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>Teck Resources Limited presented their first-quarter 2024 earnings with mixed results and robust strategic endeavors, reflecting a complex but promising operational environment.</li><li>The company successfully completed all major construction at QB including the ship loader and molybdenum plant, marking a significant step in enhancing their production capacity.</li><li>The completion of these facilities aligns with Teck's strategic shift towards expanding its copper production capabilities, a pivotal move given the looming global demand associated with the transition to a low-carbon economy.</li></ul>

Teck Resources Limited presented their first-quarter 2024 earnings with mixed results and robust strategic endeavors, reflecting a complex but promising operational environment.The company successfully completed all major construction at QB including the ship loader and molybdenum plant, marking a significant step in enhancing their production capacity.The completion of these facilities aligns with Teck's strategic shift towards expanding its copper production capabilities, a pivotal move given the looming global demand associated with the transition to a low-carbon economy.

Teck Resources Limited: Its Growth Story Through Advanced Projects and Infrastructure Investments & Other 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>On 4 June, <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> announced plans to raise HK$9.1bn (US$1.2bn) through 2 rights shares for every five existing shares rights offering, with a rights price of HK$2.62.</li>
<li>Since the rights issue announcement, MMG shares have declined by 16.2% to the undisturbed price and by 8.0% compared to the TERP of HK$3.48 per share. </li>
<li>MMG’s trading pattern has diverged from Link REIT/Yuexiu’s rights trading due to the statement on 18 May that the Peruvian mine is not liable for a 30% withholding tax.</li>
</ul>


On 4 June, MMG (1208 HK) announced plans to raise HK$9.1bn (US$1.2bn) through 2 rights shares for every five existing shares rights offering, with a rights price of HK$2.62.
Since the rights issue announcement, MMG shares have declined by 16.2% to the undisturbed price and by 8.0% compared to the TERP of HK$3.48 per share. 
MMG’s trading pattern has diverged from Link REIT/Yuexiu’s rights trading due to the statement on 18 May that the Peruvian mine is not liable for a 30% withholding tax.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">Mmg Ltd (1208 HK)</a> will raise HK$9.1bn (US$1.2bn) through 2 rights shares for every 5 existing shares rights offering. The rights price is HK$2.62, a 24.7% discount to the TERP.</li>
<li>The rights proceeds will be used to repay existing debt, which will allow it to use other funds to better support the ongoing development of the operating mines.</li>
<li>MMG shares should continue to decline heading into the ex-rights date. The shares go ex-rights on 11 June, and the rights start trading from 24 June to 2 July (inclusive).</li>
</ul>



Mmg Ltd (1208 HK) will raise HK$9.1bn (US$1.2bn) through 2 rights shares for every 5 existing shares rights offering. The rights price is HK$2.62, a 24.7% discount to the TERP.
The rights proceeds will be used to repay existing debt, which will allow it to use other funds to better support the ongoing development of the operating mines.
MMG shares should continue to decline heading into the ex-rights date. The shares go ex-rights on 11 June, and the rights start trading from 24 June to 2 July (inclusive).


MMG (1208 HK): US$1.2bn Highly Dilutive Rights Issue

<ul><li>This is our first report on natural resource exploration player, Teck Resources Limited.</li><li>The company showed a strong fourth quarter performance across their business, advancing operations at QB and reporting a record-breaking quarterly copper production.</li><li>This also led to an Adjusted EBITDA of $1.7 billion in Q4 and $6.4 billion for the year.</li></ul>

This is our first report on natural resource exploration player, Teck Resources Limited.The company showed a strong fourth quarter performance across their business, advancing operations at QB and reporting a record-breaking quarterly copper production.This also led to an Adjusted EBITDA of $1.7 billion in Q4 and $6.4 billion for the year.

Teck Resources Limited: Initiation Of Coverage  - 6 Growth Catalysts

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>Glencore plc's first half earnings landed softer than most of its shareholders would've liked.</li>
<li>We think a period of stability is near, but key indicators fail to suggest the miner is set for a steep recovery.</li>
<li>Mining powerhouse, <strong>Glencore plc (OTCPK:GLCNF)</strong> released its first-half earnings results on Tuesday and delivered a few surprises by doing so.</li>
</ul>


Glencore plc's first half earnings landed softer than most of its shareholders would've liked.
We think a period of stability is near, but key indicators fail to suggest the miner is set for a steep recovery.
Mining powerhouse, Glencore plc (OTCPK:GLCNF) released its first-half earnings results on Tuesday and delivered a few surprises by doing so.


Glencore's H1 Earnings: The Market's Not Impressed

Canada

Teck Resources Ltd. is an integrated natural resource group with activities in mining, smelting, and refining.  The Company mines zinc, copper, molybdenum, gold, and metallurgical coal in the United States, Canada, Peru, and Chile. Teck also produces refined metals, specialized metal products, and other products.

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Teck Resources (TECK US)

Teck Resources Limited: Its Growth Story Through Advanced Projects and Infrastructure Investments & Other Major Drivers

Teck Resources Limited presented their first-quarter 2024 earnings with mixed results and robust strategic endeavors, reflecting a complex but...

Baptista Research

MMG (1208 HK): Rights Trade Playbook

The rights start trading on 24 June. We expect MMG shares to claw back some losses over the rights trading period, particularly towards the end.

Arun George

MMG (1208 HK): US$1.2bn Highly Dilutive Rights Issue

The rights price is HK$2.62, a 24.7% discount to the TERP. Precedents suggest that MMG shares should continue to decline heading into the ex-rights...

Arun George

Teck Resources Limited: Initiation Of Coverage - 6 Growth Catalysts

This is our first report on natural resource exploration player, Teck Resources Limited. The company showed a strong fourth quarter performance...

Baptista Research

Glencore's H1 Earnings: The Market's Not Impressed

Mining powerhouse, Glencore plc (OTCPK:GLCNF) released its first-half earnings results on Tuesday and delivered a few surprises by doing so.

Pearl Gray Equity and Research

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