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>Starbucks has recently been in the news for its big CEO announcement with Laxman Narasimhan taking over the reins of the company from Howard Schultz.</li><li>In this quarter, Starbucks continued to extend its coffee leadership, bringing and innovating further elements of premiumization and customization to the total coffee category, which includes plat-based, handcrafted, and cold coffee beverages.</li><li>The demand for premium tailored cold coffee all over the world is enormous and this is bound to help the company.</li></ul>

Starbucks has recently been in the news for its big CEO announcement with Laxman Narasimhan taking over the reins of the company from Howard Schultz.In this quarter, Starbucks continued to extend its coffee leadership, bringing and innovating further elements of premiumization and customization to the total coffee category, which includes plat-based, handcrafted, and cold coffee beverages.The demand for premium tailored cold coffee all over the world is enormous and this is bound to help the company.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Microsoft Corporation is the most widely held stock among active US equity investors. Of the 297 active strategies in our analysis, 80.1% own Microsoft at an average weight of 5.10%</li>
<li>There is a growing dispersion between Value and Growth managers in MSFT.  Growth managers are at record levels of ownership, whereas Value managers are running their largest underweight on record.</li>
<li>US Growth managers are relying on Microsoft to deliver an increasing proportion of the Growth within their portfolios. The cost of that growth is coming under scrutiny by Value managers</li>
</ul>


Microsoft Corporation is the most widely held stock among active US equity investors. Of the 297 active strategies in our analysis, 80.1% own Microsoft at an average weight of 5.10%
There is a growing dispersion between Value and Growth managers in MSFT.  Growth managers are at record levels of ownership, whereas Value managers are running their largest underweight on record.
US Growth managers are relying on Microsoft to deliver an increasing proportion of the Growth within their portfolios. The cost of that growth is coming under scrutiny by Value managers


Microsoft: Growth Bulls Versus Value Bears

Credit

<ul><li>Starbucks navigated a harsh business environment in the previous quarter, particularly in the Chinese market but managed to deliver a decent result.</li><li>The company’s global comparable store sales increased 7%, driven by a 4% increase in average ticket and a 3% increase in comparable transactions.</li><li>Despite the impact of China, their International segment grew 4% year over year to a record $1.7 billion in the previous quarter.</li></ul>

Starbucks navigated a harsh business environment in the previous quarter, particularly in the Chinese market but managed to deliver a decent result.The company’s global comparable store sales increased 7%, driven by a 4% increase in average ticket and a 3% increase in comparable transactions.Despite the impact of China, their International segment grew 4% year over year to a record $1.7 billion in the previous quarter.

Starbucks Corporation: International Expansion Strategy & Other Drivers

Independent Research, US Dominant Players, Investment Talk

Investment Talk

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

<ul><li>Starbucks continues to demonstrate a robust recovery in its domestic territory, with International (Ex-China) playing catch up.</li><li>The focal point of Q2 earnings, however, was the temporal deterioration of the China business.</li><li>Plagued so badly by zero-covid policy closures, the contagion from the China arm of the business resulted in <strong>Starbucks withdrawing guidance for the remainder of the year.</strong></li></ul>

Starbucks continues to demonstrate a robust recovery in its domestic territory, with International (Ex-China) playing catch up.The focal point of Q2 earnings, however, was the temporal deterioration of the China business.Plagued so badly by zero-covid policy closures, the contagion from the China arm of the business resulted in Starbucks withdrawing guidance for the remainder of the year.

<ul><li>This morning I had two of my larger holdings, Starbucks and Twitter, become embroiled in headlines. It was announced this morning that Twitter has a new shareholder, Elon Musk</li><li>And Starbucks would be axing their $20B buyback program as Howard Schultz looks to make a stamp on his welcoming party.</li><li>Shares of Twitter were trading as high as +26% in the early pre-market hours this morning, after an SEC filing from Twitter shows that Elon Musk, founder and current CEO of Tesla has acquired a "passive" but sizeable 9.2% ownership stake of Twitter (~73.5M shares).</li></ul>

This morning I had two of my larger holdings, Starbucks and Twitter, become embroiled in headlines. It was announced this morning that Twitter has a new shareholder, Elon MuskAnd Starbucks would be axing their $20B buyback program as Howard Schultz looks to make a stamp on his welcoming party.Shares of Twitter were trading as high as +26% in the early pre-market hours this morning, after an SEC filing from Twitter shows that Elon Musk, founder and current CEO of Tesla has acquired a "passive" but sizeable 9.2% ownership stake of Twitter (~73.5M shares).

Elon Buys 9.2% of Twitter, and Starbucks Suspend $20B Buyback Program

United States

Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

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Starbucks Corp (SBUX US)

Starbucks Corporation: CEO Change

Starbucks has recently been in the news for its big CEO announcement with Laxman Narasimhan taking over the reins of the company from Howard...

Baptista Research

Microsoft: Growth Bulls Versus Value Bears

US Growth managers are relying on Microsoft to deliver an increasing proportion of the Growth within their portfolios. The cost of that growth is...

Steven Holden

Starbucks Corporation: International Expansion Strategy & Other Drivers

Starbucks navigated a harsh business environment in the previous quarter, particularly in the Chinese market but managed to deliver a decent...

Baptista Research

SBUX: "We're Playing the Long Game"

Starbucks continues to demonstrate a robust recovery in its domestic territory, with International (Ex-China) playing catch up.

Investment Talk

Elon Buys 9.2% of Twitter, and Starbucks Suspend $20B Buyback Program

This morning I had two of my larger holdings, Starbucks and Twitter, become embroiled in headlines. It was announced this morning that Twitter has...

Investment Talk

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