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>In its recent earnings, Walmart demonstrated a strong performance with sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency.</li><li>Major highlights include higher transaction counts and unit volumes, gains in market shares in both the U.S and internationally, improved in-stock levels, and strong performance in customer experience scores.</li><li>It's also significant that the company surpassed $100 billion in global eCommerce sales for the first time.</li></ul>

In its recent earnings, Walmart demonstrated a strong performance with sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency.Major highlights include higher transaction counts and unit volumes, gains in market shares in both the U.S and internationally, improved in-stock levels, and strong performance in customer experience scores.It's also significant that the company surpassed $100 billion in global eCommerce sales for the first time.

Walmart Inc.: Robust Technology Adoption For Operational Efficiency & 5 Other Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 31 January, <a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> announced a 3:1 stock split. For cognoscenti, that meant a Dow Jones Industrial Avg might be in the offing.</li>
<li>The last change to the index was in Aug-2020, spurred by the 4:1 split for <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>. This time, the likely deletion candidate was <a href="https://www.smartkarma.com/entities/walgreens-boots-alliance-inc" target="_blank" data-smartkarma-citation="entities:1118:1" rel="noopener">Walgreens Boots Alliance (WBA US)</a>. </li>
<li>Indeed, last week, the Index Keepers announced <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> would replace Walgreens Boots Alliance on 26 Feb (i.e. WBA would be booted on the close of 23 Feb).</li>
</ul>


On 31 January, Walmart (WMT US) announced a 3:1 stock split. For cognoscenti, that meant a Dow Jones Industrial Avg might be in the offing.
The last change to the index was in Aug-2020, spurred by the 4:1 split for Apple (AAPL US). This time, the likely deletion candidate was Walgreens Boots Alliance (WBA US). 
Indeed, last week, the Index Keepers announced Amazon.com Inc (AMZN US) would replace Walgreens Boots Alliance on 26 Feb (i.e. WBA would be booted on the close of 23 Feb).


Walgreens Boots Alliance (WBA US) - How Do Dow Jones Deletes Do Historically?

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>First, Japan entered a recession, and a week later, the Nikkei hit an all-time high after 34 years. Any idea why this is?</li>
<li>The Institute of International Finance (IIF) has updated its global debt chart. Be aware that it does NOT show the true underlying trend.</li>
<li>You are only allowed to trade Chinese equities if you are going to buy them. China will have a serious long-term issue in attracting fresh capital.</li>
</ul>


First, Japan entered a recession, and a week later, the Nikkei hit an all-time high after 34 years. Any idea why this is?
The Institute of International Finance (IIF) has updated its global debt chart. Be aware that it does NOT show the true underlying trend.
You are only allowed to trade Chinese equities if you are going to buy them. China will have a serious long-term issue in attracting fresh capital.


The Weekly Market Monitor – The 34-Year Wait Is Over!

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

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry</a> is looking to raise up to US$700m in its upcoming India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



FirstCry is looking to raise up to US$700m in its upcoming India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In this note, we talk about the not-so-positive aspects of the deal.


Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry</a> is looking to raise up to US$700m in its upcoming India IPO. </li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



FirstCry is looking to raise up to US$700m in its upcoming India IPO. 
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In this note, we talk about the positive aspects of the deal.


Brainbees Solutions (FirstCry) Pre-IPO - The Positives - Carving Its Niche

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Walmart Inc.: Robust Technology Adoption For Operational Efficiency & 5 Other Major Drivers

In its recent earnings, Walmart demonstrated a strong performance with sales growth of 4.9% and adjusted operating profit growth of 10.9% in...

Baptista Research

Walgreens Boots Alliance (WBA US) - How Do Dow Jones Deletes Do Historically?

Walgreens was given the boot from the Dow Jones Industrial Average on Friday at the close. Historically, DELETEs outperform their ADDs and DJIA in...

Travis Lundy

The Weekly Market Monitor – The 34-Year Wait Is Over!

Investments highlighted: Nikkei 225 Index, Japan 10-year yield, DAX Index, Chinese Equities, Walmart, Nvidia, Bitcoin, Gold, Treasuries.

Jeroen Blokland

Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Brainbees Solutions (FirstCry) Pre-IPO - The Positives - Carving Its Niche

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

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