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>Starbucks Corporation delivered an all-around beat in the previous quarter.</li><li>In the fourth quarter, their total revenue surged to an unprecedented $9.4 billion, showcasing an impressive 11% year-over-year increase.</li><li>Starbucks' stronghold in the US was evident, with a remarkable 12% revenue increase in the fourth quarter, supported by a significant 8% in comparable store sales.</li></ul>

Starbucks Corporation delivered an all-around beat in the previous quarter.In the fourth quarter, their total revenue surged to an unprecedented $9.4 billion, showcasing an impressive 11% year-over-year increase.Starbucks' stronghold in the US was evident, with a remarkable 12% revenue increase in the fourth quarter, supported by a significant 8% in comparable store sales.

Starbucks Corporation: A Tale Of U.S. Resilience

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luckin-coffee-inc" target="_blank" data-smartkarma-citation="entities:28046:1" rel="noopener">Luckin Coffee (LKNCY US)</a> reported another quarter of strong growth and is now China’s leading coffee chain by a wide margin with operating margins outperforming even premium rival <a href="https://www.smartkarma.com/entities/starbucks-corp" target="_blank" data-smartkarma-citation="entities:7641:1" rel="noopener">Starbucks Corp(SBUX US)</a> .</li>
<li>Luckin’s disruptive model—centered on affordability, convenience, and accessibility—and the competition that followed has fueled a 2.5X rise in China’s per capita coffee consumption over the past five years.</li>
<li>​Luckin Coffee's strong growth, high operating margins, dominant market share contrasts with Starbucks, which is now adapting to changing customer preference for convenience and digital experiences.</li>
</ul>



Luckin Coffee (LKNCY US) reported another quarter of strong growth and is now China’s leading coffee chain by a wide margin with operating margins outperforming even premium rival Starbucks Corp(SBUX US) .
Luckin’s disruptive model—centered on affordability, convenience, and accessibility—and the competition that followed has fueled a 2.5X rise in China’s per capita coffee consumption over the past five years.
​Luckin Coffee's strong growth, high operating margins, dominant market share contrasts with Starbucks, which is now adapting to changing customer preference for convenience and digital experiences.


Luckin Coffee: Acing It in China's Racing Coffee Market

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>Xiaomi’s global market increased to 15% in 2Q24 compared with 13% in 2Q23.</li>
<li>GAC Aion began to be produced in Thailand to bypass the new tariff barriers from the US and the European Union.</li>
<li>Cotti Coffee plans to extend its “RMB9.90” sales to three years.</li>
</ul>


Xiaomi’s global market increased to 15% in 2Q24 compared with 13% in 2Q23.
GAC Aion began to be produced in Thailand to bypass the new tariff barriers from the US and the European Union.
Cotti Coffee plans to extend its “RMB9.90” sales to three years.


China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a> recently acquired Compose Coffee, the second-largest take-out chain in South Korea's competitive value coffee retail segment.</li>
<li>While the acquisition presents growth opportunities for Jollibee, the intense competition and inherent challenges of the value coffee retail segment warrant caution.</li>
<li>With Jollibee's Coffee &amp; Tea business vertical now growing into a meaningful size, we recommend listing it separately to enhance visibility, accountability and unlock shareholder value.</li>
</ul>



Jollibee Foods (JFC PM) recently acquired Compose Coffee, the second-largest take-out chain in South Korea's competitive value coffee retail segment.
While the acquisition presents growth opportunities for Jollibee, the intense competition and inherent challenges of the value coffee retail segment warrant caution.
With Jollibee's Coffee &amp; Tea business vertical now growing into a meaningful size, we recommend listing it separately to enhance visibility, accountability and unlock shareholder value.


Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

<ul>
<li>BYD’s sales volume increased by 35% YoY in June and by 39% YoY in 2Q24.</li>
<li>Tesla’s Model Y is on the state-owned corporation procurement catalogs.</li>
<li>Microsoft plans to close its franchised store chain in China due to the weak demand for Surface.</li>
</ul>


BYD’s sales volume increased by 35% YoY in June and by 39% YoY in 2Q24.
Tesla’s Model Y is on the state-owned corporation procurement catalogs.
Microsoft plans to close its franchised store chain in China due to the weak demand for Surface.


China Consumption Weekly (8 Jul 2024): BYD, Seres, Tesla, Microsoft, XHS, Mixue

United States

Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

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Starbucks Corp (SBUX US)

Starbucks Corporation: A Tale Of U.S. Resilience

Starbucks Corporation delivered an all-around beat in the previous quarter. In the fourth quarter, their total revenue surged to an unprecedented...

Baptista Research

Luckin Coffee: Acing It in China's Racing Coffee Market

Luckin Coffee's strong growth, high operating margins, dominant market share contrasts with Starbucks, which is now adapting to changing customer...

Devi Subhakesan

China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

Xiaomi’s global market share increased to 15% in 2Q24 from 13% in 2Q23. GAC Aion began to produce in Thailand. Cotti Coffee extended its sales to...

Ming Lu

Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

Cautious on Jollibee's acquisition of Compose coffee. Though it presents growth opportunities, the intense competition and inherent challenges of...

Devi Subhakesan

China Consumption Weekly (8 Jul 2024): BYD, Seres, Tesla, Microsoft, XHS, Mixue

BYD’s sales volume increased by 35% YoY in June and by 39% YoY in 2Q24. Tesla’s Model Y is on the state-owned corporation procurement catalogues....

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Starbucks Corporation: A Tale Of U.S. Resilience

Starbucks Corporation delivered an all-around beat in the previous quarter. In the fourth quarter, their total revenue surged to an unprecedented...

Baptista Research

Luckin Coffee: Acing It in China's Racing Coffee Market

​Luckin Coffee's strong growth, high operating margins, dominant market share contrasts with Starbucks, which is now adapting to changing customer...

Devi Subhakesan

China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

Xiaomi’s global market share increased to 15% in 2Q24 from 13% in 2Q23. GAC Aion began to produce in Thailand. Cotti Coffee extended its sales to...

Ming Lu

Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

Cautious on Jollibee's acquisition of Compose coffee. Though it presents growth opportunities, the intense competition and inherent challenges of...

Devi Subhakesan

China Consumption Weekly (8 Jul 2024): BYD, Seres, Tesla, Microsoft, XHS, Mixue

BYD’s sales volume increased by 35% YoY in June and by 39% YoY in 2Q24. Tesla’s Model Y is on the state-owned corporation procurement catalogues....

Ming Lu

Luckin Coffee's strong growth, high operating margins, dominant market share contrasts with Starbucks, which is now adapting to changing customer...