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>Stanley Black & Decker one of the largest providers of tools and engineering systems across the world and caters to a wide variety of industries.</li><li>The company has seen significant progress toward narrowing its focus and overhauling its supply chain in recent times.</li><li>We also have a dedicated analysis of the company's Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.</li></ul>

Stanley Black & Decker one of the largest providers of tools and engineering systems across the world and caters to a wide variety of industries.The company has seen significant progress toward narrowing its focus and overhauling its supply chain in recent times.We also have a dedicated analysis of the company's Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.

Stanley Black & Decker Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Bottom-Up

Stanley Black & Decker / Equity Bottom-Up

<ul><li>This is our first report on Stanley Black & Decker, one of the largest global manufacturers of tools and engineering systems catering to a wide variety of industries.</li><li>The company delivered an all-around beat in its last result and has been making significant progress toward narrowing its focus and overhauling its supply chain in recent times.</li><li>We initiate coverage on the stock of Stanley Black & Decker with a ‘Hold’ rating.</li></ul>

This is our first report on Stanley Black & Decker, one of the largest global manufacturers of tools and engineering systems catering to a wide variety of industries.The company delivered an all-around beat in its last result and has been making significant progress toward narrowing its focus and overhauling its supply chain in recent times.We initiate coverage on the stock of Stanley Black & Decker with a ‘Hold’ rating.

Stanley Black & Decker Inc.: Initiation of Coverage – New Launches & Other Drivers

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

Chervon Holdings / Equity Capital Markets

<ul>
<li>Chervon Holdings Limited (CHL) raised around US$400m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>


Chervon Holdings Limited (CHL) raised around US$400m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will talk about the trading dynamics.


Chervon Holdings IPO Trading - Lukewarm Demand

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chevron-holdings-ltd" target="_blank" data-smartkarma-citation="entities:35308:1" rel="noopener">Chevron Holdings (CHV HK)</a> is moving up the ranks in electric outdoor power equipment. It is currently ranked 2nd in terms of revenue compared to 7th in 2018.</li>
<li>We expect an industry wide drop-off in revenue in 2022 after a boost in demand during 2020 and 2021 driven by COVID-19.</li>
<li>Valuation is at a 41% discount to the closest peer. Thus we lean towards subscribing to the Chevron IPO.</li>
</ul>



Chevron Holdings (CHV HK) is moving up the ranks in electric outdoor power equipment. It is currently ranked 2nd in terms of revenue compared to 7th in 2018.
We expect an industry wide drop-off in revenue in 2022 after a boost in demand during 2020 and 2021 driven by COVID-19.
Valuation is at a 41% discount to the closest peer. Thus we lean towards subscribing to the Chevron IPO.


<ul>
<li>Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will undertake a peer comparison and talk about valuations.</li>
</ul>


Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will undertake a peer comparison and talk about valuations.


Chervon Holdings IPO - Valuation Isn’t Demanding, but Timing Is

United States

Stanley Black & Decker Inc. is a diversified global provider of hand tools, power tools and related accessories, mechanical access and electronic security solutions, healthcare solutions, engineered fastening systems, and more.

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Stanley Black & Decker (SWK US)

Stanley Black & Decker Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Stanley Black & Decker one of the largest providers of tools and engineering systems across the world and caters to a wide variety of...

Baptista Research

Stanley Black & Decker Inc.: Initiation of Coverage – New Launches & Other Drivers

This is our first report on Stanley Black & Decker, one of the largest global manufacturers of tools and engineering systems catering to a...

Baptista Research

Chervon Holdings IPO Trading - Lukewarm Demand

Chervon Holdings Limited (CHL) raised around US$400m in its Hong Kong IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Chervon Holdings IPO - Valuation

Even though smaller in size, we don’t think Chevron deserves to trade at a discount to its closest peer Techtronic, especially not as much as 41%,...

Oshadhi Kumarasiri

Chervon Holdings IPO - Valuation Isn’t Demanding, but Timing Is

Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO. In this note, we undertake a peer comparison and talk about...

Sumeet Singh

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