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>In the Q1 2024 earnings, Comfort Systems USA reported a robust start to the year, with strong revenue growth, significant margin expansion, and solid cash flow.</li>
<li>According to President and CEO, Brian Lane, the company's performance reflects the successful efforts of its dedicated teams across the country, who accomplished same-store growth of 23%.</li>
<li>The company reported revenue of $1.5 billion, which represents an increase of $362 million, or 31%, compared to the same period the prior year.</li>
</ul>


In the Q1 2024 earnings, Comfort Systems USA reported a robust start to the year, with strong revenue growth, significant margin expansion, and solid cash flow.
According to President and CEO, Brian Lane, the company's performance reflects the successful efforts of its dedicated teams across the country, who accomplished same-store growth of 23%.
The company reported revenue of $1.5 billion, which represents an increase of $362 million, or 31%, compared to the same period the prior year.


Comfort Systems USA: Strategic Acquisitions for Revenue Growth & 3 Major Growth Drivers

<ul>
<li>This is our first report on mechanical and electrical services provider, Comfort Systems USA. The company achieved decent results throughout 2023, with strong growth, earnings, and cash flow.</li>
<li>The company reported quarterly revenue of $1.4 billion and same-store growth of 18%.</li>
<li>Both the company's mechanical and electrical businesses grew and improved their margins, contributing to the record success of the year.</li>
</ul>


This is our first report on mechanical and electrical services provider, Comfort Systems USA. The company achieved decent results throughout 2023, with strong growth, earnings, and cash flow.
The company reported quarterly revenue of $1.4 billion and same-store growth of 18%.
Both the company's mechanical and electrical businesses grew and improved their margins, contributing to the record success of the year.


Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was down by 0.5% W/W versus the S&amp;P 500 Index (up 1.7%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.4%).</li><li>Energy Technology (12.7% of the index) was down by 10.5%, while Industrial Climate and Ag Technology (55.2% of the index) was up by 2.0%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was down 2.2%.</li><li>Top 10 Performers: EFOI, IPWR, CYDVF, ROOF, PGTK, CLIR, LITM, FIX, LOOP, RE</li></ul>

The WTR Sustainable Index was down by 0.5% W/W versus the S&amp;P 500 Index (up 1.7%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.4%).Energy Technology (12.7% of the index) was down by 10.5%, while Industrial Climate and Ag Technology (55.2% of the index) was up by 2.0%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was down 2.2%.Top 10 Performers: EFOI, IPWR, CYDVF, ROOF, PGTK, CLIR, LITM, FIX, LOOP, RE

Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024

<ul>
<li>The announcement of the inclusion of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a> in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> was a big one last week. There were announcements for some other indices too.</li>
<li>There are many indices in China that will be rebalanced at the close on Friday, the biggest being the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KWEB US</a>.</li>
<li>Relatively quiet in ETF world with net inflows to China focused ETFs and net outflows for Japan.</li>
</ul>


The announcement of the inclusion of Uber Technologies (UBER US) in the S&amp;P 500 INDEX was a big one last week. There were announcements for some other indices too.
There are many indices in China that will be rebalanced at the close on Friday, the biggest being the CSI 300, CSI 500, STAR50, SSE50 and KWEB US.
Relatively quiet in ETF world with net inflows to China focused ETFs and net outflows for Japan.


Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

United States

Comfort Systems USA, Inc. provides heating, ventilation, and air conditioning system installation, maintenance, repair, and replacement services. The Company's commercial and industrial markets include office buildings, retail centers, apartment complexes, hotels, manufacturing plants, and government facilities.

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Comfort Systems Usa (FIX US)

Comfort Systems USA: Strategic Acquisitions for Revenue Growth & 3 Major Growth Drivers

In the Q1 2024 earnings, Comfort Systems USA reported a robust start to the year, with strong revenue growth, significant margin expansion, and...

Baptista Research

Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth!

This is our first report on mechanical and electrical services provider, Comfort Systems USA. The company achieved decent results throughout 2023,...

Baptista Research

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024

The WTR Sustainable Index was down by 0.5% W/W versus the S&P 500 Index (up 1.7%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.4%).

Water Tower Research

Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

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