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>Yum China Holdings Inc., a licensee of Yum!</li><li>Brands in China, presented mixed results in the third quarter of 2025.</li><li>On a positive note, Yum China reported a record $400 million in adjusted operating profit, marking an 8% increase year-over-year.</li></ul>

Yum China Holdings Inc., a licensee of Yum!Brands in China, presented mixed results in the third quarter of 2025.On a positive note, Yum China reported a record $400 million in adjusted operating profit, marking an 8% increase year-over-year.

Yum China Drops Game-Changing Formats—How Mini Stores & KCOFFEE Are Rewriting the Playbook!

<ul><li>Yum China Holdings, Inc. reported strong financial results for Q2 2025, marked by new record levels in revenue, operating profit, and operating margin.</li><li>The company's dual-focused strategy emphasizing both same-store sales and system sales growth has yielded significant results.</li><li>Notably, overall same-store sales grew by 1%, driven by a 17% increase in same-store transactions at Pizza Hut and 5% system sales growth at KFC.</li></ul>

Yum China Holdings, Inc. reported strong financial results for Q2 2025, marked by new record levels in revenue, operating profit, and operating margin.The company's dual-focused strategy emphasizing both same-store sales and system sales growth has yielded significant results.Notably, overall same-store sales grew by 1%, driven by a 17% increase in same-store transactions at Pizza Hut and 5% system sales growth at KFC.

Yum China: Focus On Innovation & Customer Engagement to Foster Solid Growth Channels Via Advanced Digital Capabilities!

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.

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

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>Chinese restaurant sector could see 15% YoY revenue growth in Q1 2023, as Total Retail Sales of Meals in China rose 16.4% YoY during Jan-Feb 2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings Inc (9987 HK)</a>'s 1Q23 OP may reach a record high of $350m, and annual profitability is expected to double as restaurant footfall recovers.</li>
<li>We suggest buying Yum China for potential multiple expansion due to rapid profitability growth.</li>
</ul>


Chinese restaurant sector could see 15% YoY revenue growth in Q1 2023, as Total Retail Sales of Meals in China rose 16.4% YoY during Jan-Feb 2023.

Yum China Holdings Inc (9987 HK)'s 1Q23 OP may reach a record high of $350m, and annual profitability is expected to double as restaurant footfall recovers.
We suggest buying Yum China for potential multiple expansion due to rapid profitability growth.


Yum China: Looking Delicious with Record Profits Expected in 1Q23 and Potential for Further Growth

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> posted robust year-over-year operating profit growth in 4Q2024 on the back of low single digit sales increase and operating efficiencies.</li>
<li>Despite significant sector headwinds, Yum China has managed to outperform peers and grow ahead of sector in 2024 by swiftly adapting  to shifting consumer preferences.</li>
<li>Yum China's value-for-money QSR model with mid-tier pricing amidst tough sector outlook implies limited margin upside, a likely single-digit sales growth outlook, and a modest dividend yield for 2025.</li>
</ul>



Yum China Holdings (9987 HK) posted robust year-over-year operating profit growth in 4Q2024 on the back of low single digit sales increase and operating efficiencies.
Despite significant sector headwinds, Yum China has managed to outperform peers and grow ahead of sector in 2024 by swiftly adapting  to shifting consumer preferences.
Yum China's value-for-money QSR model with mid-tier pricing amidst tough sector outlook implies limited margin upside, a likely single-digit sales growth outlook, and a modest dividend yield for 2025.


Yum China (9987 HK): 2025 Outlook. Modest Growth and Margin Upside Amid Sector Headwinds

China

Yum China Holdings, Inc. operates chain restaurants. The Company offers pizza, entrees, pasta, rice dishes, appetizers, soups, vegetables, beverages, and desserts. Yum China Holding conducts its business worldwide.

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Yum China Holdings (YUMC US)

Yum China Drops Game-Changing Formats—How Mini Stores & KCOFFEE Are Rewriting the Playbook!

Yum China Holdings Inc., a licensee of Yum! Brands in China, presented mixed results in the third quarter of 2025. On a positive note, Yum China...

Baptista Research

Yum China: Focus On Innovation & Customer Engagement to Foster Solid Growth Channels Via Advanced Digital Capabilities!

Yum China Holdings, Inc. reported strong financial results for Q2 2025, marked by new record levels in revenue, operating profit, and operating...

Baptista Research

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Yum China: Looking Delicious with Record Profits Expected in 1Q23 and Potential for Further Growth

Yum China's 1Q23 OP may reach a record high of $350m, and annual profitability is expected to double. Consider buying Yum China for potential...

Oshadhi Kumarasiri

Yum China (9987 HK): 2025 Outlook. Modest Growth and Margin Upside Amid Sector Headwinds

Cautious Consumers, Fierce Competition, and the Guochao Trend are Key hurdles on Yum China's path in 2025. Its Value positioning could be a double...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yum China Drops Game-Changing Formats—How Mini Stores & KCOFFEE Are Rewriting the Playbook!

Yum China Holdings Inc., a licensee of Yum! Brands in China, presented mixed results in the third quarter of 2025. On a positive note, Yum China...

Baptista Research

Yum China: Focus On Innovation & Customer Engagement to Foster Solid Growth Channels Via Advanced Digital Capabilities!

Yum China Holdings, Inc. reported strong financial results for Q2 2025, marked by new record levels in revenue, operating profit, and operating...

Baptista Research

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Yum China: Looking Delicious with Record Profits Expected in 1Q23 and Potential for Further Growth

Yum China's 1Q23 OP may reach a record high of $350m, and annual profitability is expected to double. Consider buying Yum China for potential...

Oshadhi Kumarasiri

Yum China (9987 HK): 2025 Outlook. Modest Growth and Margin Upside Amid Sector Headwinds

​Cautious Consumers, Fierce Competition, and the Guochao Trend are Key hurdles on Yum China's path in 2025. Its Value positioning could be a double...

Devi Subhakesan

Cautious Consumers, Fierce Competition, and the Guochao Trend are Key hurdles on Yum China's path in 2025. Its Value positioning could be a double...