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 Company Limited reported record operating profit of JPY 530.7 billion for the first quarter of fiscal year ending March 31, 2027, driven largely by strong performance in the motorcycle business and North American automobile sales.</li><li>The motorcycle segment achieved its highest-ever quarterly operating profit, fueled by robust sales in India and Brazil.</li><li>Despite challenges in the Chinese automobile market, unit sales increased overall, mainly supported by North America, delivering an automobile operating profit of JPY 192.1 billion with an operating margin of 5.0%.</li></ul>

Honda Motor Company Limited reported record operating profit of JPY 530.7 billion for the first quarter of fiscal year ending March 31, 2027, driven largely by strong performance in the motorcycle business and North American automobile sales.The motorcycle segment achieved its highest-ever quarterly operating profit, fueled by robust sales in India and Brazil.Despite challenges in the Chinese automobile market, unit sales increased overall, mainly supported by North America, delivering an automobile operating profit of JPY 192.1 billion with an operating margin of 5.0%.

Honda Motor’s JPY 520 Billion EV Loss — Is The Transition Getting Too Expensive?

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

<ul>
<li>2025 will start with more attractive turnaround opportunities than we have seen in a long time. </li>
<li>An uptick in TOBs, MBOs and merger discussions makes it suddenly no longer safe to short low-PBR companies indiscriminately.</li>
<li>Investors are noticing. More than two-dozen large- and medium-cap stocks with deep discounts to the benchmark began to bounce off well-defined support levels in late December.</li>
</ul>


2025 will start with more attractive turnaround opportunities than we have seen in a long time. 
An uptick in TOBs, MBOs and merger discussions makes it suddenly no longer safe to short low-PBR companies indiscriminately.
Investors are noticing. More than two-dozen large- and medium-cap stocks with deep discounts to the benchmark began to bounce off well-defined support levels in late December.


Unloved Japan Round Up Jan. 3: Set Up for A Banner Year?

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
 Highlights: Currently seven pair trade opportunities persist across three markets and five sectors. 
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

 Highlights: Currently seven pair trade opportunities persist across three markets and five sectors. 


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Aug 2026)

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>As EVs became less profitable in the midst of competition, tough demand, tariffs, and the repeal of US EV incentives, Honda among the most aggressive to wind down EV business.</li>
<li>Honda remains the strongest when it comes to the motorcycle business, recently growing to record profits buoyed by Asia, South Asia, and South America sales.</li>
<li>We propose an option strategy in a market where Honda resets its focus to Combustion Engine and HEVs in the auto segment while the motorcycle segment flourishes.</li>
</ul>


As EVs became less profitable in the midst of competition, tough demand, tariffs, and the repeal of US EV incentives, Honda among the most aggressive to wind down EV business.
Honda remains the strongest when it comes to the motorcycle business, recently growing to record profits buoyed by Asia, South Asia, and South America sales.
We propose an option strategy in a market where Honda resets its focus to Combustion Engine and HEVs in the auto segment while the motorcycle segment flourishes.


Navigating Honda's JPY 1.57T EV Loss: Implications of 50% Canadian Tariffs & The MAR27 Option Spread

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>China has responded to Japan's military rhetoric and actions by announcing a ban on all exports deemed dual-use for Japan's military, including rare earths.</li>
<li>China launched an anti-dumping probe into Dichlorosilane, a material primarily used in thin films for producing logic, memory, analog, and other types of chips.</li>
<li>The trade measures affect a broad range of Japan's industries, including automotive, chemicals, electronics, semiconductor equipment, chip-making materials, and robotics.  The U.S. response to tensions between China and Japan remains limited.</li>
</ul>


China has responded to Japan's military rhetoric and actions by announcing a ban on all exports deemed dual-use for Japan's military, including rare earths.
China launched an anti-dumping probe into Dichlorosilane, a material primarily used in thin films for producing logic, memory, analog, and other types of chips.
The trade measures affect a broad range of Japan's industries, including automotive, chemicals, electronics, semiconductor equipment, chip-making materials, and robotics.  The U.S. response to tensions between China and Japan remains limited.


Japan Trade: CHINA SAYS, "YOU MADE YOUR FUTON, NOW LIE IN IT!"

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.

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Honda Motor (7267 JP)

Honda Motor’s JPY 520 Billion EV Loss — Is The Transition Getting Too Expensive?

Honda Motor Company Limited reported record operating profit of JPY 530.7 billion for the first quarter of fiscal year ending March 31, 2027,...

Baptista Research

Unloved Japan Round Up Jan. 3: Set Up for A Banner Year?

An uptick in TOBs, MBOs, and mergers creating the best environment for deep value turnarounds in a long time. Dozens of discounted stocks started...

Michael Allen

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Aug 2026)

Discover seven pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Navigating Honda's JPY 1.57T EV Loss: Implications of 50% Canadian Tariffs & The MAR27 Option Spread

FY 2026 was dominated by JPY 1.57T in EV losses. After a redirect of resources to HEVs and Combustion and planned 2026 withdrawal from Autos in...

Jay Cameron

Japan Trade: CHINA SAYS, "YOU MADE YOUR FUTON, NOW LIE IN IT!"

China has responded to Japan's military rhetoric and actions by announcing a ban on all exports deemed dual-use for Japan's military, including...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Honda Motor’s JPY 520 Billion EV Loss — Is The Transition Getting Too Expensive?

Honda Motor Company Limited reported record operating profit of JPY 530.7 billion for the first quarter of fiscal year ending March 31, 2027,...

Baptista Research

Unloved Japan Round Up Jan. 3: Set Up for A Banner Year?

An uptick in TOBs, MBOs, and mergers​ creating the best environment for deep value turnarounds in a long time. Dozens of discounted stocks started...

Michael Allen

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Aug 2026)

​Discover seven pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Navigating Honda's JPY 1.57T EV Loss: Implications of 50% Canadian Tariffs & The MAR27 Option Spread

FY 2026 was dominated by JPY 1.57T in EV losses. After a redirect of resources to HEVs and Combustion and planned 2026 withdrawal from Autos in...

Jay Cameron

Japan Trade: CHINA SAYS, "YOU MADE YOUR FUTON, NOW LIE IN IT!"

China has responded to Japan's military rhetoric and actions by announcing a ban on all exports deemed dual-use for Japan's military, including...

David Mudd

An uptick in TOBs, MBOs, and mergers creating the best environment for deep value turnarounds in a long time. Dozens of discounted stocks started...

Discover seven pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.