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

Honda Motor Co Ltd (Adr) / Equity Bottom-Up

<ul><li>Honda Motor delivered a disappointing set of results as it was unable to meet the revenue and earnings expectations of Wall Street.</li><li>The motorcycle businesses experienced high profits, while the automotive sector saw improved profitability, particularly in North America.</li><li>In the United States, Honda experienced solid demand with a secured semiconductor supply, leading to higher year-on-year results.</li></ul>

Honda Motor delivered a disappointing set of results as it was unable to meet the revenue and earnings expectations of Wall Street.The motorcycle businesses experienced high profits, while the automotive sector saw improved profitability, particularly in North America.In the United States, Honda experienced solid demand with a secured semiconductor supply, leading to higher year-on-year results.

Honda Motor Co.: Wage Hike Considerations & Global Economic Context – Major Drivers

<ul><li>Honda Motor delivered a mixed result in the recent quarter, with revenues below market expectations, but surpassed the analyst consensus regarding earnings.</li><li>Unit sales for Power Products operations fell to 5.645 million units, mostly because of a fall in North America.</li><li>The supply conditions for semiconductors gradually improved throughout the quarter, which led to greater unit sales in the United States year over year.</li></ul>

Honda Motor delivered a mixed result in the recent quarter, with revenues below market expectations, but surpassed the analyst consensus regarding earnings.Unit sales for Power Products operations fell to 5.645 million units, mostly because of a fall in North America.The supply conditions for semiconductors gradually improved throughout the quarter, which led to greater unit sales in the United States year over year.

Honda Motor Co Ltd: Unveiling the 5 Factors That Will Propel Honda’s Momentum in Coming Quarters! - Major Drivers

<ul><li>Honda Motor's results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street. but, their efforts in cost reduction and improved pricing strategies helped maintain an operating profit margin above 5%.</li><li>Additionally, they aim to provide attractive dividends to shareholders, with a significant increase per share and a share buyback program.</li></ul>

Honda Motor's results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street. but, their efforts in cost reduction and improved pricing strategies helped maintain an operating profit margin above 5%.Additionally, they aim to provide attractive dividends to shareholders, with a significant increase per share and a share buyback program.

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>
<a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> aims to raise around US$2bn via offering 2028 and 2030 puttable USD exchangeable bonds for <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> shares.</li>
<li>LG Chem (LGC) had been rumoured to sell down some of its stake in LG Energy Solutions (LGES), hence, this deal will remove the overhang on LGES.</li>
<li>In this note, we have a quick look at the deal and provide our thoughts on the structure.</li>
</ul>



LG Chem Ltd (051910 KS) aims to raise around US$2bn via offering 2028 and 2030 puttable USD exchangeable bonds for LG Energy Solution (373220 KS) shares.
LG Chem (LGC) had been rumoured to sell down some of its stake in LG Energy Solutions (LGES), hence, this deal will remove the overhang on LGES.
In this note, we have a quick look at the deal and provide our thoughts on the structure.


LG Energy - Quick Thoughts on US$2bn EB Offering by Parent

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Every now and then, you get a tender offer proposal which is truly offensive. This is one. </li>
<li>Yes, existing ICE-related autoparts makers are under the cosh as they face down obsolesence induced by competition from EVs. Fuel tank makers like Yachiyo are at risk. </li>
<li>But this bid started at &lt;0.3x book, and ended at &lt;0.5x book, despite significant net financial assets and lots of unrecognised DTAs. </li>
</ul>


Every now and then, you get a tender offer proposal which is truly offensive. This is one. 
Yes, existing ICE-related autoparts makers are under the cosh as they face down obsolesence induced by competition from EVs. Fuel tank makers like Yachiyo are at risk. 
But this bid started at &lt;0.3x book, and ended at &lt;0.5x book, despite significant net financial assets and lots of unrecognised DTAs. 


And Now For Something Truly Offensive - Honda Pays <0.5x Book for Yachiyo

Japan

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business.  Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Honda Motor Co Ltd (Adr) (HMC US)

Honda Motor Co.: Wage Hike Considerations & Global Economic Context – Major Drivers

Honda Motor delivered a disappointing set of results as it was unable to meet the revenue and earnings expectations of Wall Street. The motorcycle...

Baptista Research

Honda Motor Co Ltd: Unveiling the 5 Factors That Will Propel Honda’s Momentum in Coming Quarters! - Major Drivers

Honda Motor delivered a mixed result in the recent quarter, with revenues below market expectations, but surpassed the analyst consensus regarding...

Baptista Research

Honda Motor Co.

Honda Motor's results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of...

Baptista Research

LG Energy - Quick Thoughts on US$2bn EB Offering by Parent

LG Chem Ltd (051910 KS) aims to raise around US$2bn via offering 2028 and 2030 puttable USD exchangeable bonds for LG Energy Solution (373220 KS)...

Sumeet Singh

And Now For Something Truly Offensive - Honda Pays <0.5x Book for Yachiyo

Honda is buying out minorities of Yachiyo Industry at <0.5x book. Then buying out the cash-rich motorcycle business at >0.5x book, then selling the...

Travis Lundy