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>Walmart Inc. reported a robust start to the year in their latest earnings call Q&A section.</li><li>With sales growth of 5.7% and adjusted operating profit up 12.9% in constant currency, all three operating segments performed well.</li><li>This momentum was driven by growth not solely due to inflation, but through increases in units sold, transaction counts, and market share gains, particularly in general merchandise.</li></ul>

Walmart Inc. reported a robust start to the year in their latest earnings call Q&A section.With sales growth of 5.7% and adjusted operating profit up 12.9% in constant currency, all three operating segments performed well.This momentum was driven by growth not solely due to inflation, but through increases in units sold, transaction counts, and market share gains, particularly in general merchandise.

Walmart Inc.: Growth in Newer Businesses and E-commerce

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

<ul>
<li>We are initiating coverage of Symbotic (SYM) with a Sell Rating and $10 target. </li>
<li>The latest quarterly report from SYM suggests there could be little in the form of catalysts with the biggest news being related to a business owned by the CEO</li>
<li>We believe investors are putting too much reliance on SYM generating revenue from Wal-Mart (WMT) even though WMT is also using SYM’s competition for warehouse automation. </li>
</ul>


We are initiating coverage of Symbotic (SYM) with a Sell Rating and $10 target. 
The latest quarterly report from SYM suggests there could be little in the form of catalysts with the biggest news being related to a business owned by the CEO
We believe investors are putting too much reliance on SYM generating revenue from Wal-Mart (WMT) even though WMT is also using SYM’s competition for warehouse automation. 


Asia Consumer Research, Investory

Devi Subhakesan

Asia Consumer Research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>'s smartphone shipments to India surged in Q2 2024, reclaiming the top spot, while Samsung slipped to third.</li>
<li>Consumer discretionary sales, including smartphones, were weak during the quarter due to elections, subdued demand, and extreme weather.</li>
<li>The upcoming festive season is crucial for sales, with customers anticipating new launches and better bargains. 5G device upgrades continue to drive growth in 2024.</li>
</ul>



Xiaomi Corp (1810 HK)'s smartphone shipments to India surged in Q2 2024, reclaiming the top spot, while Samsung slipped to third.
Consumer discretionary sales, including smartphones, were weak during the quarter due to elections, subdued demand, and extreme weather.
The upcoming festive season is crucial for sales, with customers anticipating new launches and better bargains. 5G device upgrades continue to drive growth in 2024.


Xiaomi Corp (1810 HK): Tops India Smartphone Market; Samsung Falls to Third

<ul><li>In its recent earnings, Walmart demonstrated a strong performance with sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency.</li><li>Major highlights include higher transaction counts and unit volumes, gains in market shares in both the U.S and internationally, improved in-stock levels, and strong performance in customer experience scores.</li><li>It's also significant that the company surpassed $100 billion in global eCommerce sales for the first time.</li></ul>

In its recent earnings, Walmart demonstrated a strong performance with sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency.Major highlights include higher transaction counts and unit volumes, gains in market shares in both the U.S and internationally, improved in-stock levels, and strong performance in customer experience scores.It's also significant that the company surpassed $100 billion in global eCommerce sales for the first time.

Walmart Inc.: Robust Technology Adoption For Operational Efficiency & 5 Other Major Drivers

<ul><li>Walmart Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>Walmart US experienced a 4.9% increase in comp sales, while Sam's Club US saw a 3.8% rise.</li><li>Sam's Club performed exceptionally well in Mexico and China, with a special mention of the outstanding growth of the Bodega Aurrera business.</li></ul>

Walmart Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.Walmart US experienced a 4.9% increase in comp sales, while Sam's Club US saw a 3.8% rise.Sam's Club performed exceptionally well in Mexico and China, with a special mention of the outstanding growth of the Bodega Aurrera business.

Walmart Inc.: Inside the Game Plan That's Maximizing Omnichannel Growth In Retail! Major Drivers

United States

CVS Health Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services; mail order, retail and specialty pharmacy; disease management programs; and retail clinics. The company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico.

Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries.  The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

Sysco Corporation distributes food and related products primarily to the foodservice industry.  The Company also distributes personal care guest amenities, housekeeping supplies, room accessories, and textiles to the lodging industry.

The Kroger Co. operates supermarkets and convenience stores in the United States.  The Company also manufactures and processes some of the foods that its supermarkets sell.

Casey's General Stores, Inc. operates convenience stores in the Midwest.  The Company's stores, operating under the name Casey's General Store, carry a selection of food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items, as well as sells gasoline.

BJ's Wholesale Club Holdings, Inc. operates as a warehouse club. The Company delivers electronics, furniture, fitness, video games, health, toys, home decor, computers, landscaping, jewelry, and grocery products. BJ's Wholesale Club Holdings serves customers in the United States.

US Foods Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides catering services. US Foods Holding serves healthcare, hospitality, educational, government facilities, and other sectors in the United States.

Performance Food Group Company markets and distributes food and food-related products. The Company offers foods such as meats, fruits, vegetables, and desserts, as well as supplies paper products, including pizza boxes, disposable napkins, plates, and cups. Performance Food Group operates in the United States.

Walgreens Boots Alliance, Inc., operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general goods. Walgreens' also offers health services, including primary and acute care, wellness, pharmacy and disease management services and health and fitness.

Sprouts Farmers Market, Inc. operates a chain of retail grocery stores. The Company offers meats, cheese, dairy products, bakery, beer and wine, bulk foods, vitamins, and supplements. Sprouts Farmers Market serves customers throughout the United States.

Woolworths Limited operates supermarkets, specialty and discount department stores, liquor and electronics stores throughout Australia.  Woolworths also manufactures processed foods, exports and wholesales food and offers petrol retailing.  The Company also operates hotels which includes pubs, food, accommodation, and gaming operations.

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

Wesfarmers Ltd. owns retail chains, operates mines, writes insurance, manufactures and distributes industrial products, manufactures fertilizers and chemicals, and distributes liquefied petroleum gas and medical and industrial gases.

Loblaw Companies Limited is a retail and wholesale food distributor with operations across Canada.  The Company's operations include both company and franchisee operated stores, warehouses, and cash and carry outlets.

Wal-Mart de Mexico S.A.B. de C.V. retails food, clothing, and other merchandise under a variety of store formats. The Company operates Wal-Mart Supercenters, Sam's Club wholesale outlets, Bodega discount stores and Superama supermarkets.

Wal-Mart de Mexico SAB de CV (WALMEX* MM EQUITY)

Tesco PLC, through its subsidiaries, operates as a food retailer. The Company offers online retailing, brick and mortar supermarkets, and a private-label brand of products. Tesco provides its services primarily throughout Europe, with additional activities in Asia.

AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. The Company is also engaged in women's and casual clothing store business, development business of commercial property, and financing service through the subsidiaries.

CP ALL PCL operates convenience store chains in Thailand and China.  The Company also owns and operates the a department store chain located primarily in Shanghai city and Chonqing city of China.

Jeronimo Martins, SGPS, S.A. is a holding company. The Company, through subsidiaries, distributes food in Portugal, Poland and Colombia. The Company operates supermarkets and cash and carry stores in Portugal as well as retail stores in Poland and Colombia. Jeronimo Martins also manufactures various food products as well as provides services to the restaurant industry.

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Walmart Inc.: Growth in Newer Businesses and E-commerce

Walmart Inc. reported a robust start to the year in their latest earnings call Q&A section. With sales growth of 5.7% and adjusted operating...

Baptista Research

SYM: Symbolic Overvaluation, Sell

We believe the market has put too much value on SYM's relationship with Wal-Mart (WMT) even though WMT is using SYM's competitor and in-house...

BWS Financial Inc

Xiaomi Corp (1810 HK): Tops India Smartphone Market; Samsung Falls to Third

Xiaomi makes a strong comeback as the leading player in the Indian smartphone market after a 6-quarter hiatus due to regulatory and other...

Devi Subhakesan

Walmart Inc.: Robust Technology Adoption For Operational Efficiency & 5 Other Major Drivers

In its recent earnings, Walmart demonstrated a strong performance with sales growth of 4.9% and adjusted operating profit growth of 10.9% in...

Baptista Research

Walmart Inc.: Inside the Game Plan That's Maximizing Omnichannel Growth In Retail! Major Drivers

Walmart Inc. managed to exceed analyst expectations in terms of revenue as well as earnings. Walmart US experienced a 4.9% increase in comp sales,...

Baptista Research

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