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>Tilray Brands has taken another decisive step in its long-running strategy to transform itself into a diversified consumer packaged goods platform with the acquisition of key assets from BrewDog, one of the most recognizable craft beer brands globally.</li>
<li>The transaction, valued at roughly £33 million, includes BrewDog’s global brand intellectual property, its large-scale Ellon brewing facility in Scotland, and multiple brewpub locations across the United Kingdom and Ireland.</li>
<li>The company is also pursuing additional BrewDog assets in the United States and Australia, which could further expand the footprint of the deal.</li>
</ul>


Tilray Brands has taken another decisive step in its long-running strategy to transform itself into a diversified consumer packaged goods platform with the acquisition of key assets from BrewDog, one of the most recognizable craft beer brands globally.
The transaction, valued at roughly £33 million, includes BrewDog’s global brand intellectual property, its large-scale Ellon brewing facility in Scotland, and multiple brewpub locations across the United Kingdom and Ireland.
The company is also pursuing additional BrewDog assets in the United States and Australia, which could further expand the footprint of the deal.


Tilray’s $33M BrewDog Acquisition Could Unlock A $500M Beverage Empire!

<ul>
<li>Cannabis stocks have been on a rollercoaster ride in recent days, and Tilray Brands is at the center of the action.</li>
<li>On Friday, shares surged double digits on speculation that former President Donald Trump might sign an executive order reclassifying marijuana from Schedule I to Schedule III under the Controlled Substances Act.</li>
<li>But the euphoria was short-lived.</li>
</ul>


Cannabis stocks have been on a rollercoaster ride in recent days, and Tilray Brands is at the center of the action.
On Friday, shares surged double digits on speculation that former President Donald Trump might sign an executive order reclassifying marijuana from Schedule I to Schedule III under the Controlled Substances Act.
But the euphoria was short-lived.


Tilray Brands Soars & Crashes: The Truth Behind Schedule III Speculation!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

In last week's Compass we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.

In last week's Compass we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/tilray-inc" target="_blank" data-smartkarma-citation="entities:27402:1" rel="noopener">Tilray Inc (TLRY US)</a> hit 52-week low amid delay to pass a federal marijuana legalization bill in the U.S., falling cannabis prices and intense competition among cannabis producers.</li>
<li>Tilray’s valuation looks attractive keeping in mind upcoming (Jan-Mar 2022) marijuana legalization at the federal level in the United States and acquisition of Breckenridge Distillery and MedMen.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/tilray-inc" target="_blank" data-smartkarma-citation="entities:27402:1" rel="noopener">Tilray Inc (TLRY US)</a> will report strong earnings for Q2’FY22 on January 10th next year and see interest from Big Tobacco to enter high-growth marijuana business.</li>
</ul>


Shares of Tilray Inc (TLRY US) hit 52-week low amid delay to pass a federal marijuana legalization bill in the U.S., falling cannabis prices and intense competition among cannabis producers.
Tilray’s valuation looks attractive keeping in mind upcoming (Jan-Mar 2022) marijuana legalization at the federal level in the United States and acquisition of Breckenridge Distillery and MedMen.
We expect Tilray Inc (TLRY US) will report strong earnings for Q2’FY22 on January 10th next year and see interest from Big Tobacco to enter high-growth marijuana business.


Opportunity To Secure a Strategic Investment From a Big Tobacco Company?

APAC IPOs & Placements

Zhen Zhou, Toh

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.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27438" target="_blank" data-smartkarma-citation="entities:27438:1">LAIX Inc (LAIX US)</a> (FKA. Lingochamp) is raising up to US$78m in its IPO. Proceeds from the IPO will be mainly used for research and development and sales and marketing efforts along with general working capital purposes.
We still like Lingochamp's business and app but we think that sustainability is still an ongoing concern. While the company seems to have a better reputation that Sunlands and also has a stellar shareholders profile, the IPO does not offer upside since it is already priced at a 70 -140% premium to Sunlands on an FY2019E EV/Revenue basis.
In this insight, we will summarize our views from previous insight, compare the company with other US-listed Chinese education peers, and last but not least, we will run the deal through our ECM framework.

LAIX Inc (LAIX US) (FKA. Lingochamp) is raising up to US$78m in its IPO. Proceeds from the IPO will be mainly used for research and development and sales and marketing efforts along with general working capital purposes.
We still like Lingochamp's business and app but we think that sustainability is still an ongoing concern. While the company seems to have a better reputation that Sunlands and also has a stellar shareholders profile, the IPO does not offer upside since it is already priced at a 70 -140% premium to Sunlands on an FY2019E EV/Revenue basis.
In this insight, we will summarize our views from previous insight, compare the company with other US-listed Chinese education peers, and last but not least, we will run the deal through our ECM framework.

Lingochamp (流利说) IPO Review - Fairly Valued but Small Float and Stellar Shareholder Will Help

Canada

Tilray, Inc. operates as a pharmaceutical company. The Company develops cannabis based medicines, drugs, drops, and oil products. Tilray serves clients worldwide.

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Tilray Inc (TLRY US)

Tilray’s $33M BrewDog Acquisition Could Unlock A $500M Beverage Empire!

The company is also pursuing additional BrewDog assets in the United States and Australia, which could further expand the footprint of the deal.

Baptista Research

Tilray Brands Soars & Crashes: The Truth Behind Schedule III Speculation!

Cannabis stocks have been on a rollercoaster ride in recent days, and Tilray Brands is at the center of the action. On Friday, shares surged double...

Baptista Research

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

We continue to see compelling signals that suggest risk appetites are improving, which is bullish for the broad market. As a result, we are moving...

Vermilion Research

Opportunity To Secure a Strategic Investment From a Big Tobacco Company?

We believe Tilray is a promising investment in global cannabis industry keeping in mind strong interest from Big Tobacco and upcoming marijuana...

Andrei Zakharov

Lingochamp (流利说) IPO Review - Fairly Valued but Small Float and Stellar Shareholder Will Help

LAIX Inc (LAIX US) (FKA. Lingochamp) is raising up to US$78m in its IPO. Proceeds from the IPO will be mainly used for research and development and...

Zhen Zhou, Toh

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