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>BP's recently disclosed quarterly financial results reflect a robust operational performance characterized by high plant reliability and refining availability.</li><li>During the quarter, upstream plant reliability was reported at 96%, and refining availability matched this figure, fostering a conducive environment for strong production and operational efficiency.</li><li>This operational reliability underpinned the company’s financial performance, with BP generating substantial operating cash flow of $8.1 billion.</li></ul>

BP's recently disclosed quarterly financial results reflect a robust operational performance characterized by high plant reliability and refining availability.During the quarter, upstream plant reliability was reported at 96%, and refining availability matched this figure, fostering a conducive environment for strong production and operational efficiency.This operational reliability underpinned the company’s financial performance, with BP generating substantial operating cash flow of $8.1 billion.

BP p.l.c.: Enhanced Focus on Natural Gas and Renewable Energy Paying Off? - Major Drivers

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>BP's operating revenue declined by 2.55% YoY, falling short of estimates by 9.78%, while underlying net profit increased by 6.45% YoY, exceeding EPS estimates by 8.75%.</li>
<li>Strong performance from the Oil Production &amp; Operations and Customers &amp; Products segments drove underlying net profit growth.</li>
<li>BP announced a 10% increase in its interim dividend to 8 cents/share and completed USD 1.75 billion in share buybacks in Q2.</li>
</ul>


BP's operating revenue declined by 2.55% YoY, falling short of estimates by 9.78%, while underlying net profit increased by 6.45% YoY, exceeding EPS estimates by 8.75%.
Strong performance from the Oil Production &amp; Operations and Customers &amp; Products segments drove underlying net profit growth.
BP announced a 10% increase in its interim dividend to 8 cents/share and completed USD 1.75 billion in share buybacks in Q2.


[Earnings Review] BP Surges Past Profit Estimates on Soaring Oil Prices and Robust Retail Earnings

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Wintermar Offshore Marine / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar Offshore Marine</a> booked a strong set of FY2024, confirming the ongoing recovery of the offshore oil &amp; gas shipping segment and especially demand for higher-tier vessels.</li>
<li>The company continues to build its fleet with several vessels coming on stream in FY2025 and FY2026, driven by optimism around ongoing investments in offshore oil &amp; gas in Indonesia. </li>
<li>
<a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar Offshore Marine</a> intends to sell its low-tier vessels and invest in more high-tier vessels this year, helping to drive future growth. </li>
</ul>



Wintermar Offshore Marine booked a strong set of FY2024, confirming the ongoing recovery of the offshore oil &amp; gas shipping segment and especially demand for higher-tier vessels.
The company continues to build its fleet with several vessels coming on stream in FY2025 and FY2026, driven by optimism around ongoing investments in offshore oil &amp; gas in Indonesia. 

Wintermar Offshore Marine intends to sell its low-tier vessels and invest in more high-tier vessels this year, helping to drive future growth. 


Wintermar Offshore Marine (WINS IJ) - Ahoy! Recovery Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> hosted an analyst call to outline prospects for 2025, which revealed a more positive outlook for fuel distribution driven by growth in demand from mining. </li>
<li>The chemical distribution will also benefit from demand from new smelters as well as new chemicals, whilst land sales at JIIPE are set to increase significantly in 2025. </li>
<li>The retail gas station business is picking up momentum and should benefit from the government reducing fuel subsidies. Valuations are attractive with support from a 7% dividend yield.</li>
</ul>



AKR Corporindo (AKRA IJ) hosted an analyst call to outline prospects for 2025, which revealed a more positive outlook for fuel distribution driven by growth in demand from mining. 
The chemical distribution will also benefit from demand from new smelters as well as new chemicals, whilst land sales at JIIPE are set to increase significantly in 2025. 
The retail gas station business is picking up momentum and should benefit from the government reducing fuel subsidies. Valuations are attractive with support from a 7% dividend yield.


AKR Corporindo (AKRA IJ) - Smelters and Gas Stations Bring Opportunity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar Offshore Marine</a> has seen a distinct turnaround in its fortunes over the last two years and is now well-positioned to benefit from an upcycle in the Offshore Services space. </li>
<li>Charter rates have started to move up in an environment with low vessel supply, especially in the high-tier space where <a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar</a> has most exposure with new vessels being added. </li>
<li>
<a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar</a> has net cash, putting it in a strong position to increase its fleet into the upcycle driven by increased offshore exploration in Southeast Asia. Valuations remain attractive.</li>
</ul>



Wintermar Offshore Marine has seen a distinct turnaround in its fortunes over the last two years and is now well-positioned to benefit from an upcycle in the Offshore Services space. 
Charter rates have started to move up in an environment with low vessel supply, especially in the high-tier space where Wintermar has most exposure with new vessels being added. 

Wintermar has net cash, putting it in a strong position to increase its fleet into the upcycle driven by increased offshore exploration in Southeast Asia. Valuations remain attractive.


Wintermar Offshore Marine (WINS IJ) - Well-Positioned for the Upcycle

United Kingdom

BP plc is an oil and petrochemicals company.  The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals.  BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

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BP PLC (BP/ LN)

BP p.l.c.: Enhanced Focus on Natural Gas and Renewable Energy Paying Off? - Major Drivers

BP's recently disclosed quarterly financial results reflect a robust operational performance characterized by high plant reliability and refining...

Baptista Research

[Earnings Review] BP Surges Past Profit Estimates on Soaring Oil Prices and Robust Retail Earnings

BP's underlying profit rose 6.5% YoY to USD 2.8 billion, driven by strong oil production and marketing performance. BP raised its dividend by 10%;...

Mint Finance

Wintermar Offshore Marine (WINS IJ) - Ahoy! Recovery Ahead

Wintermar Offshore Marine booked a strong set of FY2024, confirming the ongoing recovery of the offshore oil & gas shipping segment and especially...

Angus Mackintosh

AKR Corporindo (AKRA IJ) - Smelters and Gas Stations Bring Opportunity

AKR Corporindo (AKRA IJ) hosted an analyst call to outline prospects for 2025, which revealed a more positive outlook for fuel distribution,...

Angus Mackintosh

Wintermar Offshore Marine (WINS IJ) - Well-Positioned for the Upcycle

Wintermar Offshore Marine has seen a distinct turnaround in its fortunes over the last two years and is now well-positioned to benefit from an...

Angus Mackintosh

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