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>Carrier Global Corporation's Q1 2024 results showed a robust start to the year with adjusted EPS growth of 19% on low-single-digit organic sales growth and 280 basis points of adjusted margin expansion.</li><li>With the addition of 12,000 new members from Viessmann Climate Solutions, the company is poised for another year of significant margin expansion and solid growth.</li><li>Its lean journey and sustained productivity have contributed greatly to these results.</li></ul>

Carrier Global Corporation's Q1 2024 results showed a robust start to the year with adjusted EPS growth of 19% on low-single-digit organic sales growth and 280 basis points of adjusted margin expansion.With the addition of 12,000 new members from Viessmann Climate Solutions, the company is poised for another year of significant margin expansion and solid growth.Its lean journey and sustained productivity have contributed greatly to these results.

Carrier Global Corporation: Can It Increase Its Productivity & Show Resilience Against Rising Material Costs? - Major Drivers

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Our flash checks across a couple of dealers indicate pressure on margins across the industry. <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is trying hard to gain market share.</li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/pnb-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:23613:1" rel="noopener">PNB Housing Finance Ltd (PNBHOUSI IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a> and <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> and <a href="https://www.smartkarma.com/entities/schaeffler-india-ltd" target="_blank" data-smartkarma-citation="entities:6434:1" rel="noopener">Schaeffler India (SCHFL IN)</a> show up as interesting ARs to read. </li>
</ul>


Our flash checks across a couple of dealers indicate pressure on margins across the industry. Voltas Ltd (VOLT IN) is trying hard to gain market share.
Other names discussed include PNB Housing Finance Ltd (PNBHOUSI IN), Vedant Fashions (MANYAVAR IN) and Bandhan Bank Ltd (BANDHAN IN). 

Varun Beverages (VBL IN) and Schaeffler India (SCHFL IN) show up as interesting ARs to read. 


[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

<ul><li>Carrier Global Corp.</li><li>recorded a robust Q4 2023 performance, delivering 33% growth in adjusted EPS and generating over $800 million in free cash flow, significantly exceeding expectations.</li><li>Key to this success was resilient aftermarket growth alongside margin expansion.</li></ul>

Carrier Global Corp.recorded a robust Q4 2023 performance, delivering 33% growth in adjusted EPS and generating over $800 million in free cash flow, significantly exceeding expectations.Key to this success was resilient aftermarket growth alongside margin expansion.

Carrier Global Corporation: Increased Demand for Commercial HVAC & Other Major Drivers

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>'s acquisition of Carrier commercial refrigeration business is earnings accretive. It will also be strategically positive to its growth outlook. </li>
<li>With net cash of Rmb17.3bn, HSH has no problem funding the deal internally. Instead of earning a single-digit return on cash, the business' 9% earnings yield is attractive. </li>
<li>The transaction will extend HSH's application scenarios from household to commercial while elevating its competitiveness in Europe and allowing it to capture the B-end customers. </li>
</ul>



Haier Smart Home (6690 HK)'s acquisition of Carrier commercial refrigeration business is earnings accretive. It will also be strategically positive to its growth outlook. 
With net cash of Rmb17.3bn, HSH has no problem funding the deal internally. Instead of earning a single-digit return on cash, the business' 9% earnings yield is attractive. 
The transaction will extend HSH's application scenarios from household to commercial while elevating its competitiveness in Europe and allowing it to capture the B-end customers. 


Haier Smart Home (6690 HK): Further Expansion of Footprint

<ul><li>Carrier Global managed to surpass the revenue as well as the earnings expectations of analysts.</li><li>Carrier Global achieved double-digit growth in light commercial and commercial HVAC and worldwide truck and trailer controls and aftermarkets.</li><li>Growth in Fire & Security was broad-based, encompassing security, residential, commercial, and industrial fire.</li></ul>

Carrier Global managed to surpass the revenue as well as the earnings expectations of analysts.Carrier Global achieved double-digit growth in light commercial and commercial HVAC and worldwide truck and trailer controls and aftermarkets.Growth in Fire & Security was broad-based, encompassing security, residential, commercial, and industrial fire.

Carrier Global Corporation: 4 Major Catalysts Of Their Growth! - Financial Forecasts

United States

Carrier Global Corporation manufactures HVAC equipment. The Company offers heating, air-conditioning, and refrigeration solutions. Carrier Global serves customers worldwide.

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Carrier Global (CARR US)

Carrier Global Corporation: Can It Increase Its Productivity & Show Resilience Against Rising Material Costs? - Major Drivers

Carrier Global Corporation's Q1 2024 results showed a robust start to the year with adjusted EPS growth of 19% on low-single-digit organic sales...

Baptista Research

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Carrier Global Corporation: Increased Demand for Commercial HVAC & Other Major Drivers

Carrier Global Corp. recorded a robust Q4 2023 performance, delivering 33% growth in adjusted EPS and generating over $800 million in free cash...

Baptista Research

Haier Smart Home (6690 HK): Further Expansion of Footprint

Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...

Osbert Tang, CFA

Carrier Global Corporation: 4 Major Catalysts Of Their Growth! - Financial Forecasts

Carrier Global managed to surpass the revenue as well as the earnings expectations of analysts. Carrier Global achieved double-digit growth in...

Baptista Research

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52-week Range

Market Cap (USDm)

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Carrier Global Corporation: Can It Increase Its Productivity & Show Resilience Against Rising Material Costs? - Major Drivers

Carrier Global Corporation's Q1 2024 results showed a robust start to the year with adjusted EPS growth of 19% on low-single-digit organic sales...

Baptista Research

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

​Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Carrier Global Corporation: Increased Demand for Commercial HVAC & Other Major Drivers

Carrier Global Corp. recorded a robust Q4 2023 performance, delivering 33% growth in adjusted EPS and generating over $800 million in free cash...

Baptista Research

Haier Smart Home (6690 HK): Further Expansion of Footprint

​Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...

Osbert Tang, CFA

Carrier Global Corporation: 4 Major Catalysts Of Their Growth! - Financial Forecasts

Carrier Global managed to surpass the revenue as well as the earnings expectations of analysts. Carrier Global achieved double-digit growth in...

Baptista Research

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...