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>The TJX Companies, Inc., reported its Fourth Quarter Fiscal 2024 Financial Results.</li><li>The company concluded its fiscal year 2023 with a strong growth in overall sales surpassing $50 billion, an important milestone for the company, bolstered by a growth of 5% in consolidated comparable (comp) store sales.</li><li>The strong sales performance can be attributed to the increase in customer transactions in all geographies despite the challenging market conditions.</li></ul>

The TJX Companies, Inc., reported its Fourth Quarter Fiscal 2024 Financial Results.The company concluded its fiscal year 2023 with a strong growth in overall sales surpassing $50 billion, an important milestone for the company, bolstered by a growth of 5% in consolidated comparable (comp) store sales.The strong sales performance can be attributed to the increase in customer transactions in all geographies despite the challenging market conditions.

The TJX Companies: Will The Recent Store Closures Help Improve The Bottom Line? - Major Drivers

<ul><li>TJX Companies, Inc. delivered a positive result and managed an all-around beat in the last quarter, witnessing a commendable 6% surge in overall comparable store sales, surpassing the upper limit of its projections.</li><li>TJX's net sales reached a commendable $13.3 billion, marking a substantial 9% increase compared to the same period in fiscal 2023.</li><li>Marmaxx witnessed a robust increase in comp store sales, driven entirely by increased customer traffic.</li></ul>

TJX Companies, Inc. delivered a positive result and managed an all-around beat in the last quarter, witnessing a commendable 6% surge in overall comparable store sales, surpassing the upper limit of its projections.TJX's net sales reached a commendable $13.3 billion, marking a substantial 9% increase compared to the same period in fiscal 2023.Marmaxx witnessed a robust increase in comp store sales, driven entirely by increased customer traffic.

The TJX Companies Inc.: Surprising Factors Behind Their Recent Retail Growth! - Major Drivers

<ul><li>TJX delivered a positive result and managed an all-around beat in the last quarter.</li><li>Marmaxx delivered high increases in both customer traffic and comp sales.</li><li>The overall home sales improved significantly and returned to positive sales growth.</li></ul>

TJX delivered a positive result and managed an all-around beat in the last quarter.Marmaxx delivered high increases in both customer traffic and comp sales.The overall home sales improved significantly and returned to positive sales growth.

The TJX Companies Inc.: Can This Retail Dynamo Outperform Its Retail Peers? - Major Drivers

<ul><li>The TJX Companies delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.</li><li>TJX experienced an increase in pretax profit margin and earnings per share, surpassing last year's figures.</li><li>The company's divisional performance also showcased positive results for Marmaxx, with sales and traffic consistency across regions.</li></ul>

The TJX Companies delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.TJX experienced an increase in pretax profit margin and earnings per share, surpassing last year's figures.The company's divisional performance also showcased positive results for Marmaxx, with sales and traffic consistency across regions.

The TJX Companies Inc.: The International Growth Story Is Just Getting Started – Key Drivers

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<a href="https://www.smartkarma.com/entities/vipshop-holdings-ltd-adr" target="_blank" data-smartkarma-citation="entities:1088:1" rel="noopener">Vipshop Holdings (VIPS US)</a> has had an exceptionally volatile 12 months of trading. Following a &gt;200% share price surge between October 2020 and March 2021, the share price has corrected 77%, wiping out nearly $24bn in market value. The significant sell-off, coupled with less severe earnings expectation downgrades (-18%) from the sell-side, has resulted in Vipshop de-rating from a peak forward PE ratio of 25.3x to only 6.9x, which is the cheapest the stock has ever been. 
In this insight, we take a closer look at the meaningful market events which have driven the sell-off in Vipshop as well as the short- and longer-term earnings outlook for the company. 
Going into their 3Q21 reporting period, Vipshop is facing an exceptionally high growth base set in the comparative period as well as macro-economic headwinds due to a slowing Chinese economy and retail spending, which could result in the continuation of the earnings downgrade cycle over the short- to medium-term. However, trading on an estimated 5.3x ex-cash forward PE ratio likely implies that the buy-side has factored most of this in and we are nearing the point of peak pessimism.

Vipshop Holdings (VIPS US) has had an exceptionally volatile 12 months of trading. Following a &gt;200% share price surge between October 2020 and March 2021, the share price has corrected 77%, wiping out nearly $24bn in market value. The significant sell-off, coupled with less severe earnings expectation downgrades (-18%) from the sell-side, has resulted in Vipshop de-rating from a peak forward PE ratio of 25.3x to only 6.9x, which is the cheapest the stock has ever been. 
In this insight, we take a closer look at the meaningful market events which have driven the sell-off in Vipshop as well as the short- and longer-term earnings outlook for the company. 
Going into their 3Q21 reporting period, Vipshop is facing an exceptionally high growth base set in the comparative period as well as macro-economic headwinds due to a slowing Chinese economy and retail spending, which could result in the continuation of the earnings downgrade cycle over the short- to medium-term. However, trading on an estimated 5.3x ex-cash forward PE ratio likely implies that the buy-side has factored most of this in and we are nearing the point of peak pessimism.

United States

The TJX Companies, Inc. is an off-price apparel and home fashion retailer in the United States and worldwide.  The Company operates off-price retail concepts in the U.S., Canada and Europe that offer a wide range of brand name and designer merchandise.

Tjx Companies (TJX US)

The TJX Companies: Will The Recent Store Closures Help Improve The Bottom Line? - Major Drivers

The TJX Companies, Inc., reported its Fourth Quarter Fiscal 2024 Financial Results. The company concluded its fiscal year 2023 with a strong...

Baptista Research

The TJX Companies Inc.: Surprising Factors Behind Their Recent Retail Growth! - Major Drivers

TJX Companies, Inc. delivered a positive result and managed an all-around beat in the last quarter, witnessing a commendable 6% surge in overall...

Baptista Research

The TJX Companies Inc.: Can This Retail Dynamo Outperform Its Retail Peers? - Major Drivers

TJX delivered a positive result and managed an all-around beat in the last quarter. Marmaxx delivered high increases in both customer traffic and...

Baptista Research

The TJX Companies Inc.: The International Growth Story Is Just Getting Started – Key Drivers

The TJX Companies delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings...

Baptista Research

Vipshop: Cheapest It Has Ever Been

In this insight, we take a closer look at the meaningful market events which have driven the sell-off in Vipshop as well as the short- and longer...

Wium Malan, CFA