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

Honeywell International / Equity Bottom-Up

<ul><li>Honeywell International Inc.'s first-quarter 2024 earnings reveals consistent growth in the company, exceeding its adjusted earning per share guidance and organic sales targets.</li><li>Despite the dynamic macroeconomic environment, the robust execution of Honeywell's Accelerator operating system and the company's diversified technology portfolio has led to significant performance gains.</li><li>With recovery in key areas of Honeywell's short-cycle portfolio and sustained growth in its long-cycle Aerospace and energy businesses, the company demonstrates a positive momentum in its financial results.</li></ul>

Honeywell International Inc.'s first-quarter 2024 earnings reveals consistent growth in the company, exceeding its adjusted earning per share guidance and organic sales targets.Despite the dynamic macroeconomic environment, the robust execution of Honeywell's Accelerator operating system and the company's diversified technology portfolio has led to significant performance gains.With recovery in key areas of Honeywell's short-cycle portfolio and sustained growth in its long-cycle Aerospace and energy businesses, the company demonstrates a positive momentum in its financial results.

Honeywell International: Will Their Improved Performance In Energy and Sustainability Solutions (ESS) Expected To Propel Their Growth? - Major Drivers

<ul><li>The fourth quarter 2023 earnings for Honeywell International took place in a dynamic backdrop; the company delivered on its 2023 commitments despite this.</li><li>Honeywell's Accelerator operating system and differentiated technologies allowed it to meet the full year guidance for organic growth, adjusted earnings per share, and free cash flow.</li><li>As a result of leadership changes, Vimal Kapur, CEO, has been elected to additionally serve as Chairman, starting from June after the current Executive Chairman, Darius Adamczyk, retires.</li></ul>

The fourth quarter 2023 earnings for Honeywell International took place in a dynamic backdrop; the company delivered on its 2023 commitments despite this.Honeywell's Accelerator operating system and differentiated technologies allowed it to meet the full year guidance for organic growth, adjusted earnings per share, and free cash flow.As a result of leadership changes, Vimal Kapur, CEO, has been elected to additionally serve as Chairman, starting from June after the current Executive Chairman, Darius Adamczyk, retires.

Honeywell International - Heavy Investment in Aerospace & Other Futuristic Strategies Propelling Them Forward! - Major Drivers

<ul><li>Honeywell International delivered a mixed set of results for the quarter, with revenues well below Wall Street expectations but managed an earnings beat.</li><li>The company's organic sales increased year on year in the quarter, led by double-digit growth in commercial aerospace, process solutions, and UOP.</li><li>We give Honeywell International a 'Hold' rating with a revised target price.</li></ul>

Honeywell International delivered a mixed set of results for the quarter, with revenues well below Wall Street expectations but managed an earnings beat.The company's organic sales increased year on year in the quarter, led by double-digit growth in commercial aerospace, process solutions, and UOP.We give Honeywell International a 'Hold' rating with a revised target price.

Honeywell International Inc.: Can The SCADAfence Acquisition Strengthen Its Portfolio? – Key Drivers

<ul><li>Honeywell International delivered a strong first quarter that exceeded Wall Street expectations in terms of revenues as well as earnings.</li><li>The company’s organic sales, adjusted earnings, and segment margins were above the management’s expectations as well.</li><li>The segment margin of Honeywell expanded, led by robust expansion in Honeywell Building Technologies and Safety and Productivity Solutions.</li></ul>

Honeywell International delivered a strong first quarter that exceeded Wall Street expectations in terms of revenues as well as earnings.The company’s organic sales, adjusted earnings, and segment margins were above the management’s expectations as well.The segment margin of Honeywell expanded, led by robust expansion in Honeywell Building Technologies and Safety and Productivity Solutions.

Honeywell International Inc.: Acquisition of Compressor Controls & Other Drivers

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> will replace <a href="https://www.smartkarma.com/entities/walgreens-boots-alliance-inc" target="_blank" data-smartkarma-citation="entities:1118:1" rel="noopener">Walgreens Boots Alliance (WBA US)</a> in the <a href="https://www.smartkarma.com/entities/dow-jones-industrial-average" target="_blank" data-smartkarma-citation="entities:22887:1" rel="noopener">Dow Jones Industrial Average (INDU INDEX)</a> at the close on 23 February.</li>
<li>Passives will need to sell a lot of <a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> following the 3:1 stock split and buy a lot of <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>. </li>
<li>Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.</li>
</ul>



Amazon.com Inc (AMZN US) will replace Walgreens Boots Alliance (WBA US) in the Dow Jones Industrial Average (INDU INDEX) at the close on 23 February.
Passives will need to sell a lot of Walmart (WMT US) following the 3:1 stock split and buy a lot of Amazon.com Inc (AMZN US). 
Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.


Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

United States

Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

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Honeywell International (HON US)

Honeywell International: Will Their Improved Performance In Energy and Sustainability Solutions (ESS) Expected To Propel Their Growth? - Major Drivers

Honeywell International Inc.'s first-quarter 2024 earnings reveals consistent growth in the company, exceeding its adjusted earning per share...

Baptista Research

Honeywell International - Heavy Investment in Aerospace & Other Futuristic Strategies Propelling Them Forward! - Major Drivers

The fourth quarter 2023 earnings for Honeywell International took place in a dynamic backdrop; the company delivered on its 2023 commitments...

Baptista Research

Honeywell International Inc.: Can The SCADAfence Acquisition Strengthen Its Portfolio? – Key Drivers

Honeywell International delivered a mixed set of results for the quarter, with revenues well below Wall Street expectations but managed an...

Baptista Research

Honeywell International Inc.: Acquisition of Compressor Controls & Other Drivers

Honeywell International delivered a strong first quarter that exceeded Wall Street expectations in terms of revenues as well as earnings. The...

Baptista Research

Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

Amazon replaces Walgreen Boots in the Dow Jones Industrial Average at the close on 23 February following Walmart's stock split. There will be over...

Brian Freitas

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