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>Dollar Tree has been among the more resilient stocks in the pandemic phase and its upward trajectory continues.</li><li>The mother brand along with Family Dollar have both delivered a positive 2-year growth based on recent quarterly performance and are above pre-pandemic levels.</li><li>Its 2022 expansion plans are ambitious as Dollar Tree looks to open 190 Dollar Tree stores and 400 Family Dollar stores and also to renovate 800 Family Dollar stores.</li></ul>

Dollar Tree has been among the more resilient stocks in the pandemic phase and its upward trajectory continues.The mother brand along with Family Dollar have both delivered a positive 2-year growth based on recent quarterly performance and are above pre-pandemic levels.Its 2022 expansion plans are ambitious as Dollar Tree looks to open 190 Dollar Tree stores and 400 Family Dollar stores and also to renovate 800 Family Dollar stores.

Dollar Tree Inc.: Financial & Price Forecasts

<ul><li>Dollar Tree ended the third quarter with strong business momentum, which has continued in both segments despite a relatively higher cost structure.</li><li>Besides, the management continues to make rapid advancements on their key strategic initiatives, such as Dollar Tree Plus, Combo Stores, and their H2 format.</li><li>We maintain our 'Hold' rating on Dollar Tree with a revised target price.</li></ul>

Dollar Tree ended the third quarter with strong business momentum, which has continued in both segments despite a relatively higher cost structure.Besides, the management continues to make rapid advancements on their key strategic initiatives, such as Dollar Tree Plus, Combo Stores, and their H2 format.We maintain our 'Hold' rating on Dollar Tree with a revised target price.

Dollar Tree: The Turnaround Of Family Dollar (12/2021)

<ul>
<li>Dollar Tree had an average set of quarterly results and saw its consolidated net sales grow 1% to $6.34 billion, comprising $3.26 billion at Dollar Tree and $3.08 billion at Family Dollar.</li>
<li>On the plus side, Dollar Tree's comps increased 2.9% and Family Dollar's comps increased 9.5% on a two-year stack basis as it continued to see strong performance in the discretionary side of the business.</li>
<li>The management’s key initiatives, including H2, Dollar Tree Plus, and the new Combo Stores, are delivering compelling results.</li>
</ul>


Dollar Tree had an average set of quarterly results and saw its consolidated net sales grow 1% to $6.34 billion, comprising $3.26 billion at Dollar Tree and $3.08 billion at Family Dollar.
On the plus side, Dollar Tree's comps increased 2.9% and Family Dollar's comps increased 9.5% on a two-year stack basis as it continued to see strong performance in the discretionary side of the business.
The management’s key initiatives, including H2, Dollar Tree Plus, and the new Combo Stores, are delivering compelling results.


Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> is the leading variety retailer of lifestyle products globally with an aggregate GMV of RMB 19.0 billion (US$2.7 billion) and revenue of RMB 9.0 billion (US$1.3 billion).
Last week, the company filed an updated prospectus with the SEC announcing the price range for the NYSE IPO. The price range was set at $16.50-$18.50 per ADS, which translates to $4.125-$4.625 per share.
MINISO plans to raise $502m-$562m via issuing 16.5m new ADS (122m-140m new shares). An overallotment option, if exercised, could increase the IPO by $75m-$84m (4.6m new ADS).
Previously, we discussed MINISO's business model and financials in <a href="https://www.smartkarma.com/insights/miniso-ipo-long-term-growth-prospects-secured-by-a-sustainable-competitive-advantage" target="_blank" rel="noopener">MINISO IPO: Long Term Growth Prospects Secured By a Sustainable Competitive Advantage</a> and <a href="https://www.smartkarma.com/insights/miniso-ipo-as-appealing-as-miniso-products" target="_blank" rel="noopener">MINISO IPO: As Appealing As MINISO Products</a>.
This insight will focus on valuation and assess if it is worthwhile subscribing to the IPO.

MINISO Group Holdings (MNSO US) is the leading variety retailer of lifestyle products globally with an aggregate GMV of RMB 19.0 billion (US$2.7 billion) and revenue of RMB 9.0 billion (US$1.3 billion).
Last week, the company filed an updated prospectus with the SEC announcing the price range for the NYSE IPO. The price range was set at $16.50-$18.50 per ADS, which translates to $4.125-$4.625 per share.
MINISO plans to raise $502m-$562m via issuing 16.5m new ADS (122m-140m new shares). An overallotment option, if exercised, could increase the IPO by $75m-$84m (4.6m new ADS).
Previously, we discussed MINISO's business model and financials in MINISO IPO: Long Term Growth Prospects Secured By a Sustainable Competitive Advantage and MINISO IPO: As Appealing As MINISO Products.
This insight will focus on valuation and assess if it is worthwhile subscribing to the IPO.

MINISO Valuation: Valued Like MINISO Merchandise - Bang for the Buck

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>Retail stocks are breaking out en masse from technical bottom patterns, marking the reversal of well-established downtrends. This industry-wide move is visible in the Retail ETF, XRT (below). We view this as a buying opportunity.</li><li>From a Group perspective, many of the stronger breakouts/reversals are visible in: Teenage Retailers, Children’s Apparel Retailers, and Auto Dealers.</li><li>We now view retailers as a market weight, and in today’s report we highlight our favorite technical set-ups, including: AEO, ANF, AN, BBY, BIG, BKE, BURL, CATO, CONN, CWH, DG, DLTH, DLTR, EXPR, GPI, GPS, OLLI, PLCE, ROST, and TIF.</li></ul>

Retail stocks are breaking out en masse from technical bottom patterns, marking the reversal of well-established downtrends. This industry-wide move is visible in the Retail ETF, XRT (below). We view this as a buying opportunity.From a Group perspective, many of the stronger breakouts/reversals are visible in: Teenage Retailers, Children’s Apparel Retailers, and Auto Dealers.We now view retailers as a market weight, and in today’s report we highlight our favorite technical set-ups, including: AEO, ANF, AN, BBY, BIG, BKE, BURL, CATO, CONN, CWH, DG, DLTH, DLTR, EXPR, GPI, GPS, OLLI, PLCE, ROST, and TIF.

U.S. Retailers Are Bottoming -- Add Exposure

United States

Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

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Dollar Tree Inc (DLTR US)

Dollar Tree Inc.: Financial & Price Forecasts

Dollar Tree has been among the more resilient stocks in the pandemic phase and its upward trajectory continues. The mother brand along with Family...

Baptista Research

Dollar Tree: The Turnaround Of Family Dollar (12/2021)

Dollar Tree ended the third quarter with strong business momentum, which has continued in both segments despite a relatively higher cost...

Baptista Research

Dollar Tree Inc. - Investment Thesis

Dollar Tree had an average set of quarterly results and saw its consolidated net sales grow 1% to $6.34 billion, comprising $3.26 billion at...

Baptista Research

MINISO Valuation: Valued Like MINISO Merchandise - Bang for the Buck

MINISO Group Holdings is the leading variety retailer of lifestyle products globally with an aggregate GMV of RMB 19.0 billion (US$2.7 billion) and...

Oshadhi Kumarasiri

U.S. Retailers Are Bottoming -- Add Exposure

Retail stocks are breaking out en masse from technical bottom patterns, marking the reversal of well-established downtrends. This industry-wide...

Vermilion Research

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