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 presented a mixed set of results for its third quarter of 2024, with both positive and challenging elements influencing its overall financial performance.</li><li>On the positive side, Aflac achieved a notable increase in adjusted earnings per diluted share, which rose 17.4% to $2.16, despite experiencing a foreign exchange-related loss due to the yen strengthening.</li><li>This growth underscores the company's operational resilience and ability to manage core business challenges effectively.</li></ul>

Aflac Incorporated presented a mixed set of results for its third quarter of 2024, with both positive and challenging elements influencing its overall financial performance.On the positive side, Aflac achieved a notable increase in adjusted earnings per diluted share, which rose 17.4% to $2.16, despite experiencing a foreign exchange-related loss due to the yen strengthening.This growth underscores the company's operational resilience and ability to manage core business challenges effectively.

Aflac Incorporated: Expanding Product Offerings in Japan To Change The Game! - Major Drivers

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>The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.</li>
<li>Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.</li>
<li>As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.</li>
</ul>


The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.
Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.
As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.


SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

<ul><li>Aflac Incorporated reported a robust performance for the second quarter of 2024, showcasing solid earnings and steady growth.</li><li>The company's earnings per diluted share rose to $3.10 for the quarter, with net earnings on an adjusted basis increasing by 15.8% to $1.83 per share.</li><li>For the first six months, adjusted earnings per share climbed by 11.5% to $3.49.</li></ul>

Aflac Incorporated reported a robust performance for the second quarter of 2024, showcasing solid earnings and steady growth.The company's earnings per diluted share rose to $3.10 for the quarter, with net earnings on an adjusted basis increasing by 15.8% to $1.83 per share.For the first six months, adjusted earnings per share climbed by 11.5% to $3.49.

Aflac Incorporated: These Are 6 Pivotal Factors Driving Its Performance In 2024 & 2025! - Financial Forecasts

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

Rikki Malik

<ul>
<li>The company’s targets are underwhelming given the opportunity but low expectations built in</li>
<li>A revamped strategy to increase profitability and shareholder returns is “radical” for this old-school company</li>
<li>Execution is key for certain parts of the plan, but the market can do the rest</li>
</ul>


The company’s targets are underwhelming given the opportunity but low expectations built in
A revamped strategy to increase profitability and shareholder returns is “radical” for this old-school company
Execution is key for certain parts of the plan, but the market can do the rest


Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

<ul><li>Aflac Incorporated reported its first quarter 2024 financial results, showcasing a mixture of encouraging and challenging outcomes.</li><li>The report indicates solid earnings with net earnings per diluted share standing at $3.25, and an adjusted increase by 7.1% to $1.66, signaling robust profitability.</li><li>These results reflect diligent management of expenses and underwriting, contributing to strong pretax profit margins of 32.8% in Japan and 21% in the U.S. In Japan, Aflow of new and innovative products continued, including the latest medical insurance launch aimed at younger populations.</li></ul>

Aflac Incorporated reported its first quarter 2024 financial results, showcasing a mixture of encouraging and challenging outcomes.The report indicates solid earnings with net earnings per diluted share standing at $3.25, and an adjusted increase by 7.1% to $1.66, signaling robust profitability.These results reflect diligent management of expenses and underwriting, contributing to strong pretax profit margins of 32.8% in Japan and 21% in the U.S. In Japan, Aflow of new and innovative products continued, including the latest medical insurance launch aimed at younger populations.

Aflac Incorporated: Strategic Sales Execution & Diverse Distribution Channels In The U.S. & Japan! - Major Drivers

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 Incorporated: Expanding Product Offerings in Japan To Change The Game! - Major Drivers

Aflac Incorporated presented a mixed set of results for its third quarter of 2024, with both positive and challenging elements influencing its...

Baptista Research

SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

$SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 is Resistance, 2007 Analog on Track if Below 5783. Still Neutral, prefer to sell...

Vermilion Research

Aflac Incorporated: These Are 6 Pivotal Factors Driving Its Performance In 2024 & 2025! - Financial Forecasts

Aflac Incorporated reported a robust performance for the second quarter of 2024, showcasing solid earnings and steady growth. The company's...

Baptista Research

Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...

Rikki Malik

Aflac Incorporated: Strategic Sales Execution & Diverse Distribution Channels In The U.S. & Japan! - Major Drivers

Aflac Incorporated reported its first quarter 2024 financial results, showcasing a mixture of encouraging and challenging outcomes. The report...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aflac Incorporated: Expanding Product Offerings in Japan To Change The Game! - Major Drivers

Aflac Incorporated presented a mixed set of results for its third quarter of 2024, with both positive and challenging elements influencing its...

Baptista Research

SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

$SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 is Resistance, 2007 Analog on Track if Below 5783. Still Neutral, prefer to sell...

Vermilion Research

Aflac Incorporated: These Are 6 Pivotal Factors Driving Its Performance In 2024 & 2025! - Financial Forecasts

Aflac Incorporated reported a robust performance for the second quarter of 2024, showcasing solid earnings and steady growth. The company's...

Baptista Research

Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

​Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...

Rikki Malik

Aflac Incorporated: Strategic Sales Execution & Diverse Distribution Channels In The U.S. & Japan! - Major Drivers

Aflac Incorporated reported its first quarter 2024 financial results, showcasing a mixture of encouraging and challenging outcomes. The report...

Baptista Research

Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...