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.

Equity Capital Markets

<ul>
<li>Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.</li>
<li>Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>


Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.
Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.
In this note, we look at the company's past performance.


Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

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.

Anheuser-Busch InBev / Equity Capital Markets

<ul><li>This is our follow-up report on Splash Beverages and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.</li><li>The company’s revenues have scaled up significantly on account of its widespread distribution.</li><li>We are bullish about Splash Beverages and we believe that the company is an excellent, undervalued consumer goods investment.</li></ul>

This is our follow-up report on Splash Beverages and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.The company’s revenues have scaled up significantly on account of its widespread distribution.We are bullish about Splash Beverages and we believe that the company is an excellent, undervalued consumer goods investment.

Splash Beverage Group Inc. - Detailed Analysis Of Key Drivers & The Beverage Sub-Sectors Where The Company Operates

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results.</li>
<li>The company underperforming its major peers, including asset impairments, lower volumes, sales and margins will likely overshadow this year's results, according to the company.</li>
<li>The past few years have been particularly hard for beer brewers. Pandemic lockdowns had a devastating impact on on-trade channels and now cost-push inflation is squeezing margins.</li>
</ul>


The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results.
The company underperforming its major peers, including asset impairments, lower volumes, sales and margins will likely overshadow this year's results, according to the company.
The past few years have been particularly hard for beer brewers. Pandemic lockdowns had a devastating impact on on-trade channels and now cost-push inflation is squeezing margins.


<ul><li>This is our first report on Splash Beverages and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.</li><li>It is worth highlighting that apart from the AB-InBev tie-up which we discuss in detail in the report, Splash Beverages also has agreements in place with Golden Beverage Company, Johnson Brothers, Bernie Little, and branches of Gulf Distributing Holdings, LLC.</li><li>We are bullish about Splash Beverages and we believe that the company is an excellent, undervalued consumer goods investment.</li></ul>

This is our first report on Splash Beverages and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.It is worth highlighting that apart from the AB-InBev tie-up which we discuss in detail in the report, Splash Beverages also has agreements in place with Golden Beverage Company, Johnson Brothers, Bernie Little, and branches of Gulf Distributing Holdings, LLC.We are bullish about Splash Beverages and we believe that the company is an excellent, undervalued consumer goods investment.

Splash Beverage Group Inc. - Investment Thesis

Anheuser Busch Inbev Sa/Nv / Equity Bottom-Up

<ul>
<li>AB InBev has one of the strongest fundamentals in the sector, but share price performance is still akin to a high-risk cyclical stock.</li>
<li>Lingering capital allocation mistakes still overshadow the company's industry-leading gross margin, which is now in a downtrend.</li>
<li>The overall debt risk has declined, however, AB InBev returns are now more sensitive to macroeconomic factors.</li>
</ul>


AB InBev has one of the strongest fundamentals in the sector, but share price performance is still akin to a high-risk cyclical stock.
Lingering capital allocation mistakes still overshadow the company's industry-leading gross margin, which is now in a downtrend.
The overall debt risk has declined, however, AB InBev returns are now more sensitive to macroeconomic factors.


United States

Anheuser-Busch InBev NV brews beer.  The Company manufactures ale, lager, stout, and bitter beer.  Anheuser-Busch InBev owns brands that are both nationally and internationally prominent.  The Company has production plants in Europe, the Americas, and Asia.

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Anheuser-Busch InBev (BUD US)

Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore. In this note, we look at the company's past performance.

Sumeet Singh

Splash Beverage Group Inc. - Detailed Analysis Of Key Drivers & The Beverage Sub-Sectors Where The Company Operates

This is our follow-up report on Splash Beverages and we look to provide a detailed account of the various drivers that will be responsible for the...

Baptista Research

Carlsberg: A Challenging Year Ahead

The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results. The company...

Vladimir Dimitrov, CFA

Splash Beverage Group Inc. - Investment Thesis

This is our first report on Splash Beverages and we look to provide a detailed account of the various drivers that will be responsible for the...

Baptista Research

Anheuser-Busch InBev: Something Is Amiss

AB InBev has one of the strongest fundamentals in the sector, but share price performance is still akin to a high-risk cyclical stock. Lingering...

Vladimir Dimitrov, CFA

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