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.

Equity Capital Markets

<ul>
<li>
<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$236 million at the IPO reference price of JPY1,550 per share.</li>
<li>We previously discussed the IPO in <em><strong><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:130521" rel="noopener">Trial Holdings IPO: The Investment Case</a></strong></em>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.</li>
</ul>



Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case. 
In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.


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>Target Corporation delivered a strong result and managed an all-around beat last quarter.</li><li>The company has exceeded $100 billion in annual revenue, deftly navigating a challenging consumer environment marked by shifting spending patterns and persistent inflation.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Target Corporation delivered a strong result and managed an all-around beat last quarter.The company has exceeded $100 billion in annual revenue, deftly navigating a challenging consumer environment marked by shifting spending patterns and persistent inflation.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Target Corporation: Strong Inventory Position & Focus On Consumer Value Saving The Day! - Major Drivers

Energy Transition | AI | Shifting World Order, Mint Finance

Amrutha Raj

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Black Friday is the busiest shopping day of the year. Cyber Monday comes second. This year BFCM set a record of USD 38 billion across 200+ million shoppers.</li>
<li>Buy Now, Pay Later drove USD 940m in online spending on Cyber Monday, up a staggering 42.5% YoY. Online Sales via smartphone set a fresh record of 59%.  </li>
<li>In a year, where good news for the main street is unwelcome news for the wall street, record shattering holiday shopping numbers comes amid a buoyant stock market.</li>
</ul>


Black Friday is the busiest shopping day of the year. Cyber Monday comes second. This year BFCM set a record of USD 38 billion across 200+ million shoppers.
Buy Now, Pay Later drove USD 940m in online spending on Cyber Monday, up a staggering 42.5% YoY. Online Sales via smartphone set a fresh record of 59%.  
In a year, where good news for the main street is unwelcome news for the wall street, record shattering holiday shopping numbers comes amid a buoyant stock market.


US Consumers Remain Resilient While Setting Record Sales During Black Friday and Cyber Monday

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>US users of the popular SHEIN and Temu shopping apps tend to be relatively young</li>
<li>Compared to older Americans, younger Americans (18-34) tend to have less political clout</li>
<li>What does this mean for SHEIN and Temu, and how will they respond to political challenges?</li>
</ul>


US users of the popular SHEIN and Temu shopping apps tend to be relatively young
Compared to older Americans, younger Americans (18-34) tend to have less political clout
What does this mean for SHEIN and Temu, and how will they respond to political challenges?


As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters

<ul><li>Target Corporation delivered mixed results in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.</li><li>At the beginning of the quarter, Target started seeing softening sales trends.</li><li>Comp trends softened in May and June and a meaningful recovery was seen in both comps and traffic in July.</li></ul>

Target Corporation delivered mixed results in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.At the beginning of the quarter, Target started seeing softening sales trends.Comp trends softened in May and June and a meaningful recovery was seen in both comps and traffic in July.

Target Corporation: Adaptation in a Digital Retail Landscape! - Major Drivers

United States

Target Corporation operates general merchandise discount stores. The Company focuses on merchandising operations which includes general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

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Target Corp (TGT US)

Trial Holdings IPO: Valuation Thoughts

Trial has upsized its IPO from US$236m to US$260m by launching its IPO at JPY1,600-1,700 per share vs. the reference price of JPY1,550. The offer...

Arun George

Target Corporation: Strong Inventory Position & Focus On Consumer Value Saving The Day! - Major Drivers

Target Corporation delivered a strong result and managed an all-around beat last quarter. The company has exceeded $100 billion in annual revenue,...

Baptista Research

US Consumers Remain Resilient While Setting Record Sales During Black Friday and Cyber Monday

The CFA Institute published an insightful analysis of US Consumers, The Paper mentions: slower income growth, rising inequality, and demographic...

Mint Finance

As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters

In this insight we explain why SHEIN's and Temu's youthful customer base in the US is a political liability, despite its attractive growth potential.

Tracking Traffic

Target Corporation: Adaptation in a Digital Retail Landscape! - Major Drivers

Target Corporation delivered mixed results in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst...

Baptista Research

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