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.

Credit

<ul><li>Kraft Heinz's business transformation continues towards a growth-oriented approach as it reported a low-double-digit growth in the last quarter of 2021, ending the year on a fairly decent note.</li><li>For 2022, the company might be able to generate double-digit organic growth and market share gains with its new go-to-market strategy.</li><li>Based on our credit analysis, the company merits a Credit Evaluation Score of BBβ with a stable outlook and as per our Financial Strength Indicator, its performance is 3.69/ 5.</li></ul>

Kraft Heinz's business transformation continues towards a growth-oriented approach as it reported a low-double-digit growth in the last quarter of 2021, ending the year on a fairly decent note.For 2022, the company might be able to generate double-digit organic growth and market share gains with its new go-to-market strategy.Based on our credit analysis, the company merits a Credit Evaluation Score of BBβ with a stable outlook and as per our Financial Strength Indicator, its performance is 3.69/ 5.

The Kraft Heinz Co: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>Kraft Heinz delivered a decent quarterly result with a low-double-digit growth, ending 2021 on a fair note.</li><li>For 2022, the management expects double-digit organic growth and market share gains and intends to further strengthen its go-to market strategy.</li><li>We remain neutral on Kraft Heinz and give it a 'Hold' rating with a revised target price.</li></ul>

Kraft Heinz delivered a decent quarterly result with a low-double-digit growth, ending 2021 on a fair note.For 2022, the management expects double-digit organic growth and market share gains and intends to further strengthen its go-to market strategy.We remain neutral on Kraft Heinz and give it a 'Hold' rating with a revised target price.

Kraft Heinz Co.: Financial & Price Forecasts

<ul><li>Kraft Heinz Co delivered another strong results at a time when food companies are not looking like the best investment opportunities given the inflationary headwinds and the supply chain issues.</li><li>Kraft Heinz’s management is using price-pack architecture, value engineering, and procurement scale to their advantage while pushing for growth.</li><li>We are neutral on Kraft Heinz and give it a ‘Hold’ rating with a revised target price.</li></ul>

Kraft Heinz Co delivered another strong results at a time when food companies are not looking like the best investment opportunities given the inflationary headwinds and the supply chain issues.Kraft Heinz’s management is using price-pack architecture, value engineering, and procurement scale to their advantage while pushing for growth.We are neutral on Kraft Heinz and give it a ‘Hold’ rating with a revised target price.

Kraft Heinz Co: The Turnaround Plan Seems To Be Working (12/2021)

<ul><li>Inflationary pressures and high shipping costs have hit food companies across the globe and Kraft Heinz is no exception to this rule.</li><li>Kraft Heinz was lucky in the sense that currency rates favored the company in the recent quarter by a positive 2.3 percentage points.</li><li>The positive sign for the company is that the demand for snacks and packaged foods has remained strong despite the resumption of foodservice and an increasing number of people stepping out.</li></ul>

Inflationary pressures and high shipping costs have hit food companies across the globe and Kraft Heinz is no exception to this rule.Kraft Heinz was lucky in the sense that currency rates favored the company in the recent quarter by a positive 2.3 percentage points.The positive sign for the company is that the demand for snacks and packaged foods has remained strong despite the resumption of foodservice and an increasing number of people stepping out.

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.

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div>
<p>In our previous notes, </p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance.</li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers.</li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Thoughts on Valuation</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-not-cheap-but-sensible" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Not Cheap but Sensible</a> we discussed our thoughts on valuation. </li>
</ul>
</div><div><p>In this note, we’ll talk about the final pricing and other dynamics.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. 
In our previous notes, 


Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance.
In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers.
In Monde Nissin Pre-IPO - Thoughts on Valuation and Monde Nissin Pre-IPO - Not Cheap but Sensible we discussed our thoughts on valuation. 

In this note, we’ll talk about the final pricing and other dynamics.

Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good

United States

The Kraft Heinz Company provides food services. The Company offers foods including ketchup, sauces, meals, snacks, and other food products.

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Kraft Heinz Co (KHC US)

The Kraft Heinz Co: Detailed Credit Analysis & Financial Strength Evaluation Report

Kraft Heinz's business transformation continues towards a growth-oriented approach as it reported a low-double-digit growth in the last quarter of...

Baptista Research

Kraft Heinz Co.: Financial & Price Forecasts

Kraft Heinz delivered a decent quarterly result with a low-double-digit growth, ending 2021 on a fair note. For 2022, the management expects...

Baptista Research

Kraft Heinz Co: The Turnaround Plan Seems To Be Working (12/2021)

Kraft Heinz Co delivered another strong results at a time when food companies are not looking like the best investment opportunities given the...

Baptista Research

Kraft Heinz Co - Investment Thesis

Inflationary pressures and high shipping costs have hit food companies across the globe and Kraft Heinz is no exception to this rule. Kraft Heinz...

Baptista Research

Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good

Monde Nissin aims to raise around US$1bn in its Philippines IPO. It has two main businesses: Food and Beverage, which sells instant noodles, and...

Sumeet Singh

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