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>Chubb Limited's second-quarter earnings for the period ending June 30, 2024, revealed a robust financial performance, characterized by significant growth in premium revenue and substantial increases in both core operating and investment income.</li><li>The insurer reported a core operating EPS of $5.38, marking a 9.3% increase from the previous year.</li><li>This was supported by a growth in net premiums of 11.8% (or 12.3% on a constant dollar basis) facilitated by a diversified portfolio across geographical regions and business segments.</li></ul>

Chubb Limited's second-quarter earnings for the period ending June 30, 2024, revealed a robust financial performance, characterized by significant growth in premium revenue and substantial increases in both core operating and investment income.The insurer reported a core operating EPS of $5.38, marking a 9.3% increase from the previous year.This was supported by a growth in net premiums of 11.8% (or 12.3% on a constant dollar basis) facilitated by a diversified portfolio across geographical regions and business segments.

Chubb Limited: What Is Driving The Strong International Performance and Expansion! - Major Drivers

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Giant Japan insurer reports staggering June 2024 quarter YoY growth, not only from securities gains, but also strong delta in core premiums written</li>
<li>Weak life insurance premiums is more than offset with well controlled costs, non-life premium income, investment income</li>
<li>Acceleration of cross-shareholding disposals can keep income high, with AFS totaling JPY13.8 trillion with unrealized gains of JPY2.8 trillion</li>
</ul>


Giant Japan insurer reports staggering June 2024 quarter YoY growth, not only from securities gains, but also strong delta in core premiums written
Weak life insurance premiums is more than offset with well controlled costs, non-life premium income, investment income
Acceleration of cross-shareholding disposals can keep income high, with AFS totaling JPY13.8 trillion with unrealized gains of JPY2.8 trillion


Tokio Marine Holdings - Net Profit +54% YoY, Non Life Premiums & Investment Income Are Drivers

<ul><li>Chubb Limited showcased a strong performance in its Q1 2024 update, with notable growth across multiple segments and a robust financial posture.</li><li>The demonstrated acceleration in core operating income by over 20% to $2.2 billion and an operating EPS increase of nearly 23% to $5.41 underlines a solid upward trajectory.</li><li>Particularly impressive was the company's Property & Casualty (P&C) segment where underwriting income rose over 15% to $1.4 billion, underscoring a combination of earned premium growth and favorable underwriting margins.</li></ul>

Chubb Limited showcased a strong performance in its Q1 2024 update, with notable growth across multiple segments and a robust financial posture.The demonstrated acceleration in core operating income by over 20% to $2.2 billion and an operating EPS increase of nearly 23% to $5.41 underlines a solid upward trajectory.Particularly impressive was the company's Property & Casualty (P&C) segment where underwriting income rose over 15% to $1.4 billion, underscoring a combination of earned premium growth and favorable underwriting margins.

Chubb Limited: What Is Their Investment Strategy & Do They Have A Strategic Competitive Advantage?  - Major Drivers

<ul><li>Chubb Limited managed to exceed the revenue expectations as well as the earnings expectations of Wall Street, driven by double-digit growth in global Property and Casualty (P&C) premium revenue.</li><li>Chubb also achieved significant net investment income and robust life operating income, leading to unprecedented operating earnings per share.</li><li>The quarter saw exceptional underwriting performance driven by significant premium growth and remarkable underwriting margins, with an 84.3% combined ratio in the current accident year, excluding agriculture.</li></ul>

Chubb Limited managed to exceed the revenue expectations as well as the earnings expectations of Wall Street, driven by double-digit growth in global Property and Casualty (P&C) premium revenue.Chubb also achieved significant net investment income and robust life operating income, leading to unprecedented operating earnings per share.The quarter saw exceptional underwriting performance driven by significant premium growth and remarkable underwriting margins, with an 84.3% combined ratio in the current accident year, excluding agriculture.

Chubb Limited: Partnership with SentinelOne & Other Developments

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Quantitative Analysis

<ul>
<li>Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).</li>
<li>Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.</li>
<li>In this note we explore the <em><strong>relative performance</strong></em> of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.</li>
</ul>


Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).
Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.
In this note we explore the relative performance of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.


US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

United States

Chubb Limited operates as a property and casualty insurance company. The Company provides commercial and personal property, casualty, and personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.

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Chubb (CB US)

Chubb Limited: What Is Driving The Strong International Performance and Expansion! - Major Drivers

Chubb Limited's second-quarter earnings for the period ending June 30, 2024, revealed a robust financial performance, characterized by significant...

Baptista Research

Tokio Marine Holdings - Net Profit +54% YoY, Non Life Premiums & Investment Income Are Drivers

Strong 1Q25 net profit, despite natural catastrophes & weak life premiums, with strong non-life, investment income and cost controls, supporting...

Daniel Tabbush

Chubb Limited: What Is Their Investment Strategy & Do They Have A Strategic Competitive Advantage? - Major Drivers

Chubb Limited showcased a strong performance in its Q1 2024 update, with notable growth across multiple segments and a robust financial...

Baptista Research

Chubb Limited: Partnership with SentinelOne & Other Developments

Chubb Limited managed to exceed the revenue expectations as well as the earnings expectations of Wall Street, driven by double-digit growth in...

Baptista Research

US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

US rates and factor strategies: higher for longer likely to drive outperformance of short duration factor strategies, long US value short US growth.

DMA

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