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>Roblox Corporation is delivered a strong Q4 performance with revenues exceeding the analyst consensus estimate and narrower-than-expected losses.</li><li>With the exception of the first quarter of COVID, they added more new payers than ever before.</li><li>We give Roblox Corporation a 'Hold' rating with a revised target price.</li></ul>

Roblox Corporation is delivered a strong Q4 performance with revenues exceeding the analyst consensus estimate and narrower-than-expected losses.With the exception of the first quarter of COVID, they added more new payers than ever before.We give Roblox Corporation a 'Hold' rating with a revised target price.

Roblox Corporation: Collaboration With H&M & Other Drivers

<ul><li>This is our first report on Roblox, one of the most popular online entertainment and gaming platforms in the U.S. that is gradually spreading its wings across the world.</li><li>Their DAUs were 58.8 million in Q3 on a DAU basis, a 24% growth from the same quarter last year.</li><li>It is a fact that Roblox continues to face challenging comparisons especially with the last year and the pandemic times.</li></ul>

This is our first report on Roblox, one of the most popular online entertainment and gaming platforms in the U.S. that is gradually spreading its wings across the world.Their DAUs were 58.8 million in Q3 on a DAU basis, a 24% growth from the same quarter last year.It is a fact that Roblox continues to face challenging comparisons especially with the last year and the pandemic times.

Roblox Corporation: Initiation of Coverage – Business Strategy & Key Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.</li>
<li>The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.</li>
<li>Today we are flagging Plug Power, Nvidia, Palantir, and Roblox</li>
</ul>


This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.
The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.
Today we are flagging Plug Power, Nvidia, Palantir, and Roblox


Breaking Growth Short Candidates: Plug Power, Nvidia, Palantir, Roblox

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.

<ul>
<li>Roblox is proving out management's assertion that bookings growth would reaccelerate in the back half of the year.</li>
<li>The company extended its average user life from 25 to 28 months. Signal of falling churn.</li>
<li>Roblox usage continues to dwarf all other social media; DAUs spend 2.5x more time per day than TikTok or Instagram users.</li>
</ul>


Roblox is proving out management's assertion that bookings growth would reaccelerate in the back half of the year.
The company extended its average user life from 25 to 28 months. Signal of falling churn.
Roblox usage continues to dwarf all other social media; DAUs spend 2.5x more time per day than TikTok or Instagram users.


Why Roblox’s September Metrics Are Even Better Than They Appear

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

Lionheart Studio  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lionheart-studio-corporation" target="_blank" data-smartkarma-citation="entities:36417:1" rel="noopener">Lionheart Studio (426630 KS)</a>, a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.</li>
<li>The company is majority owned by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a>, which after having recently hiked its stake, owned 54.94% of the company prior to listing.  </li>
<li>We spoke about the company’s past performance and undertook a peer comparison in our previous note. In this note, we’ll talk about our earnings estimates and valuation.</li>
</ul>



Lionheart Studio (426630 KS), a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.
The company is majority owned by Kakao Games Corp (293490 KS), which after having recently hiked its stake, owned 54.94% of the company prior to listing.  
We spoke about the company’s past performance and undertook a peer comparison in our previous note. In this note, we’ll talk about our earnings estimates and valuation.


United States

Roblox Corporation provides entertainment products and services. The Company designs and develops a wide range of online games such as internet three-dimensional and tutorial games for kids, teens, and adults. Roblox serves customers worldwide.

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ROBLOX (RBLX US)

Roblox Corporation: Collaboration With H&M & Other Drivers

Roblox Corporation is delivered a strong Q4 performance with revenues exceeding the analyst consensus estimate and narrower-than-expected...

Baptista Research

Roblox Corporation: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on Roblox, one of the most popular online entertainment and gaming platforms in the U.S. that is gradually spreading its...

Baptista Research

Breaking Growth Short Candidates: Plug Power, Nvidia, Palantir, Roblox

Breaking Growth stocks combine declining fundamentals with a multiple compression. This week we flag: Plug Power, Nvidia, Palantir, Roblox

Eric Fernandez, CFA

Why Roblox’s September Metrics Are Even Better Than They Appear

Roblox printed excellet September usage metrics that confirm management's claims that growth would reaccelerate in the back half of the year. On...

Aaron Gabin

Lionheart IPO - Thoughts on Valuation

Lionheart Studio (426630 KS), a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. In this note,...

Sumeet Singh

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