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>Newell Brands displayed a strong performance in its first quarter of 2024, reflecting continued progress in its strategic turnaround efforts.</li><li>The company reported improvements across multiple metrics, including gross margin, operational efficiency, and core sales despite a challenging external environment.</li><li>Moreover, Newell Brands maintained its full-year outlook and highlighted ongoing focus on operational excellence and innovation.</li></ul>

Newell Brands displayed a strong performance in its first quarter of 2024, reflecting continued progress in its strategic turnaround efforts.The company reported improvements across multiple metrics, including gross margin, operational efficiency, and core sales despite a challenging external environment.Moreover, Newell Brands maintained its full-year outlook and highlighted ongoing focus on operational excellence and innovation.

Newell Brands: A Solid Strategic Business Unit Performance and Innovation Implementation Drives Our Optimism!! - Major Drivers

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Capital Markets

YETI Holdings Inc / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27727" target="_blank" data-smartkarma-citation="entities:27727:1">YETI Holdings Inc (YETI US)</a>, a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock Exchange in an offering that could raise as much as US$483 mn. 
In this note we will provide brief overviews of the deal, Yeti's history, and its main products. 
We will also review recent financial performance, which shows mostly strong but volatile top-line growth over the last few years.
Then we will attempt to answer three critical questions facing investors who may consider buying shares in Yeti's IPO: First, how quickly can Yeti grow its revenues in the medium-term? Second, does the company have any sustainable advantages over rivals? And third, which companies are the best comparables to use when trying to establish a reasonable valuation range for Yeti's shares?
Finally, we'll provide our take on Yeti's valuation versus peers at the US$20 per share mid-point. 
We have included a link to Yeti's Form S-1 filing <a href="https://www.sec.gov/Archives/edgar/data/1670592/000104746918006711/a2236865zs-1a.htm" target="_blank">here</a> and at the end of this note.

YETI Holdings Inc (YETI US), a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock Exchange in an offering that could raise as much as US$483 mn. 
In this note we will provide brief overviews of the deal, Yeti's history, and its main products. 
We will also review recent financial performance, which shows mostly strong but volatile top-line growth over the last few years.
Then we will attempt to answer three critical questions facing investors who may consider buying shares in Yeti's IPO: First, how quickly can Yeti grow its revenues in the medium-term? Second, does the company have any sustainable advantages over rivals? And third, which companies are the best comparables to use when trying to establish a reasonable valuation range for Yeti's shares?
Finally, we'll provide our take on Yeti's valuation versus peers at the US$20 per share mid-point. 
We have included a link to Yeti's Form S-1 filing here and at the end of this note.

Yeti, Inc IPO: How Much Should Investors Pay to Be Cool?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

It was reported on August 25th (after market close) that a Hong Kong based private equity firm Affinity Equity Partners will purchase a 63.56% stake in <a href="https://www.smartkarma.com/entities/4739" target="_blank" data-smartkarma-citation="entities:4739:1">Lock&amp;Lock Co Ltd (115390 KS)</a> for 633.2 billion won (US$561.6 million), or 18,000 won per share. As of August 25th, Lock &amp; Lock's share price was 12,950 won and market cap was 712 billion won. The acquisition price represents a 38.9% premium to the closing price on Friday. Lock &amp; Lock makes wonderful food containers. We use its products at our…

It was reported on August 25th (after market close) that a Hong Kong based private equity firm Affinity Equity Partners will purchase a 63.56% stake in Lock&amp;Lock Co Ltd (115390 KS) for 633.2 billion won (US$561.6 million), or 18,000 won per share. As of August 25th, Lock &amp; Lock's share price was 12,950 won and market cap was 712 billion won. The acquisition price represents a 38.9% premium to the closing price on Friday. Lock &amp; Lock makes wonderful food containers. We use its products at our…

Korea M&A Spotlight: Affinity Equity Partners Acquires Lock & Lock

Thematic (Sector/Industry)

Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased friction over US-China trade issues; b) more intemperate words or actions from the new US administration regarding Taiwan's political status; c) China more aggressively pursuing various territorial claims in the region (South China Sea, Senkaku Islands). One likely victim of rising tensions between the US and China is tourism between the two countries…

Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased friction over US-China trade issues; b) more intemperate words or actions from the new US administration regarding Taiwan's political status; c) China more aggressively pursuing various territorial claims in the region (South China Sea, Senkaku Islands). One likely victim of rising tensions between the US and China is tourism between the two countries…

Rising US-China Tensions Will Hurt Tourism; Who Stands to Lose (And to Gain) The Most?

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

All Hail Caesar (Trump)! I still remember the time when Obama was elected President. Everyone was celebrating. Japan mentioned they had one city named Obama, and Indonesia was touting how he spent his childhood years there. Of course, Trump is anything but conventional, and neither was his inauguration. Jen here was watching the TV, and mentioned that there were protests in Mexico and Germany about his rise to power...hardly the way to welcome the world's most powerful man. At least, the people…

All Hail Caesar (Trump)! I still remember the time when Obama was elected President. Everyone was celebrating. Japan mentioned they had one city named Obama, and Indonesia was touting how he spent his childhood years there. Of course, Trump is anything but conventional, and neither was his inauguration. Jen here was watching the TV, and mentioned that there were protests in Mexico and Germany about his rise to power...hardly the way to welcome the world's most powerful man. At least, the people…

United States

Newell Rubbermaid Inc. manufactures and markets branded consumer products which are sold through a variety of retail and wholesale distribution channels.  The Company's products include housewares, juvenile products, home furnishings, office products, tools and hardware, and hair accessories.

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Newell Rubbermaid (NWL US)

Newell Brands: A Solid Strategic Business Unit Performance and Innovation Implementation Drives Our Optimism!! - Major Drivers

Newell Brands displayed a strong performance in its first quarter of 2024, reflecting continued progress in its strategic turnaround efforts. The...

Baptista Research

Yeti, Inc IPO: How Much Should Investors Pay to Be Cool?

YETI Holdings Inc (YETI US), a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock...

Daniel Hellberg

Korea M&A Spotlight: Affinity Equity Partners Acquires Lock & Lock

It was reported on August 25th (after market close) that a Hong Kong based private equity firm Affinity Equity Partners will purchase a 63.56%...

Douglas Kim

Rising US-China Tensions Will Hurt Tourism; Who Stands to Lose (And to Gain) The Most?

Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased...

Daniel Hellberg

Geopolitics, Trump, & Thailand

All Hail Caesar (Trump)! I still remember the time when Obama was elected President. Everyone was celebrating. Japan mentioned they had one city...

Athaporn Arayasantiparb, CFA

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