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 Capital Markets

<ul><li>Ross Stores managed to exceed analyst expectations in terms of revenue as well as earnings in its most recent quarterly result.</li><li>The operating margin declined slightly compared to the previous year, primarily due to increased incentive compensation.</li><li>Ross Stores plans to open new locations in the second quarter and anticipates a range for the operating margin.</li></ul>

Ross Stores managed to exceed analyst expectations in terms of revenue as well as earnings in its most recent quarterly result.The operating margin declined slightly compared to the previous year, primarily due to increased incentive compensation.Ross Stores plans to open new locations in the second quarter and anticipates a range for the operating margin.

Ross Stores: Collaboration With Adidas & Other Developments

<ul><li>Ross Stores delivered strong fourth-quarter sales and profitability results despite a very competitive holiday season, owing to customers' positive response to the company's expanded selection and value offerings.</li><li>The company delivered an all-around beat with earnings per share for Q4 reported at $1.31 on a net income of $447 million.</li><li>These figures compare to earnings per share of $1.04 on net earnings of $367 million for the 13 weeks ended January 29, 2022.</li></ul>

Ross Stores delivered strong fourth-quarter sales and profitability results despite a very competitive holiday season, owing to customers' positive response to the company's expanded selection and value offerings.The company delivered an all-around beat with earnings per share for Q4 reported at $1.31 on a net income of $447 million.These figures compare to earnings per share of $1.04 on net earnings of $367 million for the 13 weeks ended January 29, 2022.

Ross Stores Inc.: Collaboration With Adidas & Other Drivers

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.

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<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>, a discount store operator in Japan, is seeking to raise US$380 million at the IPO reference price of JPY2,000. Pricing on 26 March.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:97757" rel="noopener">Trial Holdings IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:97798" rel="noopener">Trial Holdings IPO: The Bear Case</a>.  </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.</li>
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Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$380 million at the IPO reference price of JPY2,000. Pricing on 26 March.
We previously discussed the IPO in Trial Holdings IPO: The Bull Case and Trial Holdings IPO: The Bear Case.  
In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.


<ul><li>Ross Stores' results were well above market expectations in terms of revenues as well as earnings as it increased storewide values.</li><li>On the other hand, given their third-quarter sales growth and enhanced holiday assortments, they face their easiest sales and earnings comparisons in the fourth quarter.</li><li>We maintain our 'Hold' rating on Ross Stores with a revised target price.</li></ul>

Ross Stores' results were well above market expectations in terms of revenues as well as earnings as it increased storewide values.On the other hand, given their third-quarter sales growth and enhanced holiday assortments, they face their easiest sales and earnings comparisons in the fourth quarter.We maintain our 'Hold' rating on Ross Stores with a revised target price.

Ross Stores: Store Additions & Other Drivers

Equity Bottom-Up

<ul><li>Ross Stores had quite a disappointing quarter where its revenues were well below Wall Street expectations.</li><li>Comparable store sales were low in comparison to a strong increase in the second quarter of the last year.</li><li>We provide the stock of Ross Stores with a ‘Hold’ rating with a revision in the market price.</li></ul>

Ross Stores had quite a disappointing quarter where its revenues were well below Wall Street expectations.Comparable store sales were low in comparison to a strong increase in the second quarter of the last year.We provide the stock of Ross Stores with a ‘Hold’ rating with a revision in the market price.

Ross Stores: New Store Additions & Other Drivers

United States

Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross Stores offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

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Ross Stores Inc (ROST US)

Ross Stores: Collaboration With Adidas & Other Developments

Ross Stores managed to exceed analyst expectations in terms of revenue as well as earnings in its most recent quarterly result. The operating...

Baptista Research

Ross Stores Inc.: Collaboration With Adidas & Other Drivers

Ross Stores delivered strong fourth-quarter sales and profitability results despite a very competitive holiday season, owing to customers'...

Baptista Research

Trial Holdings IPO: Valuation Insights

Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.

Arun George

Ross Stores: Store Additions & Other Drivers

Ross Stores' results were well above market expectations in terms of revenues as well as earnings as it increased storewide values. On the other...

Baptista Research

Ross Stores: New Store Additions & Other Drivers

Ross Stores had quite a disappointing quarter where its revenues were well below Wall Street expectations. Comparable store sales were low in...

Baptista Research

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