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

Air Products & Chemicals, Inc / Equity Bottom-Up

<ul><li>Air Products and Chemicals' pricing strength remains unabated, with its volume improving for an impressive ninth consecutive quarter, bolstered by strong on-site performance, and the integration of over 13 new assets.</li><li>Strategically, Air Products & Chemicals underscores two fundamental growth pillars: the robust core industrial gas business and the pioneering low and zero-carbon hydrogen projects.</li><li>The latest quarter results were also commendable, with a 3% volume increase and a 10% rise in merchant price.</li></ul>

Air Products and Chemicals' pricing strength remains unabated, with its volume improving for an impressive ninth consecutive quarter, bolstered by strong on-site performance, and the integration of over 13 new assets.Strategically, Air Products & Chemicals underscores two fundamental growth pillars: the robust core industrial gas business and the pioneering low and zero-carbon hydrogen projects.The latest quarter results were also commendable, with a 3% volume increase and a 10% rise in merchant price.

Air Products and Chemicals Inc.: Price Surges

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Take or pay contracts, inflation based price adjustments, excellent industry consolidation, diverse industry spread, lack of substitutes, stable margins defines much of the industrial gas sector. </li>
<li>The nature of capacity addition and contracts make the industrial gas industry is a "less cyclical cyclical" and is relatively stable even in times of severe downturns. </li>
<li>
<a href="https://www.smartkarma.com/entities/linde-plc" target="_blank" data-smartkarma-citation="entities:35233:1" rel="noopener">Linde PLC (LIN US)</a><a href="https://www.smartkarma.com/entities/air-liquide-sa" target="_blank" data-smartkarma-citation="entities:21379:1" rel="noopener">Air Liquide SA (AI FP)</a><a href="https://www.smartkarma.com/entities/air-products-chemicals-inc" target="_blank" data-smartkarma-citation="entities:4441:1" rel="noopener">Air Products &amp; Chemicals, Inc (APD US)</a>  <a href="https://www.smartkarma.com/entities/nippon-sanso-holdings-corporation" target="_blank" data-smartkarma-citation="entities:15756:1" rel="noopener">Nippon Sanso Holdings (4091 JP)</a> are the leading players with almost 80% market share. </li>
</ul>


Take or pay contracts, inflation based price adjustments, excellent industry consolidation, diverse industry spread, lack of substitutes, stable margins defines much of the industrial gas sector. 
The nature of capacity addition and contracts make the industrial gas industry is a "less cyclical cyclical" and is relatively stable even in times of severe downturns. 

Linde PLC (LIN US)Air Liquide SA (AI FP)Air Products &amp; Chemicals, Inc (APD US)  Nippon Sanso Holdings (4091 JP) are the leading players with almost 80% market share. 


Industrial Gases Sector Might Be a Good Way to Play Inflation and the Rejig of Supply Chains

Credit

<ul><li>Air Products and Chemicals is a behemoth in the industrial gases domain and is the third-largest industrial gas supplier in the world.</li><li>The company has had a decent financial performance off-late as all its regions have seen a gradual improvement in price and volume.</li><li>These initiatives support the company's energy transition plan and will continue to be a significant source of revenue for it in the future.</li></ul>

Air Products and Chemicals is a behemoth in the industrial gases domain and is the third-largest industrial gas supplier in the world.The company has had a decent financial performance off-late as all its regions have seen a gradual improvement in price and volume.These initiatives support the company's energy transition plan and will continue to be a significant source of revenue for it in the future.

Air Products and Chemicals Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on industrial gases major, Air Products and Chemicals.</li><li>The company delivered an impressive result in the last quarter, surpassing Wall Street expectations in terms of revenues as well as earnings per share.</li><li>We initiate coverage on the stock of Air Products and Chemicals, Inc. with a 'Hold' rating.</li></ul>

This is our first report on industrial gases major, Air Products and Chemicals.The company delivered an impressive result in the last quarter, surpassing Wall Street expectations in terms of revenues as well as earnings per share.We initiate coverage on the stock of Air Products and Chemicals, Inc. with a 'Hold' rating.

Air Products and Chemicals Inc.: Initiation of Coverage – Business Strategy & Key Drivers

Research on Tech Companies

Evelyn Zhang

<ul>
<li>Prices for Neon have been rising rapidly recently, in the short term, global semiconductor companies have 6 months inventory of the noble gas.</li>
<li>China, as a major steel producer, has mature purification technology and production process for these noble gases,  around 30% of noble gases for wafers above 8-inch  are Chinese suppliers. </li>
<li>It takes 3 to 6 months to find replacement due to the complex process of chip lithography; this crisis will accelerate the domestic substitution  of Chinese semiconductor material manufacturers.</li>
</ul>


Prices for Neon have been rising rapidly recently, in the short term, global semiconductor companies have 6 months inventory of the noble gas.
China, as a major steel producer, has mature purification technology and production process for these noble gases,  around 30% of noble gases for wafers above 8-inch  are Chinese suppliers. 
It takes 3 to 6 months to find replacement due to the complex process of chip lithography; this crisis will accelerate the domestic substitution  of Chinese semiconductor material manufacturers.


How Semiconductor Supply Chain in China Stands to Benefit from Ukraine Crisis

United States

Air Products and Chemicals, Inc. produces industrial atmospheric and specialty gases, and performance materials and equipment. The Company's products include oxygen, nitrogen, argon, helium, specialty surfactants and amines, polyurethane, epoxy curatives and resins. Air Products and Chemicals, Inc. products are used in the beverage, health and semiconductors fields.

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Air Products & Chemicals, Inc (APD US)

Air Products and Chemicals Inc.: Price Surges

Air Products and Chemicals' pricing strength remains unabated, with its volume improving for an impressive ninth consecutive quarter, bolstered by...

Baptista Research

Industrial Gases Sector Might Be a Good Way to Play Inflation and the Rejig of Supply Chains

Take or pay contracts, inflation based price adjustments, and excellent industry consolidation, makes industrial gases sector a great way to play...

Pyari Menon

Air Products and Chemicals Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Air Products and Chemicals is a behemoth in the industrial gases domain and is the third-largest industrial gas supplier in the world. The company...

Baptista Research

Air Products and Chemicals Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on industrial gases major, Air Products and Chemicals. The company delivered an impressive result in the last quarter,...

Baptista Research

How Semiconductor Supply Chain in China Stands to Benefit from Ukraine Crisis

As the Ukraine standoff intensifies, a little-known industry is set for an upset, leaving western buyers in a lurch and Chinese producers...

Evelyn Zhang

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