipes, and other items. Pinterest serves customers worldwide.

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Pinterest (PINS US)

Pinterest Inc.: Focus on Lower Funnel Advertising Products & Key Factors Driving Our Bullish Thesis! - Financial Forecasts

Pinterest's second quarter of 2024 marked further growth in users and revenue, demonstrating continued success in the company’s strategic...

Baptista Research

Meta's Moat

During the weekend, I asked my twitter followers: What do you think Facebook's DAU to MAU ratio was in 2009? The number that got the highest votes...

MBI Deep Dives

Snap 3Q22: Tik Tik Tik (Tok) …BOOM

3rd 30% drop in a year? Any glimmer of hope? Still growing user base...but US engagement dropped 5% despite user growth +4%...we think its BeReal...

Aaron Gabin

TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...

Neil Campling

Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pinterest Inc.: Focus on Lower Funnel Advertising Products & Key Factors Driving Our Bullish Thesis! - Financial Forecasts

Pinterest's second quarter of 2024 marked further growth in users and revenue, demonstrating continued success in the company’s strategic...

Baptista Research

Meta's Moat

During the weekend, I asked my twitter followers: What do you think Facebook's DAU to MAU ratio was in 2009? The number that got the highest votes...

MBI Deep Dives

Snap 3Q22: Tik Tik Tik (Tok) …BOOM

3rd 30% drop in a year? Any glimmer of hope? Still growing user base...but US engagement dropped 5% despite user growth +4%...we think its BeReal...

Aaron Gabin

TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

​Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...

Neil Campling

Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.

Ethan Aw

Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...