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>Relx had a decent financial performance in the recent quarter and is being driven by a continued shift in the business mix toward higher-growth analytics and decision tools that provide increased value to their clients across market categories.</li>
<li>The underlying adjusted operating profit increased by 16%.</li>
<li>All four business segments expanded well, with underlying adjusted operating profit growth matching or exceeding underlying sales growth.</li>
</ul>


Relx had a decent financial performance in the recent quarter and is being driven by a continued shift in the business mix toward higher-growth analytics and decision tools that provide increased value to their clients across market categories.
The underlying adjusted operating profit increased by 16%.
All four business segments expanded well, with underlying adjusted operating profit growth matching or exceeding underlying sales growth.


Relx Plc: Diving Deep into Their Growth Strategies! – Key Drivers

<ul>
<li>RELX generated a decent financial performance in its last result and its underlying revenue increased by 9%.</li>
<li>RELX anticipates that underlying revenue growth will continue to exceed historical patterns, with adjusted operating profit growth exceeding underlying sales growth.</li>
<li>All four business segments expanded well, with underlying adjusted operating profit growth exceeding sales growth.</li>
</ul>


RELX generated a decent financial performance in its last result and its underlying revenue increased by 9%.
RELX anticipates that underlying revenue growth will continue to exceed historical patterns, with adjusted operating profit growth exceeding underlying sales growth.
All four business segments expanded well, with underlying adjusted operating profit growth exceeding sales growth.


RELX PLC: What Gives The Company Its Competitive Edge? – Key Drivers

HK/China Equity Long-Short

Osbert Tang, CFA

<p>We view the FY21 (Year end Mar) result of <a href="https://www.smartkarma.com/entities/china-dongxiang-group-co" target="_blank" data-smartkarma-citation="entities:1068:1" rel="noopener">China Dongxiang Group Co (3818 HK)</a> positively, despite a dividend payout ratio which is lower than expected. As we wrote in <a href="https://www.smartkarma.com/insights/china-dongxiang-3818-hk-what-can-we-expect-from-the-final-result" target="_blank" data-smartkarma-citation="insights:53174" rel="noopener">China Dongxiang (3818 HK): What Can We Expect from the Final Result?</a>, its sportswear business in China has recorded good turnaround, with gross profit soared 46.3% YoY and 27.9% HoH. Meanwhile, its investment business also registered an income of Rmb2.1bn for full-year, or Rmb759.7m for 2H21, up 88.7% YoY.</p><p>Going forward, we expect CNDX's strategy to bring about further improvement in its sportswear business in China. It has also disclosed more names of listed equity that it hold both directly and indirectly and they are all of good quality, in our view. The stock is trading on 47% discount to book value which made up of 14% of net cash, 73% of investment portfolio and 13% of other net assets. Frankly, we think such valuation is too depressed and believe there is more upside room even after a 52% rally in share price YTD.</p>

We view the FY21 (Year end Mar) result of China Dongxiang Group Co (3818 HK) positively, despite a dividend payout ratio which is lower than expected. As we wrote in China Dongxiang (3818 HK): What Can We Expect from the Final Result?, its sportswear business in China has recorded good turnaround, with gross profit soared 46.3% YoY and 27.9% HoH. Meanwhile, its investment business also registered an income of Rmb2.1bn for full-year, or Rmb759.7m for 2H21, up 88.7% YoY.Going forward, we expect CNDX's strategy to bring about further improvement in its sportswear business in China. It has also disclosed more names of listed equity that it hold both directly and indirectly and they are all of good quality, in our view. The stock is trading on 47% discount to book value which made up of 14% of net cash, 73% of investment portfolio and 13% of other net assets. Frankly, we think such valuation is too depressed and believe there is more upside room even after a 52% rally in share price YTD.

China Dongxiang (3818 HK): Lower-Than-Expected Dividends but Still A Marvelous FY21

United Kingdom

RELX is a British multinational information and analytics company that provides data, analytics, and decision tools to professional and business customers globally. Its core business activities span scientific, technical, and medical information; legal information and analytics; risk management solutions; and organizing exhibitions. The company was formed in 1993 from the merger of Reed International and Elsevier, and is headquartered in London, England.

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RELX (RELX US)

Relx Plc: Diving Deep into Their Growth Strategies! – Key Drivers

Relx had a decent financial performance in the recent quarter and is being driven by a continued shift in the business mix toward higher-growth...

Baptista Research

RELX PLC: What Gives The Company Its Competitive Edge? – Key Drivers

RELX generated a decent financial performance in its last result and its underlying revenue increased by 9%. RELX anticipates that underlying...

Baptista Research

China Dongxiang (3818 HK): Lower-Than-Expected Dividends but Still A Marvelous FY21

China Dongxiang has delivered impressive FY21 result with good recovery in sportswear and surge in investment income. At 47% discount to book...

Osbert Tang, CFA

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