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>Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024.</li><li>The company achieved significant advancements in online music services, which contributed to a return to top-line growth and substantial profit margin expansion.</li><li>Revenues for Q4 2024 reached RMB 7.5 billion, marking an 8% increase year-over-year, with IFRS net profit soaring by 47% to RMB 2.08 billion, showcasing strong profitability and operational efficiency.</li></ul>

Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024.The company achieved significant advancements in online music services, which contributed to a return to top-line growth and substantial profit margin expansion.Revenues for Q4 2024 reached RMB 7.5 billion, marking an 8% increase year-over-year, with IFRS net profit soaring by 47% to RMB 2.08 billion, showcasing strong profitability and operational efficiency.

Tencent Music Entertainment: Diversification of Music Consumption Scenarios to Reach Into Untapped User Segments!

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>TME’s revenue continued to grow in 4Q24, as shrinking game business became insignificant.</li>
<li>The operating margin reached its historical high, which means music’s margin is high than game’s.</li>
<li>We believe the stock price will be double at the end of 2025.</li>
</ul>


TME’s revenue continued to grow in 4Q24, as shrinking game business became insignificant.
The operating margin reached its historical high, which means music’s margin is high than game’s.
We believe the stock price will be double at the end of 2025.


Tencent Music (TME, 1698 HK): 4Q24, Historical Margins Better than Game Time

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a>'s range looks a little pricey, while <a href="https://www.smartkarma.com/entities/eco-shop-marketing" target="_blank" data-smartkarma-citation="entities:44169:1" rel="noopener">Eco-Shop Marketing (ECO MY)</a> could trade ahead of its listed peers, in our view.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> matched <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> in size, but couldn't do so in returns.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, DN Solutions (298440 KS)'s range looks a little pricey, while Eco-Shop Marketing (ECO MY) could trade ahead of its listed peers, in our view.
On the placements front, Xiaomi Corp (1810 HK) matched BYD (1211 HK) in size, but couldn't do so in returns.


ECM Weekly (31st Mar 2025) - Xiaomi, NIO, FCT, Gigabyte, DN Sol, Nanshan Al, Zenergy, LXJ, Veeda

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.</li>
<li>High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.</li>
<li>Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    </li>
</ul>


We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.
High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.
Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    


<ul><li>Tencent Music Entertainment Group (Tencent Music) delivered a solid performance for the third quarter of 2024.</li><li>The company demonstrated a balanced strategy that resulted in revenue growth and increased subscriber numbers, emphasizing its broad content ecosystem's growing influence and user value proposition.</li><li>Tencent Music reported significant growth in its online music services, with a 20% year-over-year increase in revenue, contributing to a 29% enhancement in adjusted net profit.</li></ul>

Tencent Music Entertainment Group (Tencent Music) delivered a solid performance for the third quarter of 2024.The company demonstrated a balanced strategy that resulted in revenue growth and increased subscriber numbers, emphasizing its broad content ecosystem's growing influence and user value proposition.Tencent Music reported significant growth in its online music services, with a 20% year-over-year increase in revenue, contributing to a 29% enhancement in adjusted net profit.

Tencent Music Entertainment Group: Technological Innovations & Product Upgrades Driving Our Bullishness! - Major Drivers

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

Tencent Music Entertainment: Diversification of Music Consumption Scenarios to Reach Into Untapped User Segments!

Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024. The company...

Baptista Research

Tencent Music (TME, 1698 HK): 4Q24, Historical Margins Better than Game Time

TME’s revenue continued to grow in 4Q24 and the operating margin reached its historical high. We believe the stock price will be double at the end...

Ming Lu

ECM Weekly (31st Mar 2025) - Xiaomi, NIO, FCT, Gigabyte, DN Sol, Nanshan Al, Zenergy, LXJ, Veeda

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

GEM Funds: Extreme Stocks, July 2024

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

Tencent Music Entertainment Group: Technological Innovations & Product Upgrades Driving Our Bullishness! - Major Drivers

Tencent Music Entertainment Group (Tencent Music) delivered a solid performance for the third quarter of 2024. The company demonstrated a balanced...

Baptista Research

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