Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Kao has the lonest period of consecutive earnings growth in the Nikkei's new "Consecutive Dividend Growth Stock Index"</li>
<li>With a 2.8% yield and a long history of raising its dividend, Kao should definitely be on the income investor's radar screen</li>
<li>Despite the recent underperformance of the stock (-4% ytd), Kao does not represent compelling valuations</li>
</ul>


Kao has the lonest period of consecutive earnings growth in the Nikkei's new "Consecutive Dividend Growth Stock Index"
With a 2.8% yield and a long history of raising its dividend, Kao should definitely be on the income investor's radar screen
Despite the recent underperformance of the stock (-4% ytd), Kao does not represent compelling valuations


Kao (4452) | Is It Time to Buy This Dividend Aristocrat?

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.

<ul><li>Unilever made a good start to the year and delivered double-digit underlying sales growth that was above Wall Street expectations.</li><li>The underlying sales growth was 10.5% in the quarter.</li><li>Unilever made good progress in executing its strategic priorities, beginning with innovation and brands.</li></ul>

Unilever made a good start to the year and delivered double-digit underlying sales growth that was above Wall Street expectations.The underlying sales growth was 10.5% in the quarter.Unilever made good progress in executing its strategic priorities, beginning with innovation and brands.

Unilever ADR: M&A Strategy Continuing to Pay Off? – Key Drivers

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kenvue-inc" target="_blank" data-smartkarma-citation="entities:36755:1" rel="noopener">Kenvue (KVUE US)</a>, a wholly owned subsidiary of <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, is preparing for an IPO of 151M shares. The IPO price is expected to be $20–23/share.  </li>
<li>Goldman Sachs, J.P. Morgan, and BofA Securities are acting as joint lead bookrunning managers for the IPO. J&amp;J will still own more than 90% of Kenvue’s shares after the IPO.</li>
<li>In 1Q23, Kenvue’s revenue increased 7% YoY to $3.9B, driven by a 12% YoY revenue growth in self-care OTC products. Adjusted net income increased 3% YoY to $630M.</li>
</ul>



Kenvue (KVUE US), a wholly owned subsidiary of Johnson &amp; Johnson (JNJ US), is preparing for an IPO of 151M shares. The IPO price is expected to be $20–23/share.  
Goldman Sachs, J.P. Morgan, and BofA Securities are acting as joint lead bookrunning managers for the IPO. J&amp;J will still own more than 90% of Kenvue’s shares after the IPO.
In 1Q23, Kenvue’s revenue increased 7% YoY to $3.9B, driven by a 12% YoY revenue growth in self-care OTC products. Adjusted net income increased 3% YoY to $630M.


Kenvue (KVUE US) Pre-IPO: Marquee Brands to Drive Profitable Growth

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>BABA’s December results highlighted how the performance of this e-commerce giant - as a proxy for China consumption – increasingly tracks Chinese economy.</li>
<li>The Alibaba that suffered from China’s slump in 2022 should also be the Alibaba that stands to reap the fruits from China’s recovery in 2023.</li>
<li>Trading at 12x PE on the cusp of economic recovery, the payoff of BABA is much better for bulls than bears. Maintain $500 billion target valuation. Buy.</li>
</ul>


BABA’s December results highlighted how the performance of this e-commerce giant - as a proxy for China consumption – increasingly tracks Chinese economy.
The Alibaba that suffered from China’s slump in 2022 should also be the Alibaba that stands to reap the fruits from China’s recovery in 2023.
Trading at 12x PE on the cusp of economic recovery, the payoff of BABA is much better for bulls than bears. Maintain $500 billion target valuation. Buy.


Alibaba: FY3Q23 Results Presenting An Opportunity In Disguise

<ul><li>Unilever had a decent performance in 2022.</li><li>It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with expectations despite the volatile period.</li><li>Prestige Beauty delivered outstanding double-digit growth with a strong performance by Paula's Choice.</li></ul>

Unilever had a decent performance in 2022.It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with expectations despite the volatile period.Prestige Beauty delivered outstanding double-digit growth with a strong performance by Paula's Choice.

United Kingdom

Unilever is a British multinational consumer goods company that manufactures and sells a wide range of products including foods, condiments, home care, and personal care items. Its portfolio includes approximately 400 brands, with key segments in Beauty & Wellbeing, Personal Care, Home Care, and Nutrition. The company is headquartered in London, England, and was founded in 1929 through the merger of Margarine Unie and Lever Brothers.

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Unilever (UL US)

Kao (4452) | Is It Time to Buy This Dividend Aristocrat?

Kao has the lonest period of consecutive earnings growth in the Nikkei's new "Consecutive Dividend Growth Stock Index". With a dividend yield of...

Mark Chadwick

Unilever ADR: M&A Strategy Continuing to Pay Off? – Key Drivers

Unilever made a good start to the year and delivered double-digit underlying sales growth that was above Wall Street expectations. The underlying...

Baptista Research

Kenvue (KVUE US) Pre-IPO: Marquee Brands to Drive Profitable Growth

J&J’s consumer health spin-off entity Kenvue is preparing for NYSE IPO. The IPO has been priced at $20–23 per share to raise ~$3.2B. Goldman Sachs,...

Tina Banerjee

Alibaba: FY3Q23 Results Presenting An Opportunity In Disguise

The Alibaba that suffered from China’s slump should also be the Alibaba that stands to reap fruits from China’s recovery in 2023. Trading at 12xPE,...

Eric Chen

Unilever PLC: Major Drivers

Unilever had a decent performance in 2022. It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with...

Baptista Research

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