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>Fortive delivered its fourth consecutive all-around beat and managed to report core revenue growth, operating margin expansion, adjusted earnings per share growth, and free cash flow growth.</li><li>IOS grew core revenue, representing its double-digit core revenue growth.</li><li>In the quarter, strong end-market demand drove revenue growth of double-digit EMEA SaaS.</li></ul>

Fortive delivered its fourth consecutive all-around beat and managed to report core revenue growth, operating margin expansion, adjusted earnings per share growth, and free cash flow growth.IOS grew core revenue, representing its double-digit core revenue growth.In the quarter, strong end-market demand drove revenue growth of double-digit EMEA SaaS.

<ul><li>This is our first report on Fortive Corporation, a leading provider of provider of essential technologies for connected workflow solutions.</li><li>Fortive delivered an all-around beat as software ARR and hardware orders both increased, reflecting a more diversified and resilient product portfolio.</li><li>In the quarter, orders and demand remained strong despite the rising FX headwinds and higher inflation.</li></ul>

This is our first report on Fortive Corporation, a leading provider of provider of essential technologies for connected workflow solutions.Fortive delivered an all-around beat as software ARR and hardware orders both increased, reflecting a more diversified and resilient product portfolio.In the quarter, orders and demand remained strong despite the rising FX headwinds and higher inflation.

Fortive Corporation: Initiation of Coverage – The Provation Acquisition & Other Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Key supports that we highlighted in last week's Compass (Sept. 7) held strong, including 3900-3910 on the SPX, $293 on the Nasdaq 100 (QQQ), $177-178 on the Russell 2000 (IWM).</li>
<li>We got the bounce where bulls needed to hold, but these levels could be tested again following this morning's hotter-than-expected CPI report.</li>
<li>As long as the aforementioned supports continue to hold, we continue to believe the lows are likely in for this bear market -- something we noted throughout late-July and August.</li>
</ul>


Key supports that we highlighted in last week's Compass (Sept. 7) held strong, including 3900-3910 on the SPX, $293 on the Nasdaq 100 (QQQ), $177-178 on the Russell 2000 (IWM).
We got the bounce where bulls needed to hold, but these levels could be tested again following this morning's hotter-than-expected CPI report.
As long as the aforementioned supports continue to hold, we continue to believe the lows are likely in for this bear market -- something we noted throughout late-July and August.


Supports to Be Tested Again Following CPI? Stick With Solar Stocks, Buying Manufacturing Names

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Forensic Accounting

Marvell Technology  / Forensic Accounting

<ul>
<li>This short model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  </li>
<li>They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.</li>
<li>These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.</li>
</ul>


This short model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  
They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.
These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.


Earnings Quality Short Candidates: Marvell, Celsius, Fortive and Ranpak Hldg.

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries Co Ltd. (669 HK)</a> is an OEM and has its own brand for many DIY tooling kits for the American market (77% of the business) and has flourished over the years as they have profited from the labor arbitrage between the US and the Chinese wages differential. The stock has ADTV of USD 57 million, a market cap of USD 17.45 billion, and its share price is 3.8% lower from its 52 weeks high. With the heightened tension between US and China, social unrest in the US and potentially bringing more productions to the US which will reduce the company's margin, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries Co Ltd. (669 HK)</a> 's current market valuation at 28x PER may not hold and investors should expect a potential downside of between 36-50%.

Techtronic Industries Co Ltd. (669 HK) is an OEM and has its own brand for many DIY tooling kits for the American market (77% of the business) and has flourished over the years as they have profited from the labor arbitrage between the US and the Chinese wages differential. The stock has ADTV of USD 57 million, a market cap of USD 17.45 billion, and its share price is 3.8% lower from its 52 weeks high. With the heightened tension between US and China, social unrest in the US and potentially bringing more productions to the US which will reduce the company's margin, Techtronic Industries Co Ltd. (669 HK) 's current market valuation at 28x PER may not hold and investors should expect a potential downside of between 36-50%. 

United States

Fortive Corporation operates as a diversified industrial growth company. The Company focuses on professional instrumentation, automation, sensing, and transportation technologies. Fortive serves customers worldwide.

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Fortive (FTV US)

Fortive Corporation: Major Drivers

Fortive delivered its fourth consecutive all-around beat and managed to report core revenue growth, operating margin expansion, adjusted earnings...

Baptista Research

Fortive Corporation: Initiation of Coverage – The Provation Acquisition & Other Drivers

This is our first report on Fortive Corporation, a leading provider of provider of essential technologies for connected workflow...

Baptista Research

Supports to Be Tested Again Following CPI? Stick With Solar Stocks, Buying Manufacturing Names

Supports discussed in recent weeks have held, including 3900 on $SPX, $293 on $QQQ, and $177-178 on $IWM. These levels could be tested again...

Vermilion Research

Earnings Quality Short Candidates: Marvell, Celsius, Fortive and Ranpak Hldg.

Our earnings quality short model is flagging Marvell Technology (MRVL), Celsius (CELH), Fortive (FTV) and Ranpak Holdings (PACK).

Eric Fernandez, CFA

Techtronics (669): American in Hong Kong

Techtronic Industries Co Ltd. (669 HK) is an OEM and has its own brand for many DIY tooling kits for the American market (77% of the business) and...

Henry Soediarko

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