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>Helen of Troy Limited has encapsulated both the pressures and progress of its transformation journey in its first quarter fiscal 2025 earnings call.</li>
<li>The company reported a decline in net sales and adjusted diluted EPS, falling below expectations due to various macro and operational challenges.</li>
<li>This has set a complex backdrop for the fiscal year, leading the management to adopt a cautious stance, while reinforcing their commitment to strategic initiatives aimed at revitalizing the business.</li>
</ul>


Helen of Troy Limited has encapsulated both the pressures and progress of its transformation journey in its first quarter fiscal 2025 earnings call.
The company reported a decline in net sales and adjusted diluted EPS, falling below expectations due to various macro and operational challenges.
This has set a complex backdrop for the fiscal year, leading the management to adopt a cautious stance, while reinforcing their commitment to strategic initiatives aimed at revitalizing the business.


Helen of Troy Limited: Focused Product Innovation & Consumer Trends Alignment! - Major Drivers

<ul>
<li>Helen of Troy Limited reported its fourth quarter fiscal 2024 results, which exceeded expectations in terms of both consolidated net sales and adjusted EPS.</li>
<li>The firm effectively expanded its gross profit margin by 390 basis points and grew its adjusted operating margin by 50 basis points over the fiscal year.</li>
<li>This accomplishment was particularly noteworthy given the challenging macroeconomic conditions faced during the year, including inflationary pressures and geopolitical upheaval.</li>
</ul>


Helen of Troy Limited reported its fourth quarter fiscal 2024 results, which exceeded expectations in terms of both consolidated net sales and adjusted EPS.
The firm effectively expanded its gross profit margin by 390 basis points and grew its adjusted operating margin by 50 basis points over the fiscal year.
This accomplishment was particularly noteworthy given the challenging macroeconomic conditions faced during the year, including inflationary pressures and geopolitical upheaval.


Helen of Troy Limited: How Are They Tackling Strategic Acquisition & Integration Issues...

<ul>
<li>This is our first report on consumer products major, Helen of Troy.</li>
<li>The company reported its third quarter fiscal 2024 earnings, with the results slightly surpassing expectations.</li>
<li>The firm has shown consistent results over the past several quarters and is on pace to meet full-year financial targets.</li>
</ul>


This is our first report on consumer products major, Helen of Troy.
The company reported its third quarter fiscal 2024 earnings, with the results slightly surpassing expectations.
The firm has shown consistent results over the past several quarters and is on pace to meet full-year financial targets.


Helen of Troy Limited: Project Pegasus & Expectations for Fiscal 2025!

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The spin-off of the value-added business (VAS) of <a href="https://www.smartkarma.com/entities/china-gas-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14315:1" rel="noopener">China Gas Holdings (384 HK)</a> may add HK$0.22-0.83/share to the stock price, or 3.4-12.8%, based on our initial assessment.</li>
<li>VAS generated an operating profit of HK$1.58bn in FY24, up by 5.7% YoY. It is significant to China Gas as this accounted for 23.5% of its total segment profit.</li>
<li>The share price has not reacted much to the news because weak Chinese equity market and uncertainties on the upcoming 1H FY25 result. Once cleared, we see good upside.</li>
</ul>


The spin-off of the value-added business (VAS) of China Gas Holdings (384 HK) may add HK$0.22-0.83/share to the stock price, or 3.4-12.8%, based on our initial assessment.
VAS generated an operating profit of HK$1.58bn in FY24, up by 5.7% YoY. It is significant to China Gas as this accounted for 23.5% of its total segment profit.
The share price has not reacted much to the news because weak Chinese equity market and uncertainties on the upcoming 1H FY25 result. Once cleared, we see good upside.


China Gas Holdings (384 HK): Assessing the Spin-Off of Value-Added Business

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

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> priced its H Share at HK$54.80 to raise HK$31,014 million (US$4.0 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>The H Share listing price implies an AH discount of 21.4% at the A Share price of RMB63.51. This compares to <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>'s AH discount of 13.8%.</li>
<li>Futu grey market data shows that the H Shares closed 5.1% higher at HK$57.60. Our valuation analysis suggests that the H Share listing price is attractive.</li>
</ul>



Midea Group Co Ltd A (000333 CH) priced its H Share at HK$54.80 to raise HK$31,014 million (US$4.0 billion) in gross proceeds. The H Share will be listed tomorrow.
The H Share listing price implies an AH discount of 21.4% at the A Share price of RMB63.51. This compares to Haier Smart Home (6690 HK)'s AH discount of 13.8%.
Futu grey market data shows that the H Shares closed 5.1% higher at HK$57.60. Our valuation analysis suggests that the H Share listing price is attractive.


Midea Group H Share Listing (300 HK): Trading Debut

United States

Helen of Troy Limited designs, produces, and markets brand-name hair dryers, curling irons, hair setters, women's shavers, brushes, combs, hair accessories, mirrors, and comfort products. The Company's products are sold through mass merchandisers, drug chains, warehouse clubs, and grocery stores.

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Helen Of Troy (HELE US)

Helen of Troy Limited: Focused Product Innovation & Consumer Trends Alignment! - Major Drivers

Helen of Troy Limited has encapsulated both the pressures and progress of its transformation journey in its first quarter fiscal 2025 earnings call.

Baptista Research

Helen of Troy Limited: How Are They Tackling Strategic Acquisition & Integration Issues...

Helen of Troy Limited reported its fourth quarter fiscal 2024 results, which exceeded expectations in terms of both consolidated net sales and...

Baptista Research

Helen of Troy Limited: Project Pegasus & Expectations for Fiscal 2025!

This is our first report on consumer products major, Helen of Troy. The company reported its third quarter fiscal 2024 earnings, with the results...

Baptista Research

China Gas Holdings (384 HK): Assessing the Spin-Off of Value-Added Business

China Gas' spin-off of value-added services could boost the stock by 3.4-12.8%, with VAS contributing 23.5% of total segment profit. Weak market...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Helen of Troy Limited: Focused Product Innovation & Consumer Trends Alignment! - Major Drivers

Helen of Troy Limited has encapsulated both the pressures and progress of its transformation journey in its first quarter fiscal 2025 earnings call.

Baptista Research

Helen of Troy Limited: How Are They Tackling Strategic Acquisition & Integration Issues...

Helen of Troy Limited reported its fourth quarter fiscal 2024 results, which exceeded expectations in terms of both consolidated net sales and...

Baptista Research

Helen of Troy Limited: Project Pegasus & Expectations for Fiscal 2025!

This is our first report on consumer products major, Helen of Troy. The company reported its third quarter fiscal 2024 earnings, with the results...

Baptista Research

China Gas Holdings (384 HK): Assessing the Spin-Off of Value-Added Business

​China Gas' spin-off of value-added services could boost the stock by 3.4-12.8%, with VAS contributing 23.5% of total segment profit. Weak market...

Osbert Tang, CFA

Midea Group H Share Listing (300 HK): Trading Debut

The H Share listing and Futu grey market price imply an AH discount of 21.4% and 17.4%, respectively, which is attractive compared to Haier, its...

Arun George

China Gas' spin-off of value-added services could boost the stock by 3.4-12.8%, with VAS contributing 23.5% of total segment profit. Weak market...