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

Take Two Interactive Software, Inc / Equity Bottom-Up

<ul><li>Take-Two Interactive Software delivered a mixed set of results for the previous quarter with revenues above the analyst consensus.</li><li>Notable successes were observed in titles like Graft Theft Auto Online, Grand Theft Auto V, and NBA 2K23, surpassing projections.</li><li>The launch of San Andreas Mercenaries for Grand Theft Auto Online brought fresh content, including new missions, vehicles, and fan-requested improvements.</li></ul>

Take-Two Interactive Software delivered a mixed set of results for the previous quarter with revenues above the analyst consensus.Notable successes were observed in titles like Graft Theft Auto Online, Grand Theft Auto V, and NBA 2K23, surpassing projections.The launch of San Andreas Mercenaries for Grand Theft Auto Online brought fresh content, including new missions, vehicles, and fan-requested improvements.

Take-Two Interactive Software: The Games Driving Their Billion-Dollar Bookings! - Major Drivers

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/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/vng-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:112269" rel="noopener">VNG IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and VNG’s underlying cash burn.</li>
</ul>



VNG (VinaGame) (VNG US) is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.
In VNG IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and VNG’s underlying cash burn.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.    </li>
<li>VNG is the number one mobile games publisher in Vietnam. VNG’s Zalo, Zing MP3 and Bao Moi applications are Vietnam’s leading messaging, music streaming and online news applications. </li>
<li>The bull case rests on the core games business’ improving KPIs, return to growth, good revenue visibility, and reducing dependence on critical partners combined with VNG’s improving margin.</li>
</ul>



VNG (VinaGame) (VNG US) is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.    
VNG is the number one mobile games publisher in Vietnam. VNG’s Zalo, Zing MP3 and Bao Moi applications are Vietnam’s leading messaging, music streaming and online news applications. 
The bull case rests on the core games business’ improving KPIs, return to growth, good revenue visibility, and reducing dependence on critical partners combined with VNG’s improving margin.


<ul><li>Take-Two Interactive Software delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.</li><li>Moving forward into fiscal 2024, Take Two expects full-year net bookings from $5.45 billion to $5.55 billion, considering the challenging consumer backdrop.</li><li>We give Take-Two Interactive Software a 'Hold' rating with a revised target price.</li></ul>

Take-Two Interactive Software delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.Moving forward into fiscal 2024, Take Two expects full-year net bookings from $5.45 billion to $5.55 billion, considering the challenging consumer backdrop.We give Take-Two Interactive Software a 'Hold' rating with a revised target price.

Take-Two Interactive Software: Longer Development Timelines A Problem? – Key Drivers

<ul><li>Take-Two had a disappointing result and failed to meet the revenue expectations of Wall Street while delivering wider-than-expected losses.</li><li>The management claims that its post-launch content and new game releases have received significant critical acclaim and on the basis of units sold in the Americas, the company has the highest catalog sales.</li><li>Empires and Puzzles was the top performer and Rollic's Balls'n Ropes secured the top spot for U.S.'s most downloaded games.</li></ul>

Take-Two had a disappointing result and failed to meet the revenue expectations of Wall Street while delivering wider-than-expected losses.The management claims that its post-launch content and new game releases have received significant critical acclaim and on the basis of units sold in the Americas, the company has the highest catalog sales.Empires and Puzzles was the top performer and Rollic's Balls'n Ropes secured the top spot for U.S.'s most downloaded games.

Take-Two Interactive Software Inc.: Major Drivers

United States

Take-Two Interactive Software, Inc. develops, markets, distributes, and publishes interactive entertainment software games and accessories.  The Company's products are for console systems, handheld gaming systems and personal computers (including smartphones and tablets) and are delivered through physical retail, digital download, online and cloud streaming services.

Take Two Interactive Software, Inc (TTWO US)

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Take Two Interactive Software, Inc (TTWO US)

Take-Two Interactive Software: The Games Driving Their Billion-Dollar Bookings! - Major Drivers

Take-Two Interactive Software delivered a mixed set of results for the previous quarter with revenues above the analyst consensus. Notable...

Baptista Research

VNG IPO: The Bear Case

The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and...

Arun George

VNG IPO: The Bull Case

The bull case rests on the core games business’ improving KPIs, return to growth, good revenue visibility, and reducing dependence on critical...

Arun George

Take-Two Interactive Software: Longer Development Timelines A Problem? – Key Drivers

Take-Two Interactive Software delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but...

Baptista Research

Take-Two Interactive Software Inc.: Major Drivers

Take-Two had a disappointing result and failed to meet the revenue expectations of Wall Street while delivering wider-than-expected losses. The...

Baptista Research

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