Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>In this insight, we discuss Mastercard's new, crypto partnership with Binance which is likely to have some positive impact on expanding the use of cryptocurrencies through Mastercard.</li>
<li>A shift to risk-off assets and the competing CBCDs could make it more difficult for major cryptocurrencies such as Bitcoin to continue to flourish as a credible payment mechanism.</li>
<li>Once the CBCDs are up and running, there could be greater incentives to NOT allow Mastercard to use cryptocurrencies as a means of payment but instead use CBCDs. </li>
</ul>


In this insight, we discuss Mastercard's new, crypto partnership with Binance which is likely to have some positive impact on expanding the use of cryptocurrencies through Mastercard.
A shift to risk-off assets and the competing CBCDs could make it more difficult for major cryptocurrencies such as Bitcoin to continue to flourish as a credible payment mechanism.
Once the CBCDs are up and running, there could be greater incentives to NOT allow Mastercard to use cryptocurrencies as a means of payment but instead use CBCDs. 


Mastercard's Crypto Alliance with Binance: Overshadowed by Shift to Risk-Off Assets & CBDC Goliath

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>Mastercard continued to bear the brunt of inflationary pressures since the start of 2022 but the company has definitely benefitted from the fact that travel-related spending and consumer spending have remained strong.</li><li>Apple Pay Later has been recently announced by Apple which is using the Mastercard installments program.</li><li>In the U.S., the company established a partnership agreements that extend its small, co-brand, credit, and debit business credit programs.</li></ul>

Mastercard continued to bear the brunt of inflationary pressures since the start of 2022 but the company has definitely benefitted from the fact that travel-related spending and consumer spending have remained strong.Apple Pay Later has been recently announced by Apple which is using the Mastercard installments program.In the U.S., the company established a partnership agreements that extend its small, co-brand, credit, and debit business credit programs.

Mastercard Inc.: New Set Of Collaborations & Other Key Drivers

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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>The global HRTech market is forecast to grow at a CAGR of 5.8% between 2022-2028E to US$35.68bn driven by increased investment in product and technology development.</li>
<li>We have chosen four companies that will have an exciting year ahead (either bullish or bearish) and have discussed their business models, key drivers, fundamentals and their valuation.</li>
<li>We have chosen two stocks from the US (Ceridian and Automatic Data Processing) and two from Japan (Recruit and Visional) with a market capitalisation of &gt;$1bn and ADTV&gt;$1m.</li>
</ul>


The global HRTech market is forecast to grow at a CAGR of 5.8% between 2022-2028E to US$35.68bn driven by increased investment in product and technology development.
We have chosen four companies that will have an exciting year ahead (either bullish or bearish) and have discussed their business models, key drivers, fundamentals and their valuation.
We have chosen two stocks from the US (Ceridian and Automatic Data Processing) and two from Japan (Recruit and Visional) with a market capitalisation of &gt;$1bn and ADTV&gt;$1m.


HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Since our March-end report, our shorts – especially Kakao Pay – worked better than our longs, given the continuing turbulent conditions; Santander’s offer for Getnet minorities signals a specific opportunity</li>
<li>We still favour Mastercard in the megacaps, and we stick with PagSeguro and Nexi despite both having disappointed; Cielo has been a strong performer, but we would not chase it</li>
<li>Among our shorts, we remain negative on DLocal, given its very demanding valuations, and we still see Kakao Pay to be fundamentally over-valued; we reintroduce Paytm to the shorts list</li>
</ul>


Since our March-end report, our shorts – especially Kakao Pay – worked better than our longs, given the continuing turbulent conditions; Santander’s offer for Getnet minorities signals a specific opportunity
We still favour Mastercard in the megacaps, and we stick with PagSeguro and Nexi despite both having disappointed; Cielo has been a strong performer, but we would not chase it
Among our shorts, we remain negative on DLocal, given its very demanding valuations, and we still see Kakao Pay to be fundamentally over-valued; we reintroduce Paytm to the shorts list


Payment Companies Screens – More Constructive Market Signals or a Bear Market Rally?

Equity Capital Markets

<ul><li>Mastercard delivered strong revenue and earnings with further advancement in its underlying operating metrics, particularly in cross-border travel.</li><li>Several factors such as inflationary pressures, geopolitical uncertainties, and supply chain constraints weighed on the company’s value chain but its business fundamentals remain strong.</li><li>Mastercard is driving growth in comparable payments via fintech, and co-brand wins small businesses and new consumers.</li></ul>

Mastercard delivered strong revenue and earnings with further advancement in its underlying operating metrics, particularly in cross-border travel.Several factors such as inflationary pressures, geopolitical uncertainties, and supply chain constraints weighed on the company’s value chain but its business fundamentals remain strong.Mastercard is driving growth in comparable payments via fintech, and co-brand wins small businesses and new consumers.

United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

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Mastercard (MA US)

Mastercard's Crypto Alliance with Binance: Overshadowed by Shift to Risk-Off Assets & CBDC Goliath

Mastercard's new crypto partnership with Binance is likely to benefit Bitcoin and Ethereum in the intermediate term but it is likely to be...

Douglas Kim

Mastercard Inc.: New Set Of Collaborations & Other Key Drivers

Mastercard continued to bear the brunt of inflationary pressures since the start of 2022 but the company has definitely benefitted from the fact...

Baptista Research

HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

The global HRTech market has been undergoing rapid changes and in this insight we have discussed 4 companies that will have an exciting year ahead...

Shifara Samsudeen, ACMA, CGMA

Payment Companies Screens – More Constructive Market Signals or a Bear Market Rally?

In payments, we stick with our longs on Mastercard for its quality, PagSeguro and Nexi for value; we reintroduce Paytm to the shorts, adding it to...

Victor Galliano

Mastercard Inc.: Recent Developments

Mastercard delivered strong revenue and earnings with further advancement in its underlying operating metrics, particularly in cross-border...

Baptista Research

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