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

Toyota Motor Corp Spon Adr / Equity Bottom-Up

<ul><li>Toyota Motor Corporation continues to deliver robust financial performance despite a myriad of challenges.</li><li>In the fiscal year 2024 second-quarter results, the Japanese automotive giant reported an operating income of JPY 2,559.2 billion.</li><li>This was a significant increase compared to the same period of the previous fiscal year.</li></ul>

Toyota Motor Corporation continues to deliver robust financial performance despite a myriad of challenges.In the fiscal year 2024 second-quarter results, the Japanese automotive giant reported an operating income of JPY 2,559.2 billion.This was a significant increase compared to the same period of the previous fiscal year.

Toyota Motors: Investing In Innovation For The Future Of Mobility! - Key Drivers

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Macroeconomics

<ul>
<li>US economic data while surprising on the upside fails to buoy the USD vs the JPY</li>
<li>BOJ awaiting shunto talks for more evidence of a sustained move out of deflation</li>
<li>What are the implications for global markets if mass repatriation of Japanese capital</li>
</ul>


US economic data while surprising on the upside fails to buoy the USD vs the JPY
BOJ awaiting shunto talks for more evidence of a sustained move out of deflation
What are the implications for global markets if mass repatriation of Japanese capital


The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/idec-corp" target="_blank" data-smartkarma-citation="entities:19312:1" rel="noopener">IDEC Corp (6652 JP)</a> is a comprehensive manufacturer and vendor of control equipment, especially human-machine interface (HMI) devices such as switches.</li>
<li>For FY03/23, the company reported revenue of JPY83.9bn, operating profit of JPY14.0bn, recurring profit of JPY14.4bn, and net income of JPY10.1bn, with EPS of JPY348.4.</li>
<li>The company achieved its FY03/25 targets two years ahead of schedule, prompting management to announce upwardly revised targets for the same year in May 2023.</li>
</ul>



IDEC Corp (6652 JP) is a comprehensive manufacturer and vendor of control equipment, especially human-machine interface (HMI) devices such as switches.
For FY03/23, the company reported revenue of JPY83.9bn, operating profit of JPY14.0bn, recurring profit of JPY14.4bn, and net income of JPY10.1bn, with EPS of JPY348.4.
The company achieved its FY03/25 targets two years ahead of schedule, prompting management to announce upwardly revised targets for the same year in May 2023.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

Shanghai REFIRE Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-refire-group" target="_blank" data-smartkarma-citation="entities:40952:1" rel="noopener">Shanghai REFIRE Group</a> (SRG) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunner for the deal is CICC.</li>
<li>SRG designs, develops, manufactures, and sells hydrogen fuel cell systems, hydrogen production systems, and related components, as well as provides fuel cell engineering and technical services.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), it ranked first in the hydrogen fuel cell system market in China, with a market share of 25.9%.</li>
</ul>



Shanghai REFIRE Group (SRG) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunner for the deal is CICC.
SRG designs, develops, manufactures, and sells hydrogen fuel cell systems, hydrogen production systems, and related components, as well as provides fuel cell engineering and technical services.
According to Frost &amp; Sullivan (F&amp;S), it ranked first in the hydrogen fuel cell system market in China, with a market share of 25.9%.


Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank</a> raised around US$4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.
ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor Corp Spon Adr (TM US)

Toyota Motors: Investing In Innovation For The Future Of Mobility! - Key Drivers

Toyota Motor Corporation continues to deliver robust financial performance despite a myriad of challenges. In the fiscal year 2024 second-quarter...

Baptista Research

The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?

Potential impact on global markets from Japanese capital repatriation. Despite positive US economic data, the USD is no longer strengthening...

Rikki Malik

IDEC (6652): Q3 FY03/24 Update

IDEC Corp is a leading manufacturer of control equipment, surpassing FY03/25 targets ahead of schedule and revising them upwards.

Shared Research

Shanghai REFIRE Group Pre-IPO Tearsheet

Shanghai REFIRE Group (SRG) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunner for the deal is CICC.

Sumeet Singh

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

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Toyota Motors: Investing In Innovation For The Future Of Mobility! - Key Drivers

Toyota Motor Corporation continues to deliver robust financial performance despite a myriad of challenges. In the fiscal year 2024 second-quarter...

Baptista Research

The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?

Potential impact on global markets from Japanese capital repatriation. ​Despite positive US economic data, the USD is no longer strengthening...

Rikki Malik

IDEC (6652): Q3 FY03/24 Update

​IDEC Corp is a leading manufacturer of control equipment, surpassing FY03/25 targets ahead of schedule and revising them upwards.

Shared Research

Shanghai REFIRE Group Pre-IPO Tearsheet

Shanghai REFIRE Group (SRG) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunner for the deal is CICC.

Sumeet Singh

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

Potential impact on global markets from Japanese capital repatriation. Despite positive US economic data, the USD is no longer strengthening...

IDEC Corp is a leading manufacturer of control equipment, surpassing FY03/25 targets ahead of schedule and revising them upwards.