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>Snap Inc. reported a satisfactory revenue increase of 15% year-over-year amounting to $1.37 billion.</li><li>The increase was primarily driven by the company’s diversification of revenue streams and its direct response advertising business.</li><li>Daily active users (DAUs) saw a substantial rise, reaching 443 million in Q3, an addition of 37 million users compared to the previous year.</li></ul>

Snap Inc. reported a satisfactory revenue increase of 15% year-over-year amounting to $1.37 billion.The increase was primarily driven by the company’s diversification of revenue streams and its direct response advertising business.Daily active users (DAUs) saw a substantial rise, reaching 443 million in Q3, an addition of 37 million users compared to the previous year.

Snap’s Bold Moves in AR and AI Pay Off – Can It Keep Up the Momentum in 2025? - Major Drivers

<ul><li>Snap Inc. delivered its second-quarter earnings for 2024, showing steady growth and strategic advancements despite varying market conditions.</li><li>With an emphasis on visual communication, Snap Inc. has reached more than 850 million monthly active users and 432 million daily active users, pushing closer to its goal of one billion monthly actives.</li><li>This growth is substantiated by an increase in user engagement and the expansion of Snap's content platform.</li></ul>

Snap Inc. delivered its second-quarter earnings for 2024, showing steady growth and strategic advancements despite varying market conditions.With an emphasis on visual communication, Snap Inc. has reached more than 850 million monthly active users and 432 million daily active users, pushing closer to its goal of one billion monthly actives.This growth is substantiated by an increase in user engagement and the expansion of Snap's content platform.

Snap Inc.: Investment in Augmented Reality To Play Catch Up With Rivals? - Major Drivers

<ul><li>Snap-on Inc., known for manufacturing tools and equipment for professional use, delivered mixed results for its second quarter of 2024.</li><li>The Company experienced a slight decline in gross sales of 1.1% organically, going from $1,191.3 million the previous year to $1,179.4 million.</li><li>The operating income (OI) margin, though, rose to 23.8% from last year's figures.</li></ul>

Snap-on Inc., known for manufacturing tools and equipment for professional use, delivered mixed results for its second quarter of 2024.The Company experienced a slight decline in gross sales of 1.1% organically, going from $1,191.3 million the previous year to $1,179.4 million.The operating income (OI) margin, though, rose to 23.8% from last year's figures.

Snap-on Incorporated: How They Are Grappling With Production Capacity and Product Availability! - Major Drivers

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>How long until SNAP gets back to Zuck's original $3B buyout offer?!</li>
<li>Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.</li>
<li>Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!</li>
</ul>


How long until SNAP gets back to Zuck's original $3B buyout offer?!
Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.
Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!


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.

Event-Driven

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>


Multiple new agencies have been reporting that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. 
The reports have been coming in since the second half of the year and the company has been duly denying these rumors.
In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.


Tencent Investee Selldown - The US$120bn Global Overhang

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Snap’s Bold Moves in AR and AI Pay Off – Can It Keep Up the Momentum in 2025? - Major Drivers

Snap Inc. reported a satisfactory revenue increase of 15% year-over-year amounting to $1.37 billion. The increase was primarily driven by the...

Baptista Research

Snap Inc.: Investment in Augmented Reality To Play Catch Up With Rivals? - Major Drivers

Snap Inc. delivered its second-quarter earnings for 2024, showing steady growth and strategic advancements despite varying market conditions. With...

Baptista Research

Snap-on Incorporated: How They Are Grappling With Production Capacity and Product Availability! - Major Drivers

Snap-on Inc., known for manufacturing tools and equipment for professional use, delivered mixed results for its second quarter of 2024. The...

Baptista Research

Snap 3Q22: Tik Tik Tik (Tok) …BOOM

3rd 30% drop in a year? Any glimmer of hope? Still growing user base...but US engagement dropped 5% despite user growth +4%...we think its BeReal...

Aaron Gabin

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

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