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>Under Armour, Inc. reported its first quarter fiscal 2027 results with a 3% decline in revenue to $1.1 billion amid softer-than-anticipated consumer demand, particularly in North America and Asia Pacific.</li><li>The company faced headwinds in its wholesale and direct-to-consumer (DTC) channels, with North American revenue down 9%, reflecting weaker spring/summer orders and traffic, while e-commerce saw a 12% decrease.</li><li>In contrast, EMEA and Latin America showed resilience, with EMEA revenue up 12% and Latin America increasing 8% (1% on a constant currency basis).</li></ul>

Under Armour, Inc. reported its first quarter fiscal 2027 results with a 3% decline in revenue to $1.1 billion amid softer-than-anticipated consumer demand, particularly in North America and Asia Pacific.The company faced headwinds in its wholesale and direct-to-consumer (DTC) channels, with North American revenue down 9%, reflecting weaker spring/summer orders and traffic, while e-commerce saw a 12% decrease.In contrast, EMEA and Latin America showed resilience, with EMEA revenue up 12% and Latin America increasing 8% (1% on a constant currency basis).

Under Armour Goes All-In On A 25% SKU Reduction — Can Demand Follow?

<ul><li>Under Armour’s third quarter performance reflects a business in transition, where operational improvements and strategic repositioning are beginning to show measurable progress, although financial results remain under pressure.</li><li>Revenue declined by 5 percent year-over-year, with weakness primarily driven by North America and footwear, partially offset by growth in EMEA and Latin America.</li><li>The company indicated that some revenue benefit in the quarter was due to timing shifts in wholesale deliveries, suggesting that underlying demand trends remain uneven.</li></ul>

Under Armour’s third quarter performance reflects a business in transition, where operational improvements and strategic repositioning are beginning to show measurable progress, although financial results remain under pressure.Revenue declined by 5 percent year-over-year, with weakness primarily driven by North America and footwear, partially offset by growth in EMEA and Latin America.The company indicated that some revenue benefit in the quarter was due to timing shifts in wholesale deliveries, suggesting that underlying demand trends remain uneven.

Under Armour: Fewer SKUs, Higher Prices—Is This The Formula To Restore Brand Strength?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/under-armour-inc">Under Armour</a> is navigating a significant turnaround amid persistent revenue declines and profitability pressures, particularly in its core North American market. The company's success hinges on the execution of its latest restructuring plan under founder and CEO Kevin Plank.</li>
 <li>Intense competition from dominant players like Nike and Adidas, as well as high-growth brands like Lululemon, continues to erode market share and pressure margins. The brand is perceived as being caught between performance and fashion, struggling to establish a clear identity with consumers.</li>
 <li>The forward outlook remains challenging, with management guiding for a low-double-digit revenue decline in fiscal 2025. The strategy involves simplifying the business by reducing SKUs, focusing on premium products, and reinvesting in marketing to rebuild brand strength, though a tangible recovery is not expected until late 2025 at the earliest.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Under Armour is navigating a significant turnaround amid persistent revenue declines and profitability pressures, particularly in its core North American market. The company's success hinges on the execution of its latest restructuring plan under founder and CEO Kevin Plank.
  Intense competition from dominant players like Nike and Adidas, as well as high-growth brands like Lululemon, continues to erode market share and pressure margins. The brand is perceived as being caught between performance and fashion, struggling to establish a clear identity with consumers.
  The forward outlook remains challenging, with management guiding for a low-double-digit revenue decline in fiscal 2025. The strategy involves simplifying the business by reducing SKUs, focusing on premium products, and reinvesting in marketing to rebuild brand strength, though a tangible recovery is not expected until late 2025 at the earliest.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> , <a href="https://www.smartkarma.com/entities/kimberly-clark-corp" target="_blank" data-smartkarma-citation="entities:2292:1" rel="noopener">Kimberly Clark (KMB US)</a> and <a href="https://www.smartkarma.com/entities/blackberry-ltd" target="_blank" data-smartkarma-citation="entities:25472:1" rel="noopener">BlackBerry Ltd (BB CN)</a> </li>
<li>For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms</li>
<li>For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%</li>
</ul>


The three companies we write about this week are CATL (A) (300750 CH) , Kimberly Clark (KMB US) and BlackBerry Ltd (BB CN) 
For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms
For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%


The Innovations Portfolios - Week Twenty One

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> , <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> and <a href="https://www.smartkarma.com/entities/cj-cheiljedang-corp" target="_blank" data-smartkarma-citation="entities:1970:1" rel="noopener">CJ Cheiljedang (097950 KS)</a>   </li>
<li>For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms</li>
<li>For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%</li>
</ul>


The three companies we write about this week are Tata Consultancy Svcs (TCS IN) , LG Chem Ltd (051910 KS) and CJ Cheiljedang (097950 KS)   
For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms
For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%


The Innovations Portfolios - Week Nineteen

United States

Under Armour, Inc. develops, markets, and distributes branded performance products for men, women, and youth. The Company designs and sells a broad offering of apparel and accessories made of synthetic microfibers.

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Under Armour (UAA US)

Under Armour Goes All-In On A 25% SKU Reduction — Can Demand Follow?

Under Armour, Inc. reported its first quarter fiscal 2027 results with a 3% decline in revenue to $1.1 billion amid softer-than-anticipated...

Baptista Research

Under Armour: Fewer SKUs, Higher Prices—Is This The Formula To Restore Brand Strength?

Under Armour’s third quarter performance reflects a business in transition, where operational improvements and strategic repositioning are...

Baptista Research

Primer: Under Armour (UAA US) - Dec 2025

Under Armour is navigating a significant turnaround amid persistent revenue declines and profitability pressures, particularly in its core...

αSK Primers

The Innovations Portfolios - Week Twenty One

For the twenty-one weeks since inception ended 14 April the innovation small cap portfolio was up 5.9%, mid cap portfolio was up 4.4% and the large...

Pyari Menon

The Innovations Portfolios - Week Nineteen

For the nineteen since inception ended 31 March the innovation small cap portfolio was up 8.0%, the innovation mid cap portfolio was up 3.2% and...

Pyari Menon

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