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>Under Armour confronted significant uncertainty because of the pandemic.</li><li>Throughout the year, Under Armour worked to expand the brand's engagement and awareness and forged productive relationships with its key wholesales partners.</li><li>The company saw significant growth in footwear and women's business, direct to consumer, and its international business which continue to be long-term growth drivers.</li></ul>

Under Armour confronted significant uncertainty because of the pandemic.Throughout the year, Under Armour worked to expand the brand's engagement and awareness and forged productive relationships with its key wholesales partners.The company saw significant growth in footwear and women's business, direct to consumer, and its international business which continue to be long-term growth drivers.

Under Armour Inc.: Financial & Price Forecasts

<ul><li>Under Armour delivered a strong quarter that demonstrates its ability to execute quickly to meet the needs of its consumers while driving toward record revenue and earnings in 2021.</li><li>Asia-Pacific was also a strong performer because of the wholesale business and the region’s sales increased 19%.</li><li>Overall, we are neutral on Under Armour, but we maintain our 'Hold' rating with a revised target price.</li></ul>

Under Armour delivered a strong quarter that demonstrates its ability to execute quickly to meet the needs of its consumers while driving toward record revenue and earnings in 2021.Asia-Pacific was also a strong performer because of the wholesale business and the region’s sales increased 19%.Overall, we are neutral on Under Armour, but we maintain our 'Hold' rating with a revised target price.

<ul><li>Under Armour produced another decent result and reached the target price from our last report as the management remains focused on delivering high-quality products and experiences to its consumers.</li><li>The management expects their North American business to grow by more than 20% rate compared to 2020 as a result of its increased direct-to-consumer approach.</li><li>Overall, we are optimistic about Under Armour but we maintain a ‘Hold’ rating with a revised target price.</li></ul>

Under Armour produced another decent result and reached the target price from our last report as the management remains focused on delivering high-quality products and experiences to its consumers.The management expects their North American business to grow by more than 20% rate compared to 2020 as a result of its increased direct-to-consumer approach.Overall, we are optimistic about Under Armour but we maintain a ‘Hold’ rating with a revised target price.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Equity Bottom-Up

Xtep’s 2019 annual results and their update on the Corona Virus (Covid-19) pandemic has provided a useful insight into the consumer sector. We examine their comments in reference with the International peers.
Our note includes the first cut to estimates, following our Negative earnings watch warning in February ( <a href="https://www.smartkarma.com/insights/notes-from-the-silk-road-xtep-int-l-holdings-1368-hk-negative-earnings-watch-in-place" target="_blank" data-smartkarma-citation="insights:36738" rel="noopener">Notes from the Silk Road: XTep Int’l Holdings (1368 HK): Negative Earnings Watch in Place</a> ).
Whilst the share price has come off since our Negative Earnings watch, we consider what is the fair value for this name and whether the band news and corporate governance issues are priced in enough.

Xtep’s 2019 annual results and their update on the Corona Virus (Covid-19) pandemic has provided a useful insight into the consumer sector. We examine their comments in reference with the International peers.
Our note includes the first cut to estimates, following our Negative earnings watch warning in February ( Notes from the Silk Road: XTep Int’l Holdings (1368 HK): Negative Earnings Watch in Place ).
Whilst the share price has come off since our Negative Earnings watch, we consider what is the fair value for this name and whether the band news and corporate governance issues are priced in enough.

Notes from the Silk Road: XTep Intl Holdings (1368 HK):Athletic Wear Not on the China Consumer List

United States

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.

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Under Armour (UAA US)

Under Armour Inc.: Financial & Price Forecasts

Under Armour confronted significant uncertainty because of the pandemic. Throughout the year, Under Armour worked to expand the brand's engagement...

Baptista Research

Under Armour Inc - Investment Thesis

Under Armour delivered a strong quarter that demonstrates its ability to execute quickly to meet the needs of its consumers while driving toward...

Baptista Research

Under Armour Inc - Investment Thesis

Under Armour produced another decent result and reached the target price from our last report as the management remains focused on delivering...

Baptista Research

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

Notes from the Silk Road: XTep Intl Holdings (1368 HK):Athletic Wear Not on the China Consumer List

Xtep’s 2019 annual results and their update on the Corona Virus (Covid-19) pandemic has provided a useful insight into the consumer sector. We...

David Lepper

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