Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Equity Bottom-Up

<ul>
<li>This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  </li>
<li>They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.</li>
<li>These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings. This week: Moderna, Sonos, Knowles, Juniper Tech</li>
</ul>


This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  
They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.
These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings. This week: Moderna, Sonos, Knowles, Juniper Tech


Reminder: Earnings Quality Short Candidates: Moderna, Sonos, Knowles, Juniper Tech

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>This is our first report on Sonos, the multi-room audio products major.</li><li>The macroeconomic environment has grown significantly more hostile for Sonos off late after it enjoyed a decent phase during the pandemic.</li><li>Despite the uncertain environment, Sonos has a strong brand identity, a dependable and devoted premium client, and a sizable and expanding market opportunity.</li></ul>

This is our first report on Sonos, the multi-room audio products major.The macroeconomic environment has grown significantly more hostile for Sonos off late after it enjoyed a decent phase during the pandemic.Despite the uncertain environment, Sonos has a strong brand identity, a dependable and devoted premium client, and a sizable and expanding market opportunity.

Sonos Inc.: Initiation of Coverage – Sonos Voice Control & Other Key Product Drivers

ZoomInfo Technologies  / Equity Bottom-Up

<ul>
<li>This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  </li>
<li>They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.</li>
<li>These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.</li>
</ul>


This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  
They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.
These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.


Earnings Quality Short Candidates: ZoomInfo, Gogo, Elanco Animal Hlth, Sonos, Energizer

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
<p><strong><a href="https://www.smartkarma.com/entities/27346" target="_blank" data-smartkarma-citation="entities:27346:1">Sonos Inc (SONO US)</a></strong> <strong>is an IPO which is expected to get completed in the US in August/early September.</strong> The Sonos IPO is expected be be priced between US$17 to US$19 per share, suggesting market cap up to US$1.9 billion. In 2012, the company's implied valuation was US$682 million in a Series D private funding. We are interested in analyzing Sonos not just because of its merits as an investment opportunity but also because it could help us to better understand the competitive dynamics of the…</p>
</div>


Sonos Inc (SONO US) is an IPO which is expected to get completed in the US in August/early September. The Sonos IPO is expected be be priced between US$17 to US$19 per share, suggesting market cap up to US$1.9 billion. In 2012, the company's implied valuation was US$682 million in a Series D private funding. We are interested in analyzing Sonos not just because of its merits as an investment opportunity but also because it could help us to better understand the competitive dynamics of the…


Sonos IPO Preview (Part 1): To Fill Every Home with Music

United States

Sonos, Inc. designs, develops, and produces audio products. The Company offers charging cradles, music players, alternating current adapters, controllers, wireless speakers, and loudspeakers. Sonos serves customers worldwide.

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Sonos Inc (SONO US)

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

Reminder: Earnings Quality Short Candidates: Moderna, Sonos, Knowles, Juniper Tech

Earnings Quality shorts lead to idiosyncratic alpha. Today, we show our model rankings and highlight Moderna, Sonos, Knowles, Juniper Tech

Eric Fernandez, CFA

Sonos Inc.: Initiation of Coverage – Sonos Voice Control & Other Key Product Drivers

This is our first report on Sonos, the multi-room audio products major. The macroeconomic environment has grown significantly more hostile for...

Baptista Research

Earnings Quality Short Candidates: ZoomInfo, Gogo, Elanco Animal Hlth, Sonos, Energizer

Earnings Quality shorts lead to idiosyncratic alpha. Today, we show our model rankings and highlight ZoomInfo, Gogo, Elanco Animal Hlth, Sonos,...

Eric Fernandez, CFA

Sonos IPO Preview (Part 1): To Fill Every Home with Music

Sonos Inc (SONO US) is an IPO which is expected to get completed in the US in August/early September. The Sonos IPO is expected be be priced...

Douglas Kim

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