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.

Credit

<ul><li>Home Depot’s growth after the receding of the pandemic tailwinds has been surprisingly strong.</li><li>The company's customers remained engaged with projects around the home and they continue to focus on delivering the best experience in retail.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of Home Depot as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Home Depot’s growth after the receding of the pandemic tailwinds has been surprisingly strong.The company's customers remained engaged with projects around the home and they continue to focus on delivering the best experience in retail.Baptista Research looks to evaluate the different credit strengths and credit risks of Home Depot as well as a line-by-line analysis of the financial statements of the company for the past four years.

The Home Depot Inc: Detailed Credit Analysis & Financial Strength Evaluation Report (01/2022)

Equity Capital Markets

Lowe's Companies Inc / Equity Capital Markets

<ul><li>Home improvement retail has been one of the few sectors that benefitted heavily from the pandemic and continued to show positive growth in 2021 as well, even after the lockdown restrictions were lifted.</li><li>Despite the increasing concerns associated with the new Omicron variant, home improvement majors, Home Depot and Lowe's are both having a highly positive outlook for the coming year.</li><li>They are both battling the inflation and supply chain issues and have emerged successfully by delivering a string of exceptionally good results.</li></ul>

Home improvement retail has been one of the few sectors that benefitted heavily from the pandemic and continued to show positive growth in 2021 as well, even after the lockdown restrictions were lifted.Despite the increasing concerns associated with the new Omicron variant, home improvement majors, Home Depot and Lowe's are both having a highly positive outlook for the coming year.They are both battling the inflation and supply chain issues and have emerged successfully by delivering a string of exceptionally good results.

Home Depot vs. Lowe's Companies - A Comparative Analysis Of The Home Improvement Majors (12/2021)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Chervon Holdings / Equity Capital Markets

<ul>
<li>Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will undertake a peer comparison and talk about valuations.</li>
</ul>


Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will undertake a peer comparison and talk about valuations.


Chervon Holdings IPO - Valuation Isn’t Demanding, but Timing Is

<ul>
<li>Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will talk about the not so positive aspects of the deal.


Chervon Holdings Pre-IPO - The Negatives - Patchy Disclosures Including About Its Largest Customers

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Holdings (CHL HK)</a> is a leading global provider of power tools and outdoor power equipment. It will launch an HKEx IPO to raise US$400m-450 million, according to press reports.</li>
<li>At first glance, the fundamentals look attractive with strong revenue growth, operating leverage and cash generation. </li>
<li>However, a tepid 3Q21 performance and the vanishing of the former largest customer is a worry. We take a safety-first approach in the current environment and pass on this IPO.  </li>
</ul>



Chervon Holdings (CHL HK) is a leading global provider of power tools and outdoor power equipment. It will launch an HKEx IPO to raise US$400m-450 million, according to press reports.
At first glance, the fundamentals look attractive with strong revenue growth, operating leverage and cash generation. 
However, a tepid 3Q21 performance and the vanishing of the former largest customer is a worry. We take a safety-first approach in the current environment and pass on this IPO.  


Chervon Holdings IPO Initiation: Not Quite Right

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)

The Home Depot Inc: Detailed Credit Analysis & Financial Strength Evaluation Report (01/2022)

Home Depot’s growth after the receding of the pandemic tailwinds has been surprisingly strong. The company's customers remained engaged with...

Baptista Research

Home Depot vs. Lowe's Companies - A Comparative Analysis Of The Home Improvement Majors (12/2021)

Home improvement retail has been one of the few sectors that benefitted heavily from the pandemic and continued to show positive growth in 2021 as...

Baptista Research

Chervon Holdings IPO - Valuation Isn’t Demanding, but Timing Is

Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO. In this note, we undertake a peer comparison and talk about...

Sumeet Singh

Chervon Holdings Pre-IPO - The Negatives - Patchy Disclosures Including About Its Largest Customers

Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO. In this note, we look at the not so pleasant aspects.

Sumeet Singh

Chervon Holdings IPO Initiation: Not Quite Right

Chervon is set to launch an HKEx IPO to raise US$400m-450m, according to press reports. The fundamentals are far from perfect and we are inclined...

Arun George

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