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>2/3 of sales face secular decline in housing demand/shrinking population and the other 1/3 facing weak housing environment due to rising rates</li>
<li>Competition from private label and weak trends and ratios exist</li>
<li>The valuation does not seem to reflect the risks highlighted</li>
</ul>


2/3 of sales face secular decline in housing demand/shrinking population and the other 1/3 facing weak housing environment due to rising rates
Competition from private label and weak trends and ratios exist
The valuation does not seem to reflect the risks highlighted


Lixil (5938 JP): Levered Business Facing Cyclical & Secular Headwinds & Continued Mkt Share Pressure

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sml-group" target="_blank" data-smartkarma-citation="entities:36102:1" rel="noopener">SML Group (SMLGZ HK)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).</li>
<li>SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.</li>
</ul>



SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).
SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.


SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

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>Home Depot delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.</li><li>However, despite these challenges, Home Depot observed strength in key spring-related categories, such as live goods and other garden-related products, where the weather was more favorable.</li><li>Despite the challenges, Home Depot's dedicated team prioritizes associates and customers, delivering value and service throughout the quarter.</li></ul>

Home Depot delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.However, despite these challenges, Home Depot observed strength in key spring-related categories, such as live goods and other garden-related products, where the weather was more favorable.Despite the challenges, Home Depot's dedicated team prioritizes associates and customers, delivering value and service throughout the quarter.

The Home Depot Inc.: Can It Bounce Back From This Dull Phase? – Key Drivers

<ul><li>Home Depot gave a decent performance this quarter though its growth in sales was below Wall Street expectations.</li><li>Pro sales growth outpaced DIY.</li><li>We give Home Depot a 'Hold' rating with a revised target price.</li></ul>

Home Depot gave a decent performance this quarter though its growth in sales was below Wall Street expectations.Pro sales growth outpaced DIY.We give Home Depot a 'Hold' rating with a revised target price.

Home Depot: Launch Of New In-Store Application & Other Developments

<ul><li>Home Depot delivered another good result and surpassed Wall Street expectations in terms of revenues as well as earnings.</li><li>The company continued to observe high demand for home renovation projects throughout the third quarter.</li><li>Sales growth for both Pro and DIY was good, with Pro surpassing DIY.</li></ul>

Home Depot delivered another good result and surpassed Wall Street expectations in terms of revenues as well as earnings.The company continued to observe high demand for home renovation projects throughout the third quarter.Sales growth for both Pro and DIY was good, with Pro surpassing DIY.

Home Depot Inc: Managing Labor Shortages & Other Developments

United States

The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company sells a wide assortment of building materials, home improvement and lawn and garden products and provide a number of services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.

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Home Depot Inc (HD US)

SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The firm’s profitability growth has been slowing down yet it...

Ethan Aw

The Home Depot Inc.: Can It Bounce Back From This Dull Phase? – Key Drivers

Home Depot delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of...

Baptista Research

Home Depot: Launch Of New In-Store Application & Other Developments

Home Depot gave a decent performance this quarter though its growth in sales was below Wall Street expectations. Pro sales growth outpaced DIY. We...

Baptista Research

Home Depot Inc: Managing Labor Shortages & Other Developments

Home Depot delivered another good result and surpassed Wall Street expectations in terms of revenues as well as earnings. The company continued to...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lixil (5938 JP): Levered Business Facing Cyclical & Secular Headwinds & Continued Mkt Share Pressure

Expensive stock with a levered balance sheet, increasing competition, declining cash flow where Free Cash Flow does not cover the dividend, and...

Robert C Prather Jr

SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The firm’s profitability growth has been slowing down yet it...

Ethan Aw

The Home Depot Inc.: Can It Bounce Back From This Dull Phase? – Key Drivers

Home Depot delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of...

Baptista Research

Home Depot: Launch Of New In-Store Application & Other Developments

Home Depot gave a decent performance this quarter though its growth in sales was below Wall Street expectations. Pro sales growth outpaced DIY. We...

Baptista Research

Home Depot Inc: Managing Labor Shortages & Other Developments

Home Depot delivered another good result and surpassed Wall Street expectations in terms of revenues as well as earnings. The company continued to...

Baptista Research