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 recently shared its fiscal year 2025 fourth-quarter and full-year earnings.</li><li>The results were characterized by some significant challenges as well as positive strides, outlining both areas of promise and concern for potential investors.</li><li>For fiscal year 2025, Estée Lauder reported an 8% decline in organic sales, largely driven by a 28% decline in travel retail sales, which constitutes about 15% of their total sales.</li></ul>

The Estée Lauder Companies recently shared its fiscal year 2025 fourth-quarter and full-year earnings.The results were characterized by some significant challenges as well as positive strides, outlining both areas of promise and concern for potential investors.For fiscal year 2025, Estée Lauder reported an 8% decline in organic sales, largely driven by a 28% decline in travel retail sales, which constitutes about 15% of their total sales.

Estée Lauder: Strengthening Market Presence in China to Significantly Impact Its Global Business Trajectory!

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.

Equity Capital Markets

FineToday Holdings / Equity Capital Markets

<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a>in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP)in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.


FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

<ul><li>In 2025, Estée Lauder, long considered a laggard in digital adoption, has launched a sweeping transformation under its new CEO Stéphane de La Faverie.</li><li>Faced with a prolonged sales slump, especially in North America and China, and a changing beauty industry where digital and physical touchpoints increasingly merge, de La Faverie introduced a bold vision called "Beauty Reimagined." This strategy pivots the 80-year-old prestige beauty company toward becoming more agile, consumer-centric, and digitally empowered.</li><li>Key hires, such as Nestlé’s Aude Gandon as the company’s first Chief Digital and Marketing Officer, signal a full commitment to modernize operations and leverage AI, data analytics, and omnichannel retailing.</li></ul>

In 2025, Estée Lauder, long considered a laggard in digital adoption, has launched a sweeping transformation under its new CEO Stéphane de La Faverie.Faced with a prolonged sales slump, especially in North America and China, and a changing beauty industry where digital and physical touchpoints increasingly merge, de La Faverie introduced a bold vision called "Beauty Reimagined." This strategy pivots the 80-year-old prestige beauty company toward becoming more agile, consumer-centric, and digitally empowered.Key hires, such as Nestlé’s Aude Gandon as the company’s first Chief Digital and Marketing Officer, signal a full commitment to modernize operations and leverage AI, data analytics, and omnichannel retailing.

Estée Lauder’s Radical Digital Overhaul: Can AI and Amazon Save the Beauty Giant?

<ul><li>The Estée Lauder Companies Inc. recently shared its financial results for the fiscal 2025 third quarter.</li><li>They reported an organic sales decline of 9%, aligning with their expectations.</li><li>A key challenge highlighted was the 28% organic decline in the travel retail segment, which continues to shrink as a percentage of the overall business.</li></ul>

The Estée Lauder Companies Inc. recently shared its financial results for the fiscal 2025 third quarter.They reported an organic sales decline of 9%, aligning with their expectations.A key challenge highlighted was the 28% organic decline in the travel retail segment, which continues to shrink as a percentage of the overall business.

Estée Lauder Companies Just Witnessed A Market Share Surge in Asia & the U.S. But Is It Enough To Warrant Any Kind Of Optimism?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The KTX Tactical DR Picks recommends reducing investment positions in FERRARI80 and ESTEE80, with returns of 1.6% and -0.3% respectively, while opening a position in BABA80 instead.</li><li>The average price of the underlying securities in the portfolio rose by 0.49%, driven by the strong performance of Chinese stocks, despite the relatively weak performance of US stocks.</li></ul>

The KTX Tactical DR Picks recommends reducing investment positions in FERRARI80 and ESTEE80, with returns of 1.6% and -0.3% respectively, while opening a position in BABA80 instead.The average price of the underlying securities in the portfolio rose by 0.49%, driven by the strong performance of Chinese stocks, despite the relatively weak performance of US stocks.

KTX Tactical DR Picks - May 21, 2025 (Eng.)

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: Strengthening Market Presence in China to Significantly Impact Its Global Business Trajectory!

The Estée Lauder Companies recently shared its fiscal year 2025 fourth-quarter and full-year earnings. The results were characterized by some...

Baptista Research

FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

FineToday Holdings Co Ltd (289A JP) Japan is said to be looking to reboot its listings plans after having shelved its 2024 listing attempt.

Sumeet Singh

Estée Lauder’s Radical Digital Overhaul: Can AI and Amazon Save the Beauty Giant?

In 2025, Estée Lauder, long considered a laggard in digital adoption, has launched a sweeping transformation under its new CEO Stéphane de La...

Baptista Research

KTX Tactical DR Picks - May 21, 2025 (Eng.)

The KTX Tactical DR Picks recommends reducing investment positions in FERRARI80 and ESTEE80, with returns of 1.6% and -0.3% respectively, while...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Estée Lauder: Strengthening Market Presence in China to Significantly Impact Its Global Business Trajectory!

The Estée Lauder Companies recently shared its fiscal year 2025 fourth-quarter and full-year earnings. The results were characterized by some...

Baptista Research

FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

FineToday Holdings Co Ltd (289A JP) Japan is said to be looking to reboot its listings plans after having shelved its 2024 listing attempt.

Sumeet Singh

Estée Lauder’s Radical Digital Overhaul: Can AI and Amazon Save the Beauty Giant?

In 2025, Estée Lauder, long considered a laggard in digital adoption, has launched a sweeping transformation under its new CEO Stéphane de La...

Baptista Research

Estée Lauder Companies Just Witnessed A Market Share Surge in Asia & the U.S. But Is It Enough To Warrant Any Kind Of Optimism?

The Estée Lauder Companies Inc. recently shared its financial results for the fiscal 2025 third quarter. They reported an organic sales decline of...

Baptista Research

KTX Tactical DR Picks - May 21, 2025 (Eng.)

The KTX Tactical DR Picks recommends reducing investment positions in FERRARI80 and ESTEE80, with returns of 1.6% and -0.3% respectively, while...

Krungthai XSpring