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>General Electric managed to exceed Wall Street expectations in terms of revenue and earnings.</li><li>GE Vernova is also increasing spin with significant orders, improved profitability in Renewable Energy, and continuing margin expansion in Power.</li><li>We give General Electric a 'Hold' rating with a revised target price.</li></ul>

General Electric managed to exceed Wall Street expectations in terms of revenue and earnings.GE Vernova is also increasing spin with significant orders, improved profitability in Renewable Energy, and continuing margin expansion in Power.We give General Electric a 'Hold' rating with a revised target price.

General Electric Company: A Successful Turnaround?- Key Drivers

<ul><li>General Dynamics had a strong quarter and managed an all-around beat with an improving order book position and a company-wide book-to-bill ratio of 0.9:1.</li><li>The Combat Systems group saw particularly robust order activity with a book-to-bill ratio of 5x.</li><li>While Aerospace & Technologies continues to deliver strong cash performance, the Combat Systems group, in particular, produced exceptional free cash flow this quarter.</li></ul>

General Dynamics had a strong quarter and managed an all-around beat with an improving order book position and a company-wide book-to-bill ratio of 0.9:1.The Combat Systems group saw particularly robust order activity with a book-to-bill ratio of 5x.While Aerospace & Technologies continues to deliver strong cash performance, the Combat Systems group, in particular, produced exceptional free cash flow this quarter.

General Dynamics Corporation: Winning Big With Its Combat Systems – Key Drivers

<ul><li>GE’s stock has been on a strong upward momentum and delivered an all-around beat in the quarter.</li><li>The top-line momentum was strong, with strong market demand as well as execution driving growth.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

GE’s stock has been on a strong upward momentum and delivered an all-around beat in the quarter.The top-line momentum was strong, with strong market demand as well as execution driving growth.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

General Electric Company: Acquisition of Baker Hughes' Nexus Controls & Other Drivers

<ul><li>General Electric finished the year on a positive note with an all-around beat in Q4, improved cash generation, margin expansion, and revenue growth.</li><li>Power delivery, within GE Vernova with continued stability at gas and took significant actions for positioning renewable energy for future profitability.</li><li>The plans of GE to launch GE Aerospace and GE Vernova are progressing well.</li></ul>

General Electric finished the year on a positive note with an all-around beat in Q4, improved cash generation, margin expansion, and revenue growth.Power delivery, within GE Vernova with continued stability at gas and took significant actions for positioning renewable energy for future profitability.The plans of GE to launch GE Aerospace and GE Vernova are progressing well.

General Electric: Successful Spinoff & Other Developments

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> rebalance was implemented at the close on Friday and there were a bunch of review cutoffs on the same day.</li>
<li>Passive Hang Seng trackers need to sell <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> at the close on 4 January following <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> in-specie distribution.</li>
<li>We take a look at flows to Asian focused ETFs over the course of 2022. A lot of winners in terms of AUM, but a few losers too.</li>
</ul>


The Stock Exchange of Thailand SET 50 Index (SET50 INDEX) rebalance was implemented at the close on Friday and there were a bunch of review cutoffs on the same day.
Passive Hang Seng trackers need to sell Meituan (3690 HK) at the close on 4 January following Tencent (700 HK) in-specie distribution.
We take a look at flows to Asian focused ETFs over the course of 2022. A lot of winners in terms of AUM, but a few losers too.


Index Rebalance & ETF Flow Recap: Meituan, S&P/ASX All Tech, 2022 ETF Flows

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)

General Electric Company: A Successful Turnaround?- Key Drivers

General Electric managed to exceed Wall Street expectations in terms of revenue and earnings. GE Vernova is also increasing spin with significant...

Baptista Research

General Dynamics Corporation: Winning Big With Its Combat Systems – Key Drivers

General Dynamics had a strong quarter and managed an all-around beat with an improving order book position and a company-wide book-to-bill ratio...

Baptista Research

General Electric Company: Acquisition of Baker Hughes' Nexus Controls & Other Drivers

GE’s stock has been on a strong upward momentum and delivered an all-around beat in the quarter. The top-line momentum was strong, with strong...

Baptista Research

General Electric: Successful Spinoff & Other Developments

General Electric finished the year on a positive note with an all-around beat in Q4, improved cash generation, margin expansion, and revenue...

Baptista Research

Index Rebalance & ETF Flow Recap: Meituan, S&P/ASX All Tech, 2022 ETF Flows

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A changes). We also highlight large...

Brian Freitas

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