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>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

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

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." </li>
<li>We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.</li>
<li>Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.</li>
</ul>


Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." 
We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.
Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.


Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

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>US users of the popular SHEIN and Temu shopping apps tend to be relatively young</li>
<li>Compared to older Americans, younger Americans (18-34) tend to have less political clout</li>
<li>What does this mean for SHEIN and Temu, and how will they respond to political challenges?</li>
</ul>


US users of the popular SHEIN and Temu shopping apps tend to be relatively young
Compared to older Americans, younger Americans (18-34) tend to have less political clout
What does this mean for SHEIN and Temu, and how will they respond to political challenges?


As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters

Taiwan Semiconductor (TSMC) / Technical Analysis

<ul>
<li>Global equities (MSCI ACWI) continue to hold above $93 on ACWI-US, a level that, since January, we had anticipated would cap upside in 2023. </li>
<li>While ACWI-US remains below $96-$97 (a target we discussed was possible in our April 18, 2023 Int’l Macro Vision), we could easily see $93 act as support moving forward.</li>
<li>Therefore, we are bullish on global equities as long as ACWI-US is above $93, targeting $110.29. This is the measured move price target following the inverse head-and-shoulders breakout.</li>
</ul>


Global equities (MSCI ACWI) continue to hold above $93 on ACWI-US, a level that, since January, we had anticipated would cap upside in 2023. 
While ACWI-US remains below $96-$97 (a target we discussed was possible in our April 18, 2023 Int’l Macro Vision), we could easily see $93 act as support moving forward.
Therefore, we are bullish on global equities as long as ACWI-US is above $93, targeting $110.29. This is the measured move price target following the inverse head-and-shoulders breakout.


MSCI ACWI-US Bullish Above $93; EURO STOXX 50 Holding At Uptrend; Buys in Discretionary, Tech, Svcs.

Japan Specialist

Mark Chadwick

<ul>
<li>We estimate that China accounts for almost 40% of Fast Retailing's earnings. This growth engine is stalling</li>
<li>The market has yet to discount these risks, despite warnings from H&amp;M</li>
<li>The stock is down 5% YTD, but trades at an 80% premium to global peers</li>
</ul>


We estimate that China accounts for almost 40% of Fast Retailing's earnings. This growth engine is stalling
The market has yet to discount these risks, despite warnings from H&amp;M
The stock is down 5% YTD, but trades at an 80% premium to global peers


Fast Retailing Faces a Severe Test from Beijing to Moscow

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)

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

Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Downgrading Europe to Market Weight $FEZ $STOXX; Europe Still Bullish From a Price Perspective; Bullish Outlook Intact on $ACWI $EEM; Supports...

Vermilion Research

As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters

In this insight we explain why SHEIN's and Temu's youthful customer base in the US is a political liability, despite its attractive growth potential.

Tracking Traffic

MSCI ACWI-US Bullish Above $93; EURO STOXX 50 Holding At Uptrend; Buys in Discretionary, Tech, Svcs.

MSCI $ACWI Bullish Above $93, inverse head-and-shoulders breakout targets $110; EURO $STOXX 50 Holding At the Uptrend; Buys in Consumer...

Vermilion Research

Fast Retailing Faces a Severe Test from Beijing to Moscow

Despite severe headwinds from Fast Retailing's key Chinese market, the stock is holding up well. Russia and higher input costs are also concerns....

Mark Chadwick

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