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>American Express Company delivered a solid result and managed an all-around beat in the last quarter, continuing the impressive trajectory of its financial performance.</li><li>The company reported its 7th consecutive quarter of tangible results, with significant revenues reaching $15.4 billion, showcasing a 13% year-over-year increase.</li><li>The company further introduced product improvements and analytics advancements to its digital cash flow management hub, American Express Business Blueprint.</li></ul>

American Express Company delivered a solid result and managed an all-around beat in the last quarter, continuing the impressive trajectory of its financial performance.The company reported its 7th consecutive quarter of tangible results, with significant revenues reaching $15.4 billion, showcasing a 13% year-over-year increase.The company further introduced product improvements and analytics advancements to its digital cash flow management hub, American Express Business Blueprint.

American Express Company: Launch Of American Express Business Blueprint & Other Developments

<ul><li>American Express delivered a mixed result in the most recent quarter, with revenues below market anticipation, but it surpassed the analyst consensus regarding earnings.</li><li>Their fee-based premium products and solid customer base contribute to fast-growing subscription-like revenues.</li><li>We give American Express Company a 'Hold' rating with a revised target price.</li></ul>

American Express delivered a mixed result in the most recent quarter, with revenues below market anticipation, but it surpassed the analyst consensus regarding earnings.Their fee-based premium products and solid customer base contribute to fast-growing subscription-like revenues.We give American Express Company a 'Hold' rating with a revised target price.

American Express: What Are The Drivers Behind Their 6-Quarter Growth Streak? - Financial Forecasts

Asian bank research and consultancy, Tabbush Report

Daniel Tabbush

Asian bank research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Weekly balance sheets give a view of underlying credit conditions in the US and they are not positive. Lending growth continues to decelerate and could reach negative growth soon. </li>
<li>Cash balances are rising and this suggests that US large banks are not comfortable with risk and also seeing less opportunities. Cash/loans ratio rising fastest in most recent week. </li>
<li>Large time deposits cost the most, and their growth rate is now 109% YoY in the most recent week, rising more than loans in each of the past 3 weeks.</li>
</ul>


Weekly balance sheets give a view of underlying credit conditions in the US and they are not positive. Lending growth continues to decelerate and could reach negative growth soon. 
Cash balances are rising and this suggests that US large banks are not comfortable with risk and also seeing less opportunities. Cash/loans ratio rising fastest in most recent week. 
Large time deposits cost the most, and their growth rate is now 109% YoY in the most recent week, rising more than loans in each of the past 3 weeks.


US Large Banks - Weekly Balance Sheets: Decelerating Loans, Rising Cash, Big Time Deposits +109% YoY

<ul>
<li>High frequency data shows small banks continue to take more CRE loan market share to week 23 August, now at 66.11%, rising 0.06% WoW (double avg WoW rise this year)</li>
<li>Net-Charge off rates on CRE loans for the 100 largest US banks just doubled in the past week to 26bps, for other banks they are still low...for now</li>
<li>Weekly mortgage loan applications index fell 5.7% in most recent weeks' data to 25 August, a steep decline compared with an avg 0.3% WoW decline since 7 July </li>
</ul>


High frequency data shows small banks continue to take more CRE loan market share to week 23 August, now at 66.11%, rising 0.06% WoW (double avg WoW rise this year)
Net-Charge off rates on CRE loans for the 100 largest US banks just doubled in the past week to 26bps, for other banks they are still low...for now
Weekly mortgage loan applications index fell 5.7% in most recent weeks' data to 25 August, a steep decline compared with an avg 0.3% WoW decline since 7 July 


US Banks - Small Banks' CRE Loan Share Up Weekly, Now 66.1% | Mtg Loan App's Index -5.7% In the Week

<ul>
<li>Large US banks saw loans down USD22bn from 28 Jun to 16 Aug vs 5bn decline preceding</li>
<li>Weekly data in preceding several weeks shows combined USD18bn decline: it's worsening</li>
<li>Large time deposits, at large US banks, up 76% YoY at 16 Aug - growth is 'off the charts' </li>
</ul>


Large US banks saw loans down USD22bn from 28 Jun to 16 Aug vs 5bn decline preceding
Weekly data in preceding several weeks shows combined USD18bn decline: it's worsening
Large time deposits, at large US banks, up 76% YoY at 16 Aug - growth is 'off the charts' 


US Banks - New HFD Shows Loans Down $22bn From 28 Jun To 16 Aug & Large Time Deposits up 76% YoY

United States

American Express Company is a global payment and travel company. The Company's principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world.

American Express Co (AXP US)

American Express Company: Launch Of American Express Business Blueprint & Other Developments

American Express Company delivered a solid result and managed an all-around beat in the last quarter, continuing the impressive trajectory of its...

Baptista Research

American Express: What Are The Drivers Behind Their 6-Quarter Growth Streak? - Financial Forecasts

American Express delivered a mixed result in the most recent quarter, with revenues below market anticipation, but it surpassed the analyst...

Baptista Research

US Large Banks - Weekly Balance Sheets: Decelerating Loans, Rising Cash, Big Time Deposits +109% YoY

US large banks are seeing loan growth decelerating, cash rising, large time deposits up 109% YoY in most recent week. Weekly B/S data suggests net...

Daniel Tabbush

US Banks - New HFD Shows Loans Down $22bn From 28 Jun To 16 Aug & Large Time Deposits up 76% YoY

US banks' HFD data shows loans down $22bn in recent weeks - a major worsening - and 76% growth in the latest week YoY for large time deposits. B/S...

Daniel Tabbush

American Express Company: Launch Of American Express Business Blueprint & Other Developments

American Express Company delivered a solid result and managed an all-around beat in the last quarter, continuing the impressive trajectory of its...

Baptista Research

American Express: What Are The Drivers Behind Their 6-Quarter Growth Streak? - Financial Forecasts

American Express delivered a mixed result in the most recent quarter, with revenues below market anticipation, but it surpassed the analyst...

Baptista Research

US Large Banks - Weekly Balance Sheets: Decelerating Loans, Rising Cash, Big Time Deposits +109% YoY

US large banks are seeing loan growth decelerating, cash rising, large time deposits up 109% YoY in most recent week. Weekly B/S data suggests net...

Daniel Tabbush

US Banks - Small Banks' CRE Loan Share Up Weekly, Now 66.1% | Mtg Loan App's Index -5.7% In the Week

Weekly US data shows US small banks taking higher CRE loan market share every week this quarter, now at 66.1%, while the US Mortgage Loan...

Daniel Tabbush

US Banks - New HFD Shows Loans Down $22bn From 28 Jun To 16 Aug & Large Time Deposits up 76% YoY

US banks' HFD data shows loans down $22bn in recent weeks - a major worsening - and 76% growth in the latest week YoY for large time deposits. B/S...

Daniel Tabbush