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 Inc. recently concluded its fourth quarter and full year of 2024 with notable growth milestones as outlined in their latest earnings call.</li><li>The platform achieved a record high of 553 million Monthly Active Users (MAUs) globally, marking an 11% increase year-over-year, driven by significant gains across all geographic regions.</li><li>Full-year revenue for 2024 increased by 19%, reaching $3.65 billion, a notable improvement from the 9% growth rate in 2023.</li></ul>

Pinterest Inc. recently concluded its fourth quarter and full year of 2024 with notable growth milestones as outlined in their latest earnings call.The platform achieved a record high of 553 million Monthly Active Users (MAUs) globally, marking an 11% increase year-over-year, driven by significant gains across all geographic regions.Full-year revenue for 2024 increased by 19%, reaching $3.65 billion, a notable improvement from the 9% growth rate in 2023.

Pinterest Inc.: Expanding Advertiser Base & Revenue to Bring A Shift In The Competitive Dynamics!

<ul><li>Pinterest's third quarter of 2024 results demonstrate mixed performance with notable advancements in its strategic initiatives focused on user growth, deeper engagement, and enhanced monetization through a full-funnel advertising strategy.</li><li>The company reported revenues of $898 million, marking an 18% year-over-year increase, attributed largely to improvements in lower-funnel capabilities which are designed to convert user intention into action through enhanced shopping features and more sophisticated ad delivery systems.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Pinterest's third quarter of 2024 results demonstrate mixed performance with notable advancements in its strategic initiatives focused on user growth, deeper engagement, and enhanced monetization through a full-funnel advertising strategy.The company reported revenues of $898 million, marking an 18% year-over-year increase, attributed largely to improvements in lower-funnel capabilities which are designed to convert user intention into action through enhanced shopping features and more sophisticated ad delivery systems.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Pinterest Inc.: Ad Innovation & AI Capabilities Driving Our Optimism! - Major Drivers

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>In the short term, the index is moving in an uptrend, reaching higher highs for nine consecutive days, with the resistance at 1,375 points (aligned with the 2/3 Fibonacci retracement) and 1,394 points (the gap from April 11, 2024).</li><li>We recommend partially taking profit at the resistance and waiting to buy back when the index retreats.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.In the short term, the index is moving in an uptrend, reaching higher highs for nine consecutive days, with the resistance at 1,375 points (aligned with the 2/3 Fibonacci retracement) and 1,394 points (the gap from April 11, 2024).We recommend partially taking profit at the resistance and waiting to buy back when the index retreats.

<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

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.: Expanding Advertiser Base & Revenue to Bring A Shift In The Competitive Dynamics!

Pinterest Inc. recently concluded its fourth quarter and full year of 2024 with notable growth milestones as outlined in their latest earnings...

Baptista Research

Pinterest Inc.: Ad Innovation & AI Capabilities Driving Our Optimism! - Major Drivers

Pinterest's third quarter of 2024 results demonstrate mixed performance with notable advancements in its strategic initiatives focused on user...

Baptista Research

Second Reading of US 2Q24 GDP

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

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

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

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