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>Brands, Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>Notably, the quarter marked a significant milestone with the unveiling 1,130 gross new units, a testament to their robust unit development strategy.</li><li>Yum's focus on growth drivers, namely Relevant, Easy, and Distinctive (RED) Brands and Unrivaled Culture and Talent, took center stage.</li></ul>

Brands, Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.Notably, the quarter marked a significant milestone with the unveiling 1,130 gross new units, a testament to their robust unit development strategy.Yum's focus on growth drivers, namely Relevant, Easy, and Distinctive (RED) Brands and Unrivaled Culture and Talent, took center stage.

Yum! Brands Inc.: Technology-Driven Profitable Growth & Franchisee Economics! - Major Drivers

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zensho-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4586:1" rel="noopener">Zensho Holdings (7550 JP)</a> aims to raise around US$300m via a public offering.</li>
<li>As per the company it will use the proceeds from the deal for potential M&amp;A transactions.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering.
As per the company it will use the proceeds from the deal for potential M&amp;A transactions.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Zensho Placement - Good Price to Raise At, at Least for the Company

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Devyani International / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/devyani-international-ltd" target="_blank" data-smartkarma-citation="entities:33519:1" rel="noopener">Devyani International (DEVYANI IN)</a> is one of the largest franchisee of <a href="https://www.smartkarma.com/entities/yum-brands-inc" target="_blank" data-smartkarma-citation="entities:984:1" rel="noopener">Yum! Brands Inc (YUM US)</a>  in India and operates brands like KFC, Pizza Hut and Costa Coffee, etc.</li>
<li>After a turbulent pandemic, the company has reported growth in topline and robust profitability in F22 and F23. But, these have been boosted by several one-off items.</li>
<li>The company also faces difficulty in generating positive FCFs while we also remain caution about the Nigerian Operations and the associated forex losses.</li>
</ul>



Devyani International (DEVYANI IN) is one of the largest franchisee of Yum! Brands Inc (YUM US)  in India and operates brands like KFC, Pizza Hut and Costa Coffee, etc.
After a turbulent pandemic, the company has reported growth in topline and robust profitability in F22 and F23. But, these have been boosted by several one-off items.
The company also faces difficulty in generating positive FCFs while we also remain caution about the Nigerian Operations and the associated forex losses.


Devyani International Ltd- Forensic Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 672 stores across 20 cities, as of Jun 2023.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 672 stores across 20 cities, as of Jun 2023.
In this note, we will talk about the lock-up dynamics and updates since our last note.


DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

<ul><li>Brands delivered mixed results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>The company produced same-store sales growth of 9% and unit growth of 6% for the quarter, with KFC setting the standard with a remarkable system sales growth on the back of Yum's industry-leading development momentum, standout marketing initiatives, and pertinent new product layers like the introduction of original recipe hand-breaded chicken nuggets in the U.S.</li><li>Taco Bell's global system sales increased for the quarter, driven by unit expansion and same-store sales growth as the management continued elevating the brand and launching digital initiatives.</li></ul>

Brands delivered mixed results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.The company produced same-store sales growth of 9% and unit growth of 6% for the quarter, with KFC setting the standard with a remarkable system sales growth on the back of Yum's industry-leading development momentum, standout marketing initiatives, and pertinent new product layers like the introduction of original recipe hand-breaded chicken nuggets in the U.S.Taco Bell's global system sales increased for the quarter, driven by unit expansion and same-store sales growth as the management continued elevating the brand and launching digital initiatives.

Yum! Brands Inc.: Improving Same-Store Sales & Other Key Drivers

United States

Yum! Brands, Inc, owns and franchises quick-service restaurants worldwide.  The Company develops, operates, franchises and licenses a worldwide system of restaurants which prepare, package and sell a menu of food items.

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Yum! Brands Inc (YUM US)

Yum! Brands Inc.: Technology-Driven Profitable Growth & Franchisee Economics! - Major Drivers

Brands, Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. Notably, the quarter marked a...

Baptista Research

Zensho Placement - Good Price to Raise At, at Least for the Company

Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

Devyani International Ltd- Forensic Analysis

Devyani International, a major franchisee of Yum! Brands in India, has seen growth and profitability but with the help of few one-off items.

Nitin Mangal

DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon, resulting in US$400m worth...

Sumeet Singh

Yum! Brands Inc.: Improving Same-Store Sales & Other Key Drivers

Brands delivered mixed results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings. The...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yum! Brands Inc.: Technology-Driven Profitable Growth & Franchisee Economics! - Major Drivers

Brands, Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. Notably, the quarter marked a...

Baptista Research

Zensho Placement - Good Price to Raise At, at Least for the Company

Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

Devyani International Ltd- Forensic Analysis

​Devyani International, a major franchisee of Yum! Brands in India, has seen growth and profitability but with the help of few one-off items.

Nitin Mangal

DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon, resulting in US$400m worth...

Sumeet Singh

Yum! Brands Inc.: Improving Same-Store Sales & Other Key Drivers

Brands delivered mixed results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings. The...

Baptista Research

Devyani International, a major franchisee of Yum! Brands in India, has seen growth and profitability but with the help of few one-off items.