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

Estee Lauder Companies Cl A / Equity Bottom-Up

<ul><li>The Estée Lauder Companies reported fiscal 2026 results showing a return to organic sales growth following its Beauty Reimagined transformation.</li><li>Organic net sales increased 3%, with broad-based growth across most categories and geographies.</li><li>Reported sales rose 5%, operating margins expanded, and diluted EPS increased 66%.</li></ul>

The Estée Lauder Companies reported fiscal 2026 results showing a return to organic sales growth following its Beauty Reimagined transformation.Organic net sales increased 3%, with broad-based growth across most categories and geographies.Reported sales rose 5%, operating margins expanded, and diluted EPS increased 66%.

Estée Lauder Is Not Just A Skin Care Story — Fragrance Is Surging!

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.

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>EL reported a 4QFY26 upside surprise and the stock traded up more than 15%. </li><li>Sales were +6.8% to $3,640M, with organic sales +5.3%; FactSet consensus was $3,545M.</li><li>This was the fourth consecutive quarter of positive organic sales growth; sales growth was helped by the placement of Amazon’s (AMZN) Prime Day in June this year versus July last year. </li></ul>

EL reported a 4QFY26 upside surprise and the stock traded up more than 15%. Sales were +6.8% to $3,640M, with organic sales +5.3%; FactSet consensus was $3,545M.This was the fourth consecutive quarter of positive organic sales growth; sales growth was helped by the placement of Amazon’s (AMZN) Prime Day in June this year versus July last year. 

EL: Turnaround Progressing; Raising Our Annual EPS Estimates

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene (2367 HK)</a> aims to raise up to US$205m via a top-up placement.</li>
<li>We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement.
We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

<ul><li>The Estée Lauder Companies reported its fiscal 2026 third quarter results with a 2% increase in organic sales, driven mainly by strong double-digit growth in fragrance and marked improvement across key geographic regions, including high single-digit growth in Mainland China and double-digit gains in priority emerging markets.</li><li>The Americas showed stabilization with mid-single-digit retail sales growth in the U.S., while the company’s makeup and skin care categories also demonstrated progress, although hair care remained stable and makeup’s rate of decline slowed.</li><li>The company’s strategic priorities, branded as Beauty Reimagined, have led to improved operating leverage, evidenced by a significant operating margin expansion of 360 basis points to 15% for the quarter and a 40% increase in diluted EPS to $0.91.</li></ul>

The Estée Lauder Companies reported its fiscal 2026 third quarter results with a 2% increase in organic sales, driven mainly by strong double-digit growth in fragrance and marked improvement across key geographic regions, including high single-digit growth in Mainland China and double-digit gains in priority emerging markets.The Americas showed stabilization with mid-single-digit retail sales growth in the U.S., while the company’s makeup and skin care categories also demonstrated progress, although hair care remained stable and makeup’s rate of decline slowed.The company’s strategic priorities, branded as Beauty Reimagined, have led to improved operating leverage, evidenced by a significant operating margin expansion of 360 basis points to 15% for the quarter and a 40% increase in diluted EPS to $0.91.

Can The Estée Lauder Companies Sustain Recovery As Geopolitical Pressure Persists?

United States

The Estee Lauder Companies Inc. manufactures and markets a wide range of skin care, makeup, fragrance, and hair care products.  The Company's products are sold in countries and territories around the world.

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Estee Lauder Companies Cl A (EL US)

Estée Lauder Is Not Just A Skin Care Story — Fragrance Is Surging!

The Estée Lauder Companies reported fiscal 2026 results showing a return to organic sales growth following its Beauty Reimagined...

Baptista Research

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

EL: Turnaround Progressing; Raising Our Annual EPS Estimates

EL reported a 4QFY26 upside surprise and the stock traded up more than 15%. Sales were +6.8% to $3,640M, with organic sales...

Water Tower Research

Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement. In this note, we talk about the deal dynamics and run the deal through...

Sumeet Singh

Can The Estée Lauder Companies Sustain Recovery As Geopolitical Pressure Persists?

The Estée Lauder Companies reported its fiscal 2026 third quarter results with a 2% increase in organic sales, driven mainly by strong...

Baptista Research

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