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 Motors has spent more than a century building cars and trucks, but one of its newest growth opportunities looks very different.</li><li>GM Defense has delivered housing components for Lockheed Martin’s PAC-3 Missile Segment Enhancement interceptor, putting one of America’s largest automakers directly into the Patriot missile supply chain.</li><li>GM is not assembling complete Patriot missiles, but the development is still significant because it comes as the U.S. defense industry faces pressure to replenish inventories and dramatically increase production capacity.</li></ul>

General Motors has spent more than a century building cars and trucks, but one of its newest growth opportunities looks very different.GM Defense has delivered housing components for Lockheed Martin’s PAC-3 Missile Segment Enhancement interceptor, putting one of America’s largest automakers directly into the Patriot missile supply chain.GM is not assembling complete Patriot missiles, but the development is still significant because it comes as the U.S. defense industry faces pressure to replenish inventories and dramatically increase production capacity.

General Motors Is Making Patriot Missile Parts—Is Detroit Becoming America’s New Arsenal?

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

<ul><li>General Motors is facing fresh scrutiny over an engine problem it had already tried to address, putting nearly one million pickups and SUVs under a new federal safety investigation.</li><li>The National Highway Traffic Safety Administration is examining roughly 998,000 vehicles equipped with GM’s L87 V-8 engine after receiving hundreds of complaints alleging engine failures, including reports involving vehicles that had already received the company’s earlier recall remedy.</li><li>The issue is especially sensitive because models under review include the Chevrolet Silverado and Cadillac Escalade, two strategically important products within GM’s highly profitable truck and SUV franchise.</li></ul>

General Motors is facing fresh scrutiny over an engine problem it had already tried to address, putting nearly one million pickups and SUVs under a new federal safety investigation.The National Highway Traffic Safety Administration is examining roughly 998,000 vehicles equipped with GM’s L87 V-8 engine after receiving hundreds of complaints alleging engine failures, including reports involving vehicles that had already received the company’s earlier recall remedy.The issue is especially sensitive because models under review include the Chevrolet Silverado and Cadillac Escalade, two strategically important products within GM’s highly profitable truck and SUV franchise.

GM’s Engine Recall Nightmare Isn’t Over—Could Nearly One Million Vehicles Be At Risk?

<ul><li>The General Motors Company reported financial results for the second quarter of 2026 that reflect steady execution and strategic initiatives yielding mixed but generally positive operational and financial outcomes.</li><li>The company has raised its full-year guidance for 2026 metrics for the second time, underscoring confidence in ongoing performance improvement amid a dynamic market environment.</li><li>In North America, General Motors maintained consistent customer demand, especially for pickups and SUVs, with U.S. full-size pickup market share exceeding 42% year-to-date—significantly ahead of its nearest competitor—and growing year-over-year despite lower than targeted inventory levels.</li></ul>

The General Motors Company reported financial results for the second quarter of 2026 that reflect steady execution and strategic initiatives yielding mixed but generally positive operational and financial outcomes.The company has raised its full-year guidance for 2026 metrics for the second time, underscoring confidence in ongoing performance improvement amid a dynamic market environment.In North America, General Motors maintained consistent customer demand, especially for pickups and SUVs, with U.S. full-size pickup market share exceeding 42% year-to-date—significantly ahead of its nearest competitor—and growing year-over-year despite lower than targeted inventory levels.

General Motors’ 42% Pickup Share Widens Its North American Moat; But Will It Last?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

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

Macroeconomics

<ul>
<li>US tariff agreements have contained tariffs at 10% for the UK, 15% for Japan and the EU, 19% for Indonesia and 20% for Vietnam. Lower tariffs will dampen inflation. </li>
<li>FOMC ought to cut rates now, but may stand on ceremony. The tariffs are nonetheless likely to steadily bolster US manufacturing in H2/2025, with Jun'25 steel output already up 4.6%YoY. </li>
<li>With growth higher than expected, and new revenues of over US$300bn from tariffs, the fiscal deficit should fall below 6% of GDP, allowing bond yields to moderate below 4%. </li>
</ul>


US tariff agreements have contained tariffs at 10% for the UK, 15% for Japan and the EU, 19% for Indonesia and 20% for Vietnam. Lower tariffs will dampen inflation. 
FOMC ought to cut rates now, but may stand on ceremony. The tariffs are nonetheless likely to steadily bolster US manufacturing in H2/2025, with Jun'25 steel output already up 4.6%YoY. 
With growth higher than expected, and new revenues of over US$300bn from tariffs, the fiscal deficit should fall below 6% of GDP, allowing bond yields to moderate below 4%. 


US: Tariff Deals with Japan, EU, Indonesia, Philippines Sharply Reduce Stagflation Risk

United States

General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

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General Motors (GM US)

General Motors Is Making Patriot Missile Parts—Is Detroit Becoming America’s New Arsenal?

General Motors has spent more than a century building cars and trucks, but one of its newest growth opportunities looks very different. GM Defense...

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

GM’s Engine Recall Nightmare Isn’t Over—Could Nearly One Million Vehicles Be At Risk?

General Motors is facing fresh scrutiny over an engine problem it had already tried to address, putting nearly one million pickups and SUVs under...

Baptista Research

US: Tariff Deals with Japan, EU, Indonesia, Philippines Sharply Reduce Stagflation Risk

US tariff deals lowering them will help dampen inflation, and should trigger rate cuts. Tariffs are already boosting US manufacturing, thus will...

Prasenjit K. Basu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

General Motors Is Making Patriot Missile Parts—Is Detroit Becoming America’s New Arsenal?

General Motors has spent more than a century building cars and trucks, but one of its newest growth opportunities looks very different. GM Defense...

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

GM’s Engine Recall Nightmare Isn’t Over—Could Nearly One Million Vehicles Be At Risk?

General Motors is facing fresh scrutiny over an engine problem it had already tried to address, putting nearly one million pickups and SUVs under...

Baptista Research

General Motors’ 42% Pickup Share Widens Its North American Moat; But Will It Last?

The General Motors Company reported financial results for the second quarter of 2026 that reflect steady execution and strategic initiatives...

Baptista Research

US: Tariff Deals with Japan, EU, Indonesia, Philippines Sharply Reduce Stagflation Risk

​US tariff deals lowering them will help dampen inflation, and should trigger rate cuts. Tariffs are already boosting US manufacturing, thus will...

Prasenjit K. Basu

US tariff deals lowering them will help dampen inflation, and should trigger rate cuts. Tariffs are already boosting US manufacturing, thus will...