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

<ul><li>This is our first report on global electronics and entertainment giant, Sony.</li><li>The company’s stock has seen some recovery over the past weeks after a prolonged period of correction.</li><li>It has been affected by the drop in PlayStation users' overall playing time and the generally lower participation level.</li></ul>

This is our first report on global electronics and entertainment giant, Sony.The company’s stock has seen some recovery over the past weeks after a prolonged period of correction.It has been affected by the drop in PlayStation users' overall playing time and the generally lower participation level.

Sony ADR: Initiation of Coverage – Electronics Industry Challenges & The PlayStation

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Q2 OP rises +8% to Y344 billion on strong growth in Music and Image Sensors, despite 49% profit fall in Games segment.</li>
<li>SONY sold 3.3 million PS5 units in the quarter, the same figure as a year ago. Managment remains confident of hitting 18m units by the end of the fiscal year</li>
<li>Sony's stock is down -30% YTD. We think the Q2 results/guidance lift should help put a floor under the stock. We would be buyers below 15x earnings</li>
</ul>


Q2 OP rises +8% to Y344 billion on strong growth in Music and Image Sensors, despite 49% profit fall in Games segment.
SONY sold 3.3 million PS5 units in the quarter, the same figure as a year ago. Managment remains confident of hitting 18m units by the end of the fiscal year
Sony's stock is down -30% YTD. We think the Q2 results/guidance lift should help put a floor under the stock. We would be buyers below 15x earnings


SONY (6758) | Q2 Earnings Beat, Guidance Raise

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

<ul>
<li>Dobot is a Chinese manufacturer and leading provider of all-perceptive intelligent robotic arms backed by top-tier investment bank CICC and high-profile investors.   </li>
<li>Dobot has raised a total of ~CN¥490M in funding over 3 rounds. Investors include Qianhai Fund of Funds, Shenzhen Capital Group, CICC, Potential Capital and Green Pine Capital Partners.</li>
<li>The global industrial robotics market is an $80B+ opportunity. The number of robots installed in the automotive industry in China has doubled in 2021.</li>
</ul>


Dobot is a Chinese manufacturer and leading provider of all-perceptive intelligent robotic arms backed by top-tier investment bank CICC and high-profile investors.   
Dobot has raised a total of ~CN¥490M in funding over 3 rounds. Investors include Qianhai Fund of Funds, Shenzhen Capital Group, CICC, Potential Capital and Green Pine Capital Partners.
The global industrial robotics market is an $80B+ opportunity. The number of robots installed in the automotive industry in China has doubled in 2021.


Dobot: Make Smart Manufacturing Accessible

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.

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.


<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 in our previous note. In this note, we’ll undertake a peer comparison.</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 in our previous note. In this note, we’ll undertake a peer comparison.


LionHeart Studio IPO - Peer Comparison - Youngest and Most Untested

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Sony ADR: Initiation of Coverage – Electronics Industry Challenges & The PlayStation

This is our first report on global electronics and entertainment giant, Sony. The company’s stock has seen some recovery over the past weeks after...

Baptista Research

SONY (6758) | Q2 Earnings Beat, Guidance Raise

SONY is at the forefront of digital content creation and building communities. We believe the current earnings and guidance lift will put a floor...

Mark Chadwick

Dobot: Make Smart Manufacturing Accessible

Chinese startup Dobot is well-positioned to benefit from the fast-growing industrials robotics market in China and the recent acceleration of...

Andrei Zakharov

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

LionHeart Studio IPO - Peer Comparison - Youngest and Most Untested

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

Sumeet Singh

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