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 Capital Markets

<ul><li>Conagra Brands had a decent quarter, surpassing Wall Street expectations but a big drop as compared to the corresponding period in 2020 when the company was enjoying Covid-19 tailwinds.</li><li>The good news for the company was that it continued to realize cost synergies from its $10.9 billion acquisition of Pinnacle Foods.</li><li>Like all other food companies, Conagra is also facing inflation-related challenges and the management is looking to counter them through cost-saving initiatives and better supply chain efficiency.</li></ul>

Conagra Brands had a decent quarter, surpassing Wall Street expectations but a big drop as compared to the corresponding period in 2020 when the company was enjoying Covid-19 tailwinds.The good news for the company was that it continued to realize cost synergies from its $10.9 billion acquisition of Pinnacle Foods.Like all other food companies, Conagra is also facing inflation-related challenges and the management is looking to counter them through cost-saving initiatives and better supply chain efficiency.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div>
<p>In our previous notes, </p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance.</li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers.</li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Thoughts on Valuation</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-not-cheap-but-sensible" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Not Cheap but Sensible</a> we discussed our thoughts on valuation. </li>
</ul>
</div><div><p>In this note, we’ll talk about the final pricing and other dynamics.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. 
In our previous notes, 


Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance.
In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers.
In Monde Nissin Pre-IPO - Thoughts on Valuation and Monde Nissin Pre-IPO - Not Cheap but Sensible we discussed our thoughts on valuation. 

In this note, we’ll talk about the final pricing and other dynamics.

Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Thoughts on Valuation</a> we discussed our thoughts on valuation.</p></div><div><p>In this note, we’ll talk about implied valuation at its fixed price.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance. In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers. In Monde Nissin Pre-IPO - Thoughts on Valuation we discussed our thoughts on valuation.In this note, we’ll talk about implied valuation at its fixed price.

Monde Nissin Pre-IPO - Not Cheap but Sensible

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Axelum Resources / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/axelum-resources" target="_blank" data-smartkarma-citation="entities:28282:1" rel="noopener">Axelum Resources (1729371D PM)</a> is a leading coconut product manufacturer. Axelum aims to raise up to PHP7.7 billion ($147 million) through a primary (400 million treasury shares and 300 million new shares) and secondary (430 million shares) offering. The offer price is PHP6.81 per share with offer period commencing on 23 September.</p><div class="content-highlight"><p>Overall, we believe that Axelum’s fundamentals offers more positives than negatives and could prove to be attractive at the right valuation. We will provide a view on the valuation in the next note.</p></div>

Axelum Resources (1729371D PM) is a leading coconut product manufacturer. Axelum aims to raise up to PHP7.7 billion ($147 million) through a primary (400 million treasury shares and 300 million new shares) and secondary (430 million shares) offering. The offer price is PHP6.81 per share with offer period commencing on 23 September.Overall, we believe that Axelum’s fundamentals offers more positives than negatives and could prove to be attractive at the right valuation. We will provide a view on the valuation in the next note.

Axelum Resources IPO Initiation: Making a Meal of It

Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/20824" target="_blank" data-smartkarma-citation="entities:20824:1">Kroger Co (KR US)</a> fell some 8% and <a href="https://www.smartkarma.com/entities/18404" target="_blank" data-smartkarma-citation="entities:18404:1">Costco Wholesale Corp (COST US)</a> some 5% in Thursday trade on the announcement from <a href="https://www.smartkarma.com/entities/409" target="_blank" data-smartkarma-citation="entities:409:1">Amazon.com Inc (AMZN US)</a> that it is <a href="https://www.reuters.com/article/us-whole-foods-m-a-amazon-idUSKCN1B42AJ" target="_blank">cutting prices</a> at <a href="https://www.smartkarma.com/entities/12490" target="_blank" data-smartkarma-citation="entities:12490:1">Whole Foods Market Inc (WFM US)</a> this coming Monday when the deal closes (and post shareholder and FTC approval). Food stocks also took additional hits following some already weak earnings reported Thursday.</p><table class="table table-striped"><tbody>
<tr>
<td>$ price</td>
<td>1D</td>
<td>3M</td>
</tr>
<tr>
<td>WFM</td>
<td>         42.0</td>
<td>0.70%</td>
<td>18.9%</td>
</tr>
<tr>
<td>Kroger</td>
<td>         21.1</td>
<td>-8.1%</td>
<td>-27.6%</td>
</tr>
<tr>
<td>SFM</td>
<td>         22.0</td>
<td>-7.0%</td>
<td>-6.0%</td>
</tr>
<tr>
<td>COST</td>
<td>       151.3</td>
<td>-5.0%</td>
<td>-7.6%</td>
</tr>
<tr>
<td>TGT</td>
</tr>
</tbody></table>…

Kroger Co (KR US) fell some 8% and Costco Wholesale Corp (COST US) some 5% in Thursday trade on the announcement from Amazon.com Inc (AMZN US) that it is cutting prices at Whole Foods Market Inc (WFM US) this coming Monday when the deal closes (and post shareholder and FTC approval). Food stocks also took additional hits following some already weak earnings reported Thursday.

$ price
1D
3M


WFM
         42.0
0.70%
18.9%


Kroger
         21.1
-8.1%
-27.6%


SFM
         22.0
-7.0%
-6.0%


COST
       151.3
-5.0%
-7.6%


TGT

…

United States

ConAgra Foods, Inc. manufactures and markets packaged foods for retail consumers, restaurants and institutions. The Company offers a wide range of food products, including meals, entrees, condiments, sides, snacks, specialty potato products, milled grain ingredients, dehydrated vegetables and seasonings, and blends and flavors.

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Conagra Foods (CAG US)

Conagra Brands Inc - Investment Thesis

Conagra Brands had a decent quarter, surpassing Wall Street expectations but a big drop as compared to the corresponding period in 2020 when the...

Baptista Research

Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good

Monde Nissin aims to raise around US$1bn in its Philippines IPO. It has two main businesses: Food and Beverage, which sells instant noodles, and...

Sumeet Singh

Monde Nissin Pre-IPO - Not Cheap but Sensible

Monde Nissin aims to raise around US$1bn in its Philippines IPO. It has two main businesses: Branded Food and Beverage Business, which sells...

Sumeet Singh

Axelum Resources IPO Initiation: Making a Meal of It

Axelum Resources (1729371D PM) is a leading coconut product manufacturer. Axelum aims to raise up to PHP7.7 billion ($147 million) through a...

Arun George

You've Been Amazon-Ed

Kroger Co (KR US) fell some 8% and Costco Wholesale Corp (COST US) some 5% in Thursday trade on the announcement from Amazon.com Inc (AMZN US) that...

Charles De Trenck

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