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>Cavco Industries, Inc.'s first quarter fiscal year 2025 earnings call commenced with the routine formalities.</li><li>Bill Boor, President and CEO, detailed the company's continued improvement in the factory-built housing sector, underscored by a significant 25% sequential increase in orders and a corresponding 20% hike in shipments.</li><li>These metrics are encouraging indicators of robust market demand and operational execution.</li></ul>

Cavco Industries, Inc.'s first quarter fiscal year 2025 earnings call commenced with the routine formalities.Bill Boor, President and CEO, detailed the company's continued improvement in the factory-built housing sector, underscored by a significant 25% sequential increase in orders and a corresponding 20% hike in shipments.These metrics are encouraging indicators of robust market demand and operational execution.

Cavco Industries Inc.: Will The Diversification Into Financial Services Pay Off? - Major Drivers

<ul><li>Cavco Industries reported its fourth-quarter fiscal year 2024 results, marking a transition period for the company.</li><li>The timing of this report reflects a phase of recovery and adaptation for Cavco, characterized by a blend of challenges and achievements that speak volumes about the company's operational dynamics and strategic initiatives during a complex market environment.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Cavco Industries reported its fourth-quarter fiscal year 2024 results, marking a transition period for the company.The timing of this report reflects a phase of recovery and adaptation for Cavco, characterized by a blend of challenges and achievements that speak volumes about the company's operational dynamics and strategic initiatives during a complex market environment.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Cavco Industries Inc.: How Will They Counter The Impact Of Interest Rates With Their Financing Strategies? - Major Drivers

<ul><li>This is our first report on Cavco Industries, Inc., one of the leading home builders in the United States specializing in manufactured homes.</li><li>The company has unveiled its financial results for the third quarter of the fiscal year 2024.</li><li>On the whole, the results paint a mixed picture of the company’s performance during this period.</li></ul>

This is our first report on Cavco Industries, Inc., one of the leading home builders in the United States specializing in manufactured homes.The company has unveiled its financial results for the third quarter of the fiscal year 2024.On the whole, the results paint a mixed picture of the company’s performance during this period.

Cavco Industries: Initiation Of Coverage - Will Its Innovative Home Solutions Help Catalyze Growth? - Major Drivers

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

<ul>
<li>We still recommend a tactical overweight to defensives (Staples, Utilities, Healthcare, and gold miners) as the SPX tests our 4165-4200 resistance range, and also resistance from the prior 1.5-month uptrend.</li>
<li>As we await Wednesdays FOMC announcement, the DJIA and Nasdaq Composite are testing 1-year resistances at 34,280 and 12,300, the DXY appears to be inflecting higher, and breadth remains weak.</li>
<li>While we still see a reach to 4300-4325 as possible, we believe playing for more upside is akin to picking up pennies in front of a steamroller.</li>
</ul>


We still recommend a tactical overweight to defensives (Staples, Utilities, Healthcare, and gold miners) as the SPX tests our 4165-4200 resistance range, and also resistance from the prior 1.5-month uptrend.
As we await Wednesdays FOMC announcement, the DJIA and Nasdaq Composite are testing 1-year resistances at 34,280 and 12,300, the DXY appears to be inflecting higher, and breadth remains weak.
While we still see a reach to 4300-4325 as possible, we believe playing for more upside is akin to picking up pennies in front of a steamroller.


S&P 500 Testing 4165-4200, DJIA Testing 34,280, Nasdaq Composite Testing 12,300; Stay Defensive

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>Our 2023 outlook remains unchanged; we see the market indexes consolidating within broad horizontal ranges, and we expect the top-end of the range to be 4165-4200 on the S&amp;P 500.</li>
<li>The bottom-end of the range is at the 2022 lows (3490). Another possible support level we are monitoring is at the December 2022 lows (3765).</li>
<li>The Russell 2000 (IWM) is testing important support at $170 (the Dec. 2022 lows and the prior downtrend from 2022), suggesting this is a logical time for an oversold bounce.</li>
</ul>


Our 2023 outlook remains unchanged; we see the market indexes consolidating within broad horizontal ranges, and we expect the top-end of the range to be 4165-4200 on the S&amp;P 500.
The bottom-end of the range is at the 2022 lows (3490). Another possible support level we are monitoring is at the December 2022 lows (3765).
The Russell 2000 (IWM) is testing important support at $170 (the Dec. 2022 lows and the prior downtrend from 2022), suggesting this is a logical time for an oversold bounce.


Russell 2000 (IWM) Testing $170; Downgrading Energy; 10-Yr Treasury Yield Testing 3.4% Support

United States

Cavco Industries, Inc. produces manufactured homes in Arizona and sells its products to independent retailers in various states.

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Cavco Industries (CVCO US)

Cavco Industries Inc.: Will The Diversification Into Financial Services Pay Off? - Major Drivers

Cavco Industries, Inc.'s first quarter fiscal year 2025 earnings call commenced with the routine formalities. Bill Boor, President and CEO,...

Baptista Research

Cavco Industries Inc.: How Will They Counter The Impact Of Interest Rates With Their Financing Strategies? - Major Drivers

Cavco Industries reported its fourth-quarter fiscal year 2024 results, marking a transition period for the company. The timing of this report...

Baptista Research

Cavco Industries: Initiation Of Coverage - Will Its Innovative Home Solutions Help Catalyze Growth? - Major Drivers

This is our first report on Cavco Industries, Inc., one of the leading home builders in the United States specializing in manufactured homes. The...

Baptista Research

S&P 500 Testing 4165-4200, DJIA Testing 34,280, Nasdaq Composite Testing 12,300; Stay Defensive

$SPX testing our 4165-4200 resistance range, $DJI testing 34,280 1-yr resistance, Nasdaq Comp $COMPQ testing critical 12,300 resistance. All while...

Vermilion Research

Russell 2000 (IWM) Testing $170; Downgrading Energy; 10-Yr Treasury Yield Testing 3.4% Support

Our 2023 $SPX outlook remains unchanged: rangebound trade between 4165-4200 and 3490, with Dec. 2022 lows (3765) also possible support. Bears in...

Vermilion Research

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