Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Asics reports Q1 results on 11 May - we expect a beat to consensus numbers </li>
<li>We are bullish on Asics for the long term market share opportunity in China and margin expansion driven by digital</li>
<li>The rather amazing tie-up with STEPN for NFTs highlights potential new ways to monetise Asics brand value</li>
</ul>


Asics reports Q1 results on 11 May - we expect a beat to consensus numbers 
We are bullish on Asics for the long term market share opportunity in China and margin expansion driven by digital
The rather amazing tie-up with STEPN for NFTs highlights potential new ways to monetise Asics brand value


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 Capital Markets

<ul><li>Nike is continuing to prove its ability to operate through volatility and stay focused on long-term growth with the help of its operational playbook, its culture of innovation, and strong brand momentum.</li><li>Among new introductions, Nike designed the boot named ACG Gaiadome FlyEase for the Paralympians, Olympians, and Team USA.</li><li>We are optimistic about the growth strategy of Nike and give it an 'Outperform' rating with a revised target price.</li></ul>

Nike is continuing to prove its ability to operate through volatility and stay focused on long-term growth with the help of its operational playbook, its culture of innovation, and strong brand momentum.Among new introductions, Nike designed the boot named ACG Gaiadome FlyEase for the Paralympians, Olympians, and Team USA.We are optimistic about the growth strategy of Nike and give it an 'Outperform' rating with a revised target price.

Nike Inc.: The RTFKT Acquisition & Other 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.

Belle International Holdings / Equity Capital Markets

<ul>
<li>Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.</li>
<li>Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). </li>
<li>In this note, we'll talk about the not so positive aspects of the deal.</li>
</ul>


Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.
Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). 
In this note, we'll talk about the not so positive aspects of the deal.


Belle Fashion Pre-IPO - The Negatives - You'll Stumble in My Footsteps

<ul>
<li>Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.</li>
<li>Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.
Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). 
In this note, we will talk about the positive aspects of the deal.


Belle Fashion Pre-IPO - The Positives - Try Walking in My Shoes

<ul>
<li>Demand for ASICS running shoes remains strong. That should become clear as factories reach full capacity and shipping problems recede.</li>
<li>Profit margins will expand due to less discounting and an improved channel mix. </li>
<li>We turn bullish following a 30% decline from 52-week high. The stock is now trading at undemanding multiples versus peers.  </li>
</ul>


Demand for ASICS running shoes remains strong. That should become clear as factories reach full capacity and shipping problems recede.
Profit margins will expand due to less discounting and an improved channel mix. 
We turn bullish following a 30% decline from 52-week high. The stock is now trading at undemanding multiples versus peers.  


United States

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)

Asics (7936) | Stepn into the Metaverse

Asics reports Q1 results on 11 May. We expect a beat. Longer term bulls should be buying for the market share opportunity in China and NFT...

Mark Chadwick

Nike Inc.: The RTFKT Acquisition & Other Drivers

Nike is continuing to prove its ability to operate through volatility and stay focused on long-term growth with the help of its operational...

Baptista Research

Belle Fashion Pre-IPO - The Negatives - You'll Stumble in My Footsteps

Belle Fashion aims to raise around US$1bn in its HK listing, which would mark its return to the stock market after five years. In this note, we...

Sumeet Singh

Belle Fashion Pre-IPO - The Positives - Try Walking in My Shoes

Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.

Sumeet Singh

ASICS (7936): Time for a Bounce

We had been bearish since mid-Dec on potential supply disruptions. With the share price down 30% from its 52-week high and production/shipping...

Mark Chadwick

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