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>This is our first report on game development software market leader, Unity Software.</li><li>The company’s stock has taken a beating loke most other software players with a negative bottom-line.</li><li>Its previous quarterly result was also below par despite the company generating $320 million, an increase of 36% from the previous year.</li></ul>

This is our first report on game development software market leader, Unity Software.The company’s stock has taken a beating loke most other software players with a negative bottom-line.Its previous quarterly result was also below par despite the company generating $320 million, an increase of 36% from the previous year.

Unity Software Inc.: Initiation of Coverage – IronSource Acquisition

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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>Sony and LEGO’s investment in Epic comes shortly after the official release of Unreal Engine 5 which promises to significantly improve efficiency for game designers and visual effects artists. </li>
<li>We had predicted that Sony and Epic would continue to drift closer and would eventually dominate the metaverse and this does nothing to change that view.</li>
<li>We discuss below the impact on some popular metaverse plays which investors seem to fail to realise are only metaverse plays because they can be shorted.</li>
</ul>


Sony and LEGO’s investment in Epic comes shortly after the official release of Unreal Engine 5 which promises to significantly improve efficiency for game designers and visual effects artists. 
We had predicted that Sony and Epic would continue to drift closer and would eventually dominate the metaverse and this does nothing to change that view.
We discuss below the impact on some popular metaverse plays which investors seem to fail to realise are only metaverse plays because they can be shorted.


TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<div><p>In between earnings seasons, we are trying to catch up on the flurry of TMT IPOs over the past few months that have caught our eye. Why AppLovin? As we talk about often, we are interested in unique business models, and AppLovin qualifies. Its choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. We've been tracking winners and losers from Apple's privacy changes this year and think a growing mobile app ecosystem with proprietary 1st party data is very interesting. Valuation seems reasonable. We will continue to track this one on the long side.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

In between earnings seasons, we are trying to catch up on the flurry of TMT IPOs over the past few months that have caught our eye. Why AppLovin? As we talk about often, we are interested in unique business models, and AppLovin qualifies. Its choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. We've been tracking winners and losers from Apple's privacy changes this year and think a growing mobile app ecosystem with proprietary 1st party data is very interesting. Valuation seems reasonable. We will continue to track this one on the long side.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

<p>We said a couple of weeks ago that the restrictions on the gaming sector imposed by China were far more severe than the market reaction indicated. However, our view was mostly a call on the long-term impact of the gaming time restrictions on minors. The latest updates suggest that even the short-term outlook could get dire fast.</p>

We said a couple of weeks ago that the restrictions on the gaming sector imposed by China were far more severe than the market reaction indicated. However, our view was mostly a call on the long-term impact of the gaming time restrictions on minors. The latest updates suggest that even the short-term outlook could get dire fast.

China Gaming Restrictions Redux – Market Seems to Be in Denial

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We cut BTS's earnings in FY20/21E and FY21/22E owing mainly to our downward revision of shared profit from BTSGIF and U.</li><li>This leads us to lower BTS's SOTP-based TP to Bt10 (vs. Bt13 previously), including the reduction in VGI's stake to 52% (vs. 67% previously) after the sale of 15% to strategic partners late last year.</li><li>We thus switch our investment rating for BTS to Hold (from Buy previously).</li></ul>

We cut BTS's earnings in FY20/21E and FY21/22E owing mainly to our downward revision of shared profit from BTSGIF and U.This leads us to lower BTS's SOTP-based TP to Bt10 (vs. Bt13 previously), including the reduction in VGI's stake to 52% (vs. 67% previously) after the sale of 15% to strategic partners late last year.We thus switch our investment rating for BTS to Hold (from Buy previously).

United States

Unity Software Inc. provides software solutions. The Company offers graphic tools to create, run, and monetize real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. Unity Software serves customers worldwide.

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Unity Software (U US)

Unity Software Inc.: Initiation of Coverage – IronSource Acquisition

This is our first report on game development software market leader, Unity Software. The company’s stock has taken a beating loke most other...

Baptista Research

Sony – An Epic Funding Round

Sony and LEGO’s investment in Epic comes shortly after the official release of Unreal Engine 5. We discuss below the impact on some popular...

Mio Kato

Recent IPO Insights: AppLovin

AppLovin's choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. A...

Aaron Gabin

China Gaming Restrictions Redux – Market Seems to Be in Denial

While we felt the market overlooked the long-term implications of previous gaming restrictions the latest updates on China's crackdown suggest that...

Mio Kato

Waiting for Incremental Value

We cut BTS's earnings in FY20/21E and FY21/22E owing mainly to our downward revision of shared profit from BTSGIF and U. This leads us to lower...

Krungthai XSpring

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