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.

Credit

<ul><li>RPM International is a well-known specialty chemicals company and has been performing well financially off-late as per its recent results.</li><li>As the company increased its market share, concrete mix and repair products have also experienced good growth in recent times.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

RPM International is a well-known specialty chemicals company and has been performing well financially off-late as per its recent results.As the company increased its market share, concrete mix and repair products have also experienced good growth in recent times.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

RPM International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a> is down nearly 25% in a week after the large non-dilutive Offering which nevertheless increases Foreign Real World Float by 70+%.</li>
<li>The ratio of Forward PERe of Nippon Paint vs Peers is as low as it has been in many years, but EV/ForwardEBITDA remains high vs peers.</li>
<li>Investors who buy this deal or the Pricing Dip will be getting long next to ¥140-150bn of their closest friends who didn't own as much NPH one week ago.</li>
</ul>



Nippon Paint Holdings (4612 JP) is down nearly 25% in a week after the large non-dilutive Offering which nevertheless increases Foreign Real World Float by 70+%.
The ratio of Forward PERe of Nippon Paint vs Peers is as low as it has been in many years, but EV/ForwardEBITDA remains high vs peers.
Investors who buy this deal or the Pricing Dip will be getting long next to ¥140-150bn of their closest friends who didn't own as much NPH one week ago.


Nippon Paint (4612) Secondary Pricing Approaches - Cheaper But...

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a> will raise up to $405 million at an IPO range of IDR780-930. Selling shareholders will also raise up to $364 million through a private placement. </li>
<li>In <a href="https://www.smartkarma.com/insights/avia-avian-ipo-initiation-painting-by-numbers" target="_blank" data-smartkarma-citation="insights:61202" rel="noopener">Avia Avian IPO Initiation: Painting by Numbers</a>, we noted that Avia is delivering strong growth, rising margins and strong cash generation. We concluded that Avia is worth a look.</li>
<li>Our valuation analysis suggests that Avia is fully priced at the IPO price range. Consequently, we would remain on the sidelines seeking a lower entry point. </li>
</ul>



PT Avia Avian (AVIA IJ) will raise up to $405 million at an IPO range of IDR780-930. Selling shareholders will also raise up to $364 million through a private placement. 
In Avia Avian IPO Initiation: Painting by Numbers, we noted that Avia is delivering strong growth, rising margins and strong cash generation. We concluded that Avia is worth a look.
Our valuation analysis suggests that Avia is fully priced at the IPO price range. Consequently, we would remain on the sidelines seeking a lower entry point. 


Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Kansai Paint continues to enjoy strong results in India where subsidiary <a href="https://www.smartkarma.com/entities/10169" target="_blank" data-smartkarma-citation="entities:10169:1">Kansai Nerolac Paints Ltd (KNPL IN)</a> has seen revenue double since 2011 and where net income is set to double relative to FY03/15. With Kansai Nerolac's PE approaching 50x, Kansai Paint's 75% stake is now worth JPY327bn or 45% of the company's JPY722bn market cap. While Kansai Paint's Indian operations have seen OP grow at a 31% CAGR since 4QFY03/14 we nevertheless feel that its subsidiary's inflated multiple represents a downside risk as our analysis suggests that Kansai Paint's valuation is directly impacted by the valuation of Kansai Nerolac.The company has faced several headwinds this year as a crackdown on pollution in China has impacted solvent-based coatings and raw materials costs have pressured margins globally and caused losses in Africa. We believe that these issues should be resolved over the medium-term and should open up further opportunities for the company to increase profitability.

Kansai Paint continues to enjoy strong results in India where subsidiary Kansai Nerolac Paints Ltd (KNPL IN) has seen revenue double since 2011 and where net income is set to double relative to FY03/15. With Kansai Nerolac's PE approaching 50x, Kansai Paint's 75% stake is now worth JPY327bn or 45% of the company's JPY722bn market cap. While Kansai Paint's Indian operations have seen OP grow at a 31% CAGR since 4QFY03/14 we nevertheless feel that its subsidiary's inflated multiple represents a downside risk as our analysis suggests that Kansai Paint's valuation is directly impacted by the valuation of Kansai Nerolac.The company has faced several headwinds this year as a crackdown on pollution in China has impacted solvent-based coatings and raw materials costs have pressured margins globally and caused losses in Africa. We believe that these issues should be resolved over the medium-term and should open up further opportunities for the company to increase profitability.

Kansai Paint: India Drives Growth But Kansai Nerolac's 50x PE Is Also a Risk

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

Thematic (Sector/Industry)

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel   exporters to the US.Steel exports to US from China are low at about 2.9mt in November. If the US adds more steel tariffs, it will have little impact to the steel market or prices but it will possibly cause a retaliation by the Chinese.China only exports 26% of Global Steel Exports, far lower than the 50% of their total global steel production. Most of Chinese steel exports go to other Asian…

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel   exporters to the US.Steel exports to US from China are low at about 2.9mt in November. If the US adds more steel tariffs, it will have little impact to the steel market or prices but it will possibly cause a retaliation by the Chinese.China only exports 26% of Global Steel Exports, far lower than the 50% of their total global steel production. Most of Chinese steel exports go to other Asian…

Market Is Wrong on US Tariffs for Chinese Steel

United States

RPM International, Inc. manufactures, markets, and sells various specialty chemical product lines. The Company's product lines include specialty paints, protective coatings and roofing systems, sealants and adhesives, focusing on the maintenance needs of both the industrial and consumer markets.

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Rpm International (RPM US)

RPM International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

RPM International is a well-known specialty chemicals company and has been performing well financially off-late as per its recent results. As the...

Baptista Research

Nippon Paint (4612) Secondary Pricing Approaches - Cheaper But...

The Nippon Paint (4612) Secondary likely prices 17 January after the stock has fallen 24% in a week since the announcement. It's cheaper. It's not...

Travis Lundy

Avia Avian IPO: Valuation Insights

Our valuation analysis suggests that Avia is fully priced at the IPO price range. Consequently, we would remain on the sidelines seeking a lower...

Arun George

Kansai Paint: India Drives Growth But Kansai Nerolac's 50x PE Is Also a Risk

Kansai Paint continues to enjoy strong results in India where subsidiary Kansai Nerolac Paints Ltd (KNPL IN) has seen revenue double since 2011 and...

Mio Kato

Market Is Wrong on US Tariffs for Chinese Steel

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel exporters to the US.Steel exports to US...

Scott Laprise/ 乐天虎

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