Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd-1015204b-78d5-4a57-8bf4-dd7c110ead89" target="_blank" data-smartkarma-citation="entities:36380:1" rel="noopener">CIMC Vehicles Group (301039 CH)</a> (CIMCV) is a leading global manufacturer of semi-trailers and various truck bodies that is the mainstay of heavy ground goods transport  </li>
<li>9M23 earnings surged by 216% and beat consensus, scope for further earnings upgrade as the business and management outlook statement is very positive   </li>
<li>Our target price of CNY12.50 (+31% UPSIDE) is based on 2024 PE 15x - a 10% discount against the industry leader Caterpillar </li>
</ul>



CIMC Vehicles Group (301039 CH) (CIMCV) is a leading global manufacturer of semi-trailers and various truck bodies that is the mainstay of heavy ground goods transport  
9M23 earnings surged by 216% and beat consensus, scope for further earnings upgrade as the business and management outlook statement is very positive   
Our target price of CNY12.50 (+31% UPSIDE) is based on 2024 PE 15x - a 10% discount against the industry leader Caterpillar 


CIMC Vehicles (301039 CH): Cheap And Steady Long Term Growth Potential

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.

<ul><li>The Q4 2023 earnings by Caterpillar indicate the company has delivered a strong quarter and a solid year, with several record financial milestones.</li><li>This includes record sales and revenues, adjusted profit margin, adjusted profit per share, and Machinery, Energy & Transportation (ME&T) free cash flow.</li><li>These positive results are driven by healthy demand across most end markets for their products and services, displaying robust operational efficiency by the firm.</li></ul>

The Q4 2023 earnings by Caterpillar indicate the company has delivered a strong quarter and a solid year, with several record financial milestones.This includes record sales and revenues, adjusted profit margin, adjusted profit per share, and Machinery, Energy & Transportation (ME&T) free cash flow.These positive results are driven by healthy demand across most end markets for their products and services, displaying robust operational efficiency by the firm.

Caterpillar Inc: Reinvestment into Strategic Initiatives & Services Expansion & Other Major Drivers

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

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.

Cross Asset Strategy

<ul>
<li>Markets raced to 52-week highs across US equity benchmarks with rally in tech stocks contributing to much of these gains. Nikkei raced to print another 34-year high.</li>
<li>Oil &amp; Copper ticked higher while other major commodities trended downwards last week. Beans and Corn marked their lowest price prints over the last 52-weeks.</li>
<li>Life is too short to be spent writing for an echo chamber and rewriting to meet the often arbitrary demands of a reviewer, writes Dr Damodaran.</li>
</ul>


Markets raced to 52-week highs across US equity benchmarks with rally in tech stocks contributing to much of these gains. Nikkei raced to print another 34-year high.
Oil &amp; Copper ticked higher while other major commodities trended downwards last week. Beans and Corn marked their lowest price prints over the last 52-weeks.
Life is too short to be spent writing for an echo chamber and rewriting to meet the often arbitrary demands of a reviewer, writes Dr Damodaran.


[TW2] US & JPN Equities on Steroids While China Remains Shaky on Deflation Fears (W/E 19th Jan 24)

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


<ul><li>Caterpillar managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Sales and revenues surged by 12%, surpassing the previous year's figures.</li><li>Construction Industries in North America experienced a 6% increase in sales to users, driven by robust demand in non-residential and residential construction.</li></ul>

Caterpillar managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.Sales and revenues surged by 12%, surpassing the previous year's figures.Construction Industries in North America experienced a 6% increase in sales to users, driven by robust demand in non-residential and residential construction.

Caterpillar Inc.: Pioneering Sustainable Mining Technologies and Operations! - Major Drivers

United States

Caterpillar Inc. designs, manufactures and markets construction, mining and forestry machinery. The Company also manufactures engines  and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.

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Caterpillar Inc (CAT US)

CIMC Vehicles (301039 CH): Cheap And Steady Long Term Growth Potential

CIMC Vehicles Group is a global leader in manufacturing semi-trailers and truck bodies, with strong earnings growth potential and a target price...

Mohshin Aziz

Caterpillar Inc: Reinvestment into Strategic Initiatives & Services Expansion & Other Major Drivers

The Q4 2023 earnings by Caterpillar indicate the company has delivered a strong quarter and a solid year, with several record financial...

Baptista Research

[TW2] US & JPN Equities on Steroids While China Remains Shaky on Deflation Fears (W/E 19th Jan 24)

Animal spirits were back in charge last week as market sentiments rose high. US and Japanese equity markets continue to set record highs. Are we...

Mint Finance

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Caterpillar Inc.: Pioneering Sustainable Mining Technologies and Operations! - Major Drivers

Caterpillar managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Sales and revenues surged by 12%,...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CIMC Vehicles (301039 CH): Cheap And Steady Long Term Growth Potential

​CIMC Vehicles Group is a global leader in manufacturing semi-trailers and truck bodies, with strong earnings growth potential and a target price...

Mohshin Aziz

Caterpillar Inc: Reinvestment into Strategic Initiatives & Services Expansion & Other Major Drivers

The Q4 2023 earnings by Caterpillar indicate the company has delivered a strong quarter and a solid year, with several record financial...

Baptista Research

[TW2] US & JPN Equities on Steroids While China Remains Shaky on Deflation Fears (W/E 19th Jan 24)

Animal spirits were back in charge last week as market sentiments rose high. US and Japanese equity markets continue to set record highs. Are we...

Mint Finance

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Caterpillar Inc.: Pioneering Sustainable Mining Technologies and Operations! - Major Drivers

Caterpillar managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Sales and revenues surged by 12%,...

Baptista Research

CIMC Vehicles Group is a global leader in manufacturing semi-trailers and truck bodies, with strong earnings growth potential and a target price...