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>Baidu managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Baidu Core's revenue growth reaccelerated year-on-year in Q1, supported by an improvement in operating margin and a positive impact from China's overall economic recovery.</li><li>In Q1, Baidu reported revenue growth for AI Cloud, solid progress in the Intelligent Driving sector, and positive year-over-year growth in online marketing revenue for the Mobile Ecosystem.</li></ul>

Baidu managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.Baidu Core's revenue growth reaccelerated year-on-year in Q1, supported by an improvement in operating margin and a positive impact from China's overall economic recovery.In Q1, Baidu reported revenue growth for AI Cloud, solid progress in the Intelligent Driving sector, and positive year-over-year growth in online marketing revenue for the Mobile Ecosystem.

Baidu Inc.: AI Cloud Profitability Is A Breath Of Fresh Air – Key Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.</li>
</ul>



JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.


JD Property Pre-IPO Peer Comparison - Small Amongst Giants, and Sentiment Isn't the Greatest

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mobvoi-information-technology-co" target="_blank" data-smartkarma-citation="entities:36799:1" rel="noopener">Mobvoi (2185047D CH)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.</li>
<li>Mobvoi is an AI company with a focus on generative AI and voice interaction technologies.</li>
<li>As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content (AIGC) technologies in terms of 2022 revenue from AIGC solutions.</li>
</ul>



Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.
Mobvoi is an AI company with a focus on generative AI and voice interaction technologies.
As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content (AIGC) technologies in terms of 2022 revenue from AIGC solutions.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-dmall-e-commerce-co-ltd" target="_blank" data-smartkarma-citation="entities:36623:1" rel="noopener">Dmall Inc (1751691D CH)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO.
Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.
In this note, we will talk about the not so positive aspects of the deal.


Dmall Pre-IPO - The Negatives - Path to Profitability Remains Murky and Related Party Sales an Issue

China/Asia TMT

Shawn Yang

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>Baidu delivered 1Q23 results with top line beat our estimate by 3.5%, and non-GAAP net income beat our estimate by 14.7%. </li>
<li>We expect both its ads and AI cloud revenues to recover with accelerated pace, which could offset the increase of R&amp;D spending in AIGC. </li>
<li>Reiterate BUY rating and slightly raise TP to US$ 178 to reflect the faster recovery. Our TP implies 17.9x PE in 2023.</li>
</ul>


Baidu delivered 1Q23 results with top line beat our estimate by 3.5%, and non-GAAP net income beat our estimate by 14.7%. 
We expect both its ads and AI cloud revenues to recover with accelerated pace, which could offset the increase of R&amp;D spending in AIGC. 
Reiterate BUY rating and slightly raise TP to US$ 178 to reflect the faster recovery. Our TP implies 17.9x PE in 2023.


[Baidu (BIDU US, BUY, TP US$178) Target Price Change]: Maintain BUY for Faster Recovery and AIGC

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Baidu Inc.: AI Cloud Profitability Is A Breath Of Fresh Air – Key Drivers

Baidu managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Baidu Core's revenue growth reaccelerated...

Baptista Research

JD Property Pre-IPO Peer Comparison - Small Amongst Giants, and Sentiment Isn't the Greatest

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

Mobvoi Pre-IPO Tearsheet

Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.

Clarence Chu

[Baidu (BIDU US, BUY, TP US$178) Target Price Change]: Maintain BUY for Faster Recovery and AIGC

We expect both its ads and AI cloud revenues to recover with accelerated pace, which could offset the increase of R&D spending in AIGC.

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Baidu Inc.: AI Cloud Profitability Is A Breath Of Fresh Air – Key Drivers

Baidu managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Baidu Core's revenue growth reaccelerated...

Baptista Research

JD Property Pre-IPO Peer Comparison - Small Amongst Giants, and Sentiment Isn't the Greatest

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

Mobvoi Pre-IPO Tearsheet

Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.

Clarence Chu

Dmall Pre-IPO - The Negatives - Path to Profitability Remains Murky and Related Party Sales an Issue

Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

[Baidu (BIDU US, BUY, TP US$178) Target Price Change]: Maintain BUY for Faster Recovery and AIGC

We expect both its ads and AI cloud revenues to recover with accelerated pace, which could offset the increase of R&D spending in AIGC.

Blue Lotus Research Institute