J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

Equity Bottom-Up

<ul><li>Advance Auto Parts (AAP) continues to struggle even after two major restructuring programs.</li><li>For 2025, this seller of after-market auto parts has pulled out a save from liquidity constraints by raising cash, extending debt maturities, shedding assets, and streamlining operations.</li><li>But that brings AAP near to the bottom of its bag of tricks.</li></ul>

Advance Auto Parts (AAP) continues to struggle even after two major restructuring programs.For 2025, this seller of after-market auto parts has pulled out a save from liquidity constraints by raising cash, extending debt maturities, shedding assets, and streamlining operations.But that brings AAP near to the bottom of its bag of tricks.

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.

<ul><li>The recent earnings for Advance Auto Parts reveal a nuanced picture of its current performance and future strategy, combining encouraging developments with persistent challenges.</li><li>One of the key positives is a rebound in demand, particularly in the Pro business, which has now delivered eight consecutive weeks of positive comparable sales growth.</li><li>This recovery has been credited to enhanced customer service efforts.</li></ul>

The recent earnings for Advance Auto Parts reveal a nuanced picture of its current performance and future strategy, combining encouraging developments with persistent challenges.One of the key positives is a rebound in demand, particularly in the Pro business, which has now delivered eight consecutive weeks of positive comparable sales growth.This recovery has been credited to enhanced customer service efforts.

Advance Auto Parts: Augmenting Pro Segment Loyalty With Rapid Delivery & Sales Team Revamp!

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

<ul>
<li>Tuhu sets up operations in Malaysia, its first overseas expansion outside of Greater China.</li>
<li>We think Tuhu can dominate the market within 3-4 years, as there are no local establishments that can match its infrastructure, know-how, and capital base. </li>
<li>Fair value of HKD23 implies 22x FY26 PE - average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.</li>
</ul>


Tuhu sets up operations in Malaysia, its first overseas expansion outside of Greater China.
We think Tuhu can dominate the market within 3-4 years, as there are no local establishments that can match its infrastructure, know-how, and capital base. 
Fair value of HKD23 implies 22x FY26 PE - average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.


Tuhu Car (9690 HK | BUY | TP:HKD23): Tuhu Goes International, the Next Engine of Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car-inc" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (9690 HK)</a> is poised to capture the lion share of China's automotive aftersales service industry that is forecasted to grow at 7.3% CAGR from 2023:30. </li>
<li>Tuhu is on an inflection of high earnings growth (+30% CAGR) as it has reached scalability, cost efficiency, and its younger shops are maturing profitably.    </li>
<li>Our fair value of HKD24 implies 25x FY25 PE - average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.</li>
</ul>



Tuhu Car (9690 HK) is poised to capture the lion share of China's automotive aftersales service industry that is forecasted to grow at 7.3% CAGR from 2023:30. 
Tuhu is on an inflection of high earnings growth (+30% CAGR) as it has reached scalability, cost efficiency, and its younger shops are maturing profitably.    
Our fair value of HKD24 implies 25x FY25 PE - average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.


Tuhu Car (9690 HK | BUY | TP:HKD24): Poised to Capture China's Auto Aftersales Service Market

<ul><li>Advanced Auto Parts, Inc. navigated a challenging Q1 2024 marked by headwinds such as inclement weather, diminished consumer purchasing power and higher credit card debt.</li><li>The company's performance came in lower than anticipated as comps declined 20 basis points year-on year.</li><li>However, the company saw low, single-digit improvements in its professional business with respect to both comp and transactions, driven by a targeted strategy across multiple segments, including street customers, strategic accounts, Carquest Independents and Worldpac.</li></ul>

Advanced Auto Parts, Inc. navigated a challenging Q1 2024 marked by headwinds such as inclement weather, diminished consumer purchasing power and higher credit card debt.The company's performance came in lower than anticipated as comps declined 20 basis points year-on year.However, the company saw low, single-digit improvements in its professional business with respect to both comp and transactions, driven by a targeted strategy across multiple segments, including street customers, strategic accounts, Carquest Independents and Worldpac.

Advance Auto Parts Inc.:  Price Adjustments and Competitive Positioning & Other Major Drivers

United States

Advance Auto Parts, Inc. is a retailer of auto parts and accessories. The Company operates stores in various states, primarily  located in the northeastern, southeastern, and midwestern regions of the United States, and in Puerto Rico and the Virgin Islands.

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Advance Auto Parts (AAP US)

Advance Auto Parts (AAP): Out of Gas

Advance Auto Parts (AAP) continues to struggle even after two major restructuring programs. For 2025, this seller of after-market auto parts has...

J Capital Research

Advance Auto Parts: Augmenting Pro Segment Loyalty With Rapid Delivery & Sales Team Revamp!

The recent earnings for Advance Auto Parts reveal a nuanced picture of its current performance and future strategy, combining encouraging...

Baptista Research

Tuhu Car (9690 HK | BUY | TP:HKD23): Tuhu Goes International, the Next Engine of Growth

Tuhu expands to Malaysia, poised to dominate market with strong infrastructure and growth potential, offering a bargain investment opportunity.

Mohshin Aziz

Tuhu Car (9690 HK | BUY | TP:HKD24): Poised to Capture China's Auto Aftersales Service Market

Tuhu Car (9690 HK) set to dominate China's automotive aftersales industry with high earnings growth potential and attractive valuation.

Mohshin Aziz

Advance Auto Parts Inc.: Price Adjustments and Competitive Positioning & Other Major Drivers

Advanced Auto Parts, Inc. navigated a challenging Q1 2024 marked by headwinds such as inclement weather, diminished consumer purchasing power and...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Advance Auto Parts (AAP): Out of Gas

Advance Auto Parts (AAP) continues to struggle even after two major restructuring programs. For 2025, this seller of after-market auto parts has...

J Capital Research

Advance Auto Parts: Augmenting Pro Segment Loyalty With Rapid Delivery & Sales Team Revamp!

The recent earnings for Advance Auto Parts reveal a nuanced picture of its current performance and future strategy, combining encouraging...

Baptista Research

Tuhu Car (9690 HK | BUY | TP:HKD23): Tuhu Goes International, the Next Engine of Growth

​Tuhu expands to Malaysia, poised to dominate market with strong infrastructure and growth potential, offering a bargain investment opportunity.

Mohshin Aziz

Tuhu Car (9690 HK | BUY | TP:HKD24): Poised to Capture China's Auto Aftersales Service Market

​Tuhu Car (9690 HK) set to dominate China's automotive aftersales industry with high earnings growth potential and attractive valuation.

Mohshin Aziz

Advance Auto Parts Inc.: Price Adjustments and Competitive Positioning & Other Major Drivers

Advanced Auto Parts, Inc. navigated a challenging Q1 2024 marked by headwinds such as inclement weather, diminished consumer purchasing power and...

Baptista Research

Tuhu expands to Malaysia, poised to dominate market with strong infrastructure and growth potential, offering a bargain investment opportunity.

Tuhu Car (9690 HK) set to dominate China's automotive aftersales industry with high earnings growth potential and attractive valuation.