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

Discover Financial Services / Equity Bottom-Up

<ul><li>This is our first report on Discover Financial Services, a prominent consumer finance company.</li><li>Net interest income grew significantly, supported by an expanding net interest margin driven by higher prime rates.</li><li>Additionally, the company introduced Discover Financial Health Improvement Fund to improve the financial well-being of low- and middle-income individuals, communities, and small enterprises.</li></ul>

This is our first report on Discover Financial Services, a prominent consumer finance company.Net interest income grew significantly, supported by an expanding net interest margin driven by higher prime rates.Additionally, the company introduced Discover Financial Health Improvement Fund to improve the financial well-being of low- and middle-income individuals, communities, and small enterprises.

Discover Financial Services: Initiation of Coverage – Business Strategy & Key Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Stocks Highlighted: WFC, COF, DFS, GS, JEF, RJF, LIN, ALB, AKZOY, OLN, CC, CDAY, RHI, MAN, TNET, ASGN, NSP, TBI, KELYA, BBSI, DHX, BGSF, AMN, and CCRN.</p><p>Cyclical value areas are starting to play catch-up as interest rates show signs of bottoming -- all kickstarted by Friday's better-than-expected employment report. We see many actionable opportunities, particularly within the Financial and Materials Sectors, and also several retail stocks within Consumer Discretionary. As we noted last week, despite mixed signals from the market, there continues to be an absence of breakdowns at the index and Sector level which supports our overall constructive outlook.</p>

Stocks Highlighted: WFC, COF, DFS, GS, JEF, RJF, LIN, ALB, AKZOY, OLN, CC, CDAY, RHI, MAN, TNET, ASGN, NSP, TBI, KELYA, BBSI, DHX, BGSF, AMN, and CCRN.Cyclical value areas are starting to play catch-up as interest rates show signs of bottoming -- all kickstarted by Friday's better-than-expected employment report. We see many actionable opportunities, particularly within the Financial and Materials Sectors, and also several retail stocks within Consumer Discretionary. As we noted last week, despite mixed signals from the market, there continues to be an absence of breakdowns at the index and Sector level which supports our overall constructive outlook.

Cyclical Value Areas Improving -- Add Exposure To Financials, Materials

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

SBI Cards & Payment Services / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/sbi-cards-payment" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">SBI Cards (SBICARDS IN)</a> is the second-largest credit card issuer in India, with an 18.0% market share of the Indian credit card market as measured by the number of credit cards outstanding as of 30 September 2019. SBI Cards will commence trading on Monday, 16 March. SBI Cards set its IPO price at Rs755 per share, which is the upper limit of the IPO price band.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/sbi-cards-and-payment-ipo-price-range-s-polarized-appeal" target="_blank" rel="noopener">our valuation note</a>, we stated that the signs point to a good post-IPO performance, and we are inclined to put on our "growth" hat and participate in the IPO. However, since then, the markets globally are in turmoil due to the covid-19 outbreak. While trying to predict market moves in the current environment is challenging, we think that SBI Cards will have a tepid debut (likely flat). On a longer-term basis, we think the valuation remains appealing to growth-oriented investors willing to look past the market turmoil.</p></div></div></div>

SBI Cards (SBICARDS IN) is the second-largest credit card issuer in India, with an 18.0% market share of the Indian credit card market as measured by the number of credit cards outstanding as of 30 September 2019. SBI Cards will commence trading on Monday, 16 March. SBI Cards set its IPO price at Rs755 per share, which is the upper limit of the IPO price band.In our valuation note, we stated that the signs point to a good post-IPO performance, and we are inclined to put on our "growth" hat and participate in the IPO. However, since then, the markets globally are in turmoil due to the covid-19 outbreak. While trying to predict market moves in the current environment is challenging, we think that SBI Cards will have a tepid debut (likely flat). On a longer-term basis, we think the valuation remains appealing to growth-oriented investors willing to look past the market turmoil.

SBI Cards and Payment IPO: Trading Debut In Unprecedented Times

<p><a href="https://www.smartkarma.com/entities/sbi-cards-payment" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">SBI Cards (SBICARDS IN)</a> is set to open its books from 2 to 5 March. It is expected to announce an IPO price range of Rs750-755 per share, according to press reports. The rumoured range will imply a market cap exceeding Rs700 billion which is 17% above the initial expectations of Rs600 billion. </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/sbi-cards-and-payment-ipo-initiation-creditworthy" target="_blank" rel="noopener">our initiation note</a>, we stated that peeling back the benefit of market growth, SBI Cards’ fundamentals offer more positives than negatives. Our updated valuation analysis suggests that the IPO price range will polarize its appeal to a targeted set of investors. On balance, the signs point to a good post-IPO performance, and we are inclined to put on our "growth" hat and participate in the IPO. </p></div>

SBI Cards (SBICARDS IN) is set to open its books from 2 to 5 March. It is expected to announce an IPO price range of Rs750-755 per share, according to press reports. The rumoured range will imply a market cap exceeding Rs700 billion which is 17% above the initial expectations of Rs600 billion. In our initiation note, we stated that peeling back the benefit of market growth, SBI Cards’ fundamentals offer more positives than negatives. Our updated valuation analysis suggests that the IPO price range will polarize its appeal to a targeted set of investors. On balance, the signs point to a good post-IPO performance, and we are inclined to put on our "growth" hat and participate in the IPO. 

SBI Cards and Payment IPO: Price Range's Polarized Appeal

<p><a href="https://www.smartkarma.com/entities/sbi-cards-payment" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">SBI Cards (SBICARDS IN)</a> is the second-largest credit card issuer in India, with an 18.0% market share of the Indian credit card market as measured by the number of credit cards outstanding as of 30 September 2019. SBI Cards will likely raise around Rs95 billion ($1.3 billion) at a valuation of Rs600 billion ($8.4 billion) and the IPO will be launched in the first week of March, according to press reports.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/sbi-cards-and-payment-ipo-initiation-creditworthy" target="_blank" rel="noopener">our initiation note</a>, we stated that peeling back the benefit of market growth, SBI Cards’ fundamentals offer more positives than negatives. Our valuation analysis suggests that that the rumoured Rs600 billion valuation will be attractive particularly for growth-oriented investors.</p></div>

SBI Cards (SBICARDS IN) is the second-largest credit card issuer in India, with an 18.0% market share of the Indian credit card market as measured by the number of credit cards outstanding as of 30 September 2019. SBI Cards will likely raise around Rs95 billion ($1.3 billion) at a valuation of Rs600 billion ($8.4 billion) and the IPO will be launched in the first week of March, according to press reports.In our initiation note, we stated that peeling back the benefit of market growth, SBI Cards’ fundamentals offer more positives than negatives. Our valuation analysis suggests that that the rumoured Rs600 billion valuation will be attractive particularly for growth-oriented investors.

SBI Cards and Payment IPO: Valuation Insights

United States

Discover Financial Services is a credit card issuer and electronic payment services company.  The Company issues credit cards and offers student and personal loans, as well as savings products such as certificates of deposit and money market accounts  and operates an automated teller machine(ATM)/debit network, which includes ATMs, as well as POS terminals nationwide.

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Discover Financial Services (DFS US)

Discover Financial Services: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on Discover Financial Services, a prominent consumer finance company. Net interest income grew significantly, supported...

Baptista Research

Cyclical Value Areas Improving -- Add Exposure To Financials, Materials

Cyclical value areas are starting to play catch-up as interest rates show signs of bottoming. We see many actionable opportunities, particularly...

Vermilion Research

SBI Cards and Payment IPO: Trading Debut In Unprecedented Times

SBI Cards (SBICARDS IN) is the second-largest credit card issuer in India, with an 18.0% market share of the Indian credit card market as measured...

Arun George

SBI Cards and Payment IPO: Price Range's Polarized Appeal

SBI Cards (SBICARDS IN) is set to open its books from 2 to 5 March. It is expected to announce an IPO price range of Rs750-755 per share, according...

Arun George

SBI Cards and Payment IPO: Valuation Insights

SBI Cards (SBICARDS IN) is the second-largest credit card issuer in India, with an 18.0% market share of the Indian credit card market as measured...

Arun George

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