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>PayPal Holdings delivered strong results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.</li><li>In the quarter, eBay Marketplaces revenue fell by 31%, and the take rate on these volumes dropped from 2.29% to 1.95%.</li><li>We give PayPal Holdings a 'Buy' rating with a revised target price.</li></ul>

PayPal Holdings delivered strong results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.In the quarter, eBay Marketplaces revenue fell by 31%, and the take rate on these volumes dropped from 2.29% to 1.95%.We give PayPal Holdings a 'Buy' rating with a revised target price.

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, aims to raise around US$500m (estimated) in its Japan listing in April 2023. </li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. </li>
<li>In this note we take an early look at the IPO and talk about the positive aspects of its past performance.</li>
</ul>



Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m (estimated) in its Japan listing in April 2023. 
RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. 
In this note we take an early look at the IPO and talk about the positive aspects of its past performance.


Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Why medical students in China are faking their way to a doctor’s license</li><li>China to send $6 million in emergency aid to quake-hit Turkey</li><li>Beijing tells Taipei that mainland is ready to resume cross-strait flights</li></ul>

In Depth: Why medical students in China are faking their way to a doctor’s licenseChina to send $6 million in emergency aid to quake-hit TurkeyBeijing tells Taipei that mainland is ready to resume cross-strait flights

CX Daily: Why Medical Students in China Are Faking Their Way to a Doctor’s License

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> has offered, Potentia, four weeks of due diligence access to “develop a significantly improved proposal.” The Board rejected Potentia’s previous A$1.60 offer on 12 December.</li>
<li>Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. </li>
<li>Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.</li>
</ul>



Tyro Payments (TYR AU) has offered, Potentia, four weeks of due diligence access to “develop a significantly improved proposal.” The Board rejected Potentia’s previous A$1.60 offer on 12 December.
Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. 
Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.


Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Technical Analysis / Chartered Market Technician, The Markets Academy

David Coloretti, CMT

Technical Analysis / Chartered Market Technician

The Markets Academy

TMA implements 2 strategies. 1) Tactical ... Trend Sustainability Score (TSS) allows TMA to identify exhaustion / reversal points in interim trends by utilising our proprietary analysis of ST momentum indicators. 2) Medium Term ... our 3 Pillars approach to technical analysis allows TMA to determine high probability medium term outcomes in markets.

Technical Analysis

<ul>
<li>On 16 December we determined that the new interim downtrend low at 69.77 would likely fail and produce an 8% to 13% correction to 75.00/78.50 in 1-2 weeks. </li>
<li>PYPL US subsequently bottomed at 66.39, before reversing to 78.48 (+12.5% from 69.77), 12 days after our recommendation.   </li>
<li>Please refer to our publication on 19 October 2022 … “Introducing Our Tactical Trend Reversal Methodology: TSS (Trend Sustainability Score)” for a description of our proprietary TSS methodology.</li>
</ul>


On 16 December we determined that the new interim downtrend low at 69.77 would likely fail and produce an 8% to 13% correction to 75.00/78.50 in 1-2 weeks. 
PYPL US subsequently bottomed at 66.39, before reversing to 78.48 (+12.5% from 69.77), 12 days after our recommendation.   
Please refer to our publication on 19 October 2022 … “Introducing Our Tactical Trend Reversal Methodology: TSS (Trend Sustainability Score)” for a description of our proprietary TSS methodology.


PayPal Holdings Inc (PYPL US): TSS Target Achieved in 12 Days (+12.5%)

United States

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

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Paypal Holdings (PYPL US)

PayPal Holdings Inc.: Major Drivers

PayPal Holdings delivered strong results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings. In the...

Baptista Research

Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m in its Japan listing in April 2023. In this note, we...

Sumeet Singh

CX Daily: Why Medical Students in China Are Faking Their Way to a Doctor’s License

In Depth: Why medical students in China are faking their way to a doctor’s license. China to send $6 million in emergency aid to quake-hit Turkey

Caixin Global

Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous...

Arun George

PayPal Holdings Inc (PYPL US): TSS Target Achieved in 12 Days (+12.5%)

Our proprietary TSS methodology has been highly accurate in identifying when interim trends are exhausted and at risk of a meaningful correction....

David Coloretti, CMT

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