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

Arcos Dorados Holdings  / Equity Bottom-Up

<ul><li>Arcos Dorados Holdings Inc. recently discussed its financial performance for the first quarter of 2024, highlighting both favorable outcomes and challenges that depict a mixed fiscal environment.</li><li>The company, a major player in the fast-food industry in Latin America and the Caribbean, operates primarily under the McDonald's brand, holding exclusive rights to own, operate, and grant franchises in 20 countries.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Arcos Dorados Holdings Inc. recently discussed its financial performance for the first quarter of 2024, highlighting both favorable outcomes and challenges that depict a mixed fiscal environment.The company, a major player in the fast-food industry in Latin America and the Caribbean, operates primarily under the McDonald's brand, holding exclusive rights to own, operate, and grant franchises in 20 countries.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Arcos Dorados Holdings Inc.: Strategic Restaurant Expansion

<ul><li>Arcos Dorados Holdings Inc., also known as "Golden Arches," recorded a strong performance for the full financial year and fourth quarter of 2023, supported by the company's 3D's strategy - Digital, Delivery, and Drive-thru.</li><li>This strategy emphasizes expanding digital sales using mobile apps and self-order kiosks, which have quickly penetrated every market.</li><li>Arcos Dorados also emphasized delivery sales and modernizing its restaurants to improve customer experience.</li></ul>

Arcos Dorados Holdings Inc., also known as "Golden Arches," recorded a strong performance for the full financial year and fourth quarter of 2023, supported by the company's 3D's strategy - Digital, Delivery, and Drive-thru.This strategy emphasizes expanding digital sales using mobile apps and self-order kiosks, which have quickly penetrated every market.Arcos Dorados also emphasized delivery sales and modernizing its restaurants to improve customer experience.

Arcos Dorados Holdings Inc.: Initiation Of Coverage - Exploring the 4 Core Influencers of Its Growth Trajectory! - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>More restrictive Fed policy than expected is disproportionately hitting small/mid-caps which are more sensitive to higher interest rates. This suggests we could see further consolidation for small- and mid-caps.</li>
<li>Large-Caps (SPX, Nasdaq 100, DJI) remain bullish on continued strength from mega-caps (AMZN, META, NVDA,MSFT). Our bullish outlook remains appropriate, but we discuss what would lead us to get cautious.</li>
<li>1-, 2-, and 10-year Treasury yields testing resistance today and failing. U.S. dollar (DXY) also testing key resistance at $104.60. We also push back on the bad breadth argument (again).</li>
</ul>


More restrictive Fed policy than expected is disproportionately hitting small/mid-caps which are more sensitive to higher interest rates. This suggests we could see further consolidation for small- and mid-caps.
Large-Caps (SPX, Nasdaq 100, DJI) remain bullish on continued strength from mega-caps (AMZN, META, NVDA,MSFT). Our bullish outlook remains appropriate, but we discuss what would lead us to get cautious.
1-, 2-, and 10-year Treasury yields testing resistance today and failing. U.S. dollar (DXY) also testing key resistance at $104.60. We also push back on the bad breadth argument (again).


Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>This past week, the S&amp;P 500 snapped a five-week winning streak and Nasdaq snapped an eight-week winning streak.</li><li>Last week also saw the Nasdaq post 4 consecutive days of net new lows, signaling caution.</li><li>A healthy and much needed pullback could offer opportunities ahead of the upcoming second quarter earnings season.</li></ul>

This past week, the S&amp;P 500 snapped a five-week winning streak and Nasdaq snapped an eight-week winning streak.Last week also saw the Nasdaq post 4 consecutive days of net new lows, signaling caution.A healthy and much needed pullback could offer opportunities ahead of the upcoming second quarter earnings season.

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

<p>Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).<br/> We assess Arcos Dorados' ESG as "Adequate", in line with its "Adequate" Environmental and Governance scores. The company has a "Strong" score for the Social pillar. Controversies are "Immaterial" and Disclosure is "Strong".<br/></p>

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Arcos Dorados' ESG as "Adequate", in line with its "Adequate" Environmental and Governance scores. The company has a "Strong" score for the Social pillar. Controversies are "Immaterial" and Disclosure is "Strong". 

Arcos Dorados - ESG Report - Lucror Analytics

Brazil

CVC Brasil Operadora e Agencia de Viagens S.A. provides travel services. The Company offers services including ship cruises, airline travel, resort, and hotel stays planning, booking, and organizing. CVC Brasil Operadora e Agencia de Viagens serves clients in Brazil.

GAEC Educacao SA provides education and training services. The Company offers a variety of courses in a range fields, including accounting and tourism.

Lojas Renner S.A. designs, develops and sells women's, men's, teen and children's quality and fashionable apparel, footwear and intimate apparel under the eleven private brands of its Lifestyle concept. The Company also sells accessories and cosmetics through two private brands and offers third-party branded merchandise in certain of its product categories.

Magazine Luiza S/A operates a multichannel retail platform of mobile, website, and physical stores. The Company offers e-commerce services and retails a wide range of electronics, toys, power tools, and houseware products. Magazine Luiza develops big data, machine learning, and other technologies to remove friction from the retail process.

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes develops, rents, manages and sells residential and commercial real estate properties. The Company's real estate portfolio includes shopping centers, office and apartment buildings, hotels and land.

Alpargatas S.A. produces footware exported to North America, Europe and Latin America.The company is most well-known for its rubber Havaianas sandals.

Mahle-Metal Leve S.A. manufactures pistons, pins, bushings, thrust washers, bearings, and other engine components. The Company sells its products to automobile, agricultural machinery, aircraft engine, and stationary motor manufacturers in Brazil and abroad.

Grendene SA manufactures footwear. The Company is involved in the adult, teen, child and baby shoes market, and exports to several foreign countries. Grendene's brands include Grendha, Melissa, Ipanema, Grendene Kids, and Rider.

MRV Engenharia e Participacoes SA plans, constructs, and markets residential real estate.  The Company operates in the states of Minas Gerais, Sao Paulo, Parana, Santa Catarina and Rio de Janeiro, and in the vicinity of Brasilia.

Guararapes Confeccoes S.A. finishes textile fibers to produce a variety of apparel products.  The Company distributes and markets its products throughout Brazil.

Domino's Pizza Enterprises Limited is a franchise licence owner of the Domino's Pizza. The Company sits in the quick service restaurant segment within fast food retail and has a license which covers Australia, New Zealand, France, Belgium, The Netherlands and the Principality of Monaco. The Domino's brand is owned by Domino's Pizza, Inc, a listed US company.

SJM Holdings Limited offers amusement and recreation services.  The Company operates casinos, hotels, and other tourism-related facilities in Macau.

RESORTTRUST, INC. plans, develops, markets, and operates timeshare resort hotels under the "XIV" and "SUN MEMBERS" brand name.  The Company's resort facilities are located in the suburb of major Japanese cities.  Resorttrust operates golf courses.

NagaCorp Limited is a leisure and tourism company with casino operations in Phnom Penh, the capital city of Cambodia. The Company also offers hotel accommodation, manages food and beverage outlets, recreational facilities, entertainmentand retail operations.

ROUND ONE Corporation operates bowling alleys and video game arcades.  The Company operates primarily in the Osaka area.

TORIDOLL Holdings Corporation operates a variety of restaurants such as skewered grill chicken, Japanese noodle, ramen noodle, Japanese-style pancake, and pasta restaurants.  The Company operates its business at food courts in shopping centers, stations, highway rest areas, and suburbs.

Kangwon Land Inc. is a casino and hotel services provider located in the Kangwon province area of South Korea.  The Company develops abandoned mines and builds gaming and entertainment facilities.  Kangwon Land operates a number of game tables and slot machines for domestic and international customers under its gaming licenses.

BTG Hotels (Group) Co., Ltd. operates a tourism business.  The Company also invests in hotel and restaurant management, as well as provides advertising and exhibition center management services.

Shenzhen Overseas Chinese Town Co Ltd invests in and manages theme parks in China.  The Company, through its subsidiaries, also provides travel agency service.

Shenzhen Overseas Chinese (A) (000069 CH)

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

Arcos Dorados Holdings, Inc. is a franchisee for an American fast-food burger restaurant.  The Company has the right to own, operate and grant franchises of restaurants in South  and Central America and the Caribbean.

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Arcos Dorados Holdings (ARCO US)

Arcos Dorados Holdings Inc.: Strategic Restaurant Expansion

Arcos Dorados Holdings Inc. recently discussed its financial performance for the first quarter of 2024, highlighting both favorable outcomes and...

Baptista Research

Arcos Dorados Holdings Inc.: Initiation Of Coverage - Exploring the 4 Core Influencers of Its Growth Trajectory! - Major Drivers

Arcos Dorados Holdings Inc., also known as "Golden Arches," recorded a strong performance for the full financial year and fourth quarter of 2023,...

Baptista Research

Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

Monitoring Rising Treasury Yields & U.S. Dollar. 1-, 2-, and 10-year Treasury yields $TNX failing at shorter-term resistances today; $DXY below...

Vermilion Research

Weekly Stock Bullfinder - Week of 6/26

This past week, the S&P 500 snapped a five-week winning streak and Nasdaq snapped an eight-week winning streak. Last week also saw the Nasdaq post...

Weekly Stock Bull Finder

Arcos Dorados - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Arcos Dorados' ESG as...

Lucror Analytics

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