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

Monster Beverage / Equity Capital Markets

<ul><li>Monster Beverage Corp continued its journey on the path to post-Covid recovery and achieved a record second-quarter net sales.</li><li>While the company’s net sales rose by a staggering 34% to $1.46 billion, inflationary pressures did play spoiltsport on the company’s gross margins which fell to 57.2% from 60.3% in the second quarter of last year.</li><li>We give Monster Beverage a ‘Hold’ rating with a revised target price.</li></ul>

Monster Beverage Corp continued its journey on the path to post-Covid recovery and achieved a record second-quarter net sales.While the company’s net sales rose by a staggering 34% to $1.46 billion, inflationary pressures did play spoiltsport on the company’s gross margins which fell to 57.2% from 60.3% in the second quarter of last year.We give Monster Beverage a ‘Hold’ rating with a revised target price.

Monster Beverage Corp - Investment Thesis

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Thematic (Sector/Industry)

<ul>
<li>The "travel" economics vary significantly across businesses even within the same sector;</li>
<li>In this article, I list three beverage names that have been winning not only domestically but also beyond the border;</li>
<li>All the companies have attractive business economics with a massive growth runway.</li>
</ul>


The "travel" economics vary significantly across businesses even within the same sector;
In this article, I list three beverage names that have been winning not only domestically but also beyond the border;
All the companies have attractive business economics with a massive growth runway.


Three Beverage Growth Stories that Travel Strongly Across Borders

Equity Bottom-Up

<ul>
<li>US-based National Beverage has an atypical management culture that emphasizes long-term value creation;</li>
<li>The business outperforms its publicly-traded peers across many dimensions;</li>
<li>At the current level, the risk-reward ratio looks quite favorable for the company's long-term shareholders.</li>
</ul>


US-based National Beverage has an atypical management culture that emphasizes long-term value creation;
The business outperforms its publicly-traded peers across many dimensions;
At the current level, the risk-reward ratio looks quite favorable for the company's long-term shareholders.


This Atypically-Cultured Beverage Business Can Be Interesting!

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

We upgrade from HOLD to BUY rating with a new target price of Bt110 based on 33xPE’20E (Previous TP is Bt89), close to the average of the Thailand Beverage group. Our rating reflect its 2020-21E growth outlook driven by expanding customer base through new energy drink product, potential growth from overseas markets and the ample room to expand its gross profit margin.
The story: <a href="https://www.smartkarma.com/entities/carabao-group-pcl" target="_blank" data-smartkarma-citation="entities:12027:1" rel="noopener">Carabao Group (CBG TB)</a> 
<ul>
<li>Sales growth amid COVID-19 outbreak.</li>
<li>CBG aluminum can factory run full capacity among pandemic crisis.</li>
<li>Revised up 2020-21E earnings forecast by 24% and 26%, respectively.</li>
</ul>

We upgrade from HOLD to BUY rating with a new target price of Bt110 based on 33xPE’20E (Previous TP is Bt89), close to the average of the Thailand Beverage group. Our rating reflect its 2020-21E growth outlook driven by expanding customer base through new energy drink product, potential growth from overseas markets and the ample room to expand its gross profit margin.
The story: Carabao Group (CBG TB) 

Sales growth amid COVID-19 outbreak.
CBG aluminum can factory run full capacity among pandemic crisis.
Revised up 2020-21E earnings forecast by 24% and 26%, respectively.


CBG: The Best Pick Amid COVID-19 Outbreak

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

Nasdaq-100 Stock Index / Technical Analysis

In today’s report we outline  our belief that the combination of extreme oversold conditions and several key sectors/industries holding above major long-term support lead us to believe an important bottom has been established. We also highlight attractive Groups and stocks within Staples, Financials, and Health Care: Large- &amp; Small-Cap Soft Drinks &amp; Bottlers, Electronic Exchanges/Markets, and Large- and Mid-Cap Biotech.

In today’s report we outline  our belief that the combination of extreme oversold conditions and several key sectors/industries holding above major long-term support lead us to believe an important bottom has been established. We also highlight attractive Groups and stocks within Staples, Financials, and Health Care: Large- &amp; Small-Cap Soft Drinks &amp; Bottlers, Electronic Exchanges/Markets, and Large- and Mid-Cap Biotech.

A Bottom Has Been Established; Possible Retest?

United States

Monster Beverage Corporation is a holding company based in Corona, California. The Company, through its consolidated subsidiaries, markets and distributes energy drinks worldwide.

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Monster Beverage (MNST US)

Monster Beverage Corp - Investment Thesis

Monster Beverage Corp continued its journey on the path to post-Covid recovery and achieved a record second-quarter net sales. While the company’s...

Baptista Research

Three Beverage Growth Stories that Travel Strongly Across Borders

Here are three high-quality, fast-growing beverage brands that have been winning not only domestically but beyond the border as well.

Steven Chen

This Atypically-Cultured Beverage Business Can Be Interesting!

An emphasis on long-term value creation, brand-based moat, massive runway, and fair share price could make National Beverage attractive to alpha...

Steven Chen

CBG: The Best Pick Amid COVID-19 Outbreak

We upgrade from HOLD to BUY rating with a new target price of Bt110 based on 33xPE’20E (Previous TP is Bt89), close to the average of the Thailand...

Pi Securities PCL, Thailand

A Bottom Has Been Established; Possible Retest?

In today’s report we outline our belief that the combination of extreme oversold conditions and several key sectors/industries holding above major...

Vermilion Research

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