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

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>Abercrombie & Fitch reported a record-setting performance for the fourth quarter and the entire fiscal year 2025, achieving substantial sales and maintaining double-digit operating margins.</li><li>The company reported fourth quarter net sales of $1.67 billion, a year-over-year increase of 5%.</li><li>Both Abercrombie and Hollister brands hit record sales figures, illustrating balanced growth across geographic regions and sales channels.</li></ul>

Abercrombie & Fitch reported a record-setting performance for the fourth quarter and the entire fiscal year 2025, achieving substantial sales and maintaining double-digit operating margins.The company reported fourth quarter net sales of $1.67 billion, a year-over-year increase of 5%.Both Abercrombie and Hollister brands hit record sales figures, illustrating balanced growth across geographic regions and sales channels.

Abercrombie & Fitch's $5.3 Billion Sales Milestone Signals A New Scale Reality

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.</li>
<li>Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.</li>
<li>Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.</li>
</ul>


Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.
Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.
Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.


U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Industria De Diseno Textil SA / Equity Bottom-Up

<ul>
<li>Bangladesh's garment industry grapples with a 14% export dip, prompting worker unrest over wage discrepancies.</li>
<li>Efforts by a wage board fall short as workers advocate for a Tk25,000 minimum, seeking fair compensation.</li>
<li>Economic turbulence looms as 3,500 factories, constituting 85% of exports, confront closure amid widespread unrest.</li>
</ul>


Bangladesh's garment industry grapples with a 14% export dip, prompting worker unrest over wage discrepancies.
Efforts by a wage board fall short as workers advocate for a Tk25,000 minimum, seeking fair compensation.
Economic turbulence looms as 3,500 factories, constituting 85% of exports, confront closure amid widespread unrest.


Beyond Fashion: Unraveling Bangladesh's Garment Industry Challenges

<ul><li>Abercrombie & Fitch shares cratered nearly 20% after the company modestly narrowed its fourth-quarter guidance—despite what appeared to be continued operational strength.</li><li>The retailer, which had become a Wall Street darling after delivering a record fiscal 2024 and three strong quarters in fiscal 2025, forecasted fourth-quarter net sales growth of 4% to 6% and EPS of $3.40 to $3.70.</li><li>While this was only a tightening from a prior 4% to 6% sales growth range and $3.40 to $3.70 EPS range, the absence of upside left investors disappointed.</li></ul>

Abercrombie & Fitch shares cratered nearly 20% after the company modestly narrowed its fourth-quarter guidance—despite what appeared to be continued operational strength.The retailer, which had become a Wall Street darling after delivering a record fiscal 2024 and three strong quarters in fiscal 2025, forecasted fourth-quarter net sales growth of 4% to 6% and EPS of $3.40 to $3.70.While this was only a tightening from a prior 4% to 6% sales growth range and $3.40 to $3.70 EPS range, the absence of upside left investors disappointed.

Abercrombie & Fitch Tumbled 20% on “Good” News — What Went Wrong?

<ul><li>Abercrombie & Fitch reported its twelfth consecutive quarter of growth, achieving record net sales of $1.3 billion, an increase of 7% from the previous year.</li><li>This growth showcased a balanced performance across regions, with notable success in the Americas and EMEA, despite challenges in the APAC region where sales declined 6%.</li><li>The company also managed to increase its gross margin to 62.5% amidst a 210 basis point adverse impact due to tariffs.</li></ul>

Abercrombie & Fitch reported its twelfth consecutive quarter of growth, achieving record net sales of $1.3 billion, an increase of 7% from the previous year.This growth showcased a balanced performance across regions, with notable success in the Americas and EMEA, despite challenges in the APAC region where sales declined 6%.The company also managed to increase its gross margin to 62.5% amidst a 210 basis point adverse impact due to tariffs.

Abercrombie & Fitch Co.’s Global Push—Can EMEA & APAC Become the Next Growth Engines?

United States

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

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Abercrombie & Fitch Co Cl A (ANF US)

Abercrombie & Fitch's $5.3 Billion Sales Milestone Signals A New Scale Reality

Abercrombie & Fitch reported a record-setting performance for the fourth quarter and the entire fiscal year 2025, achieving substantial sales...

Baptista Research

U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

U.S. Dollar $DXY Rolling Over; 10- and 30-Yr Treasury Yields Hit Major Resistance; Small-Caps to Follow Mid- and Large-Caps to New Highs $IWM $RTY...

Vermilion Research

Beyond Fashion: Unraveling Bangladesh's Garment Industry Challenges

Sheikh Hasina Resignation, Army chief Waker-Uz-Zaman's new interim government formation -After a meeting of senior military and political leaders...

Nimish Maheshwari

Abercrombie & Fitch Tumbled 20% on “Good” News — What Went Wrong?

Abercrombie & Fitch shares cratered nearly 20% after the company modestly narrowed its fourth-quarter guidance—despite what appeared to be...

Baptista Research

Abercrombie & Fitch Co.’s Global Push—Can EMEA & APAC Become the Next Growth Engines?

Abercrombie & Fitch reported its twelfth consecutive quarter of growth, achieving record net sales of $1.3 billion, an increase of 7% from the...

Baptista Research

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