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>The General Motors Company posted solid results in its first quarter 2024 earnings, reflecting a resilient, consistent growth trend underpinned by focus on profitability and disciplined capital allocation strategy.</li><li>The company’s total revenue grew 8% year over year to $43 billion, a commendable performance driven by higher wholesale volumes in North America.</li><li>A compelling aspect was its emphasis on a strategic go-to-market approach which prioritizes profitability and margins.</li></ul>

The General Motors Company posted solid results in its first quarter 2024 earnings, reflecting a resilient, consistent growth trend underpinned by focus on profitability and disciplined capital allocation strategy.The company’s total revenue grew 8% year over year to $43 billion, a commendable performance driven by higher wholesale volumes in North America.A compelling aspect was its emphasis on a strategic go-to-market approach which prioritizes profitability and margins.

General Motors Company: Resilience in Supply Chain & Commitment to China Yielding Positive Results? - Major Drivers

<ul><li>The latest earnings of General Motors Company (GM) shed light on several critical aspects of the company, both positive and negative.</li><li>In 2023, GM sold more vehicles in the U.S than any other company, with all brands witnessing year-over-year sales growth.</li><li>Consequently, GM gained U.S. market share, backed by stable pricing and incentives below the industry average.</li></ul>

The latest earnings of General Motors Company (GM) shed light on several critical aspects of the company, both positive and negative.In 2023, GM sold more vehicles in the U.S than any other company, with all brands witnessing year-over-year sales growth.Consequently, GM gained U.S. market share, backed by stable pricing and incentives below the industry average.

General Motors: Will The EV Battery and Autonomy Growth Opportunities Help Prevent Market Share Losses? - Major Drivers

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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

<ul><li>General Motors exceeded Wall Street expectations in terms of revenue and earnings.</li><li>With solid pricing and incentive discipline, they have now provided higher retail marketer results for four straight quarters in the United States.</li><li>We give General Motors a 'Hold' rating with a revised target price.</li></ul>

General Motors exceeded Wall Street expectations in terms of revenue and earnings.With solid pricing and incentive discipline, they have now provided higher retail marketer results for four straight quarters in the United States.We give General Motors a 'Hold' rating with a revised target price.

General Motors Company: A Story Of Sales in Premium Variants! – Key Drivers

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 Company: Resilience in Supply Chain & Commitment to China Yielding Positive Results? - Major Drivers

The General Motors Company posted solid results in its first quarter 2024 earnings, reflecting a resilient, consistent growth trend underpinned by...

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

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

KDDI has just announced that it will conduct a buyback at JPY3,896/share in which Toyota Motors plans to tender 49.8m shares or just around 2.3% of...

Sumeet Singh

General Motors Company: A Story Of Sales in Premium Variants! – Key Drivers

General Motors exceeded Wall Street expectations in terms of revenue and earnings. With solid pricing and incentive discipline, they have now...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

General Motors Company: Resilience in Supply Chain & Commitment to China Yielding Positive Results? - Major Drivers

The General Motors Company posted solid results in its first quarter 2024 earnings, reflecting a resilient, consistent growth trend underpinned by...

Baptista Research

General Motors: Will The EV Battery and Autonomy Growth Opportunities Help Prevent Market Share Losses? - Major Drivers

The latest earnings of General Motors Company (GM) shed light on several critical aspects of the company, both positive and negative. In 2023, GM...

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

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

KDDI has just announced that it will conduct a buyback at JPY3,896/share in which Toyota Motors plans to tender 49.8m shares or just around 2.3% of...

Sumeet Singh

General Motors Company: A Story Of Sales in Premium Variants! – Key Drivers

General Motors exceeded Wall Street expectations in terms of revenue and earnings. With solid pricing and incentive discipline, they have now...

Baptista Research