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>Unilever made a good start to the year and delivered double-digit underlying sales growth that was above Wall Street expectations.</li><li>The underlying sales growth was 10.5% in the quarter.</li><li>Unilever made good progress in executing its strategic priorities, beginning with innovation and brands.</li></ul>

Unilever made a good start to the year and delivered double-digit underlying sales growth that was above Wall Street expectations.The underlying sales growth was 10.5% in the quarter.Unilever made good progress in executing its strategic priorities, beginning with innovation and brands.

Unilever ADR: M&A Strategy Continuing to Pay Off? – Key Drivers

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kenvue-inc" target="_blank" data-smartkarma-citation="entities:36755:1" rel="noopener">Kenvue (KVUE US)</a>, a wholly owned subsidiary of <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, is preparing for an IPO of 151M shares. The IPO price is expected to be $20–23/share.  </li>
<li>Goldman Sachs, J.P. Morgan, and BofA Securities are acting as joint lead bookrunning managers for the IPO. J&amp;J will still own more than 90% of Kenvue’s shares after the IPO.</li>
<li>In 1Q23, Kenvue’s revenue increased 7% YoY to $3.9B, driven by a 12% YoY revenue growth in self-care OTC products. Adjusted net income increased 3% YoY to $630M.</li>
</ul>



Kenvue (KVUE US), a wholly owned subsidiary of Johnson &amp; Johnson (JNJ US), is preparing for an IPO of 151M shares. The IPO price is expected to be $20–23/share.  
Goldman Sachs, J.P. Morgan, and BofA Securities are acting as joint lead bookrunning managers for the IPO. J&amp;J will still own more than 90% of Kenvue’s shares after the IPO.
In 1Q23, Kenvue’s revenue increased 7% YoY to $3.9B, driven by a 12% YoY revenue growth in self-care OTC products. Adjusted net income increased 3% YoY to $630M.


Kenvue (KVUE US) Pre-IPO: Marquee Brands to Drive Profitable Growth

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

<ul>
<li>Last week we discussed potential for a 2-5% rally to the 1.5-month downtrend on SPX, or even the 4165-4200 range, which would set up an opportunity to get more defensive.</li>
<li>As long as the S&amp;P 500 is below Wednesdays high of 4040 we continue to believe the bears are in control -- stay defensive.</li>
<li>Even if there is a reversal, we still expect 4165-4200 on SPX to cap upside for 2023. We highlight many buy opportunities within Consumer Staples</li>
</ul>


Last week we discussed potential for a 2-5% rally to the 1.5-month downtrend on SPX, or even the 4165-4200 range, which would set up an opportunity to get more defensive.
As long as the S&amp;P 500 is below Wednesdays high of 4040 we continue to believe the bears are in control -- stay defensive.
Even if there is a reversal, we still expect 4165-4200 on SPX to cap upside for 2023. We highlight many buy opportunities within Consumer Staples


S&P 500, Nasdaq 100, DJIA All Testing Resistance; Downgrading Financials to Underweight; Buy Staples

Greater China Equity Long/Short Analyst

Eric Chen

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>BABA’s December results highlighted how the performance of this e-commerce giant - as a proxy for China consumption – increasingly tracks Chinese economy.</li>
<li>The Alibaba that suffered from China’s slump in 2022 should also be the Alibaba that stands to reap the fruits from China’s recovery in 2023.</li>
<li>Trading at 12x PE on the cusp of economic recovery, the payoff of BABA is much better for bulls than bears. Maintain $500 billion target valuation. Buy.</li>
</ul>


BABA’s December results highlighted how the performance of this e-commerce giant - as a proxy for China consumption – increasingly tracks Chinese economy.
The Alibaba that suffered from China’s slump in 2022 should also be the Alibaba that stands to reap the fruits from China’s recovery in 2023.
Trading at 12x PE on the cusp of economic recovery, the payoff of BABA is much better for bulls than bears. Maintain $500 billion target valuation. Buy.


Alibaba: FY3Q23 Results Presenting An Opportunity In Disguise

<ul><li>Unilever had a decent performance in 2022.</li><li>It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with expectations despite the volatile period.</li><li>Prestige Beauty delivered outstanding double-digit growth with a strong performance by Paula's Choice.</li></ul>

Unilever had a decent performance in 2022.It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with expectations despite the volatile period.Prestige Beauty delivered outstanding double-digit growth with a strong performance by Paula's Choice.

United Kingdom

Unilever PLC manufactures personal care products. The Company offers consumer goods, food, detergents, fragrances, beauty, home, and personal care products. Unilever serves customers worldwide.

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Unilever (UL US)

Unilever ADR: M&A Strategy Continuing to Pay Off? – Key Drivers

Unilever made a good start to the year and delivered double-digit underlying sales growth that was above Wall Street expectations. The underlying...

Baptista Research

Kenvue (KVUE US) Pre-IPO: Marquee Brands to Drive Profitable Growth

J&J’s consumer health spin-off entity Kenvue is preparing for NYSE IPO. The IPO has been priced at $20–23 per share to raise ~$3.2B. Goldman Sachs,...

Tina Banerjee

S&P 500, Nasdaq 100, DJIA All Testing Resistance; Downgrading Financials to Underweight; Buy Staples

Last week (3/21) we discussed the potential for a 2-5% rally to the 1.5-month downtrend on the $SPX, or even the 4165-4200 range, which we noted...

Vermilion Research

Alibaba: FY3Q23 Results Presenting An Opportunity In Disguise

The Alibaba that suffered from China’s slump should also be the Alibaba that stands to reap fruits from China’s recovery in 2023. Trading at 12xPE,...

Eric Chen

Unilever PLC: Major Drivers

Unilever had a decent performance in 2022. It achieved underlying sales growth of 9.2% and a fair level of operating margin aligned with...

Baptista Research

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