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.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:130521" rel="noopener">Trial Holdings IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts" target="_blank" data-smartkarma-citation="insights:132126" rel="noopener">Trial Holdings IPO: Valuation Thoughts</a>. </li>
<li>The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. </li>
</ul>



Trial Holdings (5882 JP) priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case and Trial Holdings IPO: Valuation Thoughts. 
The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. 


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>Target Corporation had a satisfying financial performance during 2024.</li><li>Despite global and economic uncertainties, such as the ongoing global pandemic, geopolitical tensions, and changes in consumer behaviors, the company was able to maintain stability and grow.</li><li>Some of the highlight points of the company's earnings call include the emphasis on long-term strategies and vision, investing in new stores, supply chain innovations, and exploring growth potential in existing stores.</li></ul>

Target Corporation had a satisfying financial performance during 2024.Despite global and economic uncertainties, such as the ongoing global pandemic, geopolitical tensions, and changes in consumer behaviors, the company was able to maintain stability and grow.Some of the highlight points of the company's earnings call include the emphasis on long-term strategies and vision, investing in new stores, supply chain innovations, and exploring growth potential in existing stores.

Target Corporation: Digital Growth & 5 Other Key Performance Drivers! - Financial Forecasts

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>, a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:130521" rel="noopener">Trial Holdings IPO: The Investment Case</a>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.</li>
</ul>



Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case. 
In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.


<ul><li>Target Corporation delivered a strong result and managed an all-around beat last quarter.</li><li>The company has exceeded $100 billion in annual revenue, deftly navigating a challenging consumer environment marked by shifting spending patterns and persistent inflation.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Target Corporation delivered a strong result and managed an all-around beat last quarter.The company has exceeded $100 billion in annual revenue, deftly navigating a challenging consumer environment marked by shifting spending patterns and persistent inflation.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Target Corporation: Strong Inventory Position & Focus On Consumer Value Saving The Day! - Major Drivers

Energy Transition | AI | Shifting World Order, Mint Finance

Amrutha Raj

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Black Friday is the busiest shopping day of the year. Cyber Monday comes second. This year BFCM set a record of USD 38 billion across 200+ million shoppers.</li>
<li>Buy Now, Pay Later drove USD 940m in online spending on Cyber Monday, up a staggering 42.5% YoY. Online Sales via smartphone set a fresh record of 59%.  </li>
<li>In a year, where good news for the main street is unwelcome news for the wall street, record shattering holiday shopping numbers comes amid a buoyant stock market.</li>
</ul>


Black Friday is the busiest shopping day of the year. Cyber Monday comes second. This year BFCM set a record of USD 38 billion across 200+ million shoppers.
Buy Now, Pay Later drove USD 940m in online spending on Cyber Monday, up a staggering 42.5% YoY. Online Sales via smartphone set a fresh record of 59%.  
In a year, where good news for the main street is unwelcome news for the wall street, record shattering holiday shopping numbers comes amid a buoyant stock market.


US Consumers Remain Resilient While Setting Record Sales During Black Friday and Cyber Monday

United States

Target Corporation operates general merchandise discount stores. The Company focuses on merchandising operations which includes general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

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Target Corp (TGT US)

Trial Holdings IPO: Trading Debut

The shares will start trading on 21 March. The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains...

Arun George

Target Corporation: Digital Growth & 5 Other Key Performance Drivers! - Financial Forecasts

Target Corporation had a satisfying financial performance during 2024. Despite global and economic uncertainties, such as the ongoing global...

Baptista Research

Trial Holdings IPO: Valuation Thoughts

Trial has upsized its IPO from US$236m to US$260m by launching its IPO at JPY1,600-1,700 per share vs. the reference price of JPY1,550. The offer...

Arun George

Target Corporation: Strong Inventory Position & Focus On Consumer Value Saving The Day! - Major Drivers

Target Corporation delivered a strong result and managed an all-around beat last quarter. The company has exceeded $100 billion in annual revenue,...

Baptista Research

US Consumers Remain Resilient While Setting Record Sales During Black Friday and Cyber Monday

The CFA Institute published an insightful analysis of US Consumers, The Paper mentions: slower income growth, rising inequality, and demographic...

Mint Finance

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