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' second quarter fiscal year 2024 results reflect the challenges and opportunities the company faces in a changing marketplace.</li><li>While global comparable store sales declined by 4% year-over-year and the company’s total revenue dipped by 1% to $8.6 billion, a decline in foot traffic in North America and a hefty decline of 11% in China being a few of the contributing factors.</li><li>The company was also affected by severe weather conditions, causing a nearly 3% impact on both US and total company comp during the quarter.</li></ul>

Starbucks' second quarter fiscal year 2024 results reflect the challenges and opportunities the company faces in a changing marketplace.While global comparable store sales declined by 4% year-over-year and the company’s total revenue dipped by 1% to $8.6 billion, a decline in foot traffic in North America and a hefty decline of 11% in China being a few of the contributing factors.The company was also affected by severe weather conditions, causing a nearly 3% impact on both US and total company comp during the quarter.

Starbucks Corporation: A Major Disappointment But These 6 Factors That Can Help Them Recover! - Major Drivers

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Alibaba plans to provide operational services to third-party sales broadcasters.</li>
<li>Xpeng will hire 4,000 employees and raise research budget by 40%.</li>
<li>Tuhu Car expected that its net profit will turn positive in 2023.</li>
</ul>


Alibaba plans to provide operational services to third-party sales broadcasters.
Xpeng will hire 4,000 employees and raise research budget by 40%.
Tuhu Car expected that its net profit will turn positive in 2023.


China Consumption Weekly (26 Feb 2024): Alibaba, Xpeng, HiPhi, Tuhu Car, Luckin

<ul><li>Starbucks Corporation on its First Quarter Fiscal Year 2024 earnings call provided a detailed account of the firm's financial performance and future projections, endorsing its growth strategy despite short-term challenges.</li><li>Positively, the company managed to increase its Q1 total company revenue by 8% year-over-year to a record $9.4 billion.</li><li>Further, the firm's global comparable store sales witnessed a growth of 5% year-over-year, backed by a 5% comp growth in North America and a 10% comp growth in China.</li></ul>

Starbucks Corporation on its First Quarter Fiscal Year 2024 earnings call provided a detailed account of the firm's financial performance and future projections, endorsing its growth strategy despite short-term challenges.Positively, the company managed to increase its Q1 total company revenue by 8% year-over-year to a record $9.4 billion.Further, the firm's global comparable store sales witnessed a growth of 5% year-over-year, backed by a 5% comp growth in North America and a 10% comp growth in China.

Starbucks Corporation: Substantial Growth Through New Store Openings & Innovation!  - Major Drivers

Fundamental Principles of the Stock Market, From 0 to 1 in the Stock Market

From 0 to 1 in the Stock Market

Fundamental Principles of the Stock Market

Fundamental principles of the stock market, earnings reviews and research. My name is Giuliano Mana, I’m 23 years old. I have a B.A Degree in Finance and I’m a Master’s candidate at Brandeis IBS. I’ve been thoroughly going over huge amounts of reading material regarding the stock market and hope to transmit some insights here.

<ul>
<li>The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.</li>
<li>Refining thoughts and the mental mechanism I utilize to approach portfolio management should lead to success, or at least that is my hypothesis.</li>
<li>Continuous learning allows for building more solid premises. Given time, compound interest sharpens them to the point where chances of error are minimum.</li>
</ul>


The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.
Refining thoughts and the mental mechanism I utilize to approach portfolio management should lead to success, or at least that is my hypothesis.
Continuous learning allows for building more solid premises. Given time, compound interest sharpens them to the point where chances of error are minimum.


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a>, a world-leading freshly made drinks company, filed for an HKEx IPO to raise US$0.5-1.0 billion. </li>
<li>Mixue is China’s largest and the world’s second-largest freshly made drinks company, in terms of both the number of stores and cups sold in 9M23, according to CIC.</li>
<li>The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation. </li>
</ul>



Mixue Group (MIX HK), a world-leading freshly made drinks company, filed for an HKEx IPO to raise US$0.5-1.0 billion. 
Mixue is China’s largest and the world’s second-largest freshly made drinks company, in terms of both the number of stores and cups sold in 9M23, according to CIC.
The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation. 


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: A Major Disappointment But These 6 Factors That Can Help Them Recover! - Major Drivers

Starbucks' second quarter fiscal year 2024 results reflect the challenges and opportunities the company faces in a changing marketplace. While...

Baptista Research

China Consumption Weekly (26 Feb 2024): Alibaba, Xpeng, HiPhi, Tuhu Car, Luckin

Alibaba plans to provide operational services to third-party sales broadcasters. Xpeng will hire 4,000 employees and raise research budget. Tuhu...

Ming Lu

Starbucks Corporation: Substantial Growth Through New Store Openings & Innovation! - Major Drivers

Starbucks Corporation on its First Quarter Fiscal Year 2024 earnings call provided a detailed account of the firm's financial performance and...

Baptista Research

2023 Shareholder Letter

The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.

From 0 to 1 in the Stock Market

MIXUE Group IPO: The Investment Case

The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation.

Arun George

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