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>Wynn Resorts provided a detailed overview of its second quarter 2024 earnings, illustrating mixed financial and operational performance across its various geographies.</li><li>The company's earnings call highlighted record earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR), capital expenditures, and strategic developments, particularly with Wynn Las Vegas, Boston, Macau, and ongoing projects in the UAE.</li><li>Starting with the positives, Wynn Resorts reported a record quarterly EBITDAR of $572 million, marking the company’s strongest second quarter in its history.</li></ul>

Wynn Resorts provided a detailed overview of its second quarter 2024 earnings, illustrating mixed financial and operational performance across its various geographies.The company's earnings call highlighted record earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR), capital expenditures, and strategic developments, particularly with Wynn Las Vegas, Boston, Macau, and ongoing projects in the UAE.Starting with the positives, Wynn Resorts reported a record quarterly EBITDAR of $572 million, marking the company’s strongest second quarter in its history.

Wynn Resorts: Enhanced Market Recovery in Macau & Expansion In New Markets! - Major Drivers

<ul><li>The first quarter of 2024 marked a period of continued momentum for Wynn Resorts.</li><li>The company’s earnings call transcript highlighted several significant developments, representing positive and negative factors that could be relevant for potential investors.</li><li>Starting on the bright side, Wynn Resorts reported an all-time record property EBITDAR of $647 million during Q1 2024, owing to the company's solid team delivering five-star service and unique experiences to their guests.</li></ul>

The first quarter of 2024 marked a period of continued momentum for Wynn Resorts.The company’s earnings call transcript highlighted several significant developments, representing positive and negative factors that could be relevant for potential investors.Starting on the bright side, Wynn Resorts reported an all-time record property EBITDAR of $647 million during Q1 2024, owing to the company's solid team delivering five-star service and unique experiences to their guests.

<ul><li>Wynn Resorts confirmed an upward trend in the company's financial performance, with several notable highlights and challenges observed.</li><li>The fourth quarter of 2023 was evidently a prosperous period for the firm as it marked an all-time quarterly record of $630.4 million of property EBITDAR. This can be attributed to the progressively building momentum of the firm's business throughout the year.</li><li>Annual earnings were also record-breaking, with nearly $2.2 billion of property EBITDAR generated over the year.</li></ul>

Wynn Resorts confirmed an upward trend in the company's financial performance, with several notable highlights and challenges observed.The fourth quarter of 2023 was evidently a prosperous period for the firm as it marked an all-time quarterly record of $630.4 million of property EBITDAR. This can be attributed to the progressively building momentum of the firm's business throughout the year.Annual earnings were also record-breaking, with nearly $2.2 billion of property EBITDAR generated over the year.

Wynn Reports: Well-positioned Macau Operations

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>This week in StubWorld ...</p>
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<p>Cashed-up <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> is in the market every day as its shares trade around all-time lows on an implied stub and simple ratio basis.</p>
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<p>Preceding my comments on CKH are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...




Cashed-up CK Hutchison Holdings (1 HK) is in the market every day as its shares trade around all-time lows on an implied stub and simple ratio basis.




Preceding my comments on CKH are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


<ul><li>Wynn Resorts delivered a solid result and managed an all-around beat in the last quarter.</li><li>In the realm of Wynn Las Vegas, they reported a commendable performance in the third quarter.</li><li>The developments extend beyond gaming, with non-gaming sectors such as retail and hotel revenue experiencing impressive growth.</li></ul>

Wynn Resorts delivered a solid result and managed an all-around beat in the last quarter.In the realm of Wynn Las Vegas, they reported a commendable performance in the third quarter.The developments extend beyond gaming, with non-gaming sectors such as retail and hotel revenue experiencing impressive growth.

Wynn Resorts: A Tale Of Macau Recovery & Market Share Growth! - Major Drivers

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

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Wynn Resorts (WYNN US)

Wynn Resorts: Enhanced Market Recovery in Macau & Expansion In New Markets! - Major Drivers

Wynn Resorts provided a detailed overview of its second quarter 2024 earnings, illustrating mixed financial and operational performance across its...

Baptista Research

Wynn Resorts: Macau Operations

The first quarter of 2024 marked a period of continued momentum for Wynn Resorts. The company’s earnings call transcript highlighted several...

Baptista Research

Wynn Reports: Well-positioned Macau Operations

Wynn Resorts confirmed an upward trend in the company's financial performance, with several notable highlights and challenges observed. The fourth...

Baptista Research

StubWorld: CK Hutch's Ongoing Buybacks

CKH looks cheap here priced at 6.8x/0.4x forward PE/PBR, together with a 50% discount to NAV. Expect buybacks to continue. Recommend an outright...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Wynn Resorts: Enhanced Market Recovery in Macau & Expansion In New Markets! - Major Drivers

Wynn Resorts provided a detailed overview of its second quarter 2024 earnings, illustrating mixed financial and operational performance across its...

Baptista Research

Wynn Resorts: Macau Operations

The first quarter of 2024 marked a period of continued momentum for Wynn Resorts. The company’s earnings call transcript highlighted several...

Baptista Research

Wynn Reports: Well-positioned Macau Operations

Wynn Resorts confirmed an upward trend in the company's financial performance, with several notable highlights and challenges observed. The fourth...

Baptista Research

StubWorld: CK Hutch's Ongoing Buybacks

CKH looks cheap here priced at 6.8x/0.4x forward PE/PBR, together with a 50% discount to NAV. Expect buybacks to continue. Recommend an outright...

David Blennerhassett

Wynn Resorts: A Tale Of Macau Recovery & Market Share Growth! - Major Drivers

Wynn Resorts delivered a solid result and managed an all-around beat in the last quarter. In the realm of Wynn Las Vegas, they reported a...

Baptista Research