Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Q225 saw solid growth &amp; improving margins, driven by strength in China business</li>
<li>Lawsuit settlement hit net result in Q225, but investors shrugged off the news</li>
<li>We still think Didi could pursue a new listing later in 2025, probably in HK</li>
</ul>


Q225 saw solid growth &amp; improving margins, driven by strength in China business
Lawsuit settlement hit net result in Q225, but investors shrugged off the news
We still think Didi could pursue a new listing later in 2025, probably in HK


Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

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>Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records.</li><li>The company saw significant growth in its key metrics, with trips and gross bookings both increasing by 18%.</li><li>This performance was underpinned by achieving all-time highs in adjusted EBITDA, GAAP operating income, and free cash flow.</li></ul>

Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records.The company saw significant growth in its key metrics, with trips and gross bookings both increasing by 18%.This performance was underpinned by achieving all-time highs in adjusted EBITDA, GAAP operating income, and free cash flow.

Uber Is Reinventing Its Ecosystem With High-Impact Innovation & Capital Discipline; What’s The Future Revenue Impact?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.</li>
<li>The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.</li>
<li>With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.</li>
</ul>


Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.


Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Chinese ride-hailing platform CaoCao plans to issue 44.2m shares at the HKEx IPO at an indicative price of HK$41.9/share, and raise net proceeds of US$219m at a valuation of HK$28.9bn.</li>
<li>CaoCao’s earnings have seen strong growth during the last 2-3 years, however, much of this growth is driven through debt financing which has resulted in a highly geared balance sheet.</li>
<li>Our valuation analysis suggests that <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> 's IPO is overvalued at the indicative IPO price and we would recommend staying on the sidelines.</li>
</ul>


Chinese ride-hailing platform CaoCao plans to issue 44.2m shares at the HKEx IPO at an indicative price of HK$41.9/share, and raise net proceeds of US$219m at a valuation of HK$28.9bn.
CaoCao’s earnings have seen strong growth during the last 2-3 years, however, much of this growth is driven through debt financing which has resulted in a highly geared balance sheet.
Our valuation analysis suggests that CaoCao (2643 HK) 's IPO is overvalued at the indicative IPO price and we would recommend staying on the sidelines.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea' leading ride hailing app Kakao T. </li>
<li>Tencent's investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors. </li>
<li>The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).</li>
</ul>


Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea' leading ride hailing app Kakao T. 
Tencent's investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors. 
The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).


United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

Didi Global reported solid Q225 results last week, driven by improving growth and margins in the core Chinese ridehailing business. We still expect...

Tracking Traffic

Uber Is Reinventing Its Ecosystem With High-Impact Innovation & Capital Discipline; What’s The Future Revenue Impact?

Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records. The company saw significant...

Baptista Research

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

CaoCao IPO: Forecasts and Valuation

CaoCao will debut on he HKEx today offering 44.2m shares at a final IPO price of HK$41.9 per share. The HK offering is oversubscribed by 21.1x...

Shifara Samsudeen, FCMA, CGMA

Tencent to Acquire Kakao Mobility?

Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea' leading ride hailing app Kakao T.

Douglas Kim

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Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

Didi Global reported solid Q225 results last week, driven by improving growth and margins in the core Chinese ridehailing business. We still expect...

Tracking Traffic

Uber Is Reinventing Its Ecosystem With High-Impact Innovation & Capital Discipline; What’s The Future Revenue Impact?

Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records. The company saw significant...

Baptista Research

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

​Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

CaoCao IPO: Forecasts and Valuation

CaoCao will debut on he HKEx today offering 44.2m shares at a final IPO price of HK$41.9 per share. The HK offering is oversubscribed by 21.1x...

Shifara Samsudeen, FCMA, CGMA

Tencent to Acquire Kakao Mobility?

Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea' leading ride hailing app Kakao T.

Douglas Kim

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...