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>Aflac Incorporated reported its second-quarter 2025 financial results, highlighting both positive achievements and areas of concern.</li><li>The company presented net earnings per diluted share of $1.11 and adjusted earnings per diluted share of $1.78.</li><li>This represents a year-over-year decrease of 2.7% when factoring in a $0.04 positive impact from foreign exchange rates.</li></ul>

Aflac Incorporated reported its second-quarter 2025 financial results, highlighting both positive achievements and areas of concern.The company presented net earnings per diluted share of $1.11 and adjusted earnings per diluted share of $1.78.This represents a year-over-year decrease of 2.7% when factoring in a $0.04 positive impact from foreign exchange rates.

Aflac Inc: Will Its Enhancement of the Regulatory ESR Model Provide A Realistic Picture Regarding Its Operations?

<ul><li>Aflac Incorporated reported its financial results for the first quarter of 2025 with mixed outcomes across its Japan and U.S. operations.</li><li>For the quarter, Aflac achieved net earnings per diluted share of $0.05, notably impacted by net investment losses.</li><li>Conversely, its adjusted earnings per diluted share stood at $1.66, remaining consistent with the previous year.</li></ul>

Aflac Incorporated reported its financial results for the first quarter of 2025 with mixed outcomes across its Japan and U.S. operations.For the quarter, Aflac achieved net earnings per diluted share of $0.05, notably impacted by net investment losses.Conversely, its adjusted earnings per diluted share stood at $1.66, remaining consistent with the previous year.

Aflac Inc.: Expanding Product Portfolio in Japan to Capitalize On Demographic Shifts!

<ul><li>In the fourth quarter of 2024, Aflac Incorporated reported strong earnings, with net earnings per diluted share rising by 23.8% to $9.63, and adjusted earnings per diluted share increasing by 15.7% to $7.21.</li><li>This positive performance was largely driven by the company's operations in Japan, which accounted for over 70% of pretax adjusted earnings.</li><li>Aflac Japan enjoyed a stable premium persistency rate of 93.4% and reported a 15.5% growth in pretax adjusted earnings.</li></ul>

In the fourth quarter of 2024, Aflac Incorporated reported strong earnings, with net earnings per diluted share rising by 23.8% to $9.63, and adjusted earnings per diluted share increasing by 15.7% to $7.21.This positive performance was largely driven by the company's operations in Japan, which accounted for over 70% of pretax adjusted earnings.Aflac Japan enjoyed a stable premium persistency rate of 93.4% and reported a 15.5% growth in pretax adjusted earnings.

Aflac Incorporated: Will Its Reinsurance & Capital Efficiency Help Up Its Game?

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Does the underperformance since the recent results announcement provide an opportunity?</li>
<li>While the company strategy is moving in the right direction, the pace of change is slow.</li>
<li>With ownership of Japan Post Bank reduced to below 50%, there is potential change afoot there</li>
</ul>


Does the underperformance since the recent results announcement provide an opportunity?
While the company strategy is moving in the right direction, the pace of change is slow.
With ownership of Japan Post Bank reduced to below 50%, there is potential change afoot there


Japan Post Holdings – Waiting for Godot...

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.</li>
<li>We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.</li>
</ul>


In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.
We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.


S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

United States

Aflac, Inc. is a general business holding company. The Company, through its subsidiaries, provides supplemental insurance to individuals in the United States and Japan.  Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, hospital intensive care plans, and fixed-benefit dental plans.

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Aflac Inc (AFL US)

Aflac Inc: Will Its Enhancement of the Regulatory ESR Model Provide A Realistic Picture Regarding Its Operations?

Aflac Incorporated reported its second-quarter 2025 financial results, highlighting both positive achievements and areas of concern. The company...

Baptista Research

Aflac Inc.: Expanding Product Portfolio in Japan to Capitalize On Demographic Shifts!

Aflac Incorporated reported its financial results for the first quarter of 2025 with mixed outcomes across its Japan and U.S. operations. For the...

Baptista Research

Aflac Incorporated: Will Its Reinsurance & Capital Efficiency Help Up Its Game?

In the fourth quarter of 2024, Aflac Incorporated reported strong earnings, with net earnings per diluted share rising by 23.8% to $9.63, and...

Baptista Research

Japan Post Holdings – Waiting for Godot...

Underperformance post-results announcement may present opportunity as strategy shifts slowly and ownership of Japan Post Bank changes hands.

Rikki Malik

S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

$SPX and $QQQ $NDX Testing Initial Supports at 5770-5850 and $490-$500; Russell 2000 $IWM and Nasdaq 100 Bullish Breadth Divergences (% above 20-...

Vermilion Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aflac Inc: Will Its Enhancement of the Regulatory ESR Model Provide A Realistic Picture Regarding Its Operations?

Aflac Incorporated reported its second-quarter 2025 financial results, highlighting both positive achievements and areas of concern. The company...

Baptista Research

Aflac Inc.: Expanding Product Portfolio in Japan to Capitalize On Demographic Shifts!

Aflac Incorporated reported its financial results for the first quarter of 2025 with mixed outcomes across its Japan and U.S. operations. For the...

Baptista Research

Aflac Incorporated: Will Its Reinsurance & Capital Efficiency Help Up Its Game?

In the fourth quarter of 2024, Aflac Incorporated reported strong earnings, with net earnings per diluted share rising by 23.8% to $9.63, and...

Baptista Research

Japan Post Holdings – Waiting for Godot...

​Underperformance post-results announcement may present opportunity as strategy shifts slowly and ownership of Japan Post Bank changes hands.

Rikki Malik

S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

$SPX and $QQQ $NDX Testing Initial Supports at 5770-5850 and $490-$500; Russell 2000 $IWM and Nasdaq 100 Bullish Breadth Divergences (% above 20-...

Vermilion Research

Underperformance post-results announcement may present opportunity as strategy shifts slowly and ownership of Japan Post Bank changes hands.