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>Despite the waning impact of the government stimulus, Ross Stores delivered a decent performance although it did fall short of Wall Street expectations. dd’s DISCOUNTS trends have continued to remain strong, and sales performance exceeded expectations.</li><li>Also, Ross Stores’ plan to expand to 100 locations and aggressively increase store count is a positive sign.</li></ul>

Despite the waning impact of the government stimulus, Ross Stores delivered a decent performance although it did fall short of Wall Street expectations. dd’s DISCOUNTS trends have continued to remain strong, and sales performance exceeded expectations.Also, Ross Stores’ plan to expand to 100 locations and aggressively increase store count is a positive sign.

Ross Stores Inc.: Store Expansion Strategy & Other Drivers

<ul><li>Ross Stores has done well with delivering a fairly good financial performance for the recent quarter with a 14% growth in the top-line.</li><li>In terms of store expansion targets, the management has already met 2021 goal of expansion with an addition of 18 new stores and 10 DD discounts.</li><li>The management plans to ultimately grow Ross Stores to 2,900 locations and dd's DISCOUNTS to become a chain of 700 stores.</li></ul>

Ross Stores has done well with delivering a fairly good financial performance for the recent quarter with a 14% growth in the top-line.In terms of store expansion targets, the management has already met 2021 goal of expansion with an addition of 18 new stores and 10 DD discounts.The management plans to ultimately grow Ross Stores to 2,900 locations and dd's DISCOUNTS to become a chain of 700 stores.

Ross Stores Inc.: Financial & Price Forecasts

<ul><li>Ross Stores reported another strong quarterly performance, with sales increasing by 14%.</li><li>Its children's and men's were the best performing businesses at Ross Stores in the third quarter, while the Midwest and Southeast were the best performing regions.</li><li>In Q3 itself, Ross Stores completed its 2021 expansion program by adding 18 new Ross and 10 dd's DISCOUNTS.</li></ul>

Ross Stores reported another strong quarterly performance, with sales increasing by 14%.Its children's and men's were the best performing businesses at Ross Stores in the third quarter, while the Midwest and Southeast were the best performing regions.In Q3 itself, Ross Stores completed its 2021 expansion program by adding 18 new Ross and 10 dd's DISCOUNTS.

<ul><li>Ross Stores delivered another solid quarterly result with excellent recovery in revenues driven by the robust customer demand, accelerated vaccination rates, government stimulus payments and easing of COVID-19 restrictions.</li><li>The company intends to add 45 Ross Dress for Less and 20 dd’s DISCOUNTS stores while shutting down or relocating 10 underperforming outlets.</li><li>With possible inflationary pressure building on the company’s margins, we maintain a ‘Hold’ rating with a revised target price.</li></ul>

Ross Stores delivered another solid quarterly result with excellent recovery in revenues driven by the robust customer demand, accelerated vaccination rates, government stimulus payments and easing of COVID-19 restrictions.The company intends to add 45 Ross Dress for Less and 20 dd’s DISCOUNTS stores while shutting down or relocating 10 underperforming outlets.With possible inflationary pressure building on the company’s margins, we maintain a ‘Hold’ rating with a revised target price.

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 Bottom-Up

Pan Pacific International Holdings / Equity Bottom-Up

Pan Pacific International Holdings (7532 JP)

<p><a href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" target="_blank" rel="noopener">Pan Pacific International Holdings (7532 JP)</a>, (PPI) (formerly Don Quijote) has been the best-performing general retailer in Japan over the last six months, rising by 21%. Only drugstore and grocery store chains have performed better in the Retail Sector which fell by 3.1%, while the TOPIX index declined by 8.4%. In the DETAIL section below, we explain why we believe PPI has further upside.</p>

Pan Pacific International Holdings (7532 JP), (PPI) (formerly Don Quijote) has been the best-performing general retailer in Japan over the last six months, rising by 21%. Only drugstore and grocery store chains have performed better in the Retail Sector which fell by 3.1%, while the TOPIX index declined by 8.4%. In the DETAIL section below, we explain why we believe PPI has further upside.

Pan Pacific (Donki): Gross Margin Improvement Suggests Further Upside

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 Inc.: Store Expansion Strategy & Other Drivers

Despite the waning impact of the government stimulus, Ross Stores delivered a decent performance although it did fall short of Wall Street...

Baptista Research

Ross Stores Inc.: Financial & Price Forecasts

Ross Stores has done well with delivering a fairly good financial performance for the recent quarter with a 14% growth in the top-line. In terms...

Baptista Research

Ross Stores Inc. - Investment Thesis

Ross Stores reported another strong quarterly performance, with sales increasing by 14%. Its children's and men's were the best performing...

Baptista Research

Ross Stores Inc. - Investment Thesis

Ross Stores delivered another solid quarterly result with excellent recovery in revenues driven by the robust customer demand, accelerated...

Baptista Research

Pan Pacific (Donki): Gross Margin Improvement Suggests Further Upside

Pan Pacific International Holdings (7532 JP), (PPI) (formerly Don Quijote) has been the best-performing general retailer in Japan over the last six...

Oshadhi Kumarasiri

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