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. 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez-limited" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez (GYG AU)</a> raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we will talk about the lockup dynamics and possible placement.


Guzman IPO Lockup - Last of the Lockups for a US$750m+ Release

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/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a> 's IPO valuation discount to its peers, including HK-listed tea-beverage players as well as US-listed China-based coffee-beverage player, suggest a strong potential upside on listing.</li>
<li>US Investor concern over impact of tariffs and caution due to lingering memories of the Luckin Coffee scandal could translate to higher risk premium for the stock.</li>
<li>Expect Chagee to trade at a discount to budget beverage peers like <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> given its limited room for network expansion within China and likely slower overseas growth.</li>
</ul>



Chagee Holdings (CHA US) 's IPO valuation discount to its peers, including HK-listed tea-beverage players as well as US-listed China-based coffee-beverage player, suggest a strong potential upside on listing.
US Investor concern over impact of tariffs and caution due to lingering memories of the Luckin Coffee scandal could translate to higher risk premium for the stock.
Expect Chagee to trade at a discount to budget beverage peers like Mixue Group (2097 HK) given its limited room for network expansion within China and likely slower overseas growth.


Chagee IPO: Is It Worth the Risks? Peer Comparison and Valuation Analysis.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Budweiser Brewing Company APAC / Equity Bottom-Up

<ul>
<li>Hong Kong secular bull market has consolidated within its long-term support/resistance range of 22700 and 24000.  With increasing momentum and strength the market is poised for the next leg up.</li>
<li>Hong Kong tech and consumer discretionary sectors continue to have strong momentum with healthcare and materials sectors showing renewed strength.</li>
<li>
<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a> shares bounce with the appointment of new CEO, pointing to increasing China revenue.  <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> reported strong earnings and increased its dividend.</li>
</ul>


Hong Kong secular bull market has consolidated within its long-term support/resistance range of 22700 and 24000.  With increasing momentum and strength the market is poised for the next leg up.
Hong Kong tech and consumer discretionary sectors continue to have strong momentum with healthcare and materials sectors showing renewed strength.

Budweiser Brewing APAC (1876 HK) shares bounce with the appointment of new CEO, pointing to increasing China revenue.  Yum China Holdings (9987 HK) reported strong earnings and increased its dividend.


BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.


MIXUE IPO Trading - Strong Demand, Set to Break the Tea Chain Jinx

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yum China Holdings (YUMC US)

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

Guzman IPO Lockup - Last of the Lockups for a US$750m+ Release

Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon. In this note we talk about its...

Sumeet Singh

Chagee IPO: Is It Worth the Risks? Peer Comparison and Valuation Analysis.

Investors can expect a strong upside on listing despite the backdrop of tariff-related market concerns given Chagee’s IPO is priced at a notable...

Devi Subhakesan

BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

HK is consolidating within its long term support/resistance levels of 22700 and 24000. Mainland buying is at historically high levels. Bud APAC...

David Mudd

MIXUE IPO Trading - Strong Demand, Set to Break the Tea Chain Jinx

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO, which was well covered. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)