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>This is our first report on Chinese e-commerce giant, JD.com.</li><li>Although 2022 has been a difficult year, JD achieved a number of encouraging milestones and improved metrics in its financial and business operations, especially during the third quarter.</li><li>We initiate coverage on the stock of JD.com Inc. with a ‘Hold’ rating.</li></ul>

This is our first report on Chinese e-commerce giant, JD.com.Although 2022 has been a difficult year, JD achieved a number of encouraging milestones and improved metrics in its financial and business operations, especially during the third quarter.We initiate coverage on the stock of JD.com Inc. with a ‘Hold’ rating.

JD.com Inc ADR: Initiation of Coverage – Business Strategy & Other Drivers

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.

Country Garden Holdings Co / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/country-garden-holdings-co" target="_blank" data-smartkarma-citation="entities:5225:1" rel="noopener">Country Garden Holdings Co (2007 HK)</a>  aims to raise around US$500m via a primary placement</li>
<li>This will be the third placement by the company this year and the second one within a month’s time.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Country Garden Holdings Co (2007 HK)  aims to raise around US$500m via a primary placement
This will be the third placement by the company this year and the second one within a month’s time.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Country Garden Placement - Hot on the Heels of the Last Deal, Momentum Has Shifted

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>The revenue growth accelerated and the operating margin improved in 3Q22.</li>
<li>However, management said the performance may not continue and profit is not their target.</li>
<li>We believe the stock has a downside of 23% for year end 2023. </li>
</ul>


The revenue growth accelerated and the operating margin improved in 3Q22.
However, management said the performance may not continue and profit is not their target.
We believe the stock has a downside of 23% for year end 2023. 


Pinduoduo (PDD): High-Performing Financials, But Low-Profile Management, 23% Downside

Event-Driven

<ul>
<li>In Dec 2021, <a href="https://www.smartkarma.com/entities/star-health-allied-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:34199:1" rel="noopener">Star Health (STARHEAL IN)</a> (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO.</li>
<li>SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Dec 2021, Star Health (STARHEAL IN) (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO.
SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
In this note, we will talk about the upcoming lockup expiry.


Star Health IPO Lockup - Owned by Financial Investors, US$3.0bn Worth Shares Are Well in the Money

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>ATRenew (RERE US) is one of the stocks in China that is starting to look very attractive after a sharp decline in its share price since its IPO.</li>
<li>ATRenew has achieved noticeable improvements in operations and profitability in the recent quarter.</li>
<li>Our base case valuation analysis suggests an implied market cap of US$720 million, representing an implied price of US$3.15 per share, representing an upside of 43% from current price.</li>
</ul>


ATRenew (RERE US) is one of the stocks in China that is starting to look very attractive after a sharp decline in its share price since its IPO.
ATRenew has achieved noticeable improvements in operations and profitability in the recent quarter.
Our base case valuation analysis suggests an implied market cap of US$720 million, representing an implied price of US$3.15 per share, representing an upside of 43% from current price.


ATRenew: A Turnaround Story With Material Increase in Profit Margins + Remaining Share Buyback

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

JD.com Inc ADR: Initiation of Coverage – Business Strategy & Other Drivers

This is our first report on Chinese e-commerce giant, JD.com. Although 2022 has been a difficult year, JD achieved a number of encouraging...

Baptista Research

Country Garden Placement - Hot on the Heels of the Last Deal, Momentum Has Shifted

Country Garden Holdings Co (2007 HK) aims to raise around US$500m via a primary placement. In this note, we will run the deal through our ECM...

Sumeet Singh

Pinduoduo (PDD): High-Performing Financials, But Low-Profile Management, 23% Downside

The revenue growth accelerated and the operating margin improve in 3Q22. However, management said the performance may not continue. We believe the...

Ming Lu

Star Health IPO Lockup - Owned by Financial Investors, US$3.0bn Worth Shares Are Well in the Money

In Dec 2021, Star Health (STARHEAL IN) (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JD.com Inc ADR: Initiation of Coverage – Business Strategy & Other Drivers

This is our first report on Chinese e-commerce giant, JD.com. Although 2022 has been a difficult year, JD achieved a number of encouraging...

Baptista Research

Country Garden Placement - Hot on the Heels of the Last Deal, Momentum Has Shifted

Country Garden Holdings Co (2007 HK) aims to raise around US$500m via a primary placement. In this note, we will run the deal through our ECM...

Sumeet Singh

Pinduoduo (PDD): High-Performing Financials, But Low-Profile Management, 23% Downside

The revenue growth accelerated and the operating margin improve in 3Q22. However, management said the performance may not continue. We believe the...

Ming Lu

Star Health IPO Lockup - Owned by Financial Investors, US$3.0bn Worth Shares Are Well in the Money

In Dec 2021, Star Health (STARHEAL IN) (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in...

Sumeet Singh

ATRenew: A Turnaround Story With Material Increase in Profit Margins + Remaining Share Buyback

Our base case valuation analysis of ATRenew suggests an implied market cap of US$720 million, representing an implied price of US$3.15 per share,...

Douglas Kim