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>Toronto-Dominion Bank Group's Q4 2024 financial performance presents a mix of positive developments and notable challenges.</li><li>The bank reported a quarter with total earnings of $3.2 billion and earnings per share (EPS) of $1.72, both metrics reflecting a year-over-year decline of 8% and 5% respectively.</li><li>Notably, the bank's revenue grew by 12% year-over-year, underscored by a strong performance in market-related businesses and Canadian volume growth.</li></ul>

Toronto-Dominion Bank Group's Q4 2024 financial performance presents a mix of positive developments and notable challenges.The bank reported a quarter with total earnings of $3.2 billion and earnings per share (EPS) of $1.72, both metrics reflecting a year-over-year decline of 8% and 5% respectively.Notably, the bank's revenue grew by 12% year-over-year, underscored by a strong performance in market-related businesses and Canadian volume growth.

Toronto-Dominion’s Financial Fortress: U.S. Expansion & Canadian Dominance Can Shape Its Stock Future

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

Event-Driven

<ul>
<li>The FRTIB has decided to switch its benchmark for the International Stock Index Investment Fund from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index.</li>
<li>With around US$68bn invested in the I Fund, this will set off churn among the constituent stocks in 2024. One-way trade is around US$28bn with DM outflows and EM inflows.</li>
<li>The benchmark shift could be done over a 4 month period with higher trading during periods where liquidity opportunities arise.</li>
</ul>


The FRTIB has decided to switch its benchmark for the International Stock Index Investment Fund from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index.
With around US$68bn invested in the I Fund, this will set off churn among the constituent stocks in 2024. One-way trade is around US$28bn with DM outflows and EM inflows.
The benchmark shift could be done over a 4 month period with higher trading during periods where liquidity opportunities arise.


FRTIB Switches Benchmarks: +EM/-DM; US$56bn Trade as Asia EM Benefits & HK Loses Out

<ul><li>The Toronto-Dominion Bank delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.</li><li>Revenue increased yearly, mostly due to margin improvement in the company's retail sectors.</li><li>Earnings in the Canadian Personal and Commercial Banking division were $1.7 billion, with revenue increasing by 7% and operating leverage significantly improving.</li></ul>

The Toronto-Dominion Bank delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.Revenue increased yearly, mostly due to margin improvement in the company's retail sectors.Earnings in the Canadian Personal and Commercial Banking division were $1.7 billion, with revenue increasing by 7% and operating leverage significantly improving.

The Toronto-Dominion Bank: Redefining Banking with Strategic Investments! - Major Drivers

Equity Capital Markets

Toronto Dominion Bank / Equity Capital Markets

<ul><li>Toronto Dominion delivered a mixed result in the recent quarter with revenues above market expectations but it failed to surpass the analyst consensus in terms of earnings.</li><li>During the last quarter, TD's Canadian Personal and Commercial Banking segment showed steady progress, with increased net income and revenue.</li><li>Loan volumes and deposits saw modest growth, although there was a shift towards term deposits and higher-yielding investments.</li></ul>

Toronto Dominion delivered a mixed result in the recent quarter with revenues above market expectations but it failed to surpass the analyst consensus in terms of earnings.During the last quarter, TD's Canadian Personal and Commercial Banking segment showed steady progress, with increased net income and revenue.Loan volumes and deposits saw modest growth, although there was a shift towards term deposits and higher-yielding investments.

The Toronto-Dominion Bank: Failed Acquisition Of First Horizon A Positive For Shareholders? – Key Drivers

Canada

The Toronto-Dominion Bank conducts a general banking business through banking branches and offices located throughout Canada and overseas. The Bank and other subsidiaries offer a broad range of banking, advisory services, and discount brokerage to individuals, businesses, financial institutions, governments, and multinational corporations.

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Toronto Dominion Bank (TD CN)

Toronto-Dominion’s Financial Fortress: U.S. Expansion & Canadian Dominance Can Shape Its Stock Future

Toronto-Dominion Bank Group's Q4 2024 financial performance presents a mix of positive developments and notable challenges. The bank reported a...

Baptista Research

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

FRTIB Switches Benchmarks: +EM/-DM; US$56bn Trade as Asia EM Benefits & HK Loses Out

The FRTIB has decided to switch investment benchmarks leading to inflows for Emerging Markets and Small Caps at the expense of Developed Markets...

Brian Freitas

The Toronto-Dominion Bank: Redefining Banking with Strategic Investments! - Major Drivers

The Toronto-Dominion Bank delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the...

Baptista Research

The Toronto-Dominion Bank: Failed Acquisition Of First Horizon A Positive For Shareholders? – Key Drivers

Toronto Dominion delivered a mixed result in the recent quarter with revenues above market expectations but it failed to surpass the analyst...

Baptista Research

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