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

Polestar Automotive Holding UK / Equity Bottom-Up

<ul><li>Polestar has released its Q2 2024 financial results, revealing both strengths and areas that require attention.</li><li>A thorough assessment of these results offers a comprehensive perspective on the firm’s current financial health and business trajectory.</li><li>Starting with the positives, Polestar demonstrated an impressive 80% increase in global vehicle sales, reaching 13,150 cars.</li></ul>

Polestar has released its Q2 2024 financial results, revealing both strengths and areas that require attention.A thorough assessment of these results offers a comprehensive perspective on the firm’s current financial health and business trajectory.Starting with the positives, Polestar demonstrated an impressive 80% increase in global vehicle sales, reaching 13,150 cars.

Polestar Automotive Holding: Expansion Of Electric Vehicle Product Lineup

<ul><li>Polestar presented a mixed but broadly positive financial picture in the third quarter of 2023.</li><li>The company, known for its focus on electric vehicles, reported record third-quarter deliveries of 13,976 units, marking a significant 51% increase from the previous year.</li><li>This robust performance can be attributed to a positive product and channel mix and the initial rollout of the Polestar 2's model year '24, illustrating a strong consumer demand for Polestar’s offerings.</li></ul>

Polestar presented a mixed but broadly positive financial picture in the third quarter of 2023.The company, known for its focus on electric vehicles, reported record third-quarter deliveries of 13,976 units, marking a significant 51% increase from the previous year.This robust performance can be attributed to a positive product and channel mix and the initial rollout of the Polestar 2's model year '24, illustrating a strong consumer demand for Polestar’s offerings.

Polestar Automotive Holding UK: A Tale Of An Enhanced Product Mix and Margin Improvement Strategy! - Major Drivers

<ul><li>This is our first report on Polestar.</li><li>The company saw their highest-ever delivery volume for the Q3 2023 period.</li><li>The said period witnessed record deliveries of 13,976 vehicles, representing a growth of 51% compared to the same period in the previous year.</li></ul>

This is our first report on Polestar.The company saw their highest-ever delivery volume for the Q3 2023 period.The said period witnessed record deliveries of 13,976 vehicles, representing a growth of 51% compared to the same period in the previous year.

Polestar Automotive: Initiation Of Coverage - What Are The 3 Biggest Hindrances In Its Path For Profitable Growth? - Major Drivers

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a>, a Vietnamese EV manufacturer and a majority-owned affiliate of <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, completed its merger with Black Spade on 14 August. </li>
<li>Due to the low float, the shares have been on a wild ride, with the last close of US$6.56 materially below the high of US$82.35 per share.</li>
<li>VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and frothy valuation.  </li>
</ul>



Vinfast (VFS US), a Vietnamese EV manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), completed its merger with Black Spade on 14 August. 
Due to the low float, the shares have been on a wild ride, with the last close of US$6.56 materially below the high of US$82.35 per share.
VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and frothy valuation.  


2024 High Conviction: VinFast (VFS US) – Heading for Trouble

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a>, a Vietnamese EV (electric vehicle) manufacturer and a majority-owned affiliate of <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, completed its merger with Black Spade. </li>
<li>The shares closed 3.7x up on the first day with a market cap of US$86bn. The pop is partly due to low float resulting from the controlling shareholder's 99.0% stake. </li>
<li>VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to peers on growth-adjusted multiples.  </li>
</ul>



VinFast (1905332D VN), a Vietnamese EV (electric vehicle) manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), completed its merger with Black Spade. 
The shares closed 3.7x up on the first day with a market cap of US$86bn. The pop is partly due to low float resulting from the controlling shareholder's 99.0% stake. 
VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to peers on growth-adjusted multiples.  


Hong Kong

Polestar Automotive Holding UK PLC operates as an electric vehicle manufacturer. The Company focuses on car design and technology. Polestar Automotive Holding UK serves customers worldwide.

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Polestar Automotive Holding UK (PSNY US)

Polestar Automotive Holding: Expansion Of Electric Vehicle Product Lineup

Polestar has released its Q2 2024 financial results, revealing both strengths and areas that require attention. A thorough assessment of these...

Baptista Research

Polestar Automotive Holding UK: A Tale Of An Enhanced Product Mix and Margin Improvement Strategy! - Major Drivers

Polestar presented a mixed but broadly positive financial picture in the third quarter of 2023. The company, known for its focus on electric...

Baptista Research

Polestar Automotive: Initiation Of Coverage - What Are The 3 Biggest Hindrances In Its Path For Profitable Growth? - Major Drivers

This is our first report on Polestar. The company saw their highest-ever delivery volume for the Q3 2023 period. The said period witnessed record...

Baptista Research

2024 High Conviction: VinFast (VFS US) – Heading for Trouble

VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and...

Arun George

VinFast: Inexplicable Valuation

VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to...

Arun George

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