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>The H&M Hennes & Mauritz AB Group's earnings report for the third quarter of 2025 presents both promising advancements and ongoing challenges typical of the fashion retail industry in a dynamic global market.</li><li>The company recorded a 2% sales growth in local currencies despite reducing its store count by 4% from the previous year.</li><li>This growth was supported by improvements in their digital platform, indicating successful digital transformation efforts that are resonating well with customers worldwide.</li></ul>

The H&M Hennes & Mauritz AB Group's earnings report for the third quarter of 2025 presents both promising advancements and ongoing challenges typical of the fashion retail industry in a dynamic global market.The company recorded a 2% sales growth in local currencies despite reducing its store count by 4% from the previous year.This growth was supported by improvements in their digital platform, indicating successful digital transformation efforts that are resonating well with customers worldwide.

Can H&M Group Balance Tariffs, Technology, & Trend Cycles to Stay on Top of Fast Fashion?

<ul><li>Hennes & Mauritz AB (H&M Group) presented its first quarter results for 2025, reflecting a mixed performance amid efforts to strategize for long-term profitable growth.</li><li>Sales in Swedish krona grew by 3%, while local currency sales increased by 2%.</li><li>The company experienced strong sales performance in regions like Western, Southern, and Eastern Europe, particularly in Germany and Poland, but sales were weaker in Northern Europe, including the Nordics and the U.K., as well as in the U.S. Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Hennes & Mauritz AB (H&M Group) presented its first quarter results for 2025, reflecting a mixed performance amid efforts to strategize for long-term profitable growth.Sales in Swedish krona grew by 3%, while local currency sales increased by 2%.The company experienced strong sales performance in regions like Western, Southern, and Eastern Europe, particularly in Germany and Poland, but sales were weaker in Northern Europe, including the Nordics and the U.K., as well as in the U.S. Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

H&M (Hennes & Mauritz AB): Initiation of Coverage- The High-Stakes Bet on Value

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth</li>
<li>SHEIN faces familiar issues in France, where the company has just opened a physical store</li>
<li>The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO </li>
</ul>


Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth
SHEIN faces familiar issues in France, where the company has just opened a physical store
The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO 


SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.</li>
<li>Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.</li>
<li>
<a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> , <a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> ,<a href="https://www.smartkarma.com/entities/yue-yuen-industrial-holdings-limited" target="_blank" data-smartkarma-citation="entities:12281:1" rel="noopener">Yue Yuen Industrial Holdings (551 HK)</a> , and <a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> will benefit from the tariff relief.
</li>
</ul>


President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.
Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.

Shenzhou Intl Group Holdings (2313 HK) , Bosideng International Holdings (3998 HK) ,Yue Yuen Industrial Holdings (551 HK) , and Stella International (1836 HK) will benefit from the tariff relief.



How Rare Earth Elements Helped China's Textile Companies

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>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI-US. Remain aggressively long/continue to expect more upside into year-end and the early2026.</li>
<li>Europe's EURO STOXX 50 is breaking out from its 7-month base, above the crucial 5500 level, and RS is attempting to reverse its 5-month downtrend -- buy.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI-US. Remain aggressively long/continue to expect more upside into year-end and the early2026.
Europe's EURO STOXX 50 is breaking out from its 7-month base, above the crucial 5500 level, and RS is attempting to reverse its 5-month downtrend -- buy.


Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Sweden

Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens, and children.  The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

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Hennes & Mauritz AB (HMB SS)

Can H&M Group Balance Tariffs, Technology, & Trend Cycles to Stay on Top of Fast Fashion?

The H&M Hennes & Mauritz AB Group's earnings report for the third quarter of 2025 presents both promising advancements and ongoing...

Baptista Research

H&M (Hennes & Mauritz AB): Initiation of Coverage- The High-Stakes Bet on Value

Hennes & Mauritz AB (H&M Group) presented its first quarter results for 2025, reflecting a mixed performance amid efforts to strategize...

Baptista Research

SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Last week, SHEIN reportedly shared FY25 revenue and net income targets with potential investors, which suggests progress towards an IPO. News out...

Tracking Traffic

How Rare Earth Elements Helped China's Textile Companies

President Trump will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's...

David Mudd

Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Europe EURO $STOXX 50 Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan $EWT, China $MCHI, Korea $EWY, and the U.S. $SPX; Bullish...

Vermilion Research

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