Greater China Equity Long/Short Analyst

Eric Chen

Equity Bottom-Up

<ul>
<li>BABA’s December results highlighted how the performance of this e-commerce giant - as a proxy for China consumption – increasingly tracks Chinese economy.</li>
<li>The Alibaba that suffered from China’s slump in 2022 should also be the Alibaba that stands to reap the fruits from China’s recovery in 2023.</li>
<li>Trading at 12x PE on the cusp of economic recovery, the payoff of BABA is much better for bulls than bears. Maintain $500 billion target valuation. Buy.</li>
</ul>


BABA’s December results highlighted how the performance of this e-commerce giant - as a proxy for China consumption – increasingly tracks Chinese economy.
The Alibaba that suffered from China’s slump in 2022 should also be the Alibaba that stands to reap the fruits from China’s recovery in 2023.
Trading at 12x PE on the cusp of economic recovery, the payoff of BABA is much better for bulls than bears. Maintain $500 billion target valuation. Buy.


Alibaba: FY3Q23 Results Presenting An Opportunity In Disguise

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.

<ul><li>Unilever had a decent performance in 2022.</li><li>It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with expectations despite the volatile period.</li><li>Prestige Beauty delivered outstanding double-digit growth with a strong performance by Paula's Choice.</li></ul>

Unilever had a decent performance in 2022.It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with expectations despite the volatile period.Prestige Beauty delivered outstanding double-digit growth with a strong performance by Paula's Choice.

<ul><li>This is our first report on global consumer goods giant, Unilever.</li><li>The company had a decent performance in 2021 and its growth continues to build in its first-half performance.</li><li>Unilever also uses its extensive market experience to deal with inflation.</li></ul>

This is our first report on global consumer goods giant, Unilever.The company had a decent performance in 2021 and its growth continues to build in its first-half performance.Unilever also uses its extensive market experience to deal with inflation.

Unilever ADR: Initiation of Coverage – Recent Strategic Shift

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is looking to raise US$240m in its upcoming Malaysia IPO.</li>
<li>Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products. </li>
<li>Farm Fresh’s extensive distribution network and  stockist/dealer channel has led to growing sales volume, which had in turn led to explosive revenue growth over the track period.</li>
</ul>



Farm Fresh Berhad (FF MY) is looking to raise US$240m in its upcoming Malaysia IPO.
Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products. 
Farm Fresh’s extensive distribution network and  stockist/dealer channel has led to growing sales volume, which had in turn led to explosive revenue growth over the track period.


Farm Fresh Pre-IPO - Distribution Model Has Led to Strong Growth

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Last year was a very challenging one for Unilever and the company significantly underperformed other consumer staples.</li>
<li>Exogenous factors, such as rising commodity inflation, are largely to blame for that performance.</li>
<li>Underneath the surface, however, Unilever now appears to be in a much better position than a year ago, while valuation remains conservative.</li>
</ul>


Last year was a very challenging one for Unilever and the company significantly underperformed other consumer staples.
Exogenous factors, such as rising commodity inflation, are largely to blame for that performance.
Underneath the surface, however, Unilever now appears to be in a much better position than a year ago, while valuation remains conservative.


Unilever: Short-Term Pain Continues And That Doesn't Bother Me

United Kingdom

Unilever is a British multinational consumer goods company that manufactures and sells a wide range of products including foods, condiments, home care, and personal care items. Its portfolio includes approximately 400 brands, with key segments in Beauty & Wellbeing, Personal Care, Home Care, and Nutrition. The company is headquartered in London, England, and was founded in 1929 through the merger of Margarine Unie and Lever Brothers.

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Unilever (UL US)

Alibaba: FY3Q23 Results Presenting An Opportunity In Disguise

The Alibaba that suffered from China’s slump should also be the Alibaba that stands to reap fruits from China’s recovery in 2023. Trading at 12xPE,...

Eric Chen

Unilever PLC: Major Drivers

Unilever had a decent performance in 2022. It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with...

Baptista Research

Unilever ADR: Initiation of Coverage – Recent Strategic Shift

This is our first report on global consumer goods giant, Unilever. The company had a decent performance in 2021 and its growth continues to build...

Baptista Research

Farm Fresh Pre-IPO - Distribution Model Has Led to Strong Growth

Farm Fresh Berhad (FF MY) is looking to raise US$240m in its upcoming Malaysia IPO. The dairy group covers the entire value chain and has a total...

Clarence Chu

Unilever: Short-Term Pain Continues And That Doesn't Bother Me

Last year was a very challenging one for Unilever and the company significantly underperformed other consumer staples. Exogenous factors, such as...

Vladimir Dimitrov, CFA

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