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>Snap Inc.</li><li>achieved significant progress in Q4 2023, driven by its strategic focus on growing its community and enhancing user engagement.</li><li>Monthly active users increased 8% year-over-year, passing the 800 million mark, and daily active users also increased 10% to reach 414 million, which indicates progress towards the company's goal of 1 billion monthly active users.</li></ul>

Snap Inc.achieved significant progress in Q4 2023, driven by its strategic focus on growing its community and enhancing user engagement.Monthly active users increased 8% year-over-year, passing the 800 million mark, and daily active users also increased 10% to reach 414 million, which indicates progress towards the company's goal of 1 billion monthly active users.

Snap Inc: Can Its Optimization Of Machine Learning (ML) Models for Advertising Change The Game? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> announced in-specie dividends of <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> (US$15bn+) in 2021 and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> (US$20bn) in 2022.</li>
<li>With the <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> Board meeting on 15 November to approve Q3 results and considering the payment of a dividend, the pattern could repeat this year.</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> owns stakes of US$1bn+ in 10 listed companies. We take a look at the stocks that could be next in line to be paid as in-specie dividends.</li>
</ul>



Tencent (700 HK) announced in-specie dividends of JD.com (9618 HK) (US$15bn+) in 2021 and Meituan (3690 HK) (US$20bn) in 2022.
With the Tencent (700 HK) Board meeting on 15 November to approve Q3 results and considering the payment of a dividend, the pattern could repeat this year.

Tencent (700 HK) owns stakes of US$1bn+ in 10 listed companies. We take a look at the stocks that could be next in line to be paid as in-specie dividends.


Tencent (700 HK): Board Meets Next Week; In-Specie Dividend Candidates

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 show a limited gain, with the resistance at 1,446/1,456 points and the support at 1,429/1,420 points.</li><li>A favorable short-term investment signal will manifest if the index manages to stand above 1,446 points.</li><li>We recommend stocks expected to benefit from event plays today: KCE, AMATA and WHA.</li></ul>

Technically, the SET Index is expected to show a limited gain, with the resistance at 1,446/1,456 points and the support at 1,429/1,420 points.A favorable short-term investment signal will manifest if the index manages to stand above 1,446 points.We recommend stocks expected to benefit from event plays today: KCE, AMATA and WHA.

<ul><li>Snap-on Incorporated achieved decent growth in both sales and profitability in its most recent result.</li><li>Moreover, Snap-on's success in the Tools Group highlighted its ability to innovate and cater to customer needs effectively.</li><li>Snap-on's customization and profitability, particularly in low-volume production, have been a driving force behind its growth.</li></ul>

Snap-on Incorporated achieved decent growth in both sales and profitability in its most recent result.Moreover, Snap-on's success in the Tools Group highlighted its ability to innovate and cater to customer needs effectively.Snap-on's customization and profitability, particularly in low-volume production, have been a driving force behind its growth.

Snap-on Inc: A Look at Their Strategic INDYCAR & Indianapolis Collaborations - Major Drivers

<ul><li>Snap delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.</li><li>The user base continued to grow steadily, and Snap introduced innovative features like My AI, an AI-powered chatbot, to enhance the user experience.</li><li>Despite temporary disruptions caused by changes in the ad platform, Snap remains optimistic about future growth.</li></ul>

Snap delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.The user base continued to grow steadily, and Snap introduced innovative features like My AI, an AI-powered chatbot, to enhance the user experience.Despite temporary disruptions caused by changes in the ad platform, Snap remains optimistic about future growth.

Snap Inc: The KeyDB Acquisition & Other Drivers

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Snap Inc: Can Its Optimization Of Machine Learning (ML) Models for Advertising Change The Game? - Major Drivers

Snap Inc. achieved significant progress in Q4 2023, driven by its strategic focus on growing its community and enhancing user engagement. Monthly...

Baptista Research

Tencent (700 HK): Board Meets Next Week; In-Specie Dividend Candidates

Tencent could make it a hat-trick of special in-specie dividend distributions. After JD.com and Meituan, Kuaishou could be next. Or it could be...

Brian Freitas

Today's Dominant Ideas

Technically, the SET Index is expected to show a limited gain, with the resistance at 1,446/1,456 points and the support at 1,429/1,420 points. A...

Krungthai XSpring

Snap-on Inc: A Look at Their Strategic INDYCAR & Indianapolis Collaborations - Major Drivers

Snap-on Incorporated achieved decent growth in both sales and profitability in its most recent result. Moreover, Snap-on's success in the Tools...

Baptista Research

Snap Inc: The KeyDB Acquisition & Other Drivers

Snap delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat. The user base...

Baptista Research

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