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 latest report for the December Quarter 2023 reflected steady growth despite necessary organizational adjustments.</li><li>The call highlighted an overall focus on a more aggressive approach towards competition to win growth, reigniting the growth in their two core businesses: e-commerce and cloud computing.</li><li>The healthy year-over-year Gross Merchandise Volume (GMV) growth in the e-commerce segment is attributed to the effective execution of user-first and competitive pricing strategies in Taobao and Tmall Group (TTG).</li></ul>

Alibaba Group's latest report for the December Quarter 2023 reflected steady growth despite necessary organizational adjustments.The call highlighted an overall focus on a more aggressive approach towards competition to win growth, reigniting the growth in their two core businesses: e-commerce and cloud computing.The healthy year-over-year Gross Merchandise Volume (GMV) growth in the e-commerce segment is attributed to the effective execution of user-first and competitive pricing strategies in Taobao and Tmall Group (TTG).

Alibaba Group: Revitalization of Taobao and Tmall Group

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 C4Q23 top line, non-GAAP operating profit and GAAP net income in-line, 3.8% and (71)% vs. our estimates. </li>
<li>The discrepancy between non-GAAP operating and GAAP net is due to restructuring charges;</li>
<li>A few clients asked what it would take to be more positive on BABA. To us, grasp of its situation and alignment of the organization must happen first...</li>
</ul>


BABA reported C4Q23 top line, non-GAAP operating profit and GAAP net income in-line, 3.8% and (71)% vs. our estimates. 
The discrepancy between non-GAAP operating and GAAP net is due to restructuring charges;
A few clients asked what it would take to be more positive on BABA. To us, grasp of its situation and alignment of the organization must happen first...


[Alibaba (BABA US, SELL, TP US$66) TP Change]: What It Takes for Us to Be More Positive on BABA?

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Alibaba reported a largely in-line December quarter as lower take rate and widened loss from international commerce businesses resulted in pressured bottom line.</li>
<li>The results also suggest a persisting pattern of China consumers trading down, which - along with the company’s ongoing internal overhaul – will continue to be headwind in 1H24.</li>
<li>That said, we see increase of US$25 billion share repurchase program and dividend policy to well support share price at current valuation. </li>
</ul>


Alibaba reported a largely in-line December quarter as lower take rate and widened loss from international commerce businesses resulted in pressured bottom line.
The results also suggest a persisting pattern of China consumers trading down, which - along with the company’s ongoing internal overhaul – will continue to be headwind in 1H24.
That said, we see increase of US$25 billion share repurchase program and dividend policy to well support share price at current valuation. 


Alibaba (BABA US): Upzised Share Repurchase to Support Share Price

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>Alibaba’s revenue grew by 5% YoY and its operating margin improved by 2 percentage points YoY in 3Q24.</li>
<li>We believe the company turned its focus from margin improvement to revenue growth.</li>
<li>We set the upside at 20% and the price target at HK$90 for March 2025. Buy.</li>
</ul>


Alibaba’s revenue grew by 5% YoY and its operating margin improved by 2 percentage points YoY in 3Q24.
We believe the company turned its focus from margin improvement to revenue growth.
We set the upside at 20% and the price target at HK$90 for March 2025. Buy.


Alibaba (9988 HK): 3Q24, Unimpressive as Expected, But Turning Focus from Margin to Growth

<ul>
<li>Alibaba Changed its Tmall Taobao business unit from three centers to six departments.</li>
<li>We believe the change means Alibaba is moving its focus from cost cut to revenue growth.</li>
<li>We set the stock upside at 26% and the price target at HK$91. Buy.</li>
</ul>


Alibaba Changed its Tmall Taobao business unit from three centers to six departments.
We believe the change means Alibaba is moving its focus from cost cut to revenue growth.
We set the stock upside at 26% and the price target at HK$91. Buy.


Alibaba (9988 HK) 3Q24 Earnings Preview: Could Be Unimpressive, But Just Reorganized Main Business

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 (9988 HK)

Alibaba Group: Revitalization of Taobao and Tmall Group

Alibaba Group's latest report for the December Quarter 2023 reflected steady growth despite necessary organizational adjustments. The call...

Baptista Research

[Alibaba (BABA US, SELL, TP US$66) TP Change]: What It Takes for Us to Be More Positive on BABA?

BABA's Q4 results meet expectations, but restructuring charges impact net income. Alignment within the organization is crucial for a more positive...

Blue Lotus Research Institute

Alibaba (9988 HK): 3Q24, Unimpressive as Expected, But Turning Focus from Margin to Growth

Alibaba’s revenue grew by 5% YoY, but its operating margin improved by 2 percentage points in 3Q24. We believe the company turned its focus from...

Ming Lu

Alibaba (9988 HK) 3Q24 Earnings Preview: Could Be Unimpressive, But Just Reorganized Main Business

Alibaba Changed its Tmall Taobao business unit from three centers to six departments. We believe the change means Alibaba is moving its focus from...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba Group: Revitalization of Taobao and Tmall Group

Alibaba Group's latest report for the December Quarter 2023 reflected steady growth despite necessary organizational adjustments. The call...

Baptista Research

[Alibaba (BABA US, SELL, TP US$66) TP Change]: What It Takes for Us to Be More Positive on BABA?

​BABA's Q4 results meet expectations, but restructuring charges impact net income. Alignment within the organization is crucial for a more positive...

Blue Lotus Research Institute

Alibaba (BABA US): Upzised Share Repurchase to Support Share Price

While deflationary pressure continues to be headwind for Alibaba in the near term, we expect upsized share repurchase program and dividend policy...

Eric Chen

Alibaba (9988 HK): 3Q24, Unimpressive as Expected, But Turning Focus from Margin to Growth

Alibaba’s revenue grew by 5% YoY, but its operating margin improved by 2 percentage points in 3Q24. We believe the company turned its focus from...

Ming Lu

Alibaba (9988 HK) 3Q24 Earnings Preview: Could Be Unimpressive, But Just Reorganized Main Business

Alibaba Changed its Tmall Taobao business unit from three centers to six departments. We believe the change means Alibaba is moving its focus from...

Ming Lu

BABA's Q4 results meet expectations, but restructuring charges impact net income. Alignment within the organization is crucial for a more positive...