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>Adient’s third-quarter earnings for fiscal year 2024 showcase the company’s ongoing efforts to navigate a complex operating environment marked by industry-wide volume declines and regional performance disparities.</li><li>These results offer insight into both the strengths and challenges that have emerged in its financial and operational landscape.</li><li>One of the key highlights from the quarter is Adient’s strong balance sheet and liquidity position, which has proven vital in managing unpredictable market conditions while allowing the company to pursue growth opportunities.</li></ul>

Adient’s third-quarter earnings for fiscal year 2024 showcase the company’s ongoing efforts to navigate a complex operating environment marked by industry-wide volume declines and regional performance disparities.These results offer insight into both the strengths and challenges that have emerged in its financial and operational landscape.One of the key highlights from the quarter is Adient’s strong balance sheet and liquidity position, which has proven vital in managing unpredictable market conditions while allowing the company to pursue growth opportunities.

Adient plc: An Insight Into Its Core Business Strategy! - Major Drivers

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>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> were finally added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and there is huge size to trade in the stocks.</li>
<li>There will also be big buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> following a float increase driven by <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> selling last quarter.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.

Dell Technologies (DELL US) and Palantir Technologies (PLTR US) were finally added to the S&amp;P 500 INDEX (SPX INDEX) and there is huge size to trade in the stocks.
There will also be big buying in Apple (AAPL US) following a float increase driven by Berkshire Hathaway Inc Cl A (BRK/A US) selling last quarter.


S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

<ul><li>Adient recently disclosed its financial results, presenting a mixed picture that warrants a balanced view for potential investors.</li><li>The company, a global leader in automotive seating, reported a revenue decline of 4% year-over-year, bringing the figure to $3.8 billion.</li><li>This decline was primarily driven by lower production volumes, attributed to slower-than-anticipated key launches and softening electric vehicle (EV) demand in the Americas and Europe, Middle East, and Africa (EMEA) regions.</li></ul>

Adient recently disclosed its financial results, presenting a mixed picture that warrants a balanced view for potential investors.The company, a global leader in automotive seating, reported a revenue decline of 4% year-over-year, bringing the figure to $3.8 billion.This decline was primarily driven by lower production volumes, attributed to slower-than-anticipated key launches and softening electric vehicle (EV) demand in the Americas and Europe, Middle East, and Africa (EMEA) regions.

Adient plc: Why We Are So Optimistic About Them Given The Improved Market Share & Performance in China!   - Major Drivers

<ul><li>This is our first report on Adient, a global leader in automotive seating.</li><li>The company has continued to focus on business performance, launch execution, and continuous improvement in FY 2024.</li><li>Some highlights in the first fiscal quarter of 2024 include a total revenue of $3.7 billion, a slight decrease compared to the previous year's first quarter, and an adjusted EBITDA totalling $216 million, reflecting an increase of 2%.</li></ul>

This is our first report on Adient, a global leader in automotive seating.The company has continued to focus on business performance, launch execution, and continuous improvement in FY 2024.Some highlights in the first fiscal quarter of 2024 include a total revenue of $3.7 billion, a slight decrease compared to the previous year's first quarter, and an adjusted EBITDA totalling $216 million, reflecting an increase of 2%.

Adient plc: Initiation Of Coverage - What Is Its Business Strategy & How Is It Growing In China? - Major Drivers

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

<p style="text-align: justify;">In this note, we share our latest on the ground checks on <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> China this month.   We believe that both the GF3 production progress and local demand for MIC M3 are over-hyped.  Chinese brokers  and funds have played a role in rallying the expectations, possibly aiming at promoting the stocks relating to TSLA supply chain locally (very little as of today in fact).  A funny, true story is that a Chinese PCB maker Olympic Circuit Tech which is listed on the mainland stock market was halted trading for three days this week (10% price movement triggers trading suspension in mainland China) caused by a broad, nearly week-long rally in TSLA supplier stocks.  On the fourth day, Olympic Circuit officially announced that it is not designed or used in MIC M3, but that didn’t stop the rally.  </p>

In this note, we share our latest on the ground checks on Tesla Motors (TSLA US) China this month.   We believe that both the GF3 production progress and local demand for MIC M3 are over-hyped.  Chinese brokers  and funds have played a role in rallying the expectations, possibly aiming at promoting the stocks relating to TSLA supply chain locally (very little as of today in fact).  A funny, true story is that a Chinese PCB maker Olympic Circuit Tech which is listed on the mainland stock market was halted trading for three days this week (10% price movement triggers trading suspension in mainland China) caused by a broad, nearly week-long rally in TSLA supplier stocks.  On the fourth day, Olympic Circuit officially announced that it is not designed or used in MIC M3, but that didn’t stop the rally.  

Tesla China and EV Subsidies Fact Checks - January 2020

United States

Adient plc is a automotive seating supplier that designs, develops, manufactures, and distributes complete seat systems and their various components. The Company provides its products to the global auto industry for use in vans, pick-up trucks and SUV vehicles.

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Adient PLC (ADNT US)

Adient plc: An Insight Into Its Core Business Strategy! - Major Drivers

Adient’s third-quarter earnings for fiscal year 2024 showcase the company’s ongoing efforts to navigate a complex operating environment marked by...

Baptista Research

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

Adient plc: Initiation Of Coverage - What Is Its Business Strategy & How Is It Growing In China? - Major Drivers

This is our first report on Adient, a global leader in automotive seating. The company has continued to focus on business performance, launch...

Baptista Research

Tesla China and EV Subsidies Fact Checks - January 2020

In this note, we share our latest on the ground checks on Tesla Motors (TSLA US) China this month. We believe that both the GF3 production...

JL Warren Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Adient plc: An Insight Into Its Core Business Strategy! - Major Drivers

Adient’s third-quarter earnings for fiscal year 2024 showcase the company’s ongoing efforts to navigate a complex operating environment marked by...

Baptista Research

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

Adient plc: Why We Are So Optimistic About Them Given The Improved Market Share & Performance in China! - Major Drivers

Adient recently disclosed its financial results, presenting a mixed picture that warrants a balanced view for potential investors. The company, a...

Baptista Research

Adient plc: Initiation Of Coverage - What Is Its Business Strategy & How Is It Growing In China? - Major Drivers

This is our first report on Adient, a global leader in automotive seating. The company has continued to focus on business performance, launch...

Baptista Research

Tesla China and EV Subsidies Fact Checks - January 2020

In this note, we share our latest on the ground checks on Tesla Motors (TSLA US) China this month. We believe that both the GF3 production...

JL Warren Capital