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 Capital Markets

<ul><li>Tapestry delivered a standout result for the 2021 fiscal with excellent recovery from the pandemic times.</li><li>The company generated around $1.6 billion revenues from the global e-commerce channel alone and was able to heavily capitalize on the Chinese market.</li><li>The company also delivered outstanding profitability improvements during the fiscal year with an operating income growth of 67% on a one-year basis and 14% on a two-year basis.</li></ul>

Tapestry delivered a standout result for the 2021 fiscal with excellent recovery from the pandemic times.The company generated around $1.6 billion revenues from the global e-commerce channel alone and was able to heavily capitalize on the Chinese market.The company also delivered outstanding profitability improvements during the fiscal year with an operating income growth of 67% on a one-year basis and 14% on a two-year basis.

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

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>Despite the elevated valuation, family-controlled Hermes demonstrates its superior quality from a business-owner perspective, and hence, is worth following among patient investors;</li>
<li>At the same time, we find that the French heritage name has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in the foreseeable future.</li>
</ul>


Despite the elevated valuation, family-controlled Hermes demonstrates its superior quality from a business-owner perspective, and hence, is worth following among patient investors;
At the same time, we find that the French heritage name has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in the foreseeable future.


Hermes: An Increasingly APAC-Driven Story

Director | Exposing Creative Accounting, Bucephalus Research Partnership

Robert Medd

Director | Exposing Creative Accounting

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

Prada is talking about re-building the brand. They have stopped discounting and they are re-organising. However, it appears to us that management may have a different agenda and minorities could be in for a rough ride. We believe that profits are suffering due to a lack of productivity, not discounting and the balance sheet has been hollowed out by excessive dividends, related party deals and vanity projects. Don’t be fooled by the creative accounting, this brand is expensive and offers little value.

Prada is talking about re-building the brand. They have stopped discounting and they are re-organising. However, it appears to us that management may have a different agenda and minorities could be in for a rough ride. We believe that profits are suffering due to a lack of productivity, not discounting and the balance sheet has been hollowed out by excessive dividends, related party deals and vanity projects. Don’t be fooled by the creative accounting, this brand is expensive and offers little value.

SELL Prada: There Is Little Value in This Brand. Fair Value HK$7.90

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Alibaba Group Holding  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group Holding (BABA US)</a> plans to launch a $10-15 billion secondary listing in Hong Kong on 11 November, Singles Day, according to press reports. Alibaba is hoping to take advantage of an anticipated record sales on Singles Day to push ahead with its Hong Kong listing hearing. If the listing hearing is successful, the deal could price as soon as the end of the week.<div class="content-highlight">If successful, Alibaba will be the largest company to have a secondary listing in Hong Kong with a primary listing in the US. Alibaba will likely price its H-shares at a discount to its ADRs to entice investors to participate in the secondary listing. Our analysis suggests that Alibaba pricing its H-shares at a 1.5% to 3.0% discount to its ADRs would be reasonable.</div>

Alibaba Group Holding (BABA US) plans to launch a $10-15 billion secondary listing in Hong Kong on 11 November, Singles Day, according to press reports. Alibaba is hoping to take advantage of an anticipated record sales on Singles Day to push ahead with its Hong Kong listing hearing. If the listing hearing is successful, the deal could price as soon as the end of the week.If successful, Alibaba will be the largest company to have a secondary listing in Hong Kong with a primary listing in the US. Alibaba will likely price its H-shares at a discount to its ADRs to entice investors to participate in the secondary listing. Our analysis suggests that Alibaba pricing its H-shares at a 1.5% to 3.0% discount to its ADRs would be reasonable.

Alibaba HK Listing: Thoughts on the Premium/Discount to the ADRs

United States

Tapestry, Inc. designs and markets clothes and accessories. The Company offers handbags, leather goods, footwear, fragrance, jewelry, outer wear, ready-to-wear, scarves, sunwear, travel accessories, and watches. Tapestry serves customers in the United States.

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Tapestry Inc (TPR US)

Tapestry Inc. - Investment Thesis

Tapestry delivered a standout result for the 2021 fiscal with excellent recovery from the pandemic times. The company generated around $1.6...

Baptista Research

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

Hermes: An Increasingly APAC-Driven Story

The French heritage story has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in...

Steven Chen

SELL Prada: There Is Little Value in This Brand. Fair Value HK$7.90

Prada is talking about re-building the brand. They have stopped discounting and they are re-organising. However, it appears to us that management...

Bucephalus Research Partnership

Alibaba HK Listing: Thoughts on the Premium/Discount to the ADRs

Alibaba Group Holding (BABA US) plans to launch a $10-15 billion secondary listing in Hong Kong on 11 November, Singles Day, according to press...

Arun George

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