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>Playtika Holding Corp recently held its quarterly meeting discussing various strategic initiatives and financial outcomes for the first quarter of 2024.</li>
<li>The company's CEO emphasized 2024 as a year of execution following a year focused on optimizing operation and resource allocation.</li>
<li>Important changes include the restructuring of the executive leadership team to streamline management and enhance strategic focus, particularly by eliminating the Chief Revenue Officer and Chief Operating Officer roles to bring studios under direct oversight of the CEO.</li>
</ul>


Playtika Holding Corp recently held its quarterly meeting discussing various strategic initiatives and financial outcomes for the first quarter of 2024.
The company's CEO emphasized 2024 as a year of execution following a year focused on optimizing operation and resource allocation.
Important changes include the restructuring of the executive leadership team to streamline management and enhance strategic focus, particularly by eliminating the Chief Revenue Officer and Chief Operating Officer roles to bring studios under direct oversight of the CEO.


<ul>
<li>This is our first report on mobile game developer, Playtika Holding Corp's fourth-quarter 2023 earnings showcased a resilient execution of its strategy amidst revenue headwinds and market challenges.</li>
<li>It successfully managed to surpass its guidance for both revenue and credit adjusted EBITDA. The company marked 2023 as an efficiency-driven year, with a transformation strategy focusing on speed and decision-making.</li>
<li>Despite several challenges on the revenue front, Playtika identified some bright spots such as growth in the casual games segment, which expanded 5.5% YoY, driven by growth in June's Journey.</li>
</ul>


This is our first report on mobile game developer, Playtika Holding Corp's fourth-quarter 2023 earnings showcased a resilient execution of its strategy amidst revenue headwinds and market challenges.
It successfully managed to surpass its guidance for both revenue and credit adjusted EBITDA. The company marked 2023 as an efficiency-driven year, with a transformation strategy focusing on speed and decision-making.
Despite several challenges on the revenue front, Playtika identified some bright spots such as growth in the casual games segment, which expanded 5.5% YoY, driven by growth in June's Journey.


Playtika Holding Corp: Will The Direct-To-Consumer Platform Expansion Be A Game Changer?

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<div><p>In between earnings seasons, we are trying to catch up on the flurry of TMT IPOs over the past few months that have caught our eye. Why AppLovin? As we talk about often, we are interested in unique business models, and AppLovin qualifies. Its choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. We've been tracking winners and losers from Apple's privacy changes this year and think a growing mobile app ecosystem with proprietary 1st party data is very interesting. Valuation seems reasonable. We will continue to track this one on the long side.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

In between earnings seasons, we are trying to catch up on the flurry of TMT IPOs over the past few months that have caught our eye. Why AppLovin? As we talk about often, we are interested in unique business models, and AppLovin qualifies. Its choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. We've been tracking winners and losers from Apple's privacy changes this year and think a growing mobile app ecosystem with proprietary 1st party data is very interesting. Valuation seems reasonable. We will continue to track this one on the long side.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

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/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> raised around US$320m in its South Korean IPO, after pricing at the top.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.


Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> plans to raise up to US$320m in its South Korean IPO.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance, undertaken a peer comparison and talked about valuations in our past notes. In this note, we talk about the refiling and other updates.</li>
</ul>



Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance, undertaken a peer comparison and talked about valuations in our past notes. In this note, we talk about the refiling and other updates.


Shift Up IPO - Refiling and Other Updates, Not Ranked at the Top Anymore

Israel

Playtika Holding Corp. operates as a digital entertainment company. The Company specializes in the development and publication of free to play mobile games. Playtika Holding serves customers worldwide.

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Playtika Holding Corp (PLTK US)

Playtika Holding Corp. - Major Drivers

Playtika Holding Corp recently held its quarterly meeting discussing various strategic initiatives and financial outcomes for the first quarter of...

Baptista Research

Playtika Holding Corp: Will The Direct-To-Consumer Platform Expansion Be A Game Changer?

This is our first report on mobile game developer, Playtika Holding Corp's fourth-quarter 2023 earnings showcased a resilient execution of its...

Baptista Research

Recent IPO Insights: AppLovin

AppLovin's choice to build up its own mobile game portfolio as a means of turbocharging the value of its software is highly differentiated. A...

Aaron Gabin

Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. In this note, we talk about the trading dynamics.

Sumeet Singh

Shift Up IPO - Refiling and Other Updates, Not Ranked at the Top Anymore

Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO. In this note, we talk about the refiling and other updates.

Sumeet Singh

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