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

Restaurant Brands Internationa / Equity Bottom-Up

<ul><li>Restaurant Brands International Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>Notable performance highlights include an 8.1% growth at Tim Hortons Canada, 7.6% at Burger King International, and 6.6% at Burger King U.S.</li><li>Looking ahead to 2023, RBI anticipates a net restaurant growth of approximately 4%, with a strategic focus on smaller format express units at Tims China, aimed at enhancing brand awareness and penetration.</li></ul>

Restaurant Brands International Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.Notable performance highlights include an 8.1% growth at Tim Hortons Canada, 7.6% at Burger King International, and 6.6% at Burger King U.S.Looking ahead to 2023, RBI anticipates a net restaurant growth of approximately 4%, with a strategic focus on smaller format express units at Tims China, aimed at enhancing brand awareness and penetration.

Restaurant Brands International Inc.: Global Unit Growth and Development Opportunities Catalyzing Growth? - Major Drivers

<ul><li>Restaurant Brands International Inc. delivered an all-around beat in the previous quarter, marked by impressive growth, with year-over-year consolidated system-wide sales increasing significantly.</li><li>Strong comparable sales and net restaurant growth drove this substantial growth.</li><li>Popeyes US achieved substantial growth in similar sales, driven by menu extensions, operational enhancements, and digital sales growth.</li></ul>

Restaurant Brands International Inc. delivered an all-around beat in the previous quarter, marked by impressive growth, with year-over-year consolidated system-wide sales increasing significantly.Strong comparable sales and net restaurant growth drove this substantial growth.Popeyes US achieved substantial growth in similar sales, driven by menu extensions, operational enhancements, and digital sales growth.

Restaurant Brands International: The Recent Digital Surge - A Game-Changer in U.S. Market? - Major Drivers

<ul><li>Restaurant Brands International delivered a solid set of results in the first quarter, with comparable consolidated sales growing 10.3% YoY and net restaurant growth of 4.2% resulting in an all-around beat.</li><li>The home markets performed well, with 15.5% growth at Tim Hortons Canada, 8.7% growth at Burger King U.S., and 12.3% growth in Burger King's international business.</li><li>Even with Burger King's US closures, the company is confident it can accelerate consolidated net restaurant growth in 2023.</li></ul>

Restaurant Brands International delivered a solid set of results in the first quarter, with comparable consolidated sales growing 10.3% YoY and net restaurant growth of 4.2% resulting in an all-around beat.The home markets performed well, with 15.5% growth at Tim Hortons Canada, 8.7% growth at Burger King U.S., and 12.3% growth in Burger King's international business.Even with Burger King's US closures, the company is confident it can accelerate consolidated net restaurant growth in 2023.

Restaurant Brands International: Improving Restaurant-Level Profitability & China Expansion Are A Good Sign – Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we talk about the updates from its refiled PHIP.</li>
</ul>



DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we talk about the updates from its refiled PHIP.


DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

<ul><li>Restaurant Brands International has delivered a mixed set of results in the quarter with revenues well above analyst expectations.</li><li>However, the company missed out on meeting earnings expectations as the profitability was lower for Tim Hortons, Burger King, and Popeyes in the domestic market.</li><li>We give Restaurant Brands International a 'Hold' rating with a revised target price.</li></ul>

Restaurant Brands International has delivered a mixed set of results in the quarter with revenues well above analyst expectations.However, the company missed out on meeting earnings expectations as the profitability was lower for Tim Hortons, Burger King, and Popeyes in the domestic market.We give Restaurant Brands International a 'Hold' rating with a revised target price.

Restaurant Brands International Inc.: Major Drivers

Canada

Restaurant Brands International Inc. operates as a fast food restaurant. The Company offers delicious food restaurant brands products such as coffee, fried chicken, subs, and burgers, as well as provides delivery services. Restaurant Brands International serves customers in Canada and United States.

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Restaurant Brands Internationa (QSR US)

Restaurant Brands International Inc.: Global Unit Growth and Development Opportunities Catalyzing Growth? - Major Drivers

Restaurant Brands International Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. Notable...

Baptista Research

Restaurant Brands International: The Recent Digital Surge - A Game-Changer in U.S. Market? - Major Drivers

Restaurant Brands International Inc. delivered an all-around beat in the previous quarter, marked by impressive growth, with year-over-year...

Baptista Research

Restaurant Brands International: Improving Restaurant-Level Profitability & China Expansion Are A Good Sign – Major Drivers

Restaurant Brands International delivered a solid set of results in the first quarter, with comparable consolidated sales growing 10.3% YoY and...

Baptista Research

DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates...

Sumeet Singh

Restaurant Brands International Inc.: Major Drivers

Restaurant Brands International has delivered a mixed set of results in the quarter with revenues well above analyst expectations. However, the...

Baptista Research

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