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.

Credit

<ul><li>SS&C Technologies is a major software solutions provider to the financial and healthcare industries.</li><li>Even while new fund launches and inflows influenced the Alternatives industry, it nevertheless developed well.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

SS&C Technologies is a major software solutions provider to the financial and healthcare industries.Even while new fund launches and inflows influenced the Alternatives industry, it nevertheless developed well.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

SS&C Technologies Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Bottom-Up

<ul><li>This is our first report on SS&C Technologies, a well-known software solutions provider to the financial and healthcare industries.</li><li>Even while new fund launches and inflows influenced the Alternatives industry, it nevertheless developed well.</li><li>We initiate coverage on the stock of SS&C Technologies with a ‘Buy’ rating.</li></ul>

This is our first report on SS&C Technologies, a well-known software solutions provider to the financial and healthcare industries.Even while new fund launches and inflows influenced the Alternatives industry, it nevertheless developed well.We initiate coverage on the stock of SS&C Technologies with a ‘Buy’ rating.

SS&C Technologies Holdings Inc.: Initiation of Coverage – Competitive Positioning

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>Dye &amp; Durham/DND is a persistent bidder and returned with a A$1.27 billion bid for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>’s CM and BCM businesses. The Board will update next week. </li>
<li>The latest offer is attractive but curiously, contradicts DND’s previous comments that the FCA would make it challenging to distribute any part sale proceeds.</li>
<li>Despite the overhang from the FCA fine, DND’s ongoing persistence and the Board’s potential in-specie distribution of the <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> stake highlight the underlying value.</li>
</ul>


Dye &amp; Durham/DND is a persistent bidder and returned with a A$1.27 billion bid for Link Administration (LNK AU)’s CM and BCM businesses. The Board will update next week. 
The latest offer is attractive but curiously, contradicts DND’s previous comments that the FCA would make it challenging to distribute any part sale proceeds.
Despite the overhang from the FCA fine, DND’s ongoing persistence and the Board’s potential in-specie distribution of the PEXA Group (PXA AU) stake highlight the underlying value.


Link’s Ongoing Overtures from DND Underscore Its Value

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

<ul>
<li>Following the termination of the proposed scheme with Dye &amp; Durham, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> is working towards a potential in-specie distribution of <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> owns 42.8% of <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> and intends to distribute at least 80% of its holding following ATO tax roll-over relief.</li>
<li>The increased float will put <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> firmly in the running for <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> membership where passive trackers will need to buy a lot of stock.</li>
</ul>


Following the termination of the proposed scheme with Dye &amp; Durham, Link Administration (LNK AU) is working towards a potential in-specie distribution of PEXA Group (PXA AU) shares.

Link Administration (LNK AU) owns 42.8% of PEXA Group (PXA AU) and intends to distribute at least 80% of its holding following ATO tax roll-over relief.
The increased float will put PEXA Group (PXA AU) firmly in the running for S&amp;P/ASX 200 (AS51 INDEX) membership where passive trackers will need to buy a lot of stock.


Link Admin's In-Specie Distribution of PEXA: Potential ASX200 Inclusion

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Earlier this week, <strong><a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a></strong> rejected Dye &amp; Durham's revised proposal to factor in any redress payments from the UK's FCA in regards to the Woodford Fund.</li>
<li>FCA has now assessed an appropriate penalty of £50mn <em>in addition</em> to the previously announced restitution payment of £306.1mn.</li>
<li>The FCA is all but telegraphing it will default LFSL unless Link steps in. Link says it has made no such commitment. D&amp;D should walk.</li>
</ul>


Earlier this week, Link Administration (LNK AU) rejected Dye &amp; Durham's revised proposal to factor in any redress payments from the UK's FCA in regards to the Woodford Fund.
FCA has now assessed an appropriate penalty of £50mn in addition to the previously announced restitution payment of £306.1mn.
The FCA is all but telegraphing it will default LFSL unless Link steps in. Link says it has made no such commitment. D&amp;D should walk.


But Wait ... Even More Penalties In The Link Admin/D&D Situation

United States

SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers.  The software enables trading and modeling, portfolio management and reporting, accounting, performance measurement, reconciliation, reporting, processing, and clearing.

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SS&C Technologies (SSNC US)

SS&C Technologies Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

SS&C Technologies is a major software solutions provider to the financial and healthcare industries. Even while new fund launches and inflows...

Baptista Research

SS&C Technologies Holdings Inc.: Initiation of Coverage – Competitive Positioning

This is our first report on SS&C Technologies, a well-known software solutions provider to the financial and healthcare industries. Even while...

Baptista Research

Link’s Ongoing Overtures from DND Underscore Its Value

DND’s latest offer and the Board’s perusal of the in-specie distribution of the PEXA stake were the catalysts required to highlight the underlying...

Arun George

Link Admin's In-Specie Distribution of PEXA: Potential ASX200 Inclusion

Link Group is working on getting ATO tax rollover relief for an in-specie distribution of PEXA of at least 80% of its holding. The increased float...

Brian Freitas

But Wait ... Even More Penalties In The Link Admin/D&D Situation

The FCA is playing hardball. Why would D&D take on this ballooning burden and subsume such an overhang? All the negative news appears to be baked...

David Blennerhassett

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