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>This is our first report on apparel major, PVH Corp.</li><li>The company's third quarter earnings for 2023 portray an encouraging picture of the company's financial performance, characterized by a steady stream of revenue and a strategic focus on its core brands.</li><li>PVH Corp. displayed resilience by achieving an overall revenue growth in line with guidance, up 4% on a reported basis and up 1% in constant currency.</li></ul>

This is our first report on apparel major, PVH Corp.The company's third quarter earnings for 2023 portray an encouraging picture of the company's financial performance, characterized by a steady stream of revenue and a strategic focus on its core brands.PVH Corp. displayed resilience by achieving an overall revenue growth in line with guidance, up 4% on a reported basis and up 1% in constant currency.

PVH Corp.: Initiation of Coverage - E-Commerce Explosion: How PVH's Digital Mastery Is Redefining Fashion Retail! - Major Drivers

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

<p>We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (<strong>IBB, XBI</strong>), small- and micro-caps (<strong>IWM, IWC</strong>), and emerging markets (<strong>EEM</strong>). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.</p>

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<p>Surveying the retail landscape over the weekend…we think we could see big reversals in the coming weeks for retail stocks.</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

Surveying the retail landscape over the weekend…we think we could see big reversals in the coming weeks for retail stocks.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

TMT Weekly:  3 Things that Stood Out (In Retail) The Week of 5/​15/​2020

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Forward Fashion (International) / Equity Capital Markets

<p>Headquartered in Hong Kong, Forward Fashion was founded in 2005 and is involved in retailing fashion apparel in Greater China. The company currently operates 225 self-operated retail stores in Greater China under famous brand names such as Ed Hardy, Under Armour, Neil Barrett and Calvin Klein. Given brand names we believe, the company caters to the mid to high-end segment of the apparel retail market.  The company operates retail stores in Mainland China, Macau and Hong Kong, and recently started operations in Taiwan. The majority of these stores exclusively sell one brand while a small portion of stores sells a broad array of brands which are under the license with Forward Fashion.</p>

Headquartered in Hong Kong, Forward Fashion was founded in 2005 and is involved in retailing fashion apparel in Greater China. The company currently operates 225 self-operated retail stores in Greater China under famous brand names such as Ed Hardy, Under Armour, Neil Barrett and Calvin Klein. Given brand names we believe, the company caters to the mid to high-end segment of the apparel retail market.  The company operates retail stores in Mainland China, Macau and Hong Kong, and recently started operations in Taiwan. The majority of these stores exclusively sell one brand while a small portion of stores sells a broad array of brands which are under the license with Forward Fashion.

Forward Fashion IPO – Business Analysis

<p>Earlier this year <a href="https://www.smartkarma.com/entities/7941" target="_blank" data-smartkarma-citation="entities:7941:1">Gap Inc/The (GPS US)</a> announced its plan to spin-off its underperforming brands. Under which the company intends to separate into two new companies. The original company, Gap Inc will keep ownership of their lower priced fast fashion brand Old Navy while the new company will focus on revitalizing the company’s mainstay brand Gap and other major brands such as Banana Republic, Athleta, Intermix and Hill City. However, the transaction is still pending final approvals by Gap Inc’s board of directors and SEC. But the company intends to complete the transaction by 2020.</p>
<p>Gap Inc’s share price rose more than 15% immediately after the news, but since then the price has fallen more than 24% despite a positive return from S&amp;P 500 during that time.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/088/689/original/1.png?1558628264" class="editor-image img-responsive" data-smartkarma-image-id="88689"></figure>
<div class="content-caption">Source: Cap IQ</div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/088/690/original/2.png?1558628277" class="editor-image img-responsive" data-smartkarma-image-id="88690"></figure>
<div class="content-caption">Source: Cap IQ</div>

Earlier this year Gap Inc/The (GPS US) announced its plan to spin-off its underperforming brands. Under which the company intends to separate into two new companies. The original company, Gap Inc will keep ownership of their lower priced fast fashion brand Old Navy while the new company will focus on revitalizing the company’s mainstay brand Gap and other major brands such as Banana Republic, Athleta, Intermix and Hill City. However, the transaction is still pending final approvals by Gap Inc’s board of directors and SEC. But the company intends to complete the transaction by 2020.
Gap Inc’s share price rose more than 15% immediately after the news, but since then the price has fallen more than 24% despite a positive return from S&amp;P 500 during that time.

Source: Cap IQ

Source: Cap IQ

Gap Inc: Unlocking Value Through Old Navy Spin-Off and Restructuring of Speciality Stores

United States

PVH Corp. designs, sources, manufactures, and markets men's, women's, and children's apparel and footwear.  The Company markets its products at a wholesale level through department store chains and directly to consumers through retail stores. PVH Corp offers attire that includes dress shirts, sportswear, neckwear, and footwear.

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Pvh Corp (PVH US)

PVH Corp.: Initiation of Coverage - E-Commerce Explosion: How PVH's Digital Mastery Is Redefining Fashion Retail! - Major Drivers

This is our first report on apparel major, PVH Corp. The company's third quarter earnings for 2023 portray an encouraging picture of the company's...

Baptista Research

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

TMT Weekly: 3 Things that Stood Out (In Retail) The Week of 5/15/2020

Surveying the retail landscape over the weekend…we think we could see big reversals in the coming weeks for retail stocks.Obex’s fundamental...

Aaron Gabin

Forward Fashion IPO – Business Analysis

Headquartered in Hong Kong, Forward Fashion was founded in 2005 and is involved in retailing fashion apparel in Greater China. The company...

Oshadhi Kumarasiri

Gap Inc: Unlocking Value Through Old Navy Spin-Off and Restructuring of Speciality Stores

Earlier this year Gap Inc/The (GPS US) announced its plan to spin-off its underperforming brands. Under which the company intends to separate into...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PVH Corp.: Initiation of Coverage - E-Commerce Explosion: How PVH's Digital Mastery Is Redefining Fashion Retail! - Major Drivers

This is our first report on apparel major, PVH Corp. The company's third quarter earnings for 2023 portray an encouraging picture of the company's...

Baptista Research

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

TMT Weekly: 3 Things that Stood Out (In Retail) The Week of 5/​15/​2020

Surveying the retail landscape over the weekend…we think we could see big reversals in the coming weeks for retail stocks.Obex’s fundamental...

Aaron Gabin

Forward Fashion IPO – Business Analysis

Headquartered in Hong Kong, Forward Fashion was founded in 2005 and is involved in retailing fashion apparel in Greater China. The company...

Oshadhi Kumarasiri

Gap Inc: Unlocking Value Through Old Navy Spin-Off and Restructuring of Speciality Stores

Earlier this year Gap Inc/The (GPS US) announced its plan to spin-off its underperforming brands. Under which the company intends to separate into...

Oshadhi Kumarasiri

TMT Weekly: 3 Things that Stood Out (In Retail) The Week of 5/15/2020