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>Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues totaling $8.5 billion.</li><li>This represented a 10% increase from 2022, driven by robust demand across most global markets.</li><li>Cummins achieved significant strides in its Destination Zero strategy, developing new 0 emission solutions and investing over $1 billion in fuel-agnostic engine platforms.</li></ul>

Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues totaling $8.5 billion.This represented a 10% increase from 2022, driven by robust demand across most global markets.Cummins achieved significant strides in its Destination Zero strategy, developing new 0 emission solutions and investing over $1 billion in fuel-agnostic engine platforms.

Cummins Inc: Market Moderation and Cost Reduction Measures! - Major Drivers

<ul><li>Cummins delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.</li><li>Cummins reported strong demand across key markets and regions, with revenues reaching $8.4 billion, a 15% increase from the previous year.</li><li>In the quarter, Cummins successfully concluded the acquisition of two Faurecia commercial vehicle manufacturing plants in Columbus, Indiana, and Roermond, Netherlands.</li></ul>

Cummins delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.Cummins reported strong demand across key markets and regions, with revenues reaching $8.4 billion, a 15% increase from the previous year.In the quarter, Cummins successfully concluded the acquisition of two Faurecia commercial vehicle manufacturing plants in Columbus, Indiana, and Roermond, Netherlands.

Cummins Inc.: Pioneering Telematics Software for Commercial Vehicles & Other Major Drivers - Financial Forecasts

<ul><li>Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.</li><li>Cummins' organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.</li><li>Due to the inclusion of Meritor, high demand, and better pricing, the quarter's revenue increased.</li></ul>

Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.Cummins' organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.Due to the inclusion of Meritor, high demand, and better pricing, the quarter's revenue increased.

Equity Capital Markets

<ul><li>Cummins had a successful first quarter, marked by a 12% increase in organic revenue growth, as well as higher-than-anticipated quarterly earnings before interest, taxes, depreciation, and amortization, net income, and earnings per share.</li><li>The higher EBITDA percentage was mainly driven by higher volumes and improved pricing, despite increased investment in new products and capabilities.</li><li>Operating cash flow was an inflow of $495 million, $331 million higher than the first quarter of last year, essentially due to higher earnings.</li></ul>

Cummins had a successful first quarter, marked by a 12% increase in organic revenue growth, as well as higher-than-anticipated quarterly earnings before interest, taxes, depreciation, and amortization, net income, and earnings per share.The higher EBITDA percentage was mainly driven by higher volumes and improved pricing, despite increased investment in new products and capabilities.Operating cash flow was an inflow of $495 million, $331 million higher than the first quarter of last year, essentially due to higher earnings.

Cummins Inc.: What Is Their Core Business Strategy? – Key Drivers

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>For Chinese machinery manufacturers, penetration overseas remains a longterm driver.</li><li>That said, with growth trend reversing since mid-2023 after 2-3 years of extraordinary growth, the way to overseas expansion will likely be bumpy in 2024E, especially when the overseas competitors are recovering from the supply chain bottleneck.</li><li>Geographically, we expect strong demand to continue in the US and the Middle East, but weakness in Europe and China. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

For Chinese machinery manufacturers, penetration overseas remains a longterm driver.That said, with growth trend reversing since mid-2023 after 2-3 years of extraordinary growth, the way to overseas expansion will likely be bumpy in 2024E, especially when the overseas competitors are recovering from the supply chain bottleneck.Geographically, we expect strong demand to continue in the US and the Middle East, but weakness in Europe and China. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery / HDT – 2024 Outlook

United States

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.

Cummins Inc (CMI US)

Cummins Inc: Market Moderation and Cost Reduction Measures! - Major Drivers

Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues...

Baptista Research

Cummins Inc.: Pioneering Telematics Software for Commercial Vehicles & Other Major Drivers - Financial Forecasts

Cummins delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in...

Baptista Research

Cummins Inc.: High Demand

Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings. Cummins' organic sales growth rate...

Baptista Research

Cummins Inc.: What Is Their Core Business Strategy? – Key Drivers

Cummins had a successful first quarter, marked by a 12% increase in organic revenue growth, as well as higher-than-anticipated quarterly earnings...

Baptista Research

China Construction Machinery / HDT – 2024 Outlook

That said, with growth trend reversing since mid-2023 after 2-3 years of extraordinary growth, the way to overseas expansion will likely be bumpy...

CMB International