Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

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 Capital Markets

<ul><li>BorgWarner's second quarter performance was strong and it delivered an all-around beat despite a slight decline in global output.</li><li>The company outperformed in North America and Europe and had sales of nearly $3.8 billion, an increase of around 7%.</li><li>The first line of the company's heavy-duty electric trucks, which is anticipated to be announced in 2024, will use this battery system.</li></ul>

BorgWarner's second quarter performance was strong and it delivered an all-around beat despite a slight decline in global output.The company outperformed in North America and Europe and had sales of nearly $3.8 billion, an increase of around 7%.The first line of the company's heavy-duty electric trucks, which is anticipated to be announced in 2024, will use this battery system.

BorgWarner Inc: The Rhombus Energy Acquisition & Other Drivers

Credit

<ul><li>BorgWarner is one of the leading automotive parts companies in the world today.</li><li>Its management is currently facing various challenges of the operating environment today and are navigating through the same while securing its future growth.</li><li>BorgWarner delivered a decent set of financial results and has recently acquired eMotor of Santroll and AKASOL for accelerating its electrification processes.</li></ul>

BorgWarner is one of the leading automotive parts companies in the world today.Its management is currently facing various challenges of the operating environment today and are navigating through the same while securing its future growth.BorgWarner delivered a decent set of financial results and has recently acquired eMotor of Santroll and AKASOL for accelerating its electrification processes.

BorgWarner Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on BorgWarner, one of the leading automotive parts players.</li><li>The company is working hard to manage the challenges of the operating environment while securing its future growth.</li><li>BorgWarner delivered a decent set of financial results and has recently acquired eMotor of Santroll and AKASOL for accelerating its electrification processes.</li></ul>

This is our first report on BorgWarner, one of the leading automotive parts players.The company is working hard to manage the challenges of the operating environment while securing its future growth.BorgWarner delivered a decent set of financial results and has recently acquired eMotor of Santroll and AKASOL for accelerating its electrification processes.

BorgWarner Inc.: Initiation of Coverage – Business Strategy

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

<ul>
<li>The 18% spread suggests there the <a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management Inc (APO US)</a> / <a href="https://www.smartkarma.com/entities/tenneco-inc" target="_blank" data-smartkarma-citation="entities:6260:1" rel="noopener">Tenneco Inc (TEN US)</a> transaction is fraught with risks which, we believe, are more imaginary than real</li>
<li>With TEN shareholders expected to approve the merger next week, we assess regulatory obstacles low and the risk of APO reconsidering the transaction unlikely except in the most unexpected circumstances   </li>
<li>Overall we believe the risk-reward for arbs skews to the attractive with the opportunity to game IRRs in excess of 30%</li>
</ul>


The 18% spread suggests there the Apollo Global Management Inc (APO US) / Tenneco Inc (TEN US) transaction is fraught with risks which, we believe, are more imaginary than real
With TEN shareholders expected to approve the merger next week, we assess regulatory obstacles low and the risk of APO reconsidering the transaction unlikely except in the most unexpected circumstances   
Overall we believe the risk-reward for arbs skews to the attractive with the opportunity to game IRRs in excess of 30%


MergerTalk: Why We Think The Risk In Apollo's Tenneco Buy Out Is Overpriced

United States

BorgWarner, Inc. supplies engineered systems and components, primarily for automotive powertrain applications. The Company's products are manufactured and sold worldwide, primarily to original equipment manufacturers of passenger cars, sport utility vehicles, and light trucks. BorgWarner operates manufacturing facilities in North America, Europe, and Asia.

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Borgwarner Inc (BWA US)

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

BorgWarner Inc: The Rhombus Energy Acquisition & Other Drivers

BorgWarner's second quarter performance was strong and it delivered an all-around beat despite a slight decline in global output. The company...

Baptista Research

BorgWarner Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

BorgWarner is one of the leading automotive parts companies in the world today. Its management is currently facing various challenges of the...

Baptista Research

BorgWarner Inc.: Initiation of Coverage – Business Strategy

This is our first report on BorgWarner, one of the leading automotive parts players. The company is working hard to manage the challenges of the...

Baptista Research

MergerTalk: Why We Think The Risk In Apollo's Tenneco Buy Out Is Overpriced

Whether the oversized spread underestimates Apollo's commitment to the transaction terms or overestimates the deal's regulatory obstacles, either...

Robert Sassoon

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52-week Range

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