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

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba Group's June Quarter 2024 financial report showcases a blend of growth, challenges, and strategic advancements.</li><li>The group reported steady growth in its core e-commerce businesses, Taobao and Tmall Group, with an increase in Gross Merchandise Volume (GMV) and order volumes.</li><li>Particularly, the company's focus on enhancing user experience and AI-driven strategies appears to be bearing fruit, assuring an upward trajectory in retaining and attracting customers, which is crucial in a competitive e-commerce landscape.</li></ul>

Alibaba Group's June Quarter 2024 financial report showcases a blend of growth, challenges, and strategic advancements.The group reported steady growth in its core e-commerce businesses, Taobao and Tmall Group, with an increase in Gross Merchandise Volume (GMV) and order volumes.Particularly, the company's focus on enhancing user experience and AI-driven strategies appears to be bearing fruit, assuring an upward trajectory in retaining and attracting customers, which is crucial in a competitive e-commerce landscape.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>In its last update, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group</a> announced that the company was preparing for its primary listing in Hong Kong and the process was expected to complete by the end August.</li>
<li>The Board meets on 14 August to approve results for the three months ending June. Could there be an announcement on the dual primary listing too?</li>
<li>Mainland Chinese own between 3.5%-15.5% of companies that converted from Secondary to Dual-Primary in the last few years. Similar buying in <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a> could take the stock higher from here. </li>
</ul>


In its last update, Alibaba Group announced that the company was preparing for its primary listing in Hong Kong and the process was expected to complete by the end August.
The Board meets on 14 August to approve results for the three months ending June. Could there be an announcement on the dual primary listing too?
Mainland Chinese own between 3.5%-15.5% of companies that converted from Secondary to Dual-Primary in the last few years. Similar buying in Alibaba could take the stock higher from here. 


Alibaba (9988 HK/BABA) Dual Primary Listing: Are We There Yet?

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>China Literature’s revenue increased by 28% YoY in 1H24, because four novel copyrights for movies brought box office hits.</li>
<li>KE revenue increased by 20% YoY in 2Q24 compared with a 19% YoY decrease in 1Q24, as government policies supported existing home transaction.</li>
<li>Alibaba announced that it will recruit 1,000 fresh graduates for tech positions in 2025.</li>
</ul>


China Literature’s revenue increased by 28% YoY in 1H24, because four novel copyrights for movies brought box office hits.
KE revenue increased by 20% YoY in 2Q24 compared with a 19% YoY decrease in 1Q24, as government policies supported existing home transaction.
Alibaba announced that it will recruit 1,000 fresh graduates for tech positions in 2025.


China Consumption Weekly (19Aug2024): China Literature, BEKE, Alibaba, JD, JD Health, Tencent Music

Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

Alibaba Group Holding  / Technical Analysis

<ul>
<li>Gold breaks above MONTHLY bull flag suggesting possible move to 3000.</li>
<li>Is China ready to duplicate prior move we witnessed in Nikkei?</li>
<li>BABA looks technically attractive and could reach par by year-end.</li>
</ul>


Gold breaks above MONTHLY bull flag suggesting possible move to 3000.
Is China ready to duplicate prior move we witnessed in Nikkei?
BABA looks technically attractive and could reach par by year-end.


Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

<ul>
<li>BABA reported C1Q24 top line, adjusted EBITA and non-GAAP net profit (2.7%), 5.5% and in-line vs. consensus. </li>
<li>E-Commerce GMV recovery is the most positive of all. TTG ad-revenues (CMR) trailed GMV growth but we see the two closing the gap in C2H24</li>
<li>Besides stabilizing e-commerce, BABA is on track of transforming itself from China's eBay to China's Microsoft. AI-related cloud revenue grew 100% YoY. </li>
</ul>


BABA reported C1Q24 top line, adjusted EBITA and non-GAAP net profit (2.7%), 5.5% and in-line vs. consensus. 
E-Commerce GMV recovery is the most positive of all. TTG ad-revenues (CMR) trailed GMV growth but we see the two closing the gap in C2H24
Besides stabilizing e-commerce, BABA is on track of transforming itself from China's eBay to China's Microsoft. AI-related cloud revenue grew 100% YoY. 


[Alibaba (BABA US, BUY, TP US$100) TP Change]: On Track for the Great Turnaround…Reiterate BUY

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

Alibaba Group: A Blend of Growth

Alibaba Group's June Quarter 2024 financial report showcases a blend of growth, challenges, and strategic advancements. The group reported steady...

Baptista Research

Alibaba (9988 HK/BABA) Dual Primary Listing: Are We There Yet?

Alibaba will convert from a Secondary Listing on the HKEX to a dual primary listing effective 28 August. That should mean inclusion in Southbound...

Brian Freitas

China Consumption Weekly (19Aug2024): China Literature, BEKE, Alibaba, JD, JD Health, Tencent Music

China Literature’s revenue increased by 28% YoY in 1H24. KE revenue increased by 20% YoY in 2Q24. Alibaba announced that it will recruit 1,000...

Ming Lu

Time To Buy China/Gold

Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

Douglas Busch

[Alibaba (BABA US, BUY, TP US$100) TP Change]: On Track for the Great Turnaround…Reiterate BUY

BABA's Q1 results show strong performance, with e-commerce GMV leading the way and AI-related cloud revenue doubling year-over-year. Transitioning...

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba Group: A Blend of Growth

Alibaba Group's June Quarter 2024 financial report showcases a blend of growth, challenges, and strategic advancements. The group reported steady...

Baptista Research

Alibaba (9988 HK/BABA) Dual Primary Listing: Are We There Yet?

Alibaba will convert from a Secondary Listing on the HKEX to a dual primary listing effective 28 August. That should mean inclusion in Southbound...

Brian Freitas

China Consumption Weekly (19Aug2024): China Literature, BEKE, Alibaba, JD, JD Health, Tencent Music

China Literature’s revenue increased by 28% YoY in 1H24. KE revenue increased by 20% YoY in 2Q24. Alibaba announced that it will recruit 1,000...

Ming Lu

Time To Buy China/Gold

​Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

Douglas Busch

[Alibaba (BABA US, BUY, TP US$100) TP Change]: On Track for the Great Turnaround…Reiterate BUY

​BABA's Q1 results show strong performance, with e-commerce GMV leading the way and AI-related cloud revenue doubling year-over-year. Transitioning...

Blue Lotus Research Institute

Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

BABA's Q1 results show strong performance, with e-commerce GMV leading the way and AI-related cloud revenue doubling year-over-year. Transitioning...