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 Capital Markets

Salesforce.Com Inc / Equity Capital Markets

<ul><li>(sample report) Salesforce delivered yet another phenomenal quarterly results as its top-line and profitability were both, well above Wall Street expectations.</li><li>The company has ruled the CRM (Customer Relationship Management) software market with a double-digit market share for a large part of the previous decade.</li><li>Despite the competition, Salesforce has a reasonably bright outlook and deserves a “Hold” rating on account of strong inorganic growth prospects for the future.</li></ul>

(sample report) Salesforce delivered yet another phenomenal quarterly results as its top-line and profitability were both, well above Wall Street expectations.The company has ruled the CRM (Customer Relationship Management) software market with a double-digit market share for a large part of the previous decade.Despite the competition, Salesforce has a reasonably bright outlook and deserves a “Hold” rating on account of strong inorganic growth prospects for the future.

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul><li>Salesforce performance has been far from satisfying since I first covered the company almost half a year ago.</li><li>So far, the fading momentum trade appears to be the chief culprit behind the disappointing returns, but other red flags remain.</li><li>Achieving high profitability remains elusive, while the impressive topline growth numbers appear to be largely priced in.</li></ul>

Salesforce performance has been far from satisfying since I first covered the company almost half a year ago.So far, the fading momentum trade appears to be the chief culprit behind the disappointing returns, but other red flags remain.Achieving high profitability remains elusive, while the impressive topline growth numbers appear to be largely priced in.

Salesforce Will Continue To Grow, But Returns Will Most Likely Disappoint

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.

<p>Kind of a mediocre underwhelming analyst presentation by one of our favorite software companies, but the larger long term picture remains intact: a huge pool of legacy incumbent endpoint providers that Crowdstrike will feast on for years to come.</p><p></p><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>

Kind of a mediocre underwhelming analyst presentation by one of our favorite software companies, but the larger long term picture remains intact: a huge pool of legacy incumbent endpoint providers that Crowdstrike will feast on for years to come.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. 

Crowdstrike Analyst Day: Really, Just $3B in ARR?

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.

<div>
<p><a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">Freee (4478 JP)</a> (freee) is looking to raise around US$400m via selling a mix of primary and secondary shares. </p>
<p>We had looked at the company at the time of listing, links to our previous notes are below: </p>
</div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/freee-pre-ipo-has-been-growing-fast-but-missing-data-points-leave-quite-a-few-niggling-doubts" target="_blank" rel="noopener">freee K.K. pre-IPO - Has been growing fast but missing data points leave quite a few niggling doubts,</a></li>
<li><a href="https://www.smartkarma.com/insights/freee-k-k-pre-ipo-the-battle-is-far-from-over" target="_blank" rel="noopener">Freee K. K. Pre-IPO - The Battle Is Far from Over,</a></li>
<li>
<a href="https://www.smartkarma.com/insights/free-k-k-ipo-it-s-not-exactly-freee-but-looks-ok-at-the-lower-end" target="_blank" rel="noopener">Freee K.K. IPO - It’s Not Exactly Free but Looks Ok at the Lower-End</a>, and</li>
<li><a href="https://www.smartkarma.com/insights/freee-ipo-trading-priced-at-par-to-comp-it-now-boils-down-to-how-much-premium-it-can-trade-at" target="_blank" rel="noopener">Freee IPO Trading - Priced at Par to Comp, It Now Boils Down to How Much Premium It Can Trade At</a></li>
</ul></div><div><p>In this note, we'll run the deal through our ECM framework and talk about deal dynamics.</p></div>


Freee (4478 JP) (freee) is looking to raise around US$400m via selling a mix of primary and secondary shares. 
We had looked at the company at the time of listing, links to our previous notes are below: 

freee K.K. pre-IPO - Has been growing fast but missing data points leave quite a few niggling doubts,
Freee K. K. Pre-IPO - The Battle Is Far from Over,

Freee K.K. IPO - It’s Not Exactly Free but Looks Ok at the Lower-End, and
Freee IPO Trading - Priced at Par to Comp, It Now Boils Down to How Much Premium It Can Trade At
In this note, we'll run the deal through our ECM framework and talk about deal dynamics.

Freee Placement - Needs to Correct by a Whole Lot More

Palantir Technologies  / Equity Bottom-Up

<p>Palantir generated $93M more revenues this quarter then a year ago. From that $93M, the company generated $174M more in operating income, which swung its EBIT margins from (31%) to 32% YoY…adjusted EBITDA margins of course (there was $1B in incremental SBC). In any case, that is some sort of remarkable business. Especially for a software company that is building a direct sales force and theoretically needs to be investing heavily in R&amp;D to keep up with the competition. Palantir talks about generating insight through the fog of war, but in our short time analyzing this company, we can’t find our way through the fog.</p><p></p><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>

Palantir generated $93M more revenues this quarter then a year ago. From that $93M, the company generated $174M more in operating income, which swung its EBIT margins from (31%) to 32% YoY…adjusted EBITDA margins of course (there was $1B in incremental SBC). In any case, that is some sort of remarkable business. Especially for a software company that is building a direct sales force and theoretically needs to be investing heavily in R&amp;D to keep up with the competition. Palantir talks about generating insight through the fog of war, but in our short time analyzing this company, we can’t find our way through the fog.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.

Palantir 4Q20 Earnings: The Greatest Operating Leverage Story Ever Told

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Salesforce.com Inc. - Invt Thesis

(sample report) Salesforce delivered yet another phenomenal quarterly results as its top-line and profitability were both, well above Wall Street...

Baptista Research

Salesforce Will Continue To Grow, But Returns Will Most Likely Disappoint

Salesforce performance has been far from satisfying since I first covered the company almost half a year ago. So far, the fading momentum trade...

Vladimir Dimitrov, CFA

Crowdstrike Analyst Day: Really, Just $3B in ARR?

Crowdstrike Analyst Day was underwhelming with easily reached ARR and Operating Model Targets introduced. We like the stock anyway, especially with...

Aaron Gabin

Freee Placement - Needs to Correct by a Whole Lot More

Freee (4478 JP) (freee) is looking to raise around US$400m via selling a mix of primary and secondary shares. In this note, we'll run the deal...

Sumeet Singh

Palantir 4Q20 Earnings: The Greatest Operating Leverage Story Ever Told

Palantir's quarter, much like the rest of the company was perplexing. We believe the stock is overvalued even in the high 20s, and the coming...

Aaron Gabin

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