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>Ford Motor Company's fourth-quarter 2023 earnings call highlights several significant achievements.</li><li>CEO Jim Farley describes the past year as foundational for the company, with an increased focus on hybrid and electric vehicles proving advantageous.</li><li>Ford's hybrid sales were up 20% in the previous year and are expected to rise another 40% in the upcoming year.</li></ul>

Ford Motor Company's fourth-quarter 2023 earnings call highlights several significant achievements.CEO Jim Farley describes the past year as foundational for the company, with an increased focus on hybrid and electric vehicles proving advantageous.Ford's hybrid sales were up 20% in the previous year and are expected to rise another 40% in the upcoming year.

Ford Motor Company: Multifaceted Approach to the Current EV Market

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).</li>
<li>The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. </li>
<li>We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  </li>
</ul>


Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).
The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. 
We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  


With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Ford Motor Co. said Monday it was suspending construction of its $3.5 billion electric-vehicle (EV) battery plant in the U.S. midwestern state of Michigan, where it had planned to manufacture batteries using technology licensed from Contemporary Amperex Technology Co. Ltd. (CATL) (<a href="https://www.caixinglobal.com/2023-09-26/300750.SZ" target="_blank" rel="noopener">300750.SZ</a> -0.31%).</li></ul><ul><li>“We’re pausing work and limiting spending on construction on the Marshall project until we’re confident about our ability to competitively operate the plant,” Ford spokesperson T.R. Reid said in a statement emailed to Caixin.</li></ul><ul><li>“There are a number of considerations. We haven’t been specific about what they are, nor made any final decision about the planned investment there,” Reid said.</li></ul>

Ford Motor Co. said Monday it was suspending construction of its $3.5 billion electric-vehicle (EV) battery plant in the U.S. midwestern state of Michigan, where it had planned to manufacture batteries using technology licensed from Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -0.31%).“We’re pausing work and limiting spending on construction on the Marshall project until we’re confident about our ability to competitively operate the plant,” Ford spokesperson T.R. Reid said in a statement emailed to Caixin.“There are a number of considerations. We haven’t been specific about what they are, nor made any final decision about the planned investment there,” Reid said.

Ford Halts Construction of U.S. EV Battery Plant Using CATL Technology

<ul><li>Ford Motor delivered an all-around beat in the previous quarter.</li><li>With over $47 billion in liquidity at the end of the quarter, Ford Motor has sufficient funds for future investments.</li><li>We give Ford Motor Company a 'Hold' rating with a revised target price.</li></ul>

Ford Motor delivered an all-around beat in the previous quarter.With over $47 billion in liquidity at the end of the quarter, Ford Motor has sufficient funds for future investments.We give Ford Motor Company a 'Hold' rating with a revised target price.

Ford Motor Company: Does It Have Any Kind Of Competitive Edge In This EV Wave? – Key Drivers

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>Ford Motor Company's recent selloff likely provides a lucrative entry point.</li>
<li>Ford's robust second quarter earnings paired with a positive output gap in the U.S. speaks volumes.</li>
<li>Ford possesses high-quality characteristics, lending it the latitude to blossom as credit spreads recede.</li>
</ul>


Ford Motor Company's recent selloff likely provides a lucrative entry point.
Ford's robust second quarter earnings paired with a positive output gap in the U.S. speaks volumes.
Ford possesses high-quality characteristics, lending it the latitude to blossom as credit spreads recede.


United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

Ford Motor Co (F US)

Ford Motor Company: Multifaceted Approach to the Current EV Market

Ford Motor Company's fourth-quarter 2023 earnings call highlights several significant achievements. CEO Jim Farley describes the past year as...

Baptista Research

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q, margin contraction, and rising months of inventory. We see...

Andrew Lu

Ford Halts Construction of U.S. EV Battery Plant Using CATL Technology

Ford Motor Co. said Monday it was suspending construction of its $3.5 billion electric-vehicle (EV) battery plant in the U.S. midwestern state of...

Caixin Global

Ford Motor Company: Does It Have Any Kind Of Competitive Edge In This EV Wave? – Key Drivers

Ford Motor delivered an all-around beat in the previous quarter. With over $47 billion in liquidity at the end of the quarter, Ford Motor has...

Baptista Research

Ford: Staying The Course

Ford Motor Company's recent selloff likely provides a lucrative entry point. Ford's robust second quarter earnings paired with a positive output...

Pearl Gray Equity and Research