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>Costco Wholesale Corporation's financial and operational performance during the third quarter of fiscal 2025 reflects a mix of strategic growth and operational challenges.</li><li>The company reported net income of $1.9 billion, an increase of over 13% from the previous year, and net sales rose to $61.96 billion, up 8% compared to the prior year.</li><li>These improvements were driven by solid sales momentum despite persistent headwinds like a $130 million LIFO charge and adverse foreign exchange impacts, which collectively affected net profit.</li></ul>

Costco Wholesale Corporation's financial and operational performance during the third quarter of fiscal 2025 reflects a mix of strategic growth and operational challenges.The company reported net income of $1.9 billion, an increase of over 13% from the previous year, and net sales rose to $61.96 billion, up 8% compared to the prior year.These improvements were driven by solid sales momentum despite persistent headwinds like a $130 million LIFO charge and adverse foreign exchange impacts, which collectively affected net profit.

Costco Wholesale Corporation: Supply Chain Optimization to Enhance Efficiency & Support Competitive Pricing Strategy!

<ul><li>Costco Wholesale’s fiscal second-quarter earnings report fell short of Wall Street expectations, leading to a decline in its stock price.</li><li>The company reported earnings of $4.02 per share, missing analysts’ estimates of $4.09, largely due to unfavorable foreign exchange rates that reduced earnings by 13 cents per share.</li><li>However, revenue exceeded expectations at $63.7 billion, surpassing projections of $63.1 billion.</li></ul>

Costco Wholesale’s fiscal second-quarter earnings report fell short of Wall Street expectations, leading to a decline in its stock price.The company reported earnings of $4.02 per share, missing analysts’ estimates of $4.09, largely due to unfavorable foreign exchange rates that reduced earnings by 13 cents per share.However, revenue exceeded expectations at $63.7 billion, surpassing projections of $63.1 billion.

Costco Wholesale Corporation: Why A 93% Renewal Rate JUST Wasn’t Enough In A Rather Disappointing Quarter & What Lies Ahead!

<ul><li>Costco Wholesale Corporation reported strong financial performance in the first quarter of fiscal 2025.</li><li>Net income rose to $1.798 billion, or $4.04 per diluted share, compared to $1.589 billion, or $3.58 per diluted share, in the same quarter last year.</li><li>Excluding favorable tax impacts related to stock-based compensation, net income and earnings per share increased by 9.9% and 9.8%, respectively.</li></ul>

Costco Wholesale Corporation reported strong financial performance in the first quarter of fiscal 2025.Net income rose to $1.798 billion, or $4.04 per diluted share, compared to $1.589 billion, or $3.58 per diluted share, in the same quarter last year.Excluding favorable tax impacts related to stock-based compensation, net income and earnings per share increased by 9.9% and 9.8%, respectively.

Costco Wholesale Corporation: Kirkland Signature & Key Private Labels Are Aiding Their Growth! – Major Drivers

<ul><li>Costco Wholesale Corporation's fourth-quarter financial performance for fiscal year 2024 highlighted a neutral set of results that reflect both commendable operational successes and ongoing challenges.</li><li>Comparing the results with the same period last year, Costco showed an increase in net income, with the figure reaching $2.354 billion, translating to $5.29 per diluted share.</li><li>This is a notable rise from $2.16 billion, or $4.86 per diluted share, the year before, accounting for a 9% increase.</li></ul>

Costco Wholesale Corporation's fourth-quarter financial performance for fiscal year 2024 highlighted a neutral set of results that reflect both commendable operational successes and ongoing challenges.Comparing the results with the same period last year, Costco showed an increase in net income, with the figure reaching $2.354 billion, translating to $5.29 per diluted share.This is a notable rise from $2.16 billion, or $4.86 per diluted share, the year before, accounting for a 9% increase.

Costco Wholesale Corporation: Its Cost Structure & Membership Model Enabling Its Stability & Expansion! - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.</li>
<li>The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.</li>
<li>Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">XLP</a> and <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">XLK</a>.</li>
</ul>


The changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.
The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.
Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the XLP and XLK.


Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

United States

Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries.  The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

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Costco Wholesale (COST US)

Costco Wholesale Corporation: Supply Chain Optimization to Enhance Efficiency & Support Competitive Pricing Strategy!

Costco Wholesale Corporation's financial and operational performance during the third quarter of fiscal 2025 reflects a mix of strategic growth...

Baptista Research

Costco Wholesale Corporation: Why A 93% Renewal Rate JUST Wasn’t Enough In A Rather Disappointing Quarter & What Lies Ahead!

Costco Wholesale’s fiscal second-quarter earnings report fell short of Wall Street expectations, leading to a decline in its stock price. The...

Baptista Research

Costco Wholesale Corporation: Kirkland Signature & Key Private Labels Are Aiding Their Growth! – Major Drivers

Costco Wholesale Corporation reported strong financial performance in the first quarter of fiscal 2025. Net income rose to $1.798 billion, or...

Baptista Research

Costco Wholesale Corporation: Its Cost Structure & Membership Model Enabling Its Stability & Expansion! - Major Drivers

Costco Wholesale Corporation's fourth-quarter financial performance for fiscal year 2024 highlighted a neutral set of results that reflect both...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

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