The accounting research firm, GMT Research

Lisa Mangkornkarn

The accounting research firm

GMT Research

GMT Research provides independent insight into markets, sectors and companies throughout Asia. Our unique method of mining a comprehensive collection of corporate financial statements for key data allows us to evaluate the financial health of a company, sectors and the market at large. We also investigate the application of accounting standards by companies and sectors, shedding light on the quality of reported profits. Armed with this information, we help investment professionals navigate the financial landscape.

Thematic (Sector/Industry)

Sometimes stock markets don’t bounce back. They just hit the bottom and then crawl sideways for years. Take Greece, its stock market is still 87% below its 2007 peak. Over 20 years later and Thailand’s is still below its 1994 peak! The problem in both instances was that a major part of the economy was over-leveraged and needed to down-pay debt. This necessitated slower economic growth. In Asia back in 1997, as it is in Greece today, an over-leveraged corporate sector was a major contributing factor. And yet scant attention is paid to this part of the economy…but that’s where we come in handy.Whilst we might be best known for our accounting reports on the likes of <a href="http://www.smartkarma.com/insights/noble-group-what-new-disclosure" target="_blank">Noble Group </a>and <a href="http://www.smartkarma.com/insights/airasia-just-answer-the-questions" target="_blank">AirAsia</a>, we also conduct detailed analysis of the listed corporate sector with a focus on capex, free cash flows and leverage. This enables us to tell whether the corporate sector is in a position to support an investment up-cycle or whether a prolonged down-cycle is likely. We gather data from over 32,000 listed non-financials across 43 markets over a 20 year horizon.

Sometimes stock markets don’t bounce back. They just hit the bottom and then crawl sideways for years. Take Greece, its stock market is still 87% below its 2007 peak. Over 20 years later and Thailand’s is still below its 1994 peak! The problem in both instances was that a major part of the economy was over-leveraged and needed to down-pay debt. This necessitated slower economic growth. In Asia back in 1997, as it is in Greece today, an over-leveraged corporate sector was a major contributing factor. And yet scant attention is paid to this part of the economy…but that’s where we come in handy.Whilst we might be best known for our accounting reports on the likes of Noble Group and AirAsia, we also conduct detailed analysis of the listed corporate sector with a focus on capex, free cash flows and leverage. This enables us to tell whether the corporate sector is in a position to support an investment up-cycle or whether a prolonged down-cycle is likely. We gather data from over 32,000 listed non-financials across 43 markets over a 20 year horizon.

CORPORATE LEVERAGE: An Inconvenient Truth

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

<ul><li>The S&amp;P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects.&nbsp; Despite the correction in recent months, the stock market still doesn't look particularly cheap, with the prospective PE on the S&amp;P500 still higher than historical norms. &nbsp;The headwinds facing US stock investors stem from the stagnation in expected profitability over the past 12 months.&nbsp;</li><li>For Australia, the market&rsquo;s prospective PE of 14.5x suggests that the market is neither cheap or expensive at current levels.&nbsp; Like the US, the key headwind facing corporate Australia is the stagnation of future growth prospects, which has now dragged on for five years now due to the terms of trade shock.&nbsp;</li><li>As far as reporting season goes, the market continues to punish even small misses from high growth stocks.&nbsp; I discuss the market pricing for Seek.com and other market darlings that have confronted growth stalls in the past year.</li></ul>

The S&amp;P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects.&nbsp; Despite the correction in recent months, the stock market still doesn't look particularly cheap, with the prospective PE on the S&amp;P500 still higher than historical norms. &nbsp;The headwinds facing US stock investors stem from the stagnation in expected profitability over the past 12 months.&nbsp;For Australia, the market&rsquo;s prospective PE of 14.5x suggests that the market is neither cheap or expensive at current levels.&nbsp; Like the US, the key headwind facing corporate Australia is the stagnation of future growth prospects, which has now dragged on for five years now due to the terms of trade shock.&nbsp;As far as reporting season goes, the market continues to punish even small misses from high growth stocks.&nbsp; I discuss the market pricing for Seek.com and other market darlings that have confronted growth stalls in the past year.

Information Technology Consultant

Ishita Jain

Airbus and Boeing, the powerhouses of the aircraft manufacturing industry and the largest duopoly in the world, shared revenues of $407.5 billion in 2014. As the fight for market share trudges along, it is a battle of nerves and steel (or carbon fiber in this matter). The airlines industry today is dynamic and competitive, investing in cost-saving measures rapidly. How are these two manufacturing giants coping up? Let us take a look.

Airbus and Boeing, the powerhouses of the aircraft manufacturing industry and the largest duopoly in the world, shared revenues of $407.5 billion in 2014. As the fight for market share trudges along, it is a battle of nerves and steel (or carbon fiber in this matter). The airlines industry today is dynamic and competitive, investing in cost-saving measures rapidly. How are these two manufacturing giants coping up? Let us take a look.

Flying through turbulent or clear skies: An analysis on Airbus & Boeing

Focused on the Climate–Nature Nexus., Carbon Tracker Initiative

Carbon Tracker Initiative

Focused on the Climate–Nature Nexus.

Carbon Tracker and Planet Tracker - part of the Tracker Group - are award-winning, non-profit financial think tanks focused on the climate–nature nexus.

Equity Bottom-Up

<ul><li>Alternative jet fuels (AJF), often referred to as sustainable aviation fuels or SAF, are unlikely to deliver material emissions cuts this decade.</li><li>Even if all existing, under-development and announced projects ran at full capacity, AJF would account for only about 5% of global jet fuel and meet less than half of projected demand growth by 2030.</li><li>Longer-term, hurdles like high costs, scarce sustainable feedstocks and weak bankability may keep further scaling constrained.</li></ul>

Alternative jet fuels (AJF), often referred to as sustainable aviation fuels or SAF, are unlikely to deliver material emissions cuts this decade.Even if all existing, under-development and announced projects ran at full capacity, AJF would account for only about 5% of global jet fuel and meet less than half of projected demand growth by 2030.Longer-term, hurdles like high costs, scarce sustainable feedstocks and weak bankability may keep further scaling constrained.

Safran SA - Sustainable Aviation - Fuel Disclosure

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.

<ul><li>For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.</li><li>On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.</li><li>The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.</li></ul>

For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.

GE Aerospace’s Soaring Comeback: First Record High Since 2000 Fueled By Jet Demand!

United States

General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products.

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General Electric (GE US)

CORPORATE LEVERAGE: An Inconvenient Truth

Sometimes stock markets don’t bounce back. They just hit the bottom and then crawl sideways for years. Take Greece, its stock market is still 87%...

GMT Research

Weekly Impressions

The S&P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects. Despite the...

Sam Ferraro

Flying through turbulent or clear skies: An analysis on Airbus & Boeing

Airbus and Boeing, the powerhouses of the aircraft manufacturing industry and the largest duopoly in the world, shared revenues of $407.5 billion...

Ishita Jain

Safran SA - Sustainable Aviation - Fuel Disclosure

Alternative jet fuels (AJF), often referred to as sustainable aviation fuels or SAF, are unlikely to deliver material emissions cuts this...

Carbon Tracker Initiative

GE Aerospace’s Soaring Comeback: First Record High Since 2000 Fueled By Jet Demand!

For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written...

Baptista Research

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