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 second quarter of 2026 results for ODDITY reflect a continuation of challenges primarily driven by an advertising algorithm dislocation affecting their flagship brand, IL MAKIAGE.</li><li>Net revenue declined 25% year-over-year to $181 million, at the better end of the guided 25% to 30% decline range.</li><li>The decrease was mainly due to reduced sales and higher customer acquisition costs (CPA) at IL MAKIAGE, stemming from a disruption with their largest advertising partner.</li></ul>

The second quarter of 2026 results for ODDITY reflect a continuation of challenges primarily driven by an advertising algorithm dislocation affecting their flagship brand, IL MAKIAGE.Net revenue declined 25% year-over-year to $181 million, at the better end of the guided 25% to 30% decline range.The decrease was mainly due to reduced sales and higher customer acquisition costs (CPA) at IL MAKIAGE, stemming from a disruption with their largest advertising partner.

ODDITY Tech Is Not Just An IL MAKIAGE Story — METHODIQ & SpoiledChild Are Scaling Fast!

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

iShares PHLX Semiconductor ETF / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.</li>
<li>We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.</li>
<li>A significant "wall of worry" is being built, with the latest bricks being bad breadth and rising interest rate volatility</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.
We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.
A significant "wall of worry" is being built, with the latest bricks being bad breadth and rising interest rate volatility


Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX

<ul><li>Oddity, a company operating in the digital beauty and wellness space, reported a challenging first quarter in 2026 due primarily to a technical disruption affecting customer acquisition costs (CPAs) with its largest advertising partner.</li><li>The company experienced a 26% decline in net revenue year-over-year, driven mainly by a 50% drop in first orders, reflecting a considerable reduction in acquisition efficiency.</li><li>Despite the negative impact, Oddity revealed an encouraging sequential improvement in CPA during May, which decreased approximately 28% from April levels, marking the first positive trend after months of deterioration.</li></ul>

Oddity, a company operating in the digital beauty and wellness space, reported a challenging first quarter in 2026 due primarily to a technical disruption affecting customer acquisition costs (CPAs) with its largest advertising partner.The company experienced a 26% decline in net revenue year-over-year, driven mainly by a 50% drop in first orders, reflecting a considerable reduction in acquisition efficiency.Despite the negative impact, Oddity revealed an encouraging sequential improvement in CPA during May, which decreased approximately 28% from April levels, marking the first positive trend after months of deterioration.

Oddity Tech’s Silent Margin Squeeze: Lower Orders, Higher CPAs, And Free Cash Burn!

<ul><li>ODDITY delivered a strong third-quarter performance in 2025, characterized by 24% year-over-year revenue growth to $148 million and 24% growth in adjusted diluted earnings per share.</li><li>The company continued to outperform industry peers due to the strength of its direct-to-consumer model and an emphasis on high-efficacy beauty and wellness products.</li><li>Gross margins expanded to 71.6%, up 170 basis points from the prior year, despite higher tariffs, driven by cost efficiencies and favorable mix.</li></ul>

ODDITY delivered a strong third-quarter performance in 2025, characterized by 24% year-over-year revenue growth to $148 million and 24% growth in adjusted diluted earnings per share.The company continued to outperform industry peers due to the strength of its direct-to-consumer model and an emphasis on high-efficacy beauty and wellness products.Gross margins expanded to 71.6%, up 170 basis points from the prior year, despite higher tariffs, driven by cost efficiencies and favorable mix.

Oddity Tech: An Insight Into AI Skin Analysis

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Oddity (ODD) faces controversy as an investment due to significant short interest and critical reports, despite support from notable investors.</li><li>The author argues that short seller claims about ODD are often exaggerated and neglect the company's consumer-facing strengths.</li><li>Skepticism about ODD's product quality and innovation leads the author to believe it is not a durable business, predicting volatility for short sellers.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Oddity (ODD) faces controversy as an investment due to significant short interest and critical reports, despite support from notable investors.The author argues that short seller claims about ODD are often exaggerated and neglect the company's consumer-facing strengths.Skepticism about ODD's product quality and innovation leads the author to believe it is not a durable business, predicting volatility for short sellers.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Oddity Tech Ltd (ODD) - Tuesday, Aug 5, 2025

United States

Oddity Tech Ltd operates as a consumer technology company. The Company offers an artificial intelligence driven online platform that deploy data science to identify consumer needs and develop solutions in the form of beauty and wellness products. Oddity Tech serves clients globally.

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Oddity Tech (ODD US)

ODDITY Tech Is Not Just An IL MAKIAGE Story — METHODIQ & SpoiledChild Are Scaling Fast!

The second quarter of 2026 results for ODDITY reflect a continuation of challenges primarily driven by an advertising algorithm dislocation...

Baptista Research

Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX

Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern?; All Hinges on 7507-7580 $SPX. We continue to believe Technology and A.I....

Vermilion Research

Oddity Tech’s Silent Margin Squeeze: Lower Orders, Higher CPAs, And Free Cash Burn!

Oddity, a company operating in the digital beauty and wellness space, reported a challenging first quarter in 2026 due primarily to a technical...

Baptista Research

Oddity Tech: An Insight Into AI Skin Analysis

ODDITY delivered a strong third-quarter performance in 2025, characterized by 24% year-over-year revenue growth to $148 million and 24% growth in...

Baptista Research

Oddity Tech Ltd (ODD) - Tuesday, Aug 5, 2025

The preface critiques Oddity (ODD) as a controversial investment, highlighting its impressive growth but questioning its product quality and...

Value Investors Club (VIC)

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