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>Tripadvisor's fourth quarter and full year 2023 financial results exceeded expectations with the company reporting revenue growth of 10% year-on-year amounting to $390 million in Q4.</li><li>In the same period, the adjusted EBITDA was $84 million attributed to exceptional brand performance and marketing efficiencies.</li><li>For the full year, the company reported a consolidated revenue growth of 20%, recording an all-time high of $1.8 billion, with adjusted EBITDA experiencing a 13% growth to $334 million.</li></ul>

Tripadvisor's fourth quarter and full year 2023 financial results exceeded expectations with the company reporting revenue growth of 10% year-on-year amounting to $390 million in Q4.In the same period, the adjusted EBITDA was $84 million attributed to exceptional brand performance and marketing efficiencies.For the full year, the company reported a consolidated revenue growth of 20%, recording an all-time high of $1.8 billion, with adjusted EBITDA experiencing a 13% growth to $334 million.

TripAdvisor Inc.: Initiation Of Coverage - Leveraging Data and Artificial Intelligence (AI) for Growing Engagement! - Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Viator offers a wide range of unique activities and tours around the world</li><li>The Fork allows users to book tables at restaurants globally</li><li>TripAdvisor remains a key player in the travel industry with an undervalued stock, presenting an attractive investment opportunity</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Viator offers a wide range of unique activities and tours around the worldThe Fork allows users to book tables at restaurants globallyTripAdvisor remains a key player in the travel industry with an undervalued stock, presenting an attractive investment opportunityThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Tripadvisor Inc (TRIP) - Monday, Dec 18, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huazhu-group-ltd" target="_blank" data-smartkarma-citation="entities:17527:1" rel="noopener">H World Group (HTHT US)</a> aims to raise around US$260m via a follow-on ADS offering.</li>
<li>The company plans to use the proceeds mostly for investment. This will be the first deal by the company post its H-share listing in 2020.</li>
<li>In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.</li>
</ul>



H World Group (HTHT US) aims to raise around US$260m via a follow-on ADS offering.
The company plans to use the proceeds mostly for investment. This will be the first deal by the company post its H-share listing in 2020.
In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.


H World (HTHT) Follow-On Offering - A More Genuine Need

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a> is a leading hospitality technology platform. Its DRHP aimed for a $1.2 billion raise although <a href="https://economictimes.indiatimes.com/tech/startups/oyo-may-reduce-ipo-size-valuation-may-be-readjusted-too/articleshow/89463277.cms" target="_blank" rel="noopener">recent reports</a> point to a less than $1 billion raise.</li>
<li>The fundamentals are mixed as it remains uncertain if it can deliver profits or cash generation with a return to growth (due to gradual lifting of travel restrictions).</li>
<li>Based on the information in the DRHP, we believe the negatives outweigh the positives and we would give the IPO a pass.</li>
</ul>



Oyo (1698548D IN) is a leading hospitality technology platform. Its DRHP aimed for a $1.2 billion raise although recent reports point to a less than $1 billion raise.
The fundamentals are mixed as it remains uncertain if it can deliver profits or cash generation with a return to growth (due to gradual lifting of travel restrictions).
Based on the information in the DRHP, we believe the negatives outweigh the positives and we would give the IPO a pass.


OYO (Oravel Stays) IPO Initiation: Tripped Up

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

The Thai government has announced that they will shorten the quarantine period from 14 days to 7-10 days, to stimulate the economy. The quarantine would be seven days for the visitors who had been fully vaccinated and they would be tested with the RT-PCR method for Covid-19 upon arrival and again on day 7 after arrival. China and Malaysia, the two largest tourists exporters to Thailand, have successfully implemented their vaccination drive that saw an improving vaccination rate, closer to reach herd immunity. 
 As the top two countries that tourists in Thailand are originated from, China and Malaysia, have recorded a successful vaccination drive and the quarantine period should be abolished sooner or later which will then spike tourist arrival in Thailand, benefiting <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> as the largest airport operator in Thailand.

The Thai government has announced that they will shorten the quarantine period from 14 days to 7-10 days, to stimulate the economy. The quarantine would be seven days for the visitors who had been fully vaccinated and they would be tested with the RT-PCR method for Covid-19 upon arrival and again on day 7 after arrival. China and Malaysia, the two largest tourists exporters to Thailand, have successfully implemented their vaccination drive that saw an improving vaccination rate, closer to reach herd immunity. 
 As the top two countries that tourists in Thailand are originated from, China and Malaysia, have recorded a successful vaccination drive and the quarantine period should be abolished sooner or later which will then spike tourist arrival in Thailand, benefiting Airports of Thailand (AOT TB) as the largest airport operator in Thailand. 

Airport of Thailand (AOT): Prepare to Take Off

United States

TripAdvisor Inc. is an online travel research company. The Company's travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts ("B&Bs"), specialty lodging and vacation rentals), restaurants and activities throughout the world.

Tripadvisor Inc (TRIP US)

TripAdvisor Inc.: Initiation Of Coverage - Leveraging Data and Artificial Intelligence (AI) for Growing Engagement! - Major Drivers

Tripadvisor's fourth quarter and full year 2023 financial results exceeded expectations with the company reporting revenue growth of 10%...

Baptista Research

Tripadvisor Inc (TRIP) - Monday, Dec 18, 2023

TripAdvisor remains a key player in the travel industry with an undervalued stock, presenting an attractive investment opportunity

Value Investors Club

H World (HTHT) Follow-On Offering - A More Genuine Need

H World Group (HTHT US) aims to raise around US$260m via a follow-on ADS offering. In this note, we talk about the deal dynamics and run it through...

Sumeet Singh

OYO (Oravel Stays) IPO Initiation: Tripped Up

OYO is rumoured to be seeking a lower raise (<$1 bn vs $1.2 bn) at a lower valuation ($7 bn vs $9-12 bn) due to market conditions. The fundamentals...

Arun George

Airport of Thailand (AOT): Prepare to Take Off

China and Malaysia have recorded a successful vaccination drive and the quarantine period should be abolished sooner or later which will then spike...

Henry Soediarko