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>AutoZone is under scrutiny following a high-profile insider transaction that coincided with its fifth consecutive earnings miss.</li><li>On September 24, Scott Murphy, AutoZone’s Vice President and Controller, exercised long-standing options to acquire 2,860 shares and immediately liquidated them in a series of transactions totaling approximately $12 million.</li><li>This sale occurred shortly after the company reported earnings that again fell short of Wall Street expectations—primarily due to an $80 million LIFO charge that cut into profitability.</li></ul>

AutoZone is under scrutiny following a high-profile insider transaction that coincided with its fifth consecutive earnings miss.On September 24, Scott Murphy, AutoZone’s Vice President and Controller, exercised long-standing options to acquire 2,860 shares and immediately liquidated them in a series of transactions totaling approximately $12 million.This sale occurred shortly after the company reported earnings that again fell short of Wall Street expectations—primarily due to an $80 million LIFO charge that cut into profitability.

AutoZone Exec Dumps $12 Million in Stock—Is A Crash Coming?

<ul><li>AutoZone reported its fourth-quarter and full-year 2025 results, showcasing a mixed performance amidst challenging economic conditions and competitive pressures.</li><li>Total sales for the quarter reached $6.2 billion, reflecting a modest 0.6% growth compared to the previous 17-week quarter.</li><li>On a 16-week basis, however, sales grew 6.9%, indicating a robust underlying performance once the extra week from last year is adjusted for.</li></ul>

AutoZone reported its fourth-quarter and full-year 2025 results, showcasing a mixed performance amidst challenging economic conditions and competitive pressures.Total sales for the quarter reached $6.2 billion, reflecting a modest 0.6% growth compared to the previous 17-week quarter.On a 16-week basis, however, sales grew 6.9%, indicating a robust underlying performance once the extra week from last year is adjusted for.

AutoZone Inc.: Store Network Expansion Strategy to Strengthen Distribution & Capitalizing On Market Opportunities!

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>AutoZone's third quarter performance for fiscal year 2025 presented a mixed bag of results, underscoring both strengths and areas of potential concern for investors.</li><li>The company, a major player in the aftermarket automotive parts industry, reported a revenue increase of 5.4% to $4.5 billion, driven predominately by strong growth in both its domestic and international markets.</li><li>On the domestic front, AutoZone's commercial sales recorded a notable 10.7% year-over-year increase.</li></ul>

AutoZone's third quarter performance for fiscal year 2025 presented a mixed bag of results, underscoring both strengths and areas of potential concern for investors.The company, a major player in the aftermarket automotive parts industry, reported a revenue increase of 5.4% to $4.5 billion, driven predominately by strong growth in both its domestic and international markets.On the domestic front, AutoZone's commercial sales recorded a notable 10.7% year-over-year increase.

AutoZone Inc.: Will Its Focus on Tariff & Inflation Management Safeguard Financial Performance From External Pressures?

<ul><li>AutoZone's first quarter results for 2025 present a mixed bag of outcomes shaped by challenging economic conditions and strategic focus on growth initiatives, both domestically and internationally.</li><li>The overall sales for the quarter grew by 2.1% year-over-year, reaching $4.3 billion, with a marginal improvement in overall same-store sales, up by 1.8%.</li><li>Within the U.S., the company experienced subdued growth in domestic same-store sales at 0.3% and a 3.2% rise in commercial sales.</li></ul>

AutoZone's first quarter results for 2025 present a mixed bag of outcomes shaped by challenging economic conditions and strategic focus on growth initiatives, both domestically and internationally.The overall sales for the quarter grew by 2.1% year-over-year, reaching $4.3 billion, with a marginal improvement in overall same-store sales, up by 1.8%.Within the U.S., the company experienced subdued growth in domestic same-store sales at 0.3% and a 3.2% rise in commercial sales.

AutoZone Inc.: A Tale Of Supply Chain Optimization and Tariff Management! - Major Drivers

United States

AutoZone, Inc. is a specialty retailer of automotive replacement parts and accessories. The Company offers an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products.  Autozone operates in United States and Puerto Rico, and Mexico.

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Autozone Inc (AZO US)

AutoZone Exec Dumps $12 Million in Stock—Is A Crash Coming?

AutoZone is under scrutiny following a high-profile insider transaction that coincided with its fifth consecutive earnings miss. On September 24,...

Baptista Research

AutoZone Inc.: Store Network Expansion Strategy to Strengthen Distribution & Capitalizing On Market Opportunities!

AutoZone reported its fourth-quarter and full-year 2025 results, showcasing a mixed performance amidst challenging economic conditions and...

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

AutoZone Inc.: Will Its Focus on Tariff & Inflation Management Safeguard Financial Performance From External Pressures?

AutoZone's third quarter performance for fiscal year 2025 presented a mixed bag of results, underscoring both strengths and areas of potential...

Baptista Research

AutoZone Inc.: A Tale Of Supply Chain Optimization and Tariff Management! - Major Drivers

AutoZone's first quarter results for 2025 present a mixed bag of outcomes shaped by challenging economic conditions and strategic focus on growth...

Baptista Research

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52-week Range

Market Cap (USDm)

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AutoZone Exec Dumps $12 Million in Stock—Is A Crash Coming?

AutoZone is under scrutiny following a high-profile insider transaction that coincided with its fifth consecutive earnings miss. On September 24,...

Baptista Research

AutoZone Inc.: Store Network Expansion Strategy to Strengthen Distribution & Capitalizing On Market Opportunities!

AutoZone reported its fourth-quarter and full-year 2025 results, showcasing a mixed performance amidst challenging economic conditions and...

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

AutoZone Inc.: Will Its Focus on Tariff & Inflation Management Safeguard Financial Performance From External Pressures?

AutoZone's third quarter performance for fiscal year 2025 presented a mixed bag of results, underscoring both strengths and areas of potential...

Baptista Research

AutoZone Inc.: A Tale Of Supply Chain Optimization and Tariff Management! - Major Drivers

AutoZone's first quarter results for 2025 present a mixed bag of outcomes shaped by challenging economic conditions and strategic focus on growth...

Baptista Research

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