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>Boyd Gaming Corporation's second quarter of 2024 results presented a mix of strengths and challenges as it navigates ongoing market dynamics and competition in the gaming industry.</li><li>The company's nationwide operations performed in line with expectations, showcasing stable performance across its various segments—including Las Vegas Locals, Downtown Las Vegas, and the Midwest and South—all factors in sustaining property revenues comparable to the prior year.</li><li>However, this stability brings to light the contrasting performance dynamics across different segments and the effects of both external competition and strategic developments.</li></ul>

Boyd Gaming Corporation's second quarter of 2024 results presented a mix of strengths and challenges as it navigates ongoing market dynamics and competition in the gaming industry.The company's nationwide operations performed in line with expectations, showcasing stable performance across its various segments—including Las Vegas Locals, Downtown Las Vegas, and the Midwest and South—all factors in sustaining property revenues comparable to the prior year.However, this stability brings to light the contrasting performance dynamics across different segments and the effects of both external competition and strategic developments.

Boyd Gaming Corporation: A Deeper Insight Into Their M&A And Expansion Strategy! - Major Drivers

<ul><li>Boyd Gaming disclosed discouraging first-quarter results, citing challenges such as severe winter weather in the Midwest & South regions, soft market in Las Vegas, and an unfortunate comparison to record results in the first quarter of 2023.</li><li>However, the report presented some optimistic highlights, including an improvement in revenue growth trends in Nevada and across the Midwest & South, strong results from their online and managed businesses, and a disciplined approach leading to property level margins of 40%.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Boyd Gaming disclosed discouraging first-quarter results, citing challenges such as severe winter weather in the Midwest & South regions, soft market in Las Vegas, and an unfortunate comparison to record results in the first quarter of 2023.However, the report presented some optimistic highlights, including an improvement in revenue growth trends in Nevada and across the Midwest & South, strong results from their online and managed businesses, and a disciplined approach leading to property level margins of 40%.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Boyd Gaming Corporation: Continuing Customer Growth in Core Markets! - Major Drivers

<ul><li>This is our first report on Boyd Gaming Corporation.</li><li>The company's fourth-quarter earnings call wrapped up another successful year for the company.</li><li>Throughout 2023, they maintained strong performances and achieved record revenues and EBITDAR. This success is largely thanks to a diverse portfolio which includes strong growth from their online and managed businesses.</li></ul>

This is our first report on Boyd Gaming Corporation.The company's fourth-quarter earnings call wrapped up another successful year for the company.Throughout 2023, they maintained strong performances and achieved record revenues and EBITDAR. This success is largely thanks to a diverse portfolio which includes strong growth from their online and managed businesses.

Boyd Gaming Corporation - 4 Major Growth Drivers & 3 Challenges In Front Of This Company That You Must Know! - Financial Forecasts

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Xiaocaiyuan International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:40688:1" rel="noopener">Xiaocaiyuan International Holding (XCY HK)</a> is looking to raise up to US$200m in its upcoming HK IPO.</li>
<li>Xiaocaiyuan is a Chinese home-style cuisine restaurant operator. It prices its menus’ items to achieve average spending per consumer between RMB50 and RMB70 for its dine-in customers at its restaurants. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Xiaocaiyuan International Holding (XCY HK) is looking to raise up to US$200m in its upcoming HK IPO.
Xiaocaiyuan is a Chinese home-style cuisine restaurant operator. It prices its menus’ items to achieve average spending per consumer between RMB50 and RMB70 for its dine-in customers at its restaurants. 
In this note, we talk about the company’s historical performance.


Xiaocaiyuan International Holding Pre-IPO - Strong Network Expansion and Same Store Sales Growth

United States

Boyd Gaming Corporation owns and operates several gaming properties throughout the United States.  The Company also operates entertainment, restaurants, shopping, and recreational facilities on its properties.

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Boyd Gaming (BYD US)

Boyd Gaming Corporation: A Deeper Insight Into Their M&A And Expansion Strategy! - Major Drivers

Boyd Gaming Corporation's second quarter of 2024 results presented a mix of strengths and challenges as it navigates ongoing market dynamics and...

Baptista Research

Boyd Gaming Corporation: Continuing Customer Growth in Core Markets! - Major Drivers

Boyd Gaming disclosed discouraging first-quarter results, citing challenges such as severe winter weather in the Midwest & South regions, soft...

Baptista Research

Boyd Gaming Corporation - 4 Major Growth Drivers & 3 Challenges In Front Of This Company That You Must Know! - Financial Forecasts

This is our first report on Boyd Gaming Corporation. The company's fourth-quarter earnings call wrapped up another successful year for the...

Baptista Research

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

Xiaocaiyuan International Holding Pre-IPO - Strong Network Expansion and Same Store Sales Growth

Xiaocaiyuan International Holding (XCY HK) is looking to raise up to US$200m in its upcoming HK IPO. In this note, we talk about the company’s...

Ethan Aw

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