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

Spectrum Brands Holdings, Inc / Equity Bottom-Up

<ul><li>The Spectrum Brands Holdings Q1 2024 Earnings highlighted some key points reflecting both positive and negative aspects of the company's performance.</li><li>To begin with, net sales for the company were down by 3% for the first quarter, in-line with their prior expectations.</li><li>Factors such as a challenging macroeconomic environment, decreased demand in some of their business segments including Home & Personal Care and Global Pet Care, and a cautious approach by home center retailers, all contributed to this decline.</li></ul>

The Spectrum Brands Holdings Q1 2024 Earnings highlighted some key points reflecting both positive and negative aspects of the company's performance.To begin with, net sales for the company were down by 3% for the first quarter, in-line with their prior expectations.Factors such as a challenging macroeconomic environment, decreased demand in some of their business segments including Home & Personal Care and Global Pet Care, and a cautious approach by home center retailers, all contributed to this decline.

Spectrum Brands Holdings: Initiation Of Coverage - These Are The 4 Pivotal Drivers Shaping Their Future Growth! - Financial Forecasts

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

<div><p><a href="https://www.smartkarma.com/entities/cheerwin" target="_blank" data-smartkarma-citation="entities:31314:1" rel="noopener">Cheerwin (6601 HK)</a> is a leading consumer household care company in China that develops and manufactures a variety of household care, personal care and pet care products. Cheerwin will commence trading on Wednesday, 10 March. Cheerwin priced its IPO at HK$9.20 and <a href="https://inews.hket.com/article/2896489/%E3%80%90%E6%96%B0%E8%82%A1IPO%E3%80%91%E6%9C%9D%E9%9B%B2%E9%9B%86%E5%9C%986601%E6%9A%97%E7%9B%A4%E8%B7%8C2%E6%88%90%E3%80%80%E4%B8%80%E6%89%8B%E8%9D%95%E7%B4%841000%E5%85%83?mtc=40001&amp;srkw=IPO%E6%9C%80%E5%BF%AB%E6%9C%80%E9%BD%8A" target="_blank" rel="noopener">opened around -18% lower</a> at HK$7.52 in the grey market. The poor grey market performance is perhaps unsurprisingly in light of the choppy market conditions. </p></div><div><p>In <a href="https://www.smartkarma.com/insights/cheerwin-group-ipo-initiation-the-itch-of-fate" target="_blank" data-smartkarma-citation="insights:48373" rel="noopener">Cheerwin Group IPO Initiation: The Itch of Fate</a>, we opined that Cheerwin has the right ingredients to offer investors a play on another subsegment of China’s household care industry. We concluded that Cheerwin’s fundamentals are attractive. In <a href="https://www.smartkarma.com/insights/cheerwin-group-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:48633" rel="noopener">Cheerwin Group IPO: Valuation Insights</a>, we noted that the IPO price range is resonable.</p></div><div><div><div class="content-highlight"><p>In many ways, the timing of Cheerwin's listing is unfortunate as <a href="https://www.smartkarma.com/entities/blue-moon-group-holdings" target="_blank" data-smartkarma-citation="entities:29179:1" rel="noopener">Blue Moon Group Holdings (6993 HK)</a>'s shares have derated -18% since Cheerwin launched its bookbuild. Updating for the final IPO net raise, our base-case DCF derived price target of HK$10.15 per share. Our DCF sensitivity analysis shows that the IPO price remains reasonable and the grey market factors in conservative market share and margin forecasts. For investors with a longer-term horizon, we think that the grey market price represents good value. </p></div></div></div>

Cheerwin (6601 HK) is a leading consumer household care company in China that develops and manufactures a variety of household care, personal care and pet care products. Cheerwin will commence trading on Wednesday, 10 March. Cheerwin priced its IPO at HK$9.20 and opened around -18% lower at HK$7.52 in the grey market. The poor grey market performance is perhaps unsurprisingly in light of the choppy market conditions. In Cheerwin Group IPO Initiation: The Itch of Fate, we opined that Cheerwin has the right ingredients to offer investors a play on another subsegment of China’s household care industry. We concluded that Cheerwin’s fundamentals are attractive. In Cheerwin Group IPO: Valuation Insights, we noted that the IPO price range is resonable.In many ways, the timing of Cheerwin's listing is unfortunate as Blue Moon Group Holdings (6993 HK)'s shares have derated -18% since Cheerwin launched its bookbuild. Updating for the final IPO net raise, our base-case DCF derived price target of HK$10.15 per share. Our DCF sensitivity analysis shows that the IPO price remains reasonable and the grey market factors in conservative market share and margin forecasts. For investors with a longer-term horizon, we think that the grey market price represents good value. 

<div><p><a href="https://www.smartkarma.com/entities/cheerwin" target="_blank" data-smartkarma-citation="entities:31314:1" rel="noopener">Cheerwin (6601 HK)</a> is a leading consumer household care company in China that develops and manufactures a variety of household care, personal care and pet care products. At the proposed IPO price range of HK$7.80-9.20 per share, Cheerwin will have a market cap of HK$10,400.0-12,266.7 million ($1.3-1.6 billion). At the mid-point of the IPO price range, the net proceeds are HK$2,663.9 million ($343 million). </p></div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/cheerwin-group-ipo-initiation-the-itch-of-fate" target="_blank" data-smartkarma-citation="insights:48373" rel="noopener">Cheerwin Group IPO Initiation: The Itch of Fate</a>, we opined that Cheerwin has the right ingredients to offer investors a play on another subsegment of China’s household care industry. We concluded that Cheerwin’s fundamentals are attractive. Despite the lack of cornerstone support, we would participate in the IPO due to a reasonable IPO price range. Our base-case DCF valuation is HK$10.04 per share. </p></div></div>

Cheerwin (6601 HK) is a leading consumer household care company in China that develops and manufactures a variety of household care, personal care and pet care products. At the proposed IPO price range of HK$7.80-9.20 per share, Cheerwin will have a market cap of HK$10,400.0-12,266.7 million ($1.3-1.6 billion). At the mid-point of the IPO price range, the net proceeds are HK$2,663.9 million ($343 million). In Cheerwin Group IPO Initiation: The Itch of Fate, we opined that Cheerwin has the right ingredients to offer investors a play on another subsegment of China’s household care industry. We concluded that Cheerwin’s fundamentals are attractive. Despite the lack of cornerstone support, we would participate in the IPO due to a reasonable IPO price range. Our base-case DCF valuation is HK$10.04 per share. 

<div><p><a href="https://www.smartkarma.com/entities/cheerwin" target="_blank" data-smartkarma-citation="entities:31314:1" rel="noopener">Cheerwin (CHEER HK)</a> is a leading consumer household care company in China that develops and manufactures a variety of household care, personal care and pet care products. It is pre-marketing for a Hong Kong IPO to raise up to $400 million, according to press reports.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/cheerwin-group-ipo-initiation-the-itch-of-fate" target="_blank" data-smartkarma-citation="insights:48373" rel="noopener">Cheerwin Group IPO Initiation: The Itch of Fate</a>, we opined that Cheerwin has the right ingredients to offer investors a play on another subsegment of China’s household care industry. We concluded that Cheerwin’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Cheerwin's valuation. </p></div></div></div>

Cheerwin (CHEER HK) is a leading consumer household care company in China that develops and manufactures a variety of household care, personal care and pet care products. It is pre-marketing for a Hong Kong IPO to raise up to $400 million, according to press reports.In Cheerwin Group IPO Initiation: The Itch of Fate, we opined that Cheerwin has the right ingredients to offer investors a play on another subsegment of China’s household care industry. We concluded that Cheerwin’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Cheerwin's valuation. 

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

<p>On March 29, Energizer Holdings and Spectrum Brands announced that the Federal Trade Commission allowed expiration of the waiting period under the Hart-Scott-Rodino Antitrust Act regarding Energizer’s acquisition of Spectrum Brands’ battery unit. The swift clearance was a surprise to investors and to the antitrust community, as well as to the attorneys working on the deal, sources shared with CTFN.</p>

On March 29, Energizer Holdings and Spectrum Brands announced that the Federal Trade Commission allowed expiration of the waiting period under the Hart-Scott-Rodino Antitrust Act regarding Energizer’s acquisition of Spectrum Brands’ battery unit. The swift clearance was a surprise to investors and to the antitrust community, as well as to the attorneys working on the deal, sources shared with CTFN.

How a 3-2 Merger Got Done in The Present US Antitrust Environment

United States

Spectrum Brands Holdings, Inc. is a global and diversified consumer products company and a supplier of consumer batteries, residential locksets, residential builders' hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents.

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Spectrum Brands Holdings, Inc (SPB US)

Spectrum Brands Holdings: Initiation Of Coverage - These Are The 4 Pivotal Drivers Shaping Their Future Growth! - Financial Forecasts

The Spectrum Brands Holdings Q1 2024 Earnings highlighted some key points reflecting both positive and negative aspects of the company's...

Baptista Research

Cheerwin Group IPO: Trading Debut

Cheerwin priced its IPO at HK$9.20 and opened around -18% lower at HK$7.52 in the grey market. For investors with a longer-term horizon, we think...

Arun George

Cheerwin Group IPO: Valuation Insights

Cheerwin has launched its HK IPO to raise net proceeds of $343m at the mid-point of the HK$7.80-9.20 price range. The price range is attractive...

Arun George

Cheerwin Group IPO: Valuation First Look

Cheerwin is pre-marketing for an HK IPO to raise up to $400 million, according to press reports. In this note, we present our forecasts and take...

Arun George

How a 3-2 Merger Got Done in The Present US Antitrust Environment

On March 29, Energizer Holdings and Spectrum Brands announced that the Federal Trade Commission allowed expiration of the waiting period under the...

CTFN

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