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 Home Depot reported a solid performance for the second quarter of 2025, with total sales reaching $45.3 billion, marking an increase of 4.9% from the same period last year.</li><li>Comp sales saw a modest rise of 1% yearover-year, with U.S. comps slightly higher at 1.4%.</li><li>Adjusted diluted earnings per share were relatively stable, slightly increasing to $4.68 from $4.67 in the same quarter last year.</li></ul>

The Home Depot reported a solid performance for the second quarter of 2025, with total sales reaching $45.3 billion, marking an increase of 4.9% from the same period last year.Comp sales saw a modest rise of 1% yearover-year, with U.S. comps slightly higher at 1.4%.Adjusted diluted earnings per share were relatively stable, slightly increasing to $4.68 from $4.67 in the same quarter last year.

Home Depot: Inside The Core Business Strategy to Win Amid High Interest Rates!

<ul><li>Home Depot is facing increasing scrutiny on two critical fronts—economic pressure from new tariffs and growing backlash over immigration enforcement activity near its stores.</li><li>As the largest home improvement retailer in the U.S., Home Depot finds itself caught between geopolitical trade dynamics and domestic immigration crackdowns under the Trump administration.</li><li>While the company is actively working with suppliers to offset the impact of tariffs and maintain pricing consistency, it also continues to grapple with growing public criticism regarding Immigration and Customs Enforcement (ICE) raids targeting undocumented day laborers outside its parking lots.</li></ul>

Home Depot is facing increasing scrutiny on two critical fronts—economic pressure from new tariffs and growing backlash over immigration enforcement activity near its stores.As the largest home improvement retailer in the U.S., Home Depot finds itself caught between geopolitical trade dynamics and domestic immigration crackdowns under the Trump administration.While the company is actively working with suppliers to offset the impact of tariffs and maintain pricing consistency, it also continues to grapple with growing public criticism regarding Immigration and Customs Enforcement (ICE) raids targeting undocumented day laborers outside its parking lots.

Home Depot’s Dual Dilemma: Tariffs Squeeze Margins as Deportation Raids Spark Controversy!

<ul><li>The Home Depot, during its first quarter of fiscal 2025, reported sales of $39.9 billion, which represented a 9.4% increase compared to the same period last year.</li><li>However, the company's comparable store sales declined slightly by 0.3%.</li><li>The U.S. comps showed a modest increase of 0.2%.</li></ul>

The Home Depot, during its first quarter of fiscal 2025, reported sales of $39.9 billion, which represented a 9.4% increase compared to the same period last year.However, the company's comparable store sales declined slightly by 0.3%.The U.S. comps showed a modest increase of 0.2%.

How The Home Depot Plans to Capture a $50 Billion Opportunity Amid Economic Uncertainty!

<ul><li>Home Depot’s latest financial results presented a mixed picture, with some encouraging signs of recovery despite a cautious outlook for the coming year.</li><li>Total sales for fiscal 2024 rose 4.5% to $159.5 billion, though comparable sales for the year declined by 1.8%.</li><li>However, fourth-quarter same-store sales showed improvement, rising 0.8%—breaking an eight-quarter streak of declines and exceeding analysts' expectations of a 1.5% drop.</li></ul>

Home Depot’s latest financial results presented a mixed picture, with some encouraging signs of recovery despite a cautious outlook for the coming year.Total sales for fiscal 2024 rose 4.5% to $159.5 billion, though comparable sales for the year declined by 1.8%.However, fourth-quarter same-store sales showed improvement, rising 0.8%—breaking an eight-quarter streak of declines and exceeding analysts' expectations of a 1.5% drop.

Home Depot’s Surprise Sales Rebound—But Is It Enough to Overcome a Tough 2025?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.</li>
<li>The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.</li>
<li>Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">XLP</a> and <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">XLK</a>.</li>
</ul>


The changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.
The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.
Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the XLP and XLK.


Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

United States

The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company sells a wide assortment of building materials, home improvement and lawn and garden products and provide a number of services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.

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Home Depot Inc (HD US)

Home Depot: Inside The Core Business Strategy to Win Amid High Interest Rates!

The Home Depot reported a solid performance for the second quarter of 2025, with total sales reaching $45.3 billion, marking an increase of 4.9%...

Baptista Research

Home Depot’s Dual Dilemma: Tariffs Squeeze Margins as Deportation Raids Spark Controversy!

Home Depot is facing increasing scrutiny on two critical fronts—economic pressure from new tariffs and growing backlash over immigration...

Baptista Research

How The Home Depot Plans to Capture a $50 Billion Opportunity Amid Economic Uncertainty!

The Home Depot, during its first quarter of fiscal 2025, reported sales of $39.9 billion, which represented a 9.4% increase compared to the same...

Baptista Research

Home Depot’s Surprise Sales Rebound—But Is It Enough to Overcome a Tough 2025?

Home Depot’s latest financial results presented a mixed picture, with some encouraging signs of recovery despite a cautious outlook for the coming...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

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