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 Capital Markets

<ul><li>The strong momentum Tapestry witnessed during the 2021 fiscal has accelerated further in the first quarter with its sales increasing 9% above pre-pandemic levels.</li><li>Moreover, e-commerce increased by more than 60% in the first quarter, representing a sequential improvement on both a one and two-year basis, highlighting the significant opportunity this channel represents.</li><li>In Q1, Tapestry maintained a consumer-centric approach in its execution, acquiring more than 650,000 new customers across channels in North America, a significant increase over last year.</li></ul>

The strong momentum Tapestry witnessed during the 2021 fiscal has accelerated further in the first quarter with its sales increasing 9% above pre-pandemic levels.Moreover, e-commerce increased by more than 60% in the first quarter, representing a sequential improvement on both a one and two-year basis, highlighting the significant opportunity this channel represents.In Q1, Tapestry maintained a consumer-centric approach in its execution, acquiring more than 650,000 new customers across channels in North America, a significant increase over last year.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Simone Acc Collection  / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/simone-accessories-collection-ltd" target="_blank" data-smartkarma-citation="entities:34120:1" rel="noopener">Simone Accessories Collection (381920 KS)</a> is looking to raise up to US$341m in its upcoming South Korea IPO by selling a mix of primary and secondary shares.  </p></div><div>
<p>Simone is a leather accessories manufacturer with a focus on handbags and small leather goods (SLG). The company mainly produces handbags for major American masstige and luxury brands like Michael Kors, Tory Burch and Coach. The company is the leader in the luxury handbag industry with 10% and 30% of global and US market share, respectively, according to Bain’s estimates. It has a long relationship with major masstige and luxury handbag brands and a strong competitive edge over competitors.</p>
<p>In this note, we look at the company’s fundamentals, operating metrics, and share our thoughts on the deal.</p>
<p>Our previous coverage of the IPO:</p>
<ul><li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/simone-pre-ipo-a-leader-in-the-industry-but-recovery-will-be-slow-and-blackstone-s-stake-weighs" target="_blank" data-smartkarma-citation="insights:57806" rel="noopener">Simone Pre-IPO - A Leader in the Industry but Recovery Will Be Slow and Blackstone’s Stake Weighs</a> </p></li></ul>
</div>

Simone Accessories Collection (381920 KS) is looking to raise up to US$341m in its upcoming South Korea IPO by selling a mix of primary and secondary shares.  
Simone is a leather accessories manufacturer with a focus on handbags and small leather goods (SLG). The company mainly produces handbags for major American masstige and luxury brands like Michael Kors, Tory Burch and Coach. The company is the leader in the luxury handbag industry with 10% and 30% of global and US market share, respectively, according to Bain’s estimates. It has a long relationship with major masstige and luxury handbag brands and a strong competitive edge over competitors.
In this note, we look at the company’s fundamentals, operating metrics, and share our thoughts on the deal.
Our previous coverage of the IPO:
Simone Pre-IPO - A Leader in the Industry but Recovery Will Be Slow and Blackstone’s Stake Weighs 


Simone IPO - Peer Comparison and an Uncompelling Valuation

<ul><li>Tapestry delivered a standout result for the 2021 fiscal with excellent recovery from the pandemic times.</li><li>The company generated around $1.6 billion revenues from the global e-commerce channel alone and was able to heavily capitalize on the Chinese market.</li><li>The company also delivered outstanding profitability improvements during the fiscal year with an operating income growth of 67% on a one-year basis and 14% on a two-year basis.</li></ul>

Tapestry delivered a standout result for the 2021 fiscal with excellent recovery from the pandemic times.The company generated around $1.6 billion revenues from the global e-commerce channel alone and was able to heavily capitalize on the Chinese market.The company also delivered outstanding profitability improvements during the fiscal year with an operating income growth of 67% on a one-year basis and 14% on a two-year basis.

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

<p>We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (<strong>IBB, XBI</strong>), small- and micro-caps (<strong>IWM, IWC</strong>), and emerging markets (<strong>EEM</strong>). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.</p>

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>Despite the elevated valuation, family-controlled Hermes demonstrates its superior quality from a business-owner perspective, and hence, is worth following among patient investors;</li>
<li>At the same time, we find that the French heritage name has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in the foreseeable future.</li>
</ul>


Despite the elevated valuation, family-controlled Hermes demonstrates its superior quality from a business-owner perspective, and hence, is worth following among patient investors;
At the same time, we find that the French heritage name has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in the foreseeable future.


Hermes: An Increasingly APAC-Driven Story

United States

Tapestry, Inc. designs and markets clothes and accessories. The Company offers handbags, leather goods, footwear, fragrance, jewelry, outer wear, ready-to-wear, scarves, sunwear, travel accessories, and watches. Tapestry serves customers in the United States.

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Tapestry Inc (TPR US)

Tapestry Inc. - Investment Thesis

The strong momentum Tapestry witnessed during the 2021 fiscal has accelerated further in the first quarter with its sales increasing 9% above...

Baptista Research

Simone IPO - Peer Comparison and an Uncompelling Valuation

Simone Accessories Collection (381920 KS) is looking to raise up to US$341m in its upcoming South Korea IPO by selling a mix of primary and...

Sumeet Singh

Tapestry Inc. - Investment Thesis

Tapestry delivered a standout result for the 2021 fiscal with excellent recovery from the pandemic times. The company generated around $1.6...

Baptista Research

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

Hermes: An Increasingly APAC-Driven Story

The French heritage story has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in...

Steven Chen

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