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>Lowe’s had a disappointing quarter and saw a decline in its total revenues.</li><li>Pro sales remained strong for the quarter.</li><li>The trends of underlying home improvements during the quarter remained strong in the quarter, but the sales of DIY have been lower.</li></ul>

Lowe’s had a disappointing quarter and saw a decline in its total revenues.Pro sales remained strong for the quarter.The trends of underlying home improvements during the quarter remained strong in the quarter, but the sales of DIY have been lower.

Following Great Public Companies, Watchlist Investing

Watchlist Investing

Following Great Public Companies

Exploring timeless investing concepts in the search for great businesses.

Thematic (Sector/Industry)

<ul><li>According to HD and LOW the home improvement market is $900 billion annually in North America.</li><li>One source put the US market, the primary market of each company, at $538 billion.</li><li>HD splits the $900 billion figure into two $450 billion categories for consumers and professionals, with professionals further broken down to show the $100 billion maintenance, repair, and operations (MRO) market.</li></ul>

According to HD and LOW the home improvement market is $900 billion annually in North America.One source put the US market, the primary market of each company, at $538 billion.HD splits the $900 billion figure into two $450 billion categories for consumers and professionals, with professionals further broken down to show the $100 billion maintenance, repair, and operations (MRO) market.

81: Watchlist Update: Adding Home Depot & Lowe's

Equity Capital Markets

Lowe's Companies Inc / Equity Capital Markets

<ul><li>Lowe’s delivered a decent result to start off the new fiscal year despite facing tough comps.</li><li>The company’s comparable sales in the United States fell 3.8% in the first quarter but were up 19.7% year over year.</li><li>It had a strong positive comp in building products, thanks to its success with the Pro, and sales in home decor exceeded its expectations as a result of the strong DIY demand.</li></ul>

Lowe’s delivered a decent result to start off the new fiscal year despite facing tough comps.The company’s comparable sales in the United States fell 3.8% in the first quarter but were up 19.7% year over year.It had a strong positive comp in building products, thanks to its success with the Pro, and sales in home decor exceeded its expectations as a result of the strong DIY demand.

Lowe’s Companies Inc.: Operational Improvements & Other Drivers

<ul><li>Home improvement retail has been one of the few sectors that benefitted heavily from the pandemic and continued to show positive growth in 2021 as well, even after the lockdown restrictions were lifted.</li><li>Despite the increasing concerns associated with the new Omicron variant, home improvement majors, Home Depot and Lowe's are both having a highly positive outlook for the coming year.</li><li>They are both battling the inflation and supply chain issues and have emerged successfully by delivering a string of exceptionally good results.</li></ul>

Home improvement retail has been one of the few sectors that benefitted heavily from the pandemic and continued to show positive growth in 2021 as well, even after the lockdown restrictions were lifted.Despite the increasing concerns associated with the new Omicron variant, home improvement majors, Home Depot and Lowe's are both having a highly positive outlook for the coming year.They are both battling the inflation and supply chain issues and have emerged successfully by delivering a string of exceptionally good results.

Home Depot vs. Lowe's Companies - A Comparative Analysis Of The Home Improvement Majors (12/2021)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Chervon Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Holdings (CHL HK)</a> is a leading global provider of power tools and outdoor power equipment. It will launch an HKEx IPO to raise US$400m-450 million, according to press reports.</li>
<li>At first glance, the fundamentals look attractive with strong revenue growth, operating leverage and cash generation. </li>
<li>However, a tepid 3Q21 performance and the vanishing of the former largest customer is a worry. We take a safety-first approach in the current environment and pass on this IPO.  </li>
</ul>



Chervon Holdings (CHL HK) is a leading global provider of power tools and outdoor power equipment. It will launch an HKEx IPO to raise US$400m-450 million, according to press reports.
At first glance, the fundamentals look attractive with strong revenue growth, operating leverage and cash generation. 
However, a tepid 3Q21 performance and the vanishing of the former largest customer is a worry. We take a safety-first approach in the current environment and pass on this IPO.  


Chervon Holdings IPO Initiation: Not Quite Right

United States

Lowe's Companies, Inc. is a home improvement retailer that distributes building materials and supplies through stores in the United States. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance.

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Lowe's Companies Inc (LOW US)

Lowe’s Companies: Major Drivers

Lowe’s had a disappointing quarter and saw a decline in its total revenues. Pro sales remained strong for the quarter. The trends of underlying...

Baptista Research

81: Watchlist Update: Adding Home Depot & Lowe's

According to HD and LOW the home improvement market is $900 billion annually in North America. One source put the US market, the primary market of...

Watchlist Investing

Lowe’s Companies Inc.: Operational Improvements & Other Drivers

Lowe’s delivered a decent result to start off the new fiscal year despite facing tough comps. The company’s comparable sales in the United States...

Baptista Research

Home Depot vs. Lowe's Companies - A Comparative Analysis Of The Home Improvement Majors (12/2021)

Home improvement retail has been one of the few sectors that benefitted heavily from the pandemic and continued to show positive growth in 2021 as...

Baptista Research

Chervon Holdings IPO Initiation: Not Quite Right

Chervon is set to launch an HKEx IPO to raise US$400m-450m, according to press reports. The fundamentals are far from perfect and we are inclined...

Arun George

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