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

Polestar Automotive Holding UK / Equity Bottom-Up

<ul><li>This is our first report on Polestar.</li><li>The company saw their highest-ever delivery volume for the Q3 2023 period.</li><li>The said period witnessed record deliveries of 13,976 vehicles, representing a growth of 51% compared to the same period in the previous year.</li></ul>

This is our first report on Polestar.The company saw their highest-ever delivery volume for the Q3 2023 period.The said period witnessed record deliveries of 13,976 vehicles, representing a growth of 51% compared to the same period in the previous year.

Polestar Automotive: Initiation Of Coverage - What Are The 3 Biggest Hindrances In Its Path For Profitable Growth? - Major Drivers

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/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, has filed for a US$500 million IPO to list on the NYSE.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:117508" rel="noopener">ZEEKR IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on growth slowdown in the second-largest business, high related-parties dependence, Virdi/CEVT gross margin pressure, ongoing operating losses and FCF burn.</li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
In ZEEKR IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on growth slowdown in the second-largest business, high related-parties dependence, Virdi/CEVT gross margin pressure, ongoing operating losses and FCF burn.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, has filed for a US$500 million IPO to list on the NYSE.</li>
<li>ZEEKR has launched three models - the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.</li>
<li>The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.</li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
ZEEKR has launched three models - the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.
The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>Swedish electric vehicle maker Polestar Automotive Holding UK PLC said Monday it is entering into a strategic agreement to set up a joint venture with Chinese smartphone and consumer electronics company Xingji Meizu Group to build an operating system for Polestar cars sold in China.</li><li>The joint venture will develop Xingji Meizu’s Flyme Auto system into a new operating system that can support in-car apps, streaming services and intelligent vehicle software, Polestar said in a statement.</li><li>Polestar will own 49% of the joint venture, with the remaining 51% controlled by Xingji Meizu. Both Polestar and Xingji Meizu are owned by Zhejiang Geely Holding Group Co. Ltd.</li></ul>

Swedish electric vehicle maker Polestar Automotive Holding UK PLC said Monday it is entering into a strategic agreement to set up a joint venture with Chinese smartphone and consumer electronics company Xingji Meizu Group to build an operating system for Polestar cars sold in China.The joint venture will develop Xingji Meizu’s Flyme Auto system into a new operating system that can support in-car apps, streaming services and intelligent vehicle software, Polestar said in a statement.Polestar will own 49% of the joint venture, with the remaining 51% controlled by Xingji Meizu. Both Polestar and Xingji Meizu are owned by Zhejiang Geely Holding Group Co. Ltd.

Polestar Forms Venture With Xingji Meizu to Build Auto Operating System

Cross Asset Strategy

<ul><li>Alibaba /In Depth: Alibaba has hurdles to overcome before its drastic restructuring pays off</li><li>China-Germany /: Chinese premier and German chancellor agree on supply chain stability</li><li>Collapse /: Inner Mongolia mine collapse claimed 53 lives, official report suggests</li></ul>

Alibaba /In Depth: Alibaba has hurdles to overcome before its drastic restructuring pays offChina-Germany /: Chinese premier and German chancellor agree on supply chain stabilityCollapse /: Inner Mongolia mine collapse claimed 53 lives, official report suggests

CX Daily: Alibaba Has Hurdles to Overcome Before Its Drastic Restructuring Pays Off

Hong Kong

Polestar Automotive Holding UK PLC operates as an electric vehicle manufacturer. The Company focuses on car design and technology. Polestar Automotive Holding UK serves customers worldwide.

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Polestar Automotive Holding UK (PSNY US)

Polestar Automotive: Initiation Of Coverage - What Are The 3 Biggest Hindrances In Its Path For Profitable Growth? - Major Drivers

This is our first report on Polestar. The company saw their highest-ever delivery volume for the Q3 2023 period. The said period witnessed record...

Baptista Research

ZEEKR IPO: The Bear Case

The bear case rests on growth slowdown in the second-largest business, high related-parties dependence, Virdi/CEVT gross margin pressure, ongoing...

Arun George

ZEEKR IPO: The Bull Case

The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash...

Arun George

Polestar Forms Venture With Xingji Meizu to Build Auto Operating System

Swedish electric vehicle maker Polestar Automotive Holding UK PLC said Monday it is entering into a strategic agreement to set up a joint venture...

Caixin Global

CX Daily: Alibaba Has Hurdles to Overcome Before Its Drastic Restructuring Pays Off

Alibaba /In Depth: Alibaba has hurdles to overcome before its drastic restructuring pays off China-Germany /: Chinese premier and German...

Caixin Global

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