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

Chipotle Mexican Grill / Equity Bottom-Up

<ul><li>Chipotle Mexican Grill delivered a mixed set of results.</li><li>In the quarter, Chipotle continues to view broadening trends by the income levels with the consumers with lower income reducing frequency.</li><li>We provide the stock of Chipotle Mexican Grill with a ‘Hold’ rating and a revision in the target price.</li></ul>

Chipotle Mexican Grill delivered a mixed set of results.In the quarter, Chipotle continues to view broadening trends by the income levels with the consumers with lower income reducing frequency.We provide the stock of Chipotle Mexican Grill with a ‘Hold’ rating and a revision in the target price.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>We discuss how White Castle, which has one of the most loyal customer base for franchise burger chain in the United States, has been using robots to make French fries.</li>
<li>In February 2022, White Castle started to roll out Miso Robotics' Flippy 2 machine robots on about White Castle 100 restaurants in the United States.</li>
<li>In the next several years, there is a real chance for McDonald's, White Castle, and Burger King to replace human workers making French fries and burgers with robots.</li>
</ul>


We discuss how White Castle, which has one of the most loyal customer base for franchise burger chain in the United States, has been using robots to make French fries.
In February 2022, White Castle started to roll out Miso Robotics' Flippy 2 machine robots on about White Castle 100 restaurants in the United States.
In the next several years, there is a real chance for McDonald's, White Castle, and Burger King to replace human workers making French fries and burgers with robots.


White Castles' Kitchen Robots - Impact on McDonald's & Global Fast Food Franchises

<ul><li>Chipotle Mexican Grill has been in the news for an amazing rebound in its stock price after delivering a robust set of results surpassing Wall Street expectations in terms of earnings.</li><li>The in-restaurant sales increased while digital sales were also up and the management added 51 new restaurants in 42 locations.</li><li>We provide the stock of Chipotle Mexican Grill with a ‘Hold’ rating with a revision in the target price.</li></ul>

Chipotle Mexican Grill has been in the news for an amazing rebound in its stock price after delivering a robust set of results surpassing Wall Street expectations in terms of earnings.The in-restaurant sales increased while digital sales were also up and the management added 51 new restaurants in 42 locations.We provide the stock of Chipotle Mexican Grill with a ‘Hold’ rating with a revision in the target price.

Chipotle Mexican Grill Inc.: Expansion of the Loyalty Program & Other Developments

Equity Capital Markets

Chipotle Mexican Grill / Equity Capital Markets

<ul><li>Chipotle had a solid start to 2022 with a 16% jump in the top-line and a 26% jump in the earnings per share, continuing the strong momentum from 2021.</li><li>Of the 51 new stores opened during the first quarter of 2022, 42 were built with a Chipotlane, the company's renowned drive-through option.</li><li>We are neutral on Chipotle and give their stock a 'Hold' rating with a revised target price.</li></ul>

Chipotle had a solid start to 2022 with a 16% jump in the top-line and a 26% jump in the earnings per share, continuing the strong momentum from 2021.Of the 51 new stores opened during the first quarter of 2022, 42 were built with a Chipotlane, the company's renowned drive-through option.We are neutral on Chipotle and give their stock a 'Hold' rating with a revised target price.

Chipotle Mexican Grill Inc.: Financial & Price Forecasts

<ul><li>Chipotle had a fairly decent 2021 despite facing its fair share of challenges associated with the Omicron variant.</li><li>The management is continuing with the strategy of expanding its outlets and are significantly increasing the number of Chipotle restaurants in North America.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Chipotle had a fairly decent 2021 despite facing its fair share of challenges associated with the Omicron variant.The management is continuing with the strategy of expanding its outlets and are significantly increasing the number of Chipotle restaurants in North America.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Chipotle Mexican Grill: Financial & Price Forecasts

United States

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

Yum! Brands, Inc, owns and franchises quick-service restaurants worldwide.  The Company develops, operates, franchises and licenses a worldwide system of restaurants which prepare, package and sell a menu of food items.

Royal Caribbean Cruises Ltd. is a global cruise company operating a fleet of vessels in the cruise vacation industry. The Company operates through brands which primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments.

Hyatt Hotels Corp. is a global hospitality company. The Company manages, franchises, owns, and develops branded hotels, resorts and residential and vacation ownership properties around the world.

Marriott International Inc. is a worldwide operator and franchisor of hotels. The Company franchises lodging facilities and vacation timesharing resorts under various brand names. Marriott also provides services to home and condominium owner associations for projects associated with several of its brands.

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

Domino's Pizza, Inc. operates a network of Company-owned and franchise Domino's Pizza stores, located throughout the United States and in other countries.  The Company also operates regional dough manufacturing and distribution centers in the contiguous United States and outside the United States.

Carnival Corporation owns and operates cruise ships offering cruises to all major vacation destinations including North America, the United Kingdom, Germany, Southern  Europe, South America and Asia/Pacific. The Company, through a subsidiary also owns and operates hotels and lodges.  Dually-listed company with CCL LN.

Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

Hilton Worldwide Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides hospitality services. Hilton Worldwide Holdings owns and manages hotels, resorts, and time share properties worldwide.

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

Galaxy Entertainment Group Limited, through its subsidiary, operates casino, hotel and other entertainment facilities in Macau. The company also manufactures sells and distributes construction materials.

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia and internationally.  The Company also supplies gaming systems, software, table gaming equipment and other gaming related products and services to casinos, clubs and hotels.

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

China Tourism Group Duty Free Corp Ltd (601888 CH)

ORIENTAL LAND CO., LTD. operates Tokyo Disney Resort.  The Company also operates restaurants within the complex and sells Disney merchandise.

Sodexo SA designs, manages and delivers comprehensive on-site service solutions for its clients.  The Company offers food, construction management, reception, technical maintenance and housekeeping services; maintains scanners and laboratory equipment; and operates river and harbor cruises and correctional facilities.  Sodexo also designs employee benefit and incentive programs.

InterContinental Hotels Group PLC owns and operates a portfolio of hotel businesses. The Company manages hotel loyalty and priority club rewards programs. InterContinental Hotels Group serves customers worldwide.

Evolution AB operates as a gaming company. The Company develops, produces, markets and licenses fully integrated B2B live casino solutions to online casino operators. Evolution serves customers worldwide.

Flutter Entertainment Public Limited Company provides mobile and online gambling services.

Chipotle Mexican Grill, Inc. owns and operates quick serve Mexican restaurants. The Company manages restaurants throughout the United States.

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Chipotle Mexican Grill (CMG US)

Chipotle Mexican Grill: Major Drivers

Chipotle Mexican Grill delivered a mixed set of results. In the quarter, Chipotle continues to view broadening trends by the income levels with...

Baptista Research

White Castles' Kitchen Robots - Impact on McDonald's & Global Fast Food Franchises

In the next several years, there is a real chance for McDonald's, White Castle, and Burger King to replace human workers making French fries and...

Douglas Kim

Chipotle Mexican Grill Inc.: Expansion of the Loyalty Program & Other Developments

Chipotle Mexican Grill has been in the news for an amazing rebound in its stock price after delivering a robust set of results surpassing Wall...

Baptista Research

Chipotle Mexican Grill Inc.: Financial & Price Forecasts

Chipotle had a solid start to 2022 with a 16% jump in the top-line and a 26% jump in the earnings per share, continuing the strong momentum from...

Baptista Research

Chipotle Mexican Grill: Financial & Price Forecasts

Chipotle had a fairly decent 2021 despite facing its fair share of challenges associated with the Omicron variant. The management is continuing...

Baptista Research

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Market Cap (USDm)

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