President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

<ul>
<li>Large portion of the business is in secular decline and facing pricing pressure</li>
<li>
<a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a> appears to be losing share in a shrinking market</li>
<li>Estimates are above overly optimistic guidance making shares look optically inexpensive</li>
</ul>


Large portion of the business is in secular decline and facing pricing pressure

Ricoh Company Ltd (7752 JP) appears to be losing share in a shrinking market
Estimates are above overly optimistic guidance making shares look optically inexpensive


Ricoh (7752 JP) - Long Term Structural Decliner with a Recent Boost in Inorganic Rev & Profits

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>Despite the fact that 2022 was a challenging year for Xerox Holdings, the company managed an all-around beat in the last result.</li><li>Supply chain challenges, surging inflation, currency disruption, the Ukraine war, higher interest rate, and an uncertain macroeconomic environment impacted revenue and profitability overall.</li><li>Equipment revenue grew significantly in Print and Managed Print Services due to improved product supply.</li></ul>

Despite the fact that 2022 was a challenging year for Xerox Holdings, the company managed an all-around beat in the last result.Supply chain challenges, surging inflation, currency disruption, the Ukraine war, higher interest rate, and an uncertain macroeconomic environment impacted revenue and profitability overall.Equipment revenue grew significantly in Print and Managed Print Services due to improved product supply.

Xerox Holdings Corporation: Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model.  </li>
<li>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. </li>
<li>Today we are flagging :  Itron, Xerox, Wayfair, and Overstock</li>
</ul>


Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model.  
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. 
Today we are flagging :  Itron, Xerox, Wayfair, and Overstock


Declining Business Short Candidates:  Itron, Xerox, Wayfair, Overstock

<ul><li>In spite of macroeconomic challenges, Xerox managed to deliver an earnings beat in the last quarterly result.</li><li>The signings of its content and capture business, including processing, data extraction, and digital mailroom services, grew double digits though the company did miss out on revenues.</li><li>Also, it has launched a worldwide intelligent document process offering to strengthen its content and capture capabilities.</li></ul>

In spite of macroeconomic challenges, Xerox managed to deliver an earnings beat in the last quarterly result.The signings of its content and capture business, including processing, data extraction, and digital mailroom services, grew double digits though the company did miss out on revenues.Also, it has launched a worldwide intelligent document process offering to strengthen its content and capture capabilities.

Xerox Corp: Acquisition Of Go Inspire & Other Drivers

Credit

<ul>
<li>Xerox Holdings Corporation is one of the global leaders in printing, document management systems, and other workplace technologies.</li>
<li>With increasing digitization in workplaces, the company is facing a challenging macro-economic landscape and has become a loss making company over the past few quarters.</li>
<li>The management also recently announced the launch of a complete range of solutions for the productivity of the workplace.</li>
</ul>


Xerox Holdings Corporation is one of the global leaders in printing, document management systems, and other workplace technologies.
With increasing digitization in workplaces, the company is facing a challenging macro-economic landscape and has become a loss making company over the past few quarters.
The management also recently announced the launch of a complete range of solutions for the productivity of the workplace.


Xerox Holdings Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

Avid Technology, Inc. develops, markets, sells, and supports a variety of software and systems for creating and manipulating digital media content. The Company develops and sells digital editing systems and newsroom computer systems, as well as digital audio systems.  Avid's products are used worldwide in production and post-production film, video, and television facilities.

NCR Corporation manufactures financial transaction machines and other products. The Company produces automated teller machines (ATM), self-checkout and self-service kiosks, point-of-sale workstations and scanners; manufactures printer consumable products; and manages networks and servers for ATMs and kiosks.

Stratasys Ltd. manufactures three-dimensional printers.  The printers build three-dimensional models by depositing multiple layers of resin one on top of another based on data from three-dimensional computer aided design files.  The Company's products are used by designers, engineers and manufacturers to visualize, verify and communicate product designs.

3D Systems Corporation provides comprehensive 3D products and services. The Company develops, manufactures, and markets 3D printers, print materials, software, haptic devices, scanners, and virtual surgical simulators. 3D Systems operates worldwide.

Eastman Kodak Company develops, manufactures, and markets imaging products for businesses.  The Company provides disruptive technologies and imaging solutions in the product goods packaging, functional and digital printing markets.  Eastman Kodak also offers products and services in Entertainment Imaging and Commercial Films.

Immersion Corporation develops and licenses hardware and software technologies that enable users to interact with computers using their sense of touch.  The Company's patented TouchSense technologies enable computer peripheral devices to deliver tactile sensations that correspond to on-screen events.

CPI Card Group Inc. provides financial payment card solutions and related services. The Company engages in the design, production, data personalization, packaging, and fulfillment of retail gift and loyalty cards. CPI Card Group serves customers worldwide.

CTS Corporation designs and manufactures electronic components and sensors to original equipment manufacturers in the automotive, communications, medical, defense and aerospace, industrial and computer markets.

PC Connection, Inc. is a direct marketer of personal computers and related peripherals, software, accessories, and networking products. The Company sells to small and medium-sized businesses. PC Connection carries high turnover products in inventory, and in addition provides customer service and technical support.

Benchmark Electronics, Inc. provides contract electronics manufacturing and design services.  The Company serves original equipment manufacturers of medical devices, industrial control equipment, testing and instrumentation products, and telecommunications equipment.  Benchmark also offers product design, printed circuit board layout, prototyping and test development services.

Legend Holdings Corporation, through its subsidiaries, operates in information technology, real estate, financial services, agriculture and food, modern service, and chemical and energy materials sectors in China and internationally.

Hiyes International Co., Ltd. manufactures and markets image scanners, scanner peripheral products, speakers, personal computers, main boards, workstations, and notebook computers.

Ennoconn Corporation is involved in the design and development of industrial mother boards primarily in Taiwan.  The Company provides hardware system solutions to various market applications, including point-of-sales (POS), banking automation, kiosk, lottery, and industrial automation.

Founder Technology Group Corp. manufactures and markets computer products and office appliances.  The Company's products include personal computers, servers, notebooks, printers, digital cameras, MP3 products, blueprint machines, blue printing paper, and shredding machines.  Founder Technology also develops computer software and produces multi-layer printed circuit boards (PCBs).

HTC Corporation designs, manufactures, assembles, processes, and sells smart mobile devices; and provides after-sales services worldwide.

Primax Electronics Ltd mainly manufactures consumer and business electronics. Products include imaging products, computer peripherals, office equipment and communication devices.

Konica Minolta Inc is mainly engaged in manufacturing office equipment and performance materials. It also operates health care businesses. The Company also makes copiers, personal computer peripherals, optical lenses, and measuring instruments.

TOSHIBA TEC CORPORATION manufactures electronic equipment for distribution system, document processing, and household use.  The Company's products include Point of Sale (POS) systems, bar code scanners, copy machines, printers, and vacuum cleaners.

Transcend Information Inc. manufactures and markets dynamic random access memory (DRAM) modules and computer mother boards.  The Company exports most of its products worldwide.

Mitac Holdings Corporation distributes GPS and server products worldwide.  The Company has developed a comprehensive range of cloud services and cloud computing products with a focus on enterprise and terminal products, as well as smart handheld devices.

Xerox Holdings Corporation operates as a holding company. The Company, through its subsidiaries provides printers, scanners, supplies, and accessories. Xerox Holdings serves health care, insurance, government and retail sectors worldwide.

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Xerox Holdings (XRX US)

Ricoh (7752 JP) - Long Term Structural Decliner with a Recent Boost in Inorganic Rev & Profits

A large portion of Ricoh's business is losing market share in an industry that is facing secular declines. Estimates that above optimistic...

Robert C Prather Jr

Xerox Holdings Corporation: Major Drivers

Despite the fact that 2022 was a challenging year for Xerox Holdings, the company managed an all-around beat in the last result. Supply chain...

Baptista Research

Declining Business Short Candidates: Itron, Xerox, Wayfair, Overstock

Declining business shorts earn profits by following negative business momentum. Today we are flagging: Itron, Xerox, Wayfair, Overstock.

Eric Fernandez, CFA

Xerox Corp: Acquisition Of Go Inspire & Other Drivers

In spite of macroeconomic challenges, Xerox managed to deliver an earnings beat in the last quarterly result. The signings of its content and...

Baptista Research

Xerox Holdings Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Xerox Holdings Corporation is one of the global leaders in printing, document management systems, and other workplace technologies. With...

Baptista Research

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