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>Albemarle Corporation's Q2 2024 earnings reveal a mix of operational successes and challenges reflective of the broader industry landscape.</li><li>During the quarter, the company reported net sales of $1.4 billion, a substantial decrease from $2.4 billion a year prior, primarily due to decreased pricing.</li><li>The loss attributable to Albemarle stood at $188 million, reflecting a significant downturn from profitability, with a diluted loss per share of $1.96.</li></ul>

Albemarle Corporation's Q2 2024 earnings reveal a mix of operational successes and challenges reflective of the broader industry landscape.During the quarter, the company reported net sales of $1.4 billion, a substantial decrease from $2.4 billion a year prior, primarily due to decreased pricing.The loss attributable to Albemarle stood at $188 million, reflecting a significant downturn from profitability, with a diluted loss per share of $1.96.

Albemarle Corporation: These Are The 7 Factors Driving Our 'Buy' Rating! - Financial Forecasts

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 is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, and no regular changes for the S&amp;P/ASX200 INDEX in June.</li>
<li>The surprise inclusion of <a href="https://www.smartkarma.com/entities/wisetech-global-ltd" target="_blank" data-smartkarma-citation="entities:22669:1" rel="noopener">Wisetech Global (WTC AU)</a> means that positioning is likely to be lower than the passive buying and there could be a move higher in the stock.</li>
<li>There will be one adhoc inclusion to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the close on 19 June following Cie De Saint-Gobain (SGO FP)'s acquisition of CSR Ltd (CSR AU). </li>
</ul>


There is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, and no regular changes for the S&amp;P/ASX200 INDEX in June.
The surprise inclusion of Wisetech Global (WTC AU) means that positioning is likely to be lower than the passive buying and there could be a move higher in the stock.
There will be one adhoc inclusion to the S&amp;P/ASX 200 (AS51 INDEX) at the close on 19 June following Cie De Saint-Gobain (SGO FP)'s acquisition of CSR Ltd (CSR AU). 


S&P/​​​​ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

<ul><li>Albemarle Corporation's first quarter earnings of 2024 revealed a net sales of $1.4 billion and adjusted EBITDA of $291 million.</li><li>Despite the decline of 47% year-over-year, which was caused largely by reduced prices, the firm experienced volumetric growth led by the energy storage segment.</li><li>The firm also confirmed its ability to navigate the market dynamism and confirmed delivery of over $9 million in productivity and restructuring cost savings, as part of efforts geared towards aligning costs with the current market situation.</li></ul>

Albemarle Corporation's first quarter earnings of 2024 revealed a net sales of $1.4 billion and adjusted EBITDA of $291 million.Despite the decline of 47% year-over-year, which was caused largely by reduced prices, the firm experienced volumetric growth led by the energy storage segment.The firm also confirmed its ability to navigate the market dynamism and confirmed delivery of over $9 million in productivity and restructuring cost savings, as part of efforts geared towards aligning costs with the current market situation.

Albemarle Corporation: A Tale Of  Expansion of New Facilities and Margin Recovery! - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> shareholders have overwhelmingly approved the dual-track bid from <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-chile-sa" target="_blank" data-smartkarma-citation="entities:27977:1" rel="noopener">Sociedad Quimica y Minera de Chile (SQM US)</a> and Hancock. The scheme offer is A$3.70 per share.</li>
<li>The shares fell 7%, seemingly due to concerns about FIRB approval sparked by FIRB’s request for an extension on 3 April and today’s <a href="https://www.afr.com/companies/mining/chinese-miners-in-2-5b-payday-from-australian-lithium-holdings-20240404-p5fhix" target="_blank" rel="noopener">AFR article</a> on China’s Australian lithium holdings. </li>
<li>FIRB approval should be forthcoming due to <a href="https://www.smartkarma.com/entities/tianqi-lithium-corp" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi Lithium (9696 HK)</a> small indirect interest in Andover, <a href="https://www.smartkarma.com/entities/lithium-power-international" target="_blank" data-smartkarma-citation="entities:30603:1" rel="noopener">Lithium Power International (LPI AU)</a> precedent, and SQM and Tianqi’s strained relationship. </li>
</ul>



Azure Minerals (AZS AU) shareholders have overwhelmingly approved the dual-track bid from Sociedad Quimica y Minera de Chile (SQM US) and Hancock. The scheme offer is A$3.70 per share.
The shares fell 7%, seemingly due to concerns about FIRB approval sparked by FIRB’s request for an extension on 3 April and today’s AFR article on China’s Australian lithium holdings. 
FIRB approval should be forthcoming due to Tianqi Lithium (9696 HK) small indirect interest in Andover, Lithium Power International (LPI AU) precedent, and SQM and Tianqi’s strained relationship. 


Azure Minerals (AZS AU): FIRB Approval Concerns Are Overdone

<ul><li>Albemarle Corporation's 2023 earnings reported net sales of $9.6 billion, a 31% rise compared to 2022 with volume growth contributing 21% to the increase.</li><li>The energy storage sector delivered 35% volumetric growth.</li><li>The corporation's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2023 were $2.8 billion or $3.4 billion, excluding a lower-cost charge recorded in Q4.</li></ul>

Albemarle Corporation's 2023 earnings reported net sales of $9.6 billion, a 31% rise compared to 2022 with volume growth contributing 21% to the increase.The energy storage sector delivered 35% volumetric growth.The corporation's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2023 were $2.8 billion or $3.4 billion, excluding a lower-cost charge recorded in Q4.

Albemarle Corporation: Is The EV Demand Actually Flattening & Impacting Their Performance? - Major Drivers

United States

Albemarle Corporation produces specialty and fine chemicals.  The Company's chemicals are additives to or intermediates for plastics, polymers and elastomers, cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides.  Albemarle produces the majority of its products in the United States.

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Albemarle Corp (ALB US)

Albemarle Corporation: These Are The 7 Factors Driving Our 'Buy' Rating! - Financial Forecasts

Albemarle Corporation's Q2 2024 earnings reveal a mix of operational successes and challenges reflective of the broader industry landscape. During...

Baptista Research

S&P/ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

There is 1 change for the ASX20, 1 change for the ASX50, 2 changes for the ASX100 in June. Codan and Judo Capital are locked in a race to replace...

Brian Freitas

Albemarle Corporation: A Tale Of Expansion of New Facilities and Margin Recovery! - Major Drivers

Albemarle Corporation's first quarter earnings of 2024 revealed a net sales of $1.4 billion and adjusted EBITDA of $291 million. Despite the...

Baptista Research

Azure Minerals (AZS AU): FIRB Approval Concerns Are Overdone

FIRB approval should be forthcoming due to Tianqi's small indirect interest in Andover, Lithium Power precedent, and SQM and Tianqi’s strained...

Arun George

Albemarle Corporation: Is The EV Demand Actually Flattening & Impacting Their Performance? - Major Drivers

Albemarle Corporation's 2023 earnings reported net sales of $9.6 billion, a 31% rise compared to 2022 with volume growth contributing 21% to the...

Baptista Research

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52-week Range

Market Cap (USDm)

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Albemarle Corporation: These Are The 7 Factors Driving Our 'Buy' Rating! - Financial Forecasts

Albemarle Corporation's Q2 2024 earnings reveal a mix of operational successes and challenges reflective of the broader industry landscape. During...

Baptista Research

S&P/​​​​ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

There is 1 change for the ASX20, 1 change for the ASX50, 2 changes for the ASX100 in June. Codan and Judo Capital are locked in a race to replace...

Brian Freitas

Albemarle Corporation: A Tale Of Expansion of New Facilities and Margin Recovery! - Major Drivers

Albemarle Corporation's first quarter earnings of 2024 revealed a net sales of $1.4 billion and adjusted EBITDA of $291 million. Despite the...

Baptista Research

Azure Minerals (AZS AU): FIRB Approval Concerns Are Overdone

FIRB approval should be forthcoming due to Tianqi's small indirect interest in Andover, Lithium Power precedent, and SQM and Tianqi’s strained...

Arun George

Albemarle Corporation: Is The EV Demand Actually Flattening & Impacting Their Performance? - Major Drivers

Albemarle Corporation's 2023 earnings reported net sales of $9.6 billion, a 31% rise compared to 2022 with volume growth contributing 21% to the...

Baptista Research

S&P/ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning