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>JD.com Inc. managed to surpass the revenue and earnings expectations of Wall Street.</li><li>Service revenues grew, of which marketing and marketplace revenues were up.</li><li>During the quarter, JD.com noticed strong user engagement trends, including higher purchase rates and ARPU on its app.</li></ul>

JD.com Inc. managed to surpass the revenue and earnings expectations of Wall Street.Service revenues grew, of which marketing and marketplace revenues were up.During the quarter, JD.com noticed strong user engagement trends, including higher purchase rates and ARPU on its app.

JD.com Inc ADR: Collaboration With Gucci & Other Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> is looking to raise around US$160m in its Hong Kong IPO. Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>In earlier notes, we had looked at the firm’s past performance, discussed our earnings assumptions and our thoughts on Tuhu’s valuation.</li>
<li>In this note, we discuss valuations at the final price range.</li>
</ul>



Tuhu Car (2007986D HK) is looking to raise around US$160m in its Hong Kong IPO. Tuhu is an integrated online and offline platform for automotive services in China.
In earlier notes, we had looked at the firm’s past performance, discussed our earnings assumptions and our thoughts on Tuhu’s valuation.
In this note, we discuss valuations at the final price range.


Tuhu Car IPO - Peers Have Corrected, Little to No Upside Left on the Table

Ethan Aw

iMotion Automotive Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imotion-automotive-technology" target="_blank" data-smartkarma-citation="entities:36900:1" rel="noopener">IMotion Automotive Technology (1812706D CH)</a> is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.</li>
<li>We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.</li>
</ul>



IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.
The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.


IMotion Automotive Technology Pre-IPO - PHIP Updates - Concentration Risk Even More Apparent Now

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>JD/ AAPL/ 1810.HK: Apple launches new iPhones in China (-/-/+)</li>
<li>LI/NIO:Huawei AITO New M7 was launched today, limiting impact on LI auto(-)</li>
<li>Meituan/Ctrip.com/Atour: Thailand announced to implement a 5-months visa-free policy for Chinese tourists（+/+/-）</li>
</ul>


JD/ AAPL/ 1810.HK: Apple launches new iPhones in China (-/-/+)
LI/NIO:Huawei AITO New M7 was launched today, limiting impact on LI auto(-)
Meituan/Ctrip.com/Atour: Thailand announced to implement a 5-months visa-free policy for Chinese tourists（+/+/-）


China TMT Update-JD/AAPL/1810.HK/LI/NIO/Meituan/Ctrip/Atour-New IPhones in China;Thailand Visa-Free

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Filing and Other Updates

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

JD.com Inc ADR: Collaboration With Gucci & Other Drivers

JD.com Inc. managed to surpass the revenue and earnings expectations of Wall Street. Service revenues grew, of which marketing and marketplace...

Baptista Research

Tuhu Car IPO - Peers Have Corrected, Little to No Upside Left on the Table

Tuhu Car (2007986D HK) is looking to raise around US$160m in its Hong Kong IPO. Tuhu is an integrated online and offline platform for automotive...

Clarence Chu

IMotion Automotive Technology Pre-IPO - PHIP Updates - Concentration Risk Even More Apparent Now

IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from US$300m. In this note,...

Ethan Aw

China TMT Update-JD/AAPL/1810.HK/LI/NIO/Meituan/Ctrip/Atour-New IPhones in China;Thailand Visa-Free

JD/ AAPL/ 1810.HK: Apple launches new iPhones in China;LI/NIO:Huawei AITO New M7 was launched today;Meituan/Ctrip.com/Atour: Thailand announced to...

Blue Lotus Research Institute

SF Holdings A/H Listing - Recent Filing and Other Updates

SF Holding, China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing. In this note, we look at the recent...

Sumeet Singh

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