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

Automatic Data Processing / Equity Bottom-Up

<ul><li>It was a successful quarter for ADP as the demand environment was healthy overall.</li><li>ADP sold and started over 60,000 new RUN clients, and its Employer Services retention rate came in better than expected.</li><li>The company is also investing in its Voice of Employee solution, helping thousands of clients attain better insights from their employee population.</li></ul>

It was a successful quarter for ADP as the demand environment was healthy overall.ADP sold and started over 60,000 new RUN clients, and its Employer Services retention rate came in better than expected.The company is also investing in its Voice of Employee solution, helping thousands of clients attain better insights from their employee population.

Automatic Data Processing: Gaining Strong Momentum In Employer Services and Compliance Solutions – DCF & Comparables Valuation

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>This is the Fourth and Final of the HRTech Sector series and we will be discussing Ceridian, ADP, Recruit and Visional performance over the last quarter.</li>
<li>The remarkable growth spurt experienced post-Covid seems to be slowing down and margins and revenues have mostly returned to pre-COVID levels.</li>
<li>With digitisation of workplace, the market is expected to see further advancement in categories such as employee experience, talent intelligence, contract workforce management, etc.</li>
</ul>


This is the Fourth and Final of the HRTech Sector series and we will be discussing Ceridian, ADP, Recruit and Visional performance over the last quarter.
The remarkable growth spurt experienced post-Covid seems to be slowing down and margins and revenues have mostly returned to pre-COVID levels.
With digitisation of workplace, the market is expected to see further advancement in categories such as employee experience, talent intelligence, contract workforce management, etc.


HRTech Sector Series: Market Continues to Evolve While Post Covid Growth Begins to Slow Down

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> , <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> and <a href="https://www.smartkarma.com/entities/cj-cheiljedang-corp" target="_blank" data-smartkarma-citation="entities:1970:1" rel="noopener">CJ Cheiljedang (097950 KS)</a>   </li>
<li>For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms</li>
<li>For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%</li>
</ul>


The three companies we write about this week are Tata Consultancy Svcs (TCS IN) , LG Chem Ltd (051910 KS) and CJ Cheiljedang (097950 KS)   
For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms
For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%


The Innovations Portfolios - Week Nineteen

<ul><li>ADP had a great start to fiscal 2023 and delivered an all-around beat in its last result.</li><li>The company overcame elevated expense growth over the first quarter of last year and ongoing investments in the business by delivering 30 basis points of adjusted EBIT margin expansion.</li><li>In contrast, the start of bookings growth in the foreign business was slower than the management had anticipated.</li></ul>

ADP had a great start to fiscal 2023 and delivered an all-around beat in its last result.The company overcame elevated expense growth over the first quarter of last year and ongoing investments in the business by delivering 30 basis points of adjusted EBIT margin expansion.In contrast, the start of bookings growth in the foreign business was slower than the management had anticipated.

Automatic Data Processing Inc (ADP): Major Drivers

<ul>
<li>This is the Third of HRTech sector series and the four companies that we have covered under this series have since reported earnings.</li>
<li>HRTech market has undergone rapid changes and 2023 will bring in more value to the recent transformation such as Hybrid work models and metaverse that the industry has witnessed.</li>
<li>Of the four companies, except for Recruit, other three continues to perform positively with Visional recording the highest growth among the four.</li>
</ul>


This is the Third of HRTech sector series and the four companies that we have covered under this series have since reported earnings.
HRTech market has undergone rapid changes and 2023 will bring in more value to the recent transformation such as Hybrid work models and metaverse that the industry has witnessed.
Of the four companies, except for Recruit, other three continues to perform positively with Visional recording the highest growth among the four.


HRTech Sector Series: Hybrid Work Models and Metaverse to See More Prominence in 2023

United States

Automatic Data Processing, Inc. is a global provider of business outsourcing solutions.  The Company's services include a wide range of human resource, payroll, tax and benefits administration solutions.  Automatic Data also provides solutions to auto, truck, motorcycle, marine and recreational vehicle dealers.

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Automatic Data Processing (ADP US)

Automatic Data Processing: Gaining Strong Momentum In Employer Services and Compliance Solutions – DCF & Comparables Valuation

It was a successful quarter for ADP as the demand environment was healthy overall. ADP sold and started over 60,000 new RUN clients, and its...

Baptista Research

HRTech Sector Series: Market Continues to Evolve While Post Covid Growth Begins to Slow Down

This is the Final of the HRTech sector series. With digitisation of workplaces, market is expected to see further advancement in categories such as...

Shifara Samsudeen, ACMA, CGMA

The Innovations Portfolios - Week Nineteen

For the nineteen since inception ended 31 March the innovation small cap portfolio was up 8.0%, the innovation mid cap portfolio was up 3.2% and...

Pyari Menon

Automatic Data Processing Inc (ADP): Major Drivers

ADP had a great start to fiscal 2023 and delivered an all-around beat in its last result. The company overcame elevated expense growth over the...

Baptista Research

HRTech Sector Series: Hybrid Work Models and Metaverse to See More Prominence in 2023

This is the 3rd of HRTech sector series. The market in 2023 will witness more value coming from recent transformations such as Hybrid work models...

Shifara Samsudeen, ACMA, CGMA

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