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>Groupe SEB's 2024 results reveal both opportunities and challenges for the company.</li>
<li>The group reported strong financial performance, with total revenue reaching €8.266 billion, reflecting a reported growth of 3.2% and robust organic growth of 5%.</li>
<li>The professional segment showed impressive growth with a 27% increase in 2023 and a consolidation at high levels in 2024.</li>
</ul>


Groupe SEB's 2024 results reveal both opportunities and challenges for the company.
The group reported strong financial performance, with total revenue reaching €8.266 billion, reflecting a reported growth of 3.2% and robust organic growth of 5%.
The professional segment showed impressive growth with a 27% increase in 2023 and a consolidation at high levels in 2024.


Groupe SEB - Expansion of Professional Business For A Competitive Edge!

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.

Event-Driven

<ul>
<li>On 27 December 2024, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> disclosed a Cayman scheme privatisation offer from the Yang family at HK$5.60. On 28 January, the antitrust condition was satisfied.   </li>
<li>Despite a light offer, the scheme vote is low-risk. No disinterested shareholder holds a blocking stake, there is a scrip option with no cap, and there is no retail opposition. </li>
<li>The scheme document will be despatched by 11 April. At the last close and for an end-of-May payment, the gross and annualised spread is 6.9% and 22.7%, respectively.  </li>
</ul>


On 27 December 2024, Vesync (2148 HK) disclosed a Cayman scheme privatisation offer from the Yang family at HK$5.60. On 28 January, the antitrust condition was satisfied.   
Despite a light offer, the scheme vote is low-risk. No disinterested shareholder holds a blocking stake, there is a scrip option with no cap, and there is no retail opposition. 
The scheme document will be despatched by 11 April. At the last close and for an end-of-May payment, the gross and annualised spread is 6.9% and 22.7%, respectively.  


Vesync (2148 HK): Antitrust Condition Satisfied, and the Scheme Vote Remains Low-Risk

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> disclosed a Cayman scheme privatisation offer from the Yang family at HK$5.60, a 33.3% premium to the last close price of HK$4.20. The offer is final.   </li>
<li>While the offer is marginally above the IPO price, it is light compared to sell-side price targets, peer multiples and historical trading ranges.</li>
<li>Nevertheless, the scrip option, irrevocables and no disinterested shareholder holding a blocking stake facilitate the scheme vote. The offer could be completed by May. </li>
</ul>



Vesync (2148 HK) disclosed a Cayman scheme privatisation offer from the Yang family at HK$5.60, a 33.3% premium to the last close price of HK$4.20. The offer is final.   
While the offer is marginally above the IPO price, it is light compared to sell-side price targets, peer multiples and historical trading ranges.
Nevertheless, the scrip option, irrevocables and no disinterested shareholder holding a blocking stake facilitate the scheme vote. The offer could be completed by May. 


Vesync (2148 HK): The Yang Family’s Scheme Offer Is Light but Likely Done

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> is in a trading halt “<em>pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.</em>” </li>
<li>The Yang family is likely seeking to privatise Vesync through a Cayman scheme. The shares are trading 24% below the HK$5.52 IPO price.</li>
<li>We use several methods to triangulate the likely offer price, which suggests a price range of HK$5.09-10.30 per share, with an average of HK$6.71, a 59.8% premium to last close.</li>
</ul>



Vesync (2148 HK) is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
The Yang family is likely seeking to privatise Vesync through a Cayman scheme. The shares are trading 24% below the HK$5.52 IPO price.
We use several methods to triangulate the likely offer price, which suggests a price range of HK$5.09-10.30 per share, with an average of HK$6.71, a 59.8% premium to last close.


Vesync (2148 HK): The Yang Family to Launch a Privatisation Offer?

Equity Capital Markets

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> priced its H Share at HK$54.80 to raise HK$31,014 million (US$4.0 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>The H Share listing price implies an AH discount of 21.4% at the A Share price of RMB63.51. This compares to <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>'s AH discount of 13.8%.</li>
<li>Futu grey market data shows that the H Shares closed 5.1% higher at HK$57.60. Our valuation analysis suggests that the H Share listing price is attractive.</li>
</ul>



Midea Group Co Ltd A (000333 CH) priced its H Share at HK$54.80 to raise HK$31,014 million (US$4.0 billion) in gross proceeds. The H Share will be listed tomorrow.
The H Share listing price implies an AH discount of 21.4% at the A Share price of RMB63.51. This compares to Haier Smart Home (6690 HK)'s AH discount of 13.8%.
Futu grey market data shows that the H Shares closed 5.1% higher at HK$57.60. Our valuation analysis suggests that the H Share listing price is attractive.


Midea Group H Share Listing (300 HK): Trading Debut

France

SEB S.A. manufactures small household appliances.  The Company produces cookware, electric cookers, food and beverage preparation equipment, vacuum cleaners, and personal care items. SEB's products are sold globally.

Price Gauge
52-week Range	0.00 - 0.00
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SEB SA (SK FP)

Groupe SEB - Expansion of Professional Business For A Competitive Edge!

The group reported strong financial performance, with total revenue reaching €8.266 billion, reflecting a reported growth of 3.2% and robust...

Baptista Research

Vesync (2148 HK): Antitrust Condition Satisfied, and the Scheme Vote Remains Low-Risk

Despite a light offer, the scheme vote is low-risk. No disinterested shareholder holds a blocking stake, there is a scrip option with no cap, and...

Arun George

Vesync (2148 HK): The Yang Family’s Scheme Offer Is Light but Likely Done

The offer is light. Nevertheless, the scrip option, the irrevocables, and the absence of a disinterested shareholder holding a blocking stake...

Arun George

Vesync (2148 HK): The Yang Family to Launch a Privatisation Offer?

We use several methods to triangulate the likely offer price, which suggests a price range of HK$5.09-10.30 per share, with an average of HK$6.71....

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groupe SEB - Expansion of Professional Business For A Competitive Edge!

The group reported strong financial performance, with total revenue reaching €8.266 billion, reflecting a reported growth of 3.2% and robust...

Baptista Research

Vesync (2148 HK): Antitrust Condition Satisfied, and the Scheme Vote Remains Low-Risk

Despite a light offer, the scheme vote is low-risk. No disinterested shareholder holds a blocking stake, there is a scrip option with no cap, and...

Arun George

Vesync (2148 HK): The Yang Family’s Scheme Offer Is Light but Likely Done

The offer is light. Nevertheless, the scrip option, the irrevocables, and the absence of a disinterested shareholder holding a blocking stake...

Arun George

Vesync (2148 HK): The Yang Family to Launch a Privatisation Offer?

We use several methods to triangulate the likely offer price, which suggests a price range of HK$5.09-10.30 per share, with an average of HK$6.71....

Arun George

Midea Group H Share Listing (300 HK): Trading Debut

The H Share listing and Futu grey market price imply an AH discount of 21.4% and 17.4%, respectively, which is attractive compared to Haier, its...

Arun George