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 Capital Markets

Verizon Communications / Equity Capital Markets

<ul><li>Verizon delivered a mixed quarterly result with revenues missing expectations but managed to deliver an earnings beat.</li><li>The company’s top-line continues to be driven by a strong performance in its consumer business which grew by 7.3% as a result of healthy wireless service growth and a robust performance within the fiber optic service unit.</li><li>It offers a variety of Mix and Match pricing in both wireless and home broadband plans for consumers.</li></ul>

Verizon delivered a mixed quarterly result with revenues missing expectations but managed to deliver an earnings beat.The company’s top-line continues to be driven by a strong performance in its consumer business which grew by 7.3% as a result of healthy wireless service growth and a robust performance within the fiber optic service unit.It offers a variety of Mix and Match pricing in both wireless and home broadband plans for consumers.

Verizon Communications Inc. - Investment Thesis

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.

Equity Bottom-Up

<p>Comcast and Charter have had big pullbacks in the past month, leading to an attractive setup into earnings with valuations having compressed significantly over transitory weakness in broadband due to tough COVID comps and overstated competitive concerns. We'd be buyers of both. </p><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>

Comcast and Charter have had big pullbacks in the past month, leading to an attractive setup into earnings with valuations having compressed significantly over transitory weakness in broadband due to tough COVID comps and overstated competitive concerns. We'd be buyers of both. 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.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<p><a href="https://www.smartkarma.com/entities/truecaller-ab" target="_blank" data-smartkarma-citation="entities:34462:1" rel="noopener">Truecaller AB (TRUEB SS)</a>  is expected to IPO this week. The company’s amended prospectus puts the expected price range at SEK 44.00-56.00 per Class B share, implying a market cap of ~19.6B SEK or ~$2.2B at midpoint of the price range on a fully diluted basis. The book-building procedure began on September 29 and continues until October 7. Truecaller’s Class B shares are expected to begin trading on Nasdaq Stockholm under the trading symbol “TRUE” on October 8. Carnegie Investment Bank, Goldman Sachs, J.P. Morgan and Citigroup Global Markets are joint global coordinators on the upcoming offering.      </p>

Truecaller AB (TRUEB SS)  is expected to IPO this week. The company’s amended prospectus puts the expected price range at SEK 44.00-56.00 per Class B share, implying a market cap of ~19.6B SEK or ~$2.2B at midpoint of the price range on a fully diluted basis. The book-building procedure began on September 29 and continues until October 7. Truecaller’s Class B shares are expected to begin trading on Nasdaq Stockholm under the trading symbol “TRUE” on October 8. Carnegie Investment Bank, Goldman Sachs, J.P. Morgan and Citigroup Global Markets are joint global coordinators on the upcoming offering.      

Truecaller IPO: Best-In-Class Caller ID And Spam Blocking App

<ul><li>Verizon had a stellar quarter and produced an all-around beat with a strong increase in consumer revenue as well as business revenue.</li><li>The management's strong 5G push has resulted in the company adding as many as 275,000 postpaid phone subscribers, nearly a 100,000 more than the market expectations.</li><li>The company has spent over $45 billion on the 5G spectrum in 2020 and has a very high level of debt on its balance sheet which might create some market concerns but its recent subscriber is generating strong operating cash flows.</li></ul>

Verizon had a stellar quarter and produced an all-around beat with a strong increase in consumer revenue as well as business revenue.The management's strong 5G push has resulted in the company adding as many as 275,000 postpaid phone subscribers, nearly a 100,000 more than the market expectations.The company has spent over $45 billion on the 5G spectrum in 2020 and has a very high level of debt on its balance sheet which might create some market concerns but its recent subscriber is generating strong operating cash flows.

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

US markets extended the rebound rally for a second day amid strong corporate earnings –  S&amp;P and Nasdaq gained 0.8% and 0.9% respectively. Energy zoomed 3.9% with Brent Crude going back above $70/bbl, Financials and Industrials were up more than 1%. Corporate earnings continued with Coca Cola, J&amp;J, Verizon and Julius Baer reporting strong numbers (scroll down for details). US 10Y Treasury yields rose 8bp to 1.29%. European bourses also extended their gains – CAC, FTSE and DAX were up 1.9%, 1.7% and 1.4% respectively. US IG CDS spreads tightened 1bp and HY tightened 8bp. EU Main and Crossover spreads tightened 1.6bp and 8.1bp respectively. Brazil’s Bovespa was up 0.4%. Gulf markets remained closed for Eid. Asian markets continued the strong momentum and opened higher – HSI was up 1.9%, Nikkei and Singapore’s STI were up 0.6% and Shanghai was up 0.2%. Asia ex-Japan CDS spreads were 0.4bp tighter.

CK Infra, Ping An Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers &...

United States

Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones.

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Verizon Communications (VZ US)

Verizon Communications Inc. - Investment Thesis

Verizon delivered a mixed quarterly result with revenues missing expectations but managed to deliver an earnings beat. The company’s top-line...

Baptista Research

US Cable: Good Entry Point

Comcast and Charter have had big pullbacks in the past month, leading to an attractive setup with valuations having compressed due to tough COVID...

Aaron Gabin

Truecaller IPO: Best-In-Class Caller ID And Spam Blocking App

Swedish caller identification and spam-call blocker unicorn Truecaller filed for an IPO on Nasdaq Stockholm and plans to raise more than $100M this...

Andrei Zakharov

Verizon Communications Inc. - Investment Thesis

Verizon had a stellar quarter and produced an all-around beat with a strong increase in consumer revenue as well as business revenue. The...

Baptista Research

CK Infra, Ping An Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers &...

US markets extended the rebound rally for a second day amid strong corporate earnings – S&P and Nasdaq gained 0.8% and 0.9% respectively....

BondEvalue

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