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

CarGurus, Inc. retails automobiles and accessories. The Company offers new and used passenger cars, sports utility vehicles, hatchbacks, convertibles, vans, and pickup trucks. CarGurus serves customers in the United States.

<ul><li>CarGurus recently reported its third-quarter financial results for 2024, revealing several facets of its operational and financial performance that offer insights for potential investors.</li><li>On the positive side, CarGurus demonstrated a robust performance in its Marketplace business, with revenue increasing by 15% year-over-year to $204 million, marking a notable achievement primarily due to new dealer additions globally, a shift towards higher subscription tiers, and increased adoption of value-added services.</li><li>The company outperformed its competitors and gained market share within the automotive marketplace industry, a testament to its effective strategic execution and value proposition for dealer partners.</li></ul>

CarGurus recently reported its third-quarter financial results for 2024, revealing several facets of its operational and financial performance that offer insights for potential investors.On the positive side, CarGurus demonstrated a robust performance in its Marketplace business, with revenue increasing by 15% year-over-year to $204 million, marking a notable achievement primarily due to new dealer additions globally, a shift towards higher subscription tiers, and increased adoption of value-added services.The company outperformed its competitors and gained market share within the automotive marketplace industry, a testament to its effective strategic execution and value proposition for dealer partners.

CarGurus Inc.: An Insight Into Its Digital Deal Expansion & Other Major Drivers

Globalstar, Inc. provides mobile voice and data communications services via satellite. The Company primarily provides business and recreational communications to industry, government, and individual customers located in remote areas throughout the world.

<ul><li>Globalstar reported strong results for the third quarter of 2024, with notable growth in both revenue and adjusted EBITDA.</li><li>Total revenue grew by 25% from the previous year, reaching a record $72 million.</li><li>Service revenue increased by 28%, primarily driven by wholesale capacity revenue and the recognition of performance bonuses for 2023 and part of 2024.</li></ul>

Globalstar reported strong results for the third quarter of 2024, with notable growth in both revenue and adjusted EBITDA.Total revenue grew by 25% from the previous year, reaching a record $72 million.Service revenue increased by 28%, primarily driven by wholesale capacity revenue and the recognition of performance bonuses for 2023 and part of 2024.

Globalstar Inc.: Expanding Market Opportunities & Service Offerings To Redefine the Industry! - Major Drivers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 22nd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 22nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Nov 22nd): Tencent, AIA, Kuaishou Technology

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

SurgePays, Inc. is a technology and telecommunications company. The Company focuses on the underbanked and underserved communities, as well as provides fintech platform for financial and prepaid products to convert corner stores and bodegas into tech-hubs for underbanked neighborhoods. SurgePays serves customers in the United States.

<ul><li>Before market open on Thursday, SurgePays announced it has signed a new strategic relationship deal with AT&amp;T.</li><li>The multi-year mobile virtual network operator (MVNO) agreement is a significant enhancement from its pre-existing carrier relationships in the ACP market.</li><li>Enables super low-cost service, critical to former ACP and current Lifeline customers. </li></ul>

Before market open on Thursday, SurgePays announced it has signed a new strategic relationship deal with AT&amp;T.The multi-year mobile virtual network operator (MVNO) agreement is a significant enhancement from its pre-existing carrier relationships in the ACP market.Enables super low-cost service, critical to former ACP and current Lifeline customers. 

SurgePays, Inc. - Signs Strategic Agreement with AT&T

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

<ul><li>Kuaishou reported 3Q24 results: total revenue grew by 11% YoY to RMB31.1bn, in line with Bloomberg consensus estimates of RMB31.0bn; adjusted net profit increased by 24% YoY to RMB3.95bn, also in line with consensus estimates.</li><li>Average DAUs grew by 5% YoY to 408mn in 3Q24 on improved user stickiness, achieving Kuaishou’s medium DAUs target of 400mn. Looking into 4Q24E, we expect Kuaishou’s core commercial business revenue (online marketing &amp; other services) to maintain solid YoY growth of 16%, primarily driven by resilient growth of external marketing service revenue and e-commerce GMV.</li><li>As Kuaishou stepped up investments in key growth initiatives such as e-commerce, short play and AI, we lower our FY25-26E earnings forecasts by 5-8%. We trim our SOTP-derived TP to HK$85.6 (previous: HK$92.0). Maintain BUY</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou reported 3Q24 results: total revenue grew by 11% YoY to RMB31.1bn, in line with Bloomberg consensus estimates of RMB31.0bn; adjusted net profit increased by 24% YoY to RMB3.95bn, also in line with consensus estimates.Average DAUs grew by 5% YoY to 408mn in 3Q24 on improved user stickiness, achieving Kuaishou’s medium DAUs target of 400mn. Looking into 4Q24E, we expect Kuaishou’s core commercial business revenue (online marketing &amp; other services) to maintain solid YoY growth of 16%, primarily driven by resilient growth of external marketing service revenue and e-commerce GMV.As Kuaishou stepped up investments in key growth initiatives such as e-commerce, short play and AI, we lower our FY25-26E earnings forecasts by 5-8%. We trim our SOTP-derived TP to HK$85.6 (previous: HK$92.0). Maintain BUYContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) - Inline 3Q24 Results; Resilient Core Commercial Business

Insights in the Communication Services Space

Communication Services
Insights in the Communication Services Space

CarGurus Inc.: An Insight Into Its Digital Deal Expansion & Other Major Drivers

CarGurus recently reported its third-quarter financial results for 2024, revealing several facets of its operational and financial performance...

Baptista Research

Globalstar Inc.: Expanding Market Opportunities & Service Offerings To Redefine the Industry! - Major Drivers

Globalstar reported strong results for the third quarter of 2024, with notable growth in both revenue and adjusted EBITDA. Total revenue grew by...

Baptista Research

Hong Kong Buybacks Weekly (Nov 22nd): Tencent, AIA, Kuaishou Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

SurgePays, Inc. - Signs Strategic Agreement with AT&T

The multi-year mobile virtual network operator (MVNO) agreement is a significant enhancement from its pre-existing carrier relationships in the ACP...

Water Tower Research

Kuaishou (1024 HK) - Inline 3Q24 Results; Resilient Core Commercial Business

Kuaishou reported 3Q24 results: total revenue grew by 11% YoY to RMB31.1bn, in line with Bloomberg consensus estimates of RMB31.0bn; adjusted net...

CMB International