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 first quarter 2024 earnings of Dow, Inc., the company demonstrated precision in navigating market complexities and pursuing strategic growth opportunities.</li><li>While acknowledging the potential for economic recovery, they also recognized concerns around inflation, interest rates, and geopolitical tensions.</li><li>Throughout the first quarter, Dow showed increased operating rates to meet the rising demand while keeping pricing consistent and benefitting from decreased feedstock and energy costs.</li></ul>

In the first quarter 2024 earnings of Dow, Inc., the company demonstrated precision in navigating market complexities and pursuing strategic growth opportunities.While acknowledging the potential for economic recovery, they also recognized concerns around inflation, interest rates, and geopolitical tensions.Throughout the first quarter, Dow showed increased operating rates to meet the rising demand while keeping pricing consistent and benefitting from decreased feedstock and energy costs.

Dow Inc.: Improved Demand in Functional Polymers for Infrastructure Changing The Game? - Major Drivers

<ul><li>The Dow Inc.'s Q4 2023 results show the company's commitment to fulfill its financial obligations amidst a challenging macroeconomic environment.</li><li>The company reported net sales of $10.6 billion, a 10% decrease from the same period in the previous year.</li><li>Sales in all operating segments declined due to lower feedstock and energy costs, resulting in a 1% decrease in sequential sales.</li></ul>

The Dow Inc.'s Q4 2023 results show the company's commitment to fulfill its financial obligations amidst a challenging macroeconomic environment.The company reported net sales of $10.6 billion, a 10% decrease from the same period in the previous year.Sales in all operating segments declined due to lower feedstock and energy costs, resulting in a 1% decrease in sequential sales.

Dow Inc: Solid Growth of Construction Chemicals and Industrial Solutions Businesses & Other Major Drivers

<ul><li>Dow delivered a positive result and managed an all-around beat in the last quarter.</li><li>The last quarter was challenging for Dow, with lower year-over-year sales and earnings due to the slow global economic growth.</li><li>Despite these headwinds, the company demonstrated resilience by executing its financial and operational strategies, resulting in sequential earnings improvement.</li></ul>

Dow delivered a positive result and managed an all-around beat in the last quarter.The last quarter was challenging for Dow, with lower year-over-year sales and earnings due to the slow global economic growth.Despite these headwinds, the company demonstrated resilience by executing its financial and operational strategies, resulting in sequential earnings improvement.

Dow Inc.: New Partnership with New Energy Blue to Pioneer Sustainable Bio-Based Plastics & Other Developments

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to weaken, with the resistance at 1,540 points (75-day EMA) and the support at 1,515/1,505 points (the previous support).</li><li>We have a negative view on the SET Index's trend and recommend that investors reduce their portfolios (sell first and buy back on weakness) (see our KTX Ahead report yesterday).</li><li>Meanwhile, there is a possibility that the vote for the prime minister will not happen on Thursday as scheduled after the ombudsman asked the Constitutional Court to order Parliament to postpone the vote and deliver a ruling on the rejected renomination of the Move Forward Party leader.</li></ul>

Technically, the SET Index is expected to weaken, with the resistance at 1,540 points (75-day EMA) and the support at 1,515/1,505 points (the previous support).We have a negative view on the SET Index's trend and recommend that investors reduce their portfolios (sell first and buy back on weakness) (see our KTX Ahead report yesterday).Meanwhile, there is a possibility that the vote for the prime minister will not happen on Thursday as scheduled after the ombudsman asked the Constitutional Court to order Parliament to postpone the vote and deliver a ruling on the rejected renomination of the Move Forward Party leader.

Krungthai XSpring Zoom Eng. July 25, 2023

Equity Capital Markets

<ul><li>Dow had a challenging quarter given the ongoing market dynamics.</li><li>The year's first quarter is expected to align with the fourth-quarter performance, with discrete headwinds of $75 million.</li><li>We give Dow Inc. a 'Hold' rating with a revised target price.</li></ul>

Dow had a challenging quarter given the ongoing market dynamics.The year's first quarter is expected to align with the fourth-quarter performance, with discrete headwinds of $75 million.We give Dow Inc. a 'Hold' rating with a revised target price.

Dow Inc.: What Is Its Biggest Competitive Advantage? – Key Drivers

United States

Dow Inc. produces and distributes chemical products. The Company manufactures and supplies chemicals for liquid injection molding, architecture fabrication, leather, textiles, automobiles, rubber consumer goods, and food industries. Dow serves customers worldwide.

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Dow (DOW US)

Dow Inc.: Improved Demand in Functional Polymers for Infrastructure Changing The Game? - Major Drivers

In the first quarter 2024 earnings of Dow, Inc., the company demonstrated precision in navigating market complexities and pursuing strategic...

Baptista Research

Dow Inc: Solid Growth of Construction Chemicals and Industrial Solutions Businesses & Other Major Drivers

The Dow Inc.'s Q4 2023 results show the company's commitment to fulfill its financial obligations amidst a challenging macroeconomic...

Baptista Research

Dow Inc.: New Partnership with New Energy Blue to Pioneer Sustainable Bio-Based Plastics & Other Developments

Dow delivered a positive result and managed an all-around beat in the last quarter. The last quarter was challenging for Dow, with lower...

Baptista Research

Krungthai XSpring Zoom Eng. July 25, 2023

Technically, the SET Index is expected to weaken, with the resistance at 1,540 points (75-day EMA) and the support at 1,515/1,505 points (the...

Krungthai XSpring

Dow Inc.: What Is Its Biggest Competitive Advantage? – Key Drivers

Dow had a challenging quarter given the ongoing market dynamics. The year's first quarter is expected to align with the fourth-quarter...

Baptista Research

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