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>In the Q3 2024 earnings, NIKE, Inc. outlined how it is driving growth despite not performing to its potential.</li><li>The company is focusing on four key areas: a sharpened focus on sport, continuous product innovation, bolder and more distinctive brand marketing, and collaboration with wholesale partners to expand the marketplace.</li><li>A significant measure of progress is the alignment of the organization to focus on the consumer and sport.</li></ul>

In the Q3 2024 earnings, NIKE, Inc. outlined how it is driving growth despite not performing to its potential.The company is focusing on four key areas: a sharpened focus on sport, continuous product innovation, bolder and more distinctive brand marketing, and collaboration with wholesale partners to expand the marketplace.A significant measure of progress is the alignment of the organization to focus on the consumer and sport.

Nike Inc.: A Tale Of Brand Elevation Through Greater Market Presence! - Major Drivers

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.

Equity Capital Markets

<ul>
<li>A group of shareholders aims to raise around US$1.3bn via selling around 11% of <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP).</a>
</li>
<li>In our earlier note, we talked about the placement and ran the deal through our ECM framework.</li>
<li>In this note, we talk about the updates and share price performance since then.</li>
</ul>


A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP).

In our earlier note, we talked about the placement and ran the deal through our ECM framework.
In this note, we talk about the updates and share price performance since then.


ASICS Placement Updates - Share Pop Done, Now Needs to Correct

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the coming week  to see two more listing, with both likely to do well.</li>
<li>On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the coming week  to see two more listing, with both likely to do well.
On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.


ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

<ul><li>NIKE, Inc. surpassed Wall Street's revenue and earnings expectations, achieving a 1% growth in revenue compared to the previous year.</li><li>Despite a highly promotional market, gross margins expanded, leading to accelerated earnings per share and free cash flow.</li><li>The company outpaced the industry during the holiday season, with strong growth in Nike Digital and brick-and-mortar stores, particularly in Greater China.</li></ul>

NIKE, Inc. surpassed Wall Street's revenue and earnings expectations, achieving a 1% growth in revenue compared to the previous year.Despite a highly promotional market, gross margins expanded, leading to accelerated earnings per share and free cash flow.The company outpaced the industry during the holiday season, with strong growth in Nike Digital and brick-and-mortar stores, particularly in Greater China.

NIKE Inc.: Unleashing the Power of Innovation – Inside Their Strategy for Global Dominance! - Major Drivers

<ul><li>Nike Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>The company managed a decent growth amidst various challenges over recent years, including societal, geopolitical, global health issues, and supply chain disruptions.</li><li>With revenues increasing from $39 billion in fiscal 2019 to over $50 billion, Nike’s growth rate surpasses the overall industry.</li></ul>

Nike Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.The company managed a decent growth amidst various challenges over recent years, including societal, geopolitical, global health issues, and supply chain disruptions.With revenues increasing from $39 billion in fiscal 2019 to over $50 billion, Nike’s growth rate surpasses the overall industry.

NIKE Inc.: Zooming Into The Success Of Their D2C Marketplace Model & New Innovations! - Major Drivers

United States

Deckers Outdoor Corporation designs and markets footwear and accessories.  The Company offers footwear for men, women and children. Deckers sells its products including accessories such as handbags, headwear, and outerwear, through domestic retailers and international distributors and directly to end-user consumers, through call centers, retail concept stores and retail outlet stores.

lululemon athletica Inc. designs and retails athletic clothing.  The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. lululemon serves customers throughout the world.

Skechers U.S.A., Inc. designs and markets branded contemporary casual, active, rugged, and lifestyle footwear for men, women, and children.  The Company sells its products to department stores and specialty retailers.  Skechers also sells its products internationally through distributors and directly to consumers through its own retail stores.

Ralph Lauren Corporation designs, markets, and distributes men's, women's and children's apparel, accessories, fragrances, and home furnishings. The Company's products are sold under a wide range of brands. Ralph Lauren's operations include wholesale, retail, and licensing.

Crocs, Inc. designs and manufactures shoes.  The Company produces soft, lightweight, non-marking, slip- and odor-resistant shoes made of closed-cell resin material.  Crocs manufactures men's, women's, and children's shoes and markets them to retail chains.

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.

VF Corporation is an international apparel company. The Company owns a broad portfolio of brands in the jeanswear, outerwear, packs, footwear, sportswear and occupational apparel categories. VF Corp's products are marketed to consumers shopping in specialty stores, upscale and traditional department stores, national chains and mass merchants.

Columbia Sportswear Company designs, manufactures, markets, and distributes active outdoor apparel.  The Company's products include outerwear, sportswear, rugged footwear, and related accessories.  Columbia's products are sold to specialty and department store retailers in the United States and other countries.

PVH Corp. designs, sources, manufactures, and markets men's, women's, and children's apparel and footwear.  The Company markets its products at a wholesale level through department store chains and directly to consumers through retail stores. PVH Corp offers attire that includes dress shirts, sportswear, neckwear, and footwear.

Levi Strauss & Co. manufactures and distributes apparels. The Company offers jeans, casual pants, tops, jackets, shirts, and other related products. Levi Strauss serves customers worldwide.

Prada S.p.A. is an Italian fashion company that designs, manufactures, promotes and sells high-end leather goods, ready-to-wear and footwear through various brands.

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

Shenzhou International Group Holdings Ltd manufactures and processes textiles.  The Company produces, dyes, finishes, prints, embroiders, cuts, and sews knitwear.

Titan Co. Ltd. manufactures and retails jewelry and watches. The Company also produces perfume for men and women.

ASICS CORPORATION manufactures general sporting goods and equipment.  The Company's products, such as athletic shoes and sportswear, are distributed in the United States, Europe, Australia, and Asia.

Moncler S.p.A. is a brand with a winter heritage. Known for its outerwear, Moncler today designs and produces clothing and accessories for women, men and children, directly distributed through Moncler boutiques, its online store, department stores and multibrand stores.

Christian Dior SE manufactures luxury products such as upscale clothing, champagne and wines, cognac and spirits, luggage and leather goods, perfumes and cosmetics, and jewelry and watches.  The Company markets its products internationally.

Kering SA designs, manufactures and markets luxury and sport & lifestyle goods. The Company's brands include Gucci, Bottega Veneta, Alexander McQueen, Puma and Volcom. Kering operates globally and is headquartered in Paris, France.

adidas AG manufactures sports shoes and sports equipment. The Company produces products that include footwear, sports apparel, and golf clubs and balls. adidas sells its products worldwide.

Pandora A/S designs, manufactures, markets, and distributes hand finished and modern jewellery made from primarily sterling  silver, gold, precious and semiprecious stones and Murano glass. The Company offers rings, bracelets, necklaces and earings.

NIKE, Inc. designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors.

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Nike (NKE US)

Nike Inc.: A Tale Of Brand Elevation Through Greater Market Presence! - Major Drivers

In the Q3 2024 earnings, NIKE, Inc. outlined how it is driving growth despite not performing to its potential. The company is focusing on four key...

Baptista Research

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

NIKE Inc.: Unleashing the Power of Innovation – Inside Their Strategy for Global Dominance! - Major Drivers

NIKE, Inc. surpassed Wall Street's revenue and earnings expectations, achieving a 1% growth in revenue compared to the previous year. Despite a...

Baptista Research

NIKE Inc.: Zooming Into The Success Of Their D2C Marketplace Model & New Innovations! - Major Drivers

Nike Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. The company managed a decent...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nike Inc.: A Tale Of Brand Elevation Through Greater Market Presence! - Major Drivers

In the Q3 2024 earnings, NIKE, Inc. outlined how it is driving growth despite not performing to its potential. The company is focusing on four key...

Baptista Research

ASICS Placement Updates - Share Pop Done, Now Needs to Correct

A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP). We have looked at the deal dyanmics in our...

Sumeet Singh

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

NIKE Inc.: Unleashing the Power of Innovation – Inside Their Strategy for Global Dominance! - Major Drivers

NIKE, Inc. surpassed Wall Street's revenue and earnings expectations, achieving a 1% growth in revenue compared to the previous year. Despite a...

Baptista Research

NIKE Inc.: Zooming Into The Success Of Their D2C Marketplace Model & New Innovations! - Major Drivers

Nike Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. The company managed a decent...

Baptista Research