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>Based on the recent earnings, Ralph Lauren Corporation demonstrated credible fiscal performance despite the ongoing uncertainties of the global business climate.</li><li>The company remained resilient with the successful execution of its Next Great Chapter Accelerate plan.</li><li>On a positive note, President and CEO, Patrice Louvet, highlighted the progress made on several fronts.</li></ul>

Based on the recent earnings, Ralph Lauren Corporation demonstrated credible fiscal performance despite the ongoing uncertainties of the global business climate.The company remained resilient with the successful execution of its Next Great Chapter Accelerate plan.On a positive note, President and CEO, Patrice Louvet, highlighted the progress made on several fronts.

Ralph Lauren Corporation: Will Its Focus on Direct-to-Consumer (DTC) Channel Growth Especially In Asia Pay Off? - Major Drivers

<ul><li>Ralph Lauren has yielded strong financial performance for Q3, reportedly exceeding the company’s top and bottom-line expectations, while driving significant EPS growth.</li><li>Such advancement comes despite a reportedly dynamic global environment, thanks to considerable focus on areas such as the brand.</li><li>Immersing people in Ralph Lauren’s world of elegance and sophistication, the brand is resonating globally, allowing overall pricing power in the market.</li></ul>

Ralph Lauren has yielded strong financial performance for Q3, reportedly exceeding the company’s top and bottom-line expectations, while driving significant EPS growth.Such advancement comes despite a reportedly dynamic global environment, thanks to considerable focus on areas such as the brand.Immersing people in Ralph Lauren’s world of elegance and sophistication, the brand is resonating globally, allowing overall pricing power in the market.

Ralph Lauren Corporation:  Direct-to-Consumer (DTC) Business & Store Growth & Other Major Drivers

<ul><li>Ralph Lauren Corporation delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.</li><li>Maintaining a disciplined approach to the balance sheet and expenses aligns with the strategic plan, facilitating global investments in high-impact brand moments.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Ralph Lauren Corporation delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.Maintaining a disciplined approach to the balance sheet and expenses aligns with the strategic plan, facilitating global investments in high-impact brand moments.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Ralph Lauren Corporation: What Is Its Biggest Competitive Advantage? - Major Drivers

<ul><li>Ralph Lauren managed an all-around beat in the last quarter delivering a strong performance that highlights the resilience of its strategy and the adaptability of its teams in a dynamic global environment.</li><li>The quarter witnessed positive revenue growth that surpassed guidance, marking a return to gross margin expansion while effectively managing peak raw material costs.</li><li>The company's commitment to cost discipline enabled a 100 basis point expansion in adjusted operating margin, reaching 13.7%, resulting in a 9% increase in operating profit.</li></ul>

Ralph Lauren managed an all-around beat in the last quarter delivering a strong performance that highlights the resilience of its strategy and the adaptability of its teams in a dynamic global environment.The quarter witnessed positive revenue growth that surpassed guidance, marking a return to gross margin expansion while effectively managing peak raw material costs.The company's commitment to cost discipline enabled a 100 basis point expansion in adjusted operating margin, reaching 13.7%, resulting in a 9% increase in operating profit.

Ralph Lauren Corporation: Exclusive Insight into the Power Moves Driving Positive Revenue! - Major Drivers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Lvmh Moet Hennessy Louis Vuitton / Equity Bottom-Up

<ul>
<li>In this insight, we provide the income statement comparisons of the eight largest global luxury brand Korea operations including Louis Vuitton Korea, Prada Korea, Ralph Lauren Korea, and Moncler Korea.</li>
<li>In 2022, Korea spent $16.8 billion in luxury goods, representing per capita consumption of $325 per person, surpassing the United States ($280 per person) and China ($55 per person). </li>
<li>Luxury brand spending in Korea is often a leading indicator of global luxury brand spending. Luxury brand spending in Korea has been weak this year and this continued in 3Q23.</li>
</ul>


In this insight, we provide the income statement comparisons of the eight largest global luxury brand Korea operations including Louis Vuitton Korea, Prada Korea, Ralph Lauren Korea, and Moncler Korea.
In 2022, Korea spent $16.8 billion in luxury goods, representing per capita consumption of $325 per person, surpassing the United States ($280 per person) and China ($55 per person). 
Luxury brand spending in Korea is often a leading indicator of global luxury brand spending. Luxury brand spending in Korea has been weak this year and this continued in 3Q23.


Income Statement Analysis of Global Luxury Brand Korea Operations and Luxury Brand Spending Slowdown

United States

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.

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.

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.

Capri Holdings Limited retails apparel. The Company offers fashion luxury women's and men's accessories, footwear, apparel, watches, jewelry, eyewear, and fragrance products, as well as provides delivery services. Capri Holdings serves customers worldwide.

Under Armour, Inc. develops, markets, and distributes branded performance products for men, women, and youth. The Company designs and sells a broad offering of apparel and accessories made of synthetic microfibers.

Samsonite International SA designs, manufactures, and distributes luggage. The Company's products include suitcases, garment bags, casual bags, business cases, clothing, shoes, and accessories. Samsonite also licenses their trademarks for use on products such as travel accessories, leather goods, handbags, clothing, and furniture.

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.

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

Bosideng International Holdings Limited develops down apparel products in the Peoples Republic of China. The Company's products include down jackets, vests, and pants which it offers through retail outlets located in multiple cities.

Bosideng International Holdings (3998 HK)

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

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.

Brunello Cucinelli SpA is a luxury fashion company, known for its cashmere products as well as exclusive brands.  The Company designs, manufactures, and distributes clothing and accessories globally for men and women.

Puma SE designs, manufactures, and sells sporting goods and apparels. The Company produces running, tennis, training, and basketball shoes, as well as t-shirts and accessories. Puma serves customers 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.

The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, liquid crystal displays, and scoreboards. The Company produces watches under various branded names, as well as operates retail boutiques. Swatch Group serves customers worldwide.

Gildan Activewear Inc. manufactures and markets branded basic activewear.  The Company sells its products principally in the wholesale imprinted activewear segment of the North American apparel market.  Gildan sells cotton T-shirts, placket collar golf shirts, tank tops, and sweatshirts.

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.

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Ralph Lauren (RL US)

Ralph Lauren Corporation: Will Its Focus on Direct-to-Consumer (DTC) Channel Growth Especially In Asia Pay Off? - Major Drivers

Based on the recent earnings, Ralph Lauren Corporation demonstrated credible fiscal performance despite the ongoing uncertainties of the global...

Baptista Research

Ralph Lauren Corporation: Direct-to-Consumer (DTC) Business & Store Growth & Other Major Drivers

Ralph Lauren has yielded strong financial performance for Q3, reportedly exceeding the company’s top and bottom-line expectations, while driving...

Baptista Research

Ralph Lauren Corporation: What Is Its Biggest Competitive Advantage? - Major Drivers

Ralph Lauren Corporation delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed earnings...

Baptista Research

Ralph Lauren Corporation: Exclusive Insight into the Power Moves Driving Positive Revenue! - Major Drivers

Ralph Lauren managed an all-around beat in the last quarter delivering a strong performance that highlights the resilience of its strategy and the...

Baptista Research

Income Statement Analysis of Global Luxury Brand Korea Operations and Luxury Brand Spending Slowdown

In this insight, we provide income statement comparisons of the eight largest global luxury brand Korea operations including Louis Vuitton Korea,...

Douglas Kim

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