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 has successfully maintained a particularly high level of resilience despite persistent supply chain restrictions, inflationary headwinds, and geopolitical upheaval.</li><li>Despite the inflationary challenges, Honeywell continued with margin expansion and this helped the management surpass the earnings expectations of Wall Street.</li><li>It is also increasing technology investments in sustainability through Honeywell Ventures and a classic example was the investment in Electric Hydrogen.</li></ul>

Honeywell has successfully maintained a particularly high level of resilience despite persistent supply chain restrictions, inflationary headwinds, and geopolitical upheaval.Despite the inflationary challenges, Honeywell continued with margin expansion and this helped the management surpass the earnings expectations of Wall Street.It is also increasing technology investments in sustainability through Honeywell Ventures and a classic example was the investment in Electric Hydrogen.

Honeywell International Inc.: Competitive Advantages & Acquisition-Led Growth

Equity Capital Markets

Honeywell International / Equity Capital Markets

<ul><li>Despite a challenging backdrop which includes global unrest, deflation headwinds, and supply chain constraints, Honeywell delivered a decent first quarter.</li><li>In the first quarter, backlog growth and orders accelerated, which indicates a strong demand momentum in spite of the macro headwinds led by PMT, HBT, and aero strength.</li><li>In this quarter, the long cycle orders have grown by more than 20% which is definitely a positive sign.</li></ul>

Despite a challenging backdrop which includes global unrest, deflation headwinds, and supply chain constraints, Honeywell delivered a decent first quarter.In the first quarter, backlog growth and orders accelerated, which indicates a strong demand momentum in spite of the macro headwinds led by PMT, HBT, and aero strength.In this quarter, the long cycle orders have grown by more than 20% which is definitely a positive sign.

Honeywell International Inc.: Acquisition-Led Growth & Other Drivers

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>Many automakers said they suspended their productions due to the lockdown of Shanghai.</li>
<li>A vice minister of Industry and Information Technology announced that 666 companies will resume production in Shanghai.</li>
<li>We believe it is hard to resume the automobile soon because of the complication of a vehicle and the traffic jams around Shanghai.</li>
</ul>


Many automakers said they suspended their productions due to the lockdown of Shanghai.
A vice minister of Industry and Information Technology announced that 666 companies will resume production in Shanghai.
We believe it is hard to resume the automobile soon because of the complication of a vehicle and the traffic jams around Shanghai.


Tesla (TSLA): Shanghai’s Lockdown Killing Whole Chinese Automobile Supply Chain

<ul><li>Despite a difficult backdrop that included an accelerated inflationary environment, ongoing supply chain constraints, and persistent Covid-19 variants, Honeywell had a strong fourth quarter and ended 2021 on a positive note.</li><li>In the fourth quarter, the company generated $2.6 billion in free cash flow, up 4% from the fourth quarter of 2020.</li><li>In addition, Honeywell completed the previously announced business combination of Honeywell quantum solutions and Cambridge Quantum to form Quantinuum.</li></ul>

Despite a difficult backdrop that included an accelerated inflationary environment, ongoing supply chain constraints, and persistent Covid-19 variants, Honeywell had a strong fourth quarter and ended 2021 on a positive note.In the fourth quarter, the company generated $2.6 billion in free cash flow, up 4% from the fourth quarter of 2020.In addition, Honeywell completed the previously announced business combination of Honeywell quantum solutions and Cambridge Quantum to form Quantinuum.

Honeywell International: Is The Conglomerate Premium Here To Stay? (02/2022)

<ul><li>Industrial behemoth, Honeywell had a decent quarter despite facing its a fair share of cost challenges like most peers.</li><li>Rising raw material prices and supply chain issues have been raising the cost of doing business and also creating revenue challenges for the company which is why the management lowered its sales guidance.</li><li>Its overall revenues grew by 9% for the quarter with the organic growth being around 8% which is fairly decent.</li></ul>

Industrial behemoth, Honeywell had a decent quarter despite facing its a fair share of cost challenges like most peers.Rising raw material prices and supply chain issues have been raising the cost of doing business and also creating revenue challenges for the company which is why the management lowered its sales guidance.Its overall revenues grew by 9% for the quarter with the organic growth being around 8% which is fairly decent.

Honeywell International Inc. - Investment Thesis

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 Inc.: Competitive Advantages & Acquisition-Led Growth

Honeywell has successfully maintained a particularly high level of resilience despite persistent supply chain restrictions, inflationary...

Baptista Research

Honeywell International Inc.: Acquisition-Led Growth & Other Drivers

Despite a challenging backdrop which includes global unrest, deflation headwinds, and supply chain constraints, Honeywell delivered a decent first...

Baptista Research

Tesla (TSLA): Shanghai’s Lockdown Killing Whole Chinese Automobile Supply Chain

Many automakers suspended their production due to the lockdown in Shanghai. Authorities will prepare a white list for production resumption....

Ming Lu

Honeywell International: Is The Conglomerate Premium Here To Stay? (02/2022)

Despite a difficult backdrop that included an accelerated inflationary environment, ongoing supply chain constraints, and persistent Covid-19...

Baptista Research

Honeywell International Inc. - Investment Thesis

Industrial behemoth, Honeywell had a decent quarter despite facing its a fair share of cost challenges like most peers. Rising raw material prices...

Baptista Research

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