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>Domino's Pizza had a strong Q4 which the company attributes to its new "Hungriest for MORE" strategy, focusing on increased sales, store growth, and profits.</li><li>Throughout the earnings call, the company pointed at positive U.S. same-store sales and transaction growth in both delivery and carryout, signaling strong momentum in the business.</li><li>In 2023, Domino's added over 60 new franchisees to its system, the most in 15 years, highlighting the company's expansion strategy.</li></ul>

Domino's Pizza had a strong Q4 which the company attributes to its new "Hungriest for MORE" strategy, focusing on increased sales, store growth, and profits.Throughout the earnings call, the company pointed at positive U.S. same-store sales and transaction growth in both delivery and carryout, signaling strong momentum in the business.In 2023, Domino's added over 60 new franchisees to its system, the most in 15 years, highlighting the company's expansion strategy.

Domino's Pizza: Is Its Improving Supply Chain Profitability Enough To Warrant A Bullish Rating? - Major Drivers

Podcast hosted by Hedgeye CEO Keith McCullough, Real Conversations

Real Conversations

Podcast hosted by Hedgeye CEO Keith McCullough

Hedgeye is an investment research and financial media company founded in 2008. Our core principles are transparency, accountability and trust. Hedgeye’s Real Conversations series, hosted by CEO Keith McCullough, brings together the brightest minds in the business to cut through the noise and discuss the financial market moves that actually matter.LEGALThe opinions expressed in Hedgeye Real Conversations are those of the individual speaking and not of Hedgeye, and should not be construed as specific investment advice. Hedgeye® is a registered trademark. All Hedegye Real Conversations are the intellectual property of Hedgeye. All rights reserved.

Cross Asset Strategy

<ul><li>Russell was down almost a full percent last week, but consumer staples, MLPS, and shipping performed well</li><li>Domino's reported slightly lower earnings and showed signs of global headwinds, momentum slowing</li><li>China looks like a good long bias opportunity for the second half of 2024, while consumer staples are poorly positioned for reaccelerating inflation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Russell was down almost a full percent last week, but consumer staples, MLPS, and shipping performed wellDomino's reported slightly lower earnings and showed signs of global headwinds, momentum slowingChina looks like a good long bias opportunity for the second half of 2024, while consumer staples are poorly positioned for reaccelerating inflationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul><li>The company had a 5.1% global retail sales increase, excluding foreign currency impact, propelled by positive international sales comps and net store expansion.</li><li>The US experienced a 0.9% growth in retail sales, while international retail sales, excluding foreign currency impact, saw an impressive 9.4% surge.</li><li>Positive retail sales growth, excluding foreign currency impact, contributed to improved operating income across both US and international domains.</li></ul>

The company had a 5.1% global retail sales increase, excluding foreign currency impact, propelled by positive international sales comps and net store expansion.The US experienced a 0.9% growth in retail sales, while international retail sales, excluding foreign currency impact, saw an impressive 9.4% surge.Positive retail sales growth, excluding foreign currency impact, contributed to improved operating income across both US and international domains.

Domino's Pizza Inc.: Can The New AI-Driven Innovation Be A Game Changer? - Major Drivers

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>We believe the company is well positioned in China's rapidly growing pizza market thanks to its strong brand and superior store economics. </li>
<li>Despite stock rally post 1H23 results, market still underestimates its earnings for both near and long term. We expect RMB250 million net profit for 2024 versus break-even by consensus.  </li>
<li>History suggests DPC Dash has recipe for attractive stock return driven by its highly visible growth that can shield it from macro situations, which is desperately needed by China investors.  </li>
</ul>


We believe the company is well positioned in China's rapidly growing pizza market thanks to its strong brand and superior store economics. 
Despite stock rally post 1H23 results, market still underestimates its earnings for both near and long term. We expect RMB250 million net profit for 2024 versus break-even by consensus.  
History suggests DPC Dash has recipe for attractive stock return driven by its highly visible growth that can shield it from macro situations, which is desperately needed by China investors.  


DPC Dash (1405 HK): Recipe for Multibagger

<ul><li>Domino's Pizza Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus regarding earnings.</li><li>Despite challenges in the US delivery business, Domino's achieved positive same-store sales growth in the US and international markets for the third consecutive quarter, driving improvements in operating income.</li><li>However, Domino's management remains optimistic about its ability to return to a more robust growth trajectory in 2024, supported by powerful new openings and more robust international same-store sales.</li></ul>

Domino's Pizza Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus regarding earnings.Despite challenges in the US delivery business, Domino's achieved positive same-store sales growth in the US and international markets for the third consecutive quarter, driving improvements in operating income.However, Domino's management remains optimistic about its ability to return to a more robust growth trajectory in 2024, supported by powerful new openings and more robust international same-store sales.

Domino's Pizza Inc.: 3 Key Growth Catalysts & 4 Major Risks Of Investing In This QSR Major! - Financial Forecasts

United States

Domino's Pizza, Inc. operates a network of Company-owned and franchise Domino's Pizza stores, located throughout the United States and in other countries.  The Company also operates regional dough manufacturing and distribution centers in the contiguous United States and outside the United States.

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Domino's Pizza (DPZ US)

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The company had a 5.1% global retail sales increase, excluding foreign currency impact, propelled by positive international sales comps and net...

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Eric Chen

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Domino's Pizza Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst...

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