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>Brunswick Corporation reported a solid first quarter for 2024, consistent with its projections despite ongoing economic uncertainties and a cautious consumer environment.</li><li>The company acknowledged the robust market share gains, especially by Mercury Marine in the U.S. outboard retail market, and lauded the positive response to its newly launched products.</li><li>Through effective cost control measures and strategic debt management, Brunswick has maintained a stable financial position.</li></ul>

Brunswick Corporation reported a solid first quarter for 2024, consistent with its projections despite ongoing economic uncertainties and a cautious consumer environment.The company acknowledged the robust market share gains, especially by Mercury Marine in the U.S. outboard retail market, and lauded the positive response to its newly launched products.Through effective cost control measures and strategic debt management, Brunswick has maintained a stable financial position.

Brunswick Corporation: What Is Their Biggest Competitive Advantage? - Major Drivers

<ul><li>This is our first report on recreation products manufacturer, Brunswick Corporation.</li><li>Despite market headwinds, the company reports another successful year, claiming to have accomplished the second highest sales and adjusted earnings per share in its existence.</li><li>In particular, Brunswick stresses the progress of its strategic initiatives, continued market share increases, cost control, the launch of new products, and an enhancement in operational efficiency.</li></ul>

This is our first report on recreation products manufacturer, Brunswick Corporation.Despite market headwinds, the company reports another successful year, claiming to have accomplished the second highest sales and adjusted earnings per share in its existence.In particular, Brunswick stresses the progress of its strategic initiatives, continued market share increases, cost control, the launch of new products, and an enhancement in operational efficiency.

Brunswick Corporation - Initiation Of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers

Japan Specialist

Mark Chadwick

<ul>
<li>Yamaha Motors had blow-out 1Q results. The 20% share price rally since then suggests much of the good news is in the price</li>
<li>We are concerned that deteriorating macro-economic conditions in the US due to higher interest rates could derail demand for marine engines and boats</li>
<li>The stock price of US peer, Brunswick has already started to correct. Yamaha now trades at a premium valuation</li>
</ul>


Yamaha Motors had blow-out 1Q results. The 20% share price rally since then suggests much of the good news is in the price
We are concerned that deteriorating macro-economic conditions in the US due to higher interest rates could derail demand for marine engines and boats
The stock price of US peer, Brunswick has already started to correct. Yamaha now trades at a premium valuation


Yamaha Motors (7272) | Choppy Waters Ahead

<ul>
<li>The share price of Yamaha Motors has sunk to a low of 1x book on concerns that the marine business has peaked </li>
<li>Recent results and commentary from Brunswick suggest that the market remains as buoyant as ever </li>
<li>We would be buying the stock ahead of earnings, expecting a similarly bullish outlook from Yamaha </li>
</ul>


The share price of Yamaha Motors has sunk to a low of 1x book on concerns that the marine business has peaked 
Recent results and commentary from Brunswick suggest that the market remains as buoyant as ever 
We would be buying the stock ahead of earnings, expecting a similarly bullish outlook from Yamaha 


Yamaha Motors (7272 JP) | Staying the Course in Choppy Macro Waters

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

<p>The risk of a correction due to a “second wave” of infections has given way to optimism over increased monetary and fiscal stimulus and a potential COVID-19 steroid treatment. For now we view recent weakness as a countertrend move that helped correct the overbought conditions we noted last week. As long as the S&amp;P 500 is above the 2940-2980 support zone we remain bullish and view this as a buyable pullback. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Technology.</p>

The risk of a correction due to a “second wave” of infections has given way to optimism over increased monetary and fiscal stimulus and a potential COVID-19 steroid treatment. For now we view recent weakness as a countertrend move that helped correct the overbought conditions we noted last week. As long as the S&amp;P 500 is above the 2940-2980 support zone we remain bullish and view this as a buyable pullback. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Technology.

U.S. Equity Strategy: Signs Point To Healthy Pullback Opportunity

United States

Brunswick Corporation manufactures consumer products serving the outdoor and indoor active recreation markets.  The Company's products include sterndrives, outboard and inboard marine engines, fitness, billiards, bowling equipment. Brunswick also manufactures pleasure, fishing, and high performance boats.

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Brunswick Corp (BC US)

Brunswick Corporation: What Is Their Biggest Competitive Advantage? - Major Drivers

Brunswick Corporation reported a solid first quarter for 2024, consistent with its projections despite ongoing economic uncertainties and a...

Baptista Research

Brunswick Corporation - Initiation Of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers

This is our first report on recreation products manufacturer, Brunswick Corporation. Despite market headwinds, the company reports another...

Baptista Research

Yamaha Motors (7272) | Choppy Waters Ahead

Yamaha Motors stock price could be susceptible to signs of weakness in end-consumption, particularly for the high-margin marine segment. We turn...

Mark Chadwick

Yamaha Motors (7272 JP) | Staying the Course in Choppy Macro Waters

The market has been too pessimistic on Yamaha's marine business. Recent results from Brunswick suggest the market remains strong. Yamaha's stock...

Mark Chadwick

U.S. Equity Strategy: Signs Point To Healthy Pullback Opportunity

The risk of a correction due to a “second wave” of infections has given way to optimism over increased monetary and fiscal stimulus and a potential...

Vermilion Research

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