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>Lyft's first quarter of 2024 exhibited a robust start, underpinned by notable growth across several key parameters indicative of a thriving ridesharing business in both the U.S. and Canadian markets.</li><li>Revenues, gross bookings, and the total number of rides all recorded substantial increases year over year.</li><li>The implementation of strategic changes and enhancements in the service and operational model seems to have borne fruit, reflecting in the reported financial figures and operational metrics.</li></ul>

Lyft's first quarter of 2024 exhibited a robust start, underpinned by notable growth across several key parameters indicative of a thriving ridesharing business in both the U.S. and Canadian markets.Revenues, gross bookings, and the total number of rides all recorded substantial increases year over year.The implementation of strategic changes and enhancements in the service and operational model seems to have borne fruit, reflecting in the reported financial figures and operational metrics.

Lyft Inc.: Optimization of Supply and Demand through Price and Incentives Management! - Major Drivers

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

Chenqi Technology Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chenqi-technology-limited" target="_blank" data-smartkarma-citation="entities:40058:1" rel="noopener">Chenqi Technology Limited (CT HK)</a> is looking to raise up to US$174m in its Hong Kong IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.</li>
<li>In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Chenqi Technology Limited (CT HK) is looking to raise up to US$174m in its Hong Kong IPO, after downsizing from an earlier reported float of US$300m.
Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.
In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Chenqi Technology IPO - Smallest in Scale, Sentiment Might Not Be the Best

<ul><li>Lyft's positive financial performance and future expectations make it an attractive investment opportunity.</li><li>Lyft's 2023 performance was marked by significant growth in the company's rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.</li><li>This growth demonstrates the strong demand for Lyft's service, which bodes well for its future performance.</li></ul>

Lyft's positive financial performance and future expectations make it an attractive investment opportunity.Lyft's 2023 performance was marked by significant growth in the company's rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.This growth demonstrates the strong demand for Lyft's service, which bodes well for its future performance.

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! - Financial Forecasts

<ul><li>Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.</li><li>A pivotal development in the quarter was the significant rise in drivers opting for Lyft, resulting in an impressive 45% year-over-year surge in the hours spent using the platform, particularly in non-incentivized hours.</li><li>The emphasis on simplifying the earning process for drivers proved successful, maintaining a stable conversion rate even as rider demand escalated.</li></ul>

Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.A pivotal development in the quarter was the significant rise in drivers opting for Lyft, resulting in an impressive 45% year-over-year surge in the hours spent using the platform, particularly in non-incentivized hours.The emphasis on simplifying the earning process for drivers proved successful, maintaining a stable conversion rate even as rider demand escalated.

Lyft Inc.: Focus on Operational Excellence & Differentiated Products! - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chenqi-technology-limited" target="_blank" data-smartkarma-citation="entities:40058:1" rel="noopener">Chenqi Technology Limited (CT HK)</a> is looking to raise US$130m in its upcoming Hong Kong IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its PHIP updates.</li>
</ul>



Chenqi Technology Limited (CT HK) is looking to raise US$130m in its upcoming Hong Kong IPO, after downsizing from an earlier reported float of US$300m.
Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its PHIP updates.


Chenqi Technology Pre-IPO - PHIP Updates - Sales Growth Accelerated but Sustainability in Question

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Lyft Inc.: Optimization of Supply and Demand through Price and Incentives Management! - Major Drivers

Lyft's first quarter of 2024 exhibited a robust start, underpinned by notable growth across several key parameters indicative of a thriving...

Baptista Research

Chenqi Technology IPO - Smallest in Scale, Sentiment Might Not Be the Best

Chenqi Technology Limited (CT HK) is looking to raise up to US$174m in its Hong Kong IPO, after downsizing from an earlier reported float of US$300m.

Ethan Aw

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! - Financial Forecasts

Lyft's positive financial performance and future expectations make it an attractive investment opportunity. Lyft's 2023 performance was marked by...

Baptista Research

Lyft Inc.: Focus on Operational Excellence & Differentiated Products! - Major Drivers

Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus. A pivotal development in the quarter was...

Baptista Research

Chenqi Technology Pre-IPO - PHIP Updates - Sales Growth Accelerated but Sustainability in Question

Chenqi Technology Limited (CT HK) is looking to raise US$130m in its upcoming Hong Kong IPO, after downsizing from an earlier reported float of...

Ethan Aw

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