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>PepsiCo's recorded performance in the Q1 2024 earnings signaled steady growth and improvement across a range of business areas.</li><li>The company's leadership tone was grounded in its strong performance, highlighting several positive aspects as well as acknowledging a few challenges faced during the fiscal quarter.</li><li>PepsiCo's robust international performance was repeatedly underlined as one of the highlights of Q1 2024.</li></ul>

PepsiCo's recorded performance in the Q1 2024 earnings signaled steady growth and improvement across a range of business areas.The company's leadership tone was grounded in its strong performance, highlighting several positive aspects as well as acknowledging a few challenges faced during the fiscal quarter.PepsiCo's robust international performance was repeatedly underlined as one of the highlights of Q1 2024.

PepsiCo Inc.: These Are The 6 Fundamental Factors Driving Its Performance in 2024 & Beyond! - Financial Forecasts

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.</li>
<li>The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.</li>
<li>Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">XLP</a> and <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">XLK</a>.</li>
</ul>


The changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.
The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.
Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the XLP and XLK.


Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We are positive on Orion Corp. Regardless of the overall market movement next year (up or down), we believe Orion Corp could outperform KOSPI in the next 6-12 months.</li>
<li>The company has millions of loyal customers in major overseas countries including China, Russia, and Vietnam. Despite difficult operating conditions, Orion continues to generate stable growth in sales and profits.</li>
<li>Orion Corp's valuations are attractive. Orion Corp is currently trading at 2024E EV/EBITDA of 4.4x (42% lower than average valuation multiple from 2019 to 2023).</li>
</ul>


We are positive on Orion Corp. Regardless of the overall market movement next year (up or down), we believe Orion Corp could outperform KOSPI in the next 6-12 months.
The company has millions of loyal customers in major overseas countries including China, Russia, and Vietnam. Despite difficult operating conditions, Orion continues to generate stable growth in sales and profits.
Orion Corp's valuations are attractive. Orion Corp is currently trading at 2024E EV/EBITDA of 4.4x (42% lower than average valuation multiple from 2019 to 2023).


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pepsico-inc" target="_blank" data-smartkarma-citation="entities:4967:1" rel="noopener">Pepsico Inc (PEP US)</a> plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.</li>
<li>India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.</li>
<li>India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..</li>
</ul>



Pepsico Inc (PEP US) plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.
India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.
India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..


#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek Holdings Pte Ltd (TMSK SP)</a>, Singapore’s state investment firm, is reportedly eyeing a 10-15% stake in India’s top snack maker Haldirams (Unlisted), valued at $11 billion.</li>
<li>India's packaged and processed food sector is booming, driven by modern retail growth, improved food standards, rising convenience demand, and greater affordability.</li>
<li>Big acquisitions, upcoming IPOs, and strong growth prospects keep this sector in the spotlight, with listed companies offering investors opportunity to play the upswing.</li>
</ul>



Temasek Holdings Pte Ltd (TMSK SP), Singapore’s state investment firm, is reportedly eyeing a 10-15% stake in India’s top snack maker Haldirams (Unlisted), valued at $11 billion.
India's packaged and processed food sector is booming, driven by modern retail growth, improved food standards, rising convenience demand, and greater affordability.
Big acquisitions, upcoming IPOs, and strong growth prospects keep this sector in the spotlight, with listed companies offering investors opportunity to play the upswing.


Temasek's USD1Bn+ Bite into India's Booming Snack Food Sector.Top Listed Stocks to Watch

United States

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufactures or uses contract manufacturers, markets and sells a variety of grain-based snacks, carbonated and non-carbonated beverages and foods in countries throughout the world.

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Pepsico Inc (PEP US)

PepsiCo Inc.: These Are The 6 Fundamental Factors Driving Its Performance in 2024 & Beyond! - Financial Forecasts

PepsiCo's recorded performance in the Q1 2024 earnings signaled steady growth and improvement across a range of business areas. The company's...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

2024 High Conviction: Orion Corp

We are positive on Orion Corp. Regardless of the overall market movement next year (up or down), we believe Orion Corp could outperform KOSPI in...

Douglas Kim

#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...

Sudarshan Bhandari

Temasek's USD1Bn+ Bite into India's Booming Snack Food Sector.Top Listed Stocks to Watch

Singapore’s state investment company Temasek has signed a deal to pick up close to a 10 per cent stake in the snacks business of India’s Haldiram’s...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PepsiCo Inc.: These Are The 6 Fundamental Factors Driving Its Performance in 2024 & Beyond! - Financial Forecasts

PepsiCo's recorded performance in the Q1 2024 earnings signaled steady growth and improvement across a range of business areas. The company's...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

2024 High Conviction: Orion Corp

We are positive on Orion Corp. Regardless of the overall market movement next year (up or down), we believe Orion Corp could outperform KOSPI in...

Douglas Kim

#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

​Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...

Sudarshan Bhandari

Temasek's USD1Bn+ Bite into India's Booming Snack Food Sector.Top Listed Stocks to Watch

Singapore’s state investment company Temasek has signed a deal to pick up close to a 10 per cent stake in the snacks business of India’s Haldiram’s...

Devi Subhakesan

Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...