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>Target Corporation has grown well over the past couple of years, meeting the explosive consumer demand that materialized during the pandemic.</li><li>Its digital strategy has also materialized well and around 19% of Target’s total sales are from digital avenues.</li><li>It delivered a strong 2021 and the full-year comparable sales of the company were up a remarkable 12.7%.</li></ul>

Target Corporation has grown well over the past couple of years, meeting the explosive consumer demand that materialized during the pandemic.Its digital strategy has also materialized well and around 19% of Target’s total sales are from digital avenues.It delivered a strong 2021 and the full-year comparable sales of the company were up a remarkable 12.7%.

Target Corporation: Financial & Price Forecasts

<ul><li>Target Corporation's third-quarter results are consistent with what its team has been delivering for years.</li><li>The company’s recent results reflect a level of guest engagement far beyond what many would have predicted a few years ago, when the management began making massive investments across its business in its stores, new brands, same-day services, supply chain, and, most importantly, its team.</li><li>Overall, we are optimistic about the company and give the stock a 'Hold' rating with a revised target price.</li></ul>

Target Corporation's third-quarter results are consistent with what its team has been delivering for years.The company’s recent results reflect a level of guest engagement far beyond what many would have predicted a few years ago, when the management began making massive investments across its business in its stores, new brands, same-day services, supply chain, and, most importantly, its team.Overall, we are optimistic about the company and give the stock a 'Hold' rating with a revised target price.

Target Corporation: Can The Omicron Put A Dent In Its Resilience? (12/2021)

<ul><li>Target Corporation experienced a strong second-quarter performance, and went past the target price from our last report as a result of its highly resilient operations, and a passionate, top-notch team.</li><li>The company’s strong performance was largely driven by excellent comparable digital sales, which grew by 10% in the second quarter, building on the record growth of 195% in 2020.</li><li>Target’s multi-modal approach to shopping is a major green flag, and we give the stock a 'Hold' rating with a revised target price.</li></ul>

Target Corporation experienced a strong second-quarter performance, and went past the target price from our last report as a result of its highly resilient operations, and a passionate, top-notch team.The company’s strong performance was largely driven by excellent comparable digital sales, which grew by 10% in the second quarter, building on the record growth of 195% in 2020.Target’s multi-modal approach to shopping is a major green flag, and we give the stock a 'Hold' rating with a revised target price.

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.

Equity Bottom-Up

Palantir Technologies  / Equity Bottom-Up

This week we take a look at Palantir's gold purchases, Intel's proposed capex spending, and Amazon's entrance into the Department store space...basically alot of short ideas.<div class="content-highlight">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.</div>

This week we take a look at Palantir's gold purchases, Intel's proposed capex spending, and Amazon's entrance into the Department store space...basically alot of short ideas.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 the Week of August 20, 2021

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

*Major US Merchant Deal: Tencent Holding’s (700.HK) [Tencent] Afterpay Touch's (APT.AU) [Afterpay] recently announced that it is further expanding its Buy Now, Pay Later (BNPL) model to several major high profile US merchants in order to boost sales and margins. Afterpay is now allowing all US users to shop at 13 retailers by October 2021 - ahead of the holiday shopping season; and*Tencent’s Midas Touch: Tencent continues to hit it out of the park with its Afterpay stake. In addition to its superb return on investment over the past ten months since the stake announcement - -even after giving back some of its gains, this alliance with Australia’s premier financial technology BNPL company is paying dividends to Tencent in numerous other ways.

*Major US Merchant Deal: Tencent Holding’s (700.HK) [Tencent] Afterpay Touch's (APT.AU) [Afterpay] recently announced that it is further expanding its Buy Now, Pay Later (BNPL) model to several major high profile US merchants in order to boost sales and margins. Afterpay is now allowing all US users to shop at 13 retailers by October 2021 - ahead of the holiday shopping season; and*Tencent’s Midas Touch: Tencent continues to hit it out of the park with its Afterpay stake. In addition to its superb return on investment over the past ten months since the stake announcement - -even after giving back some of its gains, this alliance with Australia’s premier financial technology BNPL company is paying dividends to Tencent in numerous other ways. 

Tencent Holdings – Digging In Their Heals

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)

Target Corporation: Financial & Price Forecasts

Target Corporation has grown well over the past couple of years, meeting the explosive consumer demand that materialized during the pandemic. Its...

Baptista Research

Target Corporation: Can The Omicron Put A Dent In Its Resilience? (12/2021)

Target Corporation's third-quarter results are consistent with what its team has been delivering for years. The company’s recent results reflect a...

Baptista Research

Target Corporation - Investment Thesis

Target Corporation experienced a strong second-quarter performance, and went past the target price from our last report as a result of its highly...

Baptista Research

TMT Weekly: 3 Things that Stood Out the Week of August 20, 2021

This week we take a look at Palantir's gold purchases, Intel's proposed capex spending, and Amazon's entrance into the Department store...

Aaron Gabin

Tencent Holdings – Digging In Their Heals

TENCENT HOLDINGS: Tencent' s Afterpay recently announced a further expansion of its BNPL model to several major US merchants in order to boost...

Thomas J. Monaco

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