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>Ford Motor Company's first-quarter 2024 earnings presented a recurring theme of transformation as the company transitions into a high-growth, high-margin, capital-efficient, and resilient business.</li><li>The discussion showcased the company's strategic shifts and, particularly emphasised on balancing the resilient Ford Pro business's profitability with the challenges arising from the electrification segment, Model e's losses.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Ford Motor Company's first-quarter 2024 earnings presented a recurring theme of transformation as the company transitions into a high-growth, high-margin, capital-efficient, and resilient business.The discussion showcased the company's strategic shifts and, particularly emphasised on balancing the resilient Ford Pro business's profitability with the challenges arising from the electrification segment, Model e's losses.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Ford Motor Company: Will Its Expansion Of Hybrid Vehicles Compensate For The EV Demand Slowdown? - Major Drivers

<ul><li>Ford Motor Company's fourth-quarter 2023 earnings call highlights several significant achievements.</li><li>CEO Jim Farley describes the past year as foundational for the company, with an increased focus on hybrid and electric vehicles proving advantageous.</li><li>Ford's hybrid sales were up 20% in the previous year and are expected to rise another 40% in the upcoming year.</li></ul>

Ford Motor Company's fourth-quarter 2023 earnings call highlights several significant achievements.CEO Jim Farley describes the past year as foundational for the company, with an increased focus on hybrid and electric vehicles proving advantageous.Ford's hybrid sales were up 20% in the previous year and are expected to rise another 40% in the upcoming year.

Ford Motor Company: Multifaceted Approach to the Current EV Market

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).</li>
<li>The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. </li>
<li>We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  </li>
</ul>


Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).
The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. 
We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  


With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Ford Motor Co. said Monday it was suspending construction of its $3.5 billion electric-vehicle (EV) battery plant in the U.S. midwestern state of Michigan, where it had planned to manufacture batteries using technology licensed from Contemporary Amperex Technology Co. Ltd. (CATL) (<a href="https://www.caixinglobal.com/2023-09-26/300750.SZ" target="_blank" rel="noopener">300750.SZ</a> -0.31%).</li></ul><ul><li>“We’re pausing work and limiting spending on construction on the Marshall project until we’re confident about our ability to competitively operate the plant,” Ford spokesperson T.R. Reid said in a statement emailed to Caixin.</li></ul><ul><li>“There are a number of considerations. We haven’t been specific about what they are, nor made any final decision about the planned investment there,” Reid said.</li></ul>

Ford Motor Co. said Monday it was suspending construction of its $3.5 billion electric-vehicle (EV) battery plant in the U.S. midwestern state of Michigan, where it had planned to manufacture batteries using technology licensed from Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -0.31%).“We’re pausing work and limiting spending on construction on the Marshall project until we’re confident about our ability to competitively operate the plant,” Ford spokesperson T.R. Reid said in a statement emailed to Caixin.“There are a number of considerations. We haven’t been specific about what they are, nor made any final decision about the planned investment there,” Reid said.

Ford Halts Construction of U.S. EV Battery Plant Using CATL Technology

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

Ford Motor Company: Will Its Expansion Of Hybrid Vehicles Compensate For The EV Demand Slowdown? - Major Drivers

Ford Motor Company's first-quarter 2024 earnings presented a recurring theme of transformation as the company transitions into a high-growth,...

Baptista Research

Ford Motor Company: Multifaceted Approach to the Current EV Market

Ford Motor Company's fourth-quarter 2023 earnings call highlights several significant achievements. CEO Jim Farley describes the past year as...

Baptista Research

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q, margin contraction, and rising months of inventory. We see...

Andrew Lu

Ford Halts Construction of U.S. EV Battery Plant Using CATL Technology

Ford Motor Co. said Monday it was suspending construction of its $3.5 billion electric-vehicle (EV) battery plant in the U.S. midwestern state of...

Caixin Global

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

KDDI has just announced that it will conduct a buyback at JPY3,896/share in which Toyota Motors plans to tender 49.8m shares or just around 2.3% of...

Sumeet Singh

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