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>Genuine Parts Company reported its first quarter 2024 earnings, showing progress and some headwinds across its business segments.</li><li>With a strong start to the year, the company reported total GPC sales of $5.8 billion, marking a slight increase compared to the previous year.</li><li>This comes against the backdrop of a previously strong first quarter in 2023.</li></ul>

Genuine Parts Company reported its first quarter 2024 earnings, showing progress and some headwinds across its business segments.With a strong start to the year, the company reported total GPC sales of $5.8 billion, marking a slight increase compared to the previous year.This comes against the backdrop of a previously strong first quarter in 2023.

Genuine Parts Company: Strategic Acquisitions and Store Ownership in U.S. Automotive Sector As A Key Growth Lever! - Major Drivers

<ul><li>The Genuine Parts First Quarter 2024 Earnings indicate a cautious outlook for the period ahead.</li><li>However, the company's performance thus far suggests resilience that will carry through the remainder of the year, mostly attributed to the value of its business mix and its geographic diversity.</li><li>In Q1, total GPC sales slightly increased from the prior year, mainly fuelled by the performance in Europe and Australasia.</li></ul>

The Genuine Parts First Quarter 2024 Earnings indicate a cautious outlook for the period ahead.However, the company's performance thus far suggests resilience that will carry through the remainder of the year, mostly attributed to the value of its business mix and its geographic diversity.In Q1, total GPC sales slightly increased from the prior year, mainly fuelled by the performance in Europe and Australasia.

Genuine Parts Company: These Are The 6 Fundamental Factors Influencing Their Performance In 2024 & Beyond! - Financial Forecasts

<ul><li>Genuine Parts Company's (GPC) latest Q4 2023 earnings reveal the company had a strong performance throughout the year, achieving a strong and solid fiscal year.</li><li>GPC's total sales in 2023 exceeded $23 billion, a nearly $1 billion increase from the previous year, aligning with the company's expectations.</li><li>Total company segment profit margins also improved by 50 basis points to nearly double digits, marking the third consecutive year of double-digit earnings growth for GPC. On top of this, the company returned $788 million to shareholders and reported a 68th consecutive annual increase in dividends.</li></ul>

Genuine Parts Company's (GPC) latest Q4 2023 earnings reveal the company had a strong performance throughout the year, achieving a strong and solid fiscal year.GPC's total sales in 2023 exceeded $23 billion, a nearly $1 billion increase from the previous year, aligning with the company's expectations.Total company segment profit margins also improved by 50 basis points to nearly double digits, marking the third consecutive year of double-digit earnings growth for GPC. On top of this, the company returned $788 million to shareholders and reported a 68th consecutive annual increase in dividends.

Genuine Parts Company: Why Are They Carrying Out The Expansion and Scaling of Company-owned Stores? - Major Drivers

<ul><li>Genuine Parts Company delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>The company reported total sales of $2.3 billion for the quarter, marking an impressive increase of $125 million.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Genuine Parts Company delivered mixed results for the previous quarter, with revenues below the analyst consensus.The company reported total sales of $2.3 billion for the quarter, marking an impressive increase of $125 million.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Genuine Parts Company: How Strategic Initiatives Are Creating Unprecedented Value! - Major Drivers

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a>, a leading integrated online and offline platform for automotive service in China, has launched its HKEx IPO at a price range of HK$28.00-31.00 per share.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/tuhu-car-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:112644" rel="noopener">TUHU Car IPO: The Investment Case</a></em></strong>, we highlighted the key elements of the investment case. In this note, we present our forecasts and discuss valuation.</li>
<li>Our valuation analysis suggests that Tuhu is reasonably priced at the IPO price range. We would participate in the IPO. </li>
</ul>



Tuhu Car (2007986D HK), a leading integrated online and offline platform for automotive service in China, has launched its HKEx IPO at a price range of HK$28.00-31.00 per share.
In TUHU Car IPO: The Investment Case, we highlighted the key elements of the investment case. In this note, we present our forecasts and discuss valuation.
Our valuation analysis suggests that Tuhu is reasonably priced at the IPO price range. We would participate in the IPO. 


United States

LKQ Corporation offers automotive products and services. The Company provides alternative collision replacement parts, recycled engines and transmissions, as well as remanufactured engines. LKQ offers customers in North America, Central America and Europe replacement systems, components and parts for the repair of automobiles and light, medium, and heavy-duty trucks.

Pool Corporation is a wholesale distributor of swimming pool supplies, equipment and related leisure products. The Company's inventory includes a diverse range of products, from construction materials, replacement parts and fencing to pool care products and spas.

Weyco Group, Inc., and its subsidiaries, distribute men's footwear.  The Company offers both casual and dress shoes which are sold on a worldwide basis.

Dick's Sporting Goods, Inc. operates as a sporting goods retailer that manages stores primarily in the eastern and central United States. The Company owns stores that offers a broad selection of brand name sporting goods equipment, apparel, and footwear.

Burlington Stores, Inc. owns and operates clothing retail stores. The Company offers, through its stores and internet sites, men's, women's, and children's apparel. Burlington Holding operates within the United States and Puerto Rico.

Tractor Supply Company operates a retail farm store chain in the United States. The Company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products.  Customers include hobby, part-time, and full-time farmers and ranchers, as well as rural customers, contractors, and tradesman.

Dollar General Corporation operates a chain of discount retail stores located primarily in the southern, southwestern, midwestern, and eastern United States. The Company offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health, beauty, pet supplies, and non-consumables such as seasonal merchandise.

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

Murphy USA Inc. produces and distributes petroleum products. The Company engages in refining, marketing, and transportation of oil and gas products. Murphy USA provides products and services worldwide.

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

Jardine Cycle & Carriage Limited operates as an investment holding company. The Company, through its subsidiaries, invests in automotive, consumer finance, utilities and infrastructure, heavy equipment and mining, property, agribusiness, cement, and consumer products businesses. Jardine Cycle & Carriage serves customers in South East Asia.

S.A. D'Ieteren N.V. imports to and distributes European- and Asian-manufactured cars in Belgium.  The Company offers vehicle glass repair and replacement services in Europe, North and South America, Asia, Australia, and New Zealand.

Canon Marketing Japan Inc. distributes all Canon products in the domestic market.  The Company sells copying machines, printers, digital cameras, facsimile, scanner, projectors, and calculators.

Inchcape PLC is a global automotive distributor and retailer. The Company acts as a vehicle and parts distributor in multiple markets. In these markets, Inchcape has exclusive responsibility for managing the value chain on behalf of a focused portfolio of premium and luxury brand partners. Over two thirds of the Group profit is derived from Asia Pacific and emerging markets.

Wuchan Zhongda Group Co.,Ltd. offers supply chain services. The Company purchases and distributes metal materials, ores, automobiles, chemicals, rubbers, and energy products. Wuchan Zhongda Group also conducts finance, medical, thermal power, and public utility businesses.

Bapcor Limited retails automotive parts. The Company offers aftermarket parts, accessories, and services. Bapcor serves customers in Australia.

Sinomach Automobile Co., Ltd. operates in the car wholesale and retail business. The company changed business sector from machinery to automobile wholeslae after the acquisition of China Automobile Trading Co Ltd.

Liaoning Cheng Da Co., Ltd. imports and exports a variety of textile products including knitting products, household textile products, and apparel.  The Company also operates pharmaceutical chain stores and provides processing services.

Zhejiang Orient Holdings Co., Ltd. imports and exports textile products.  The Company exports cotton and wool knitwear, household textile products, and accessories, as well as imports textile raw materials and equipment.  Zhejiang Orient also provides apparel processing services, acts as a cargo transportation agency, and operates in properties.

Xinhua Winshare Publishing and Media Company Ltd. retails and distributes books and offers services.  The Company operates a chain of retail bookstores, distributes textbooks and supplementary materials, and provides ancillary support and services to book publishers.

Genuine Parts Company distributes automotive replacement parts, industrial replacement parts, office products, and electrical/electronic materials.  The Company conducts business throughout most of the United States, in Canada, and in Mexico.

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Genuine Parts Co (GPC US)

Genuine Parts Company: Strategic Acquisitions and Store Ownership in U.S. Automotive Sector As A Key Growth Lever! - Major Drivers

Genuine Parts Company reported its first quarter 2024 earnings, showing progress and some headwinds across its business segments. With a strong...

Baptista Research

Genuine Parts Company: These Are The 6 Fundamental Factors Influencing Their Performance In 2024 & Beyond! - Financial Forecasts

The Genuine Parts First Quarter 2024 Earnings indicate a cautious outlook for the period ahead. However, the company's performance thus far...

Baptista Research

Genuine Parts Company: Why Are They Carrying Out The Expansion and Scaling of Company-owned Stores? - Major Drivers

Genuine Parts Company's (GPC) latest Q4 2023 earnings reveal the company had a strong performance throughout the year, achieving a strong and...

Baptista Research

Genuine Parts Company: How Strategic Initiatives Are Creating Unprecedented Value! - Major Drivers

Genuine Parts Company delivered mixed results for the previous quarter, with revenues below the analyst consensus. The company reported total...

Baptista Research

TUHU Car IPO: Valuation Insights

Tuhu has launched its HKEx IPO at a price range of HK$28.00-31.00 per share. Our valuation analysis suggests that Tuhu is reasonably priced at the...

Arun George

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