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 is set to undergo a major transformation by splitting into three independent companies: aerospace, automation, and advanced materials.</li><li>This move comes after mounting pressure from activist investor Elliott Investment Management, which pointed to the success of General Electric’s three-way breakup in 2024.</li><li>Honeywell’s board and CEO Vimal Kapur initiated a strategic review nearly a year ago, ultimately concluding that the aerospace business was diverging significantly from the rest of the company, warranting a complete separation.</li></ul>

Honeywell International is set to undergo a major transformation by splitting into three independent companies: aerospace, automation, and advanced materials.This move comes after mounting pressure from activist investor Elliott Investment Management, which pointed to the success of General Electric’s three-way breakup in 2024.Honeywell’s board and CEO Vimal Kapur initiated a strategic review nearly a year ago, ultimately concluding that the aerospace business was diverging significantly from the rest of the company, warranting a complete separation.

Honeywell: Why This Historic Breakup Could Change the Aerospace and Automation Game!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,280/1,273 points and the resistance at 1,298/1,305 points.</li><li>The recommended investment strategy is to sell on rallies until a new technical buy signal emerges.</li><li>KTX expects Thailand's inflation to continue recovering, leading to the lowest real rate in Asia and increasing the likelihood of the MPC maintaining interest rates.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,280/1,273 points and the resistance at 1,298/1,305 points.The recommended investment strategy is to sell on rallies until a new technical buy signal emerges.KTX expects Thailand's inflation to continue recovering, leading to the lowest real rate in Asia and increasing the likelihood of the MPC maintaining interest rates.

<ul><li>Honeywell International has recently become the center of investor attention following mounting pressure from activist investor Elliott Investment Management.</li><li>With a massive $5 billion stake, Elliott has called for the separation of Honeywell’s aerospace business, pushing the industrial giant toward a portfolio realignment.</li><li>Honeywell’s board announced that it is actively considering a potential aerospace spin-off, signaling a possible strategic transformation.</li></ul>

Honeywell International has recently become the center of investor attention following mounting pressure from activist investor Elliott Investment Management.With a massive $5 billion stake, Elliott has called for the separation of Honeywell’s aerospace business, pushing the industrial giant toward a portfolio realignment.Honeywell’s board announced that it is actively considering a potential aerospace spin-off, signaling a possible strategic transformation.

Honeywell’s Aerospace Split: Why Elliott’s Activist Call Could Unlock Billions in Value

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

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams (SHW US)</a> will replace <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel (INTC US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW 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</a> at the close on 7 November.</li>
<li>The impact of passive trading is highest in <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in terms of days of ADV and free float. Round-trip trade is US$16.5bn.</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>



NVIDIA (NVDA US) and Sherwin Williams (SHW US) will replace Intel (INTC US) and Dow (DOW US) in the Dow Jones Industrial Average at the close on 7 November.
The impact of passive trading is highest in Sherwin Williams Co (SHW US) and Dow (DOW US) in terms of days of ADV and free float. Round-trip trade is US$16.5bn.
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: NVIDIA, Sherwin-Williams Replace Intel, Dow

<ul><li>In the third quarter of 2024, Honeywell International Inc. demonstrated robust operational execution by exceeding its adjusted earnings per share and segment margin guidance, despite sales falling short of expectations.</li><li>This financial performance comes amid a series of strategic shifts, including senior leadership changes, with Chief Financial Officer Greg Lewis stepping down, and significant M&A activities aimed at reinforcing Honeywell’s focus on its core megatrends of automation, future of aviation, and energy transition.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

In the third quarter of 2024, Honeywell International Inc. demonstrated robust operational execution by exceeding its adjusted earnings per share and segment margin guidance, despite sales falling short of expectations.This financial performance comes amid a series of strategic shifts, including senior leadership changes, with Chief Financial Officer Greg Lewis stepping down, and significant M&A activities aimed at reinforcing Honeywell’s focus on its core megatrends of automation, future of aviation, and energy transition.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Honeywell International Inc.: Will Their Acquisition of Air Products' LNG Business & Geographical Expansion Be A Game Changer? - Major Drivers

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: Why This Historic Breakup Could Change the Aerospace and Automation Game!

Honeywell International is set to undergo a major transformation by splitting into three independent companies: aerospace, automation, and...

Baptista Research

Krungthai XSpring Zoom Eng.

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,280/1,273 points and the resistance at...

Krungthai XSpring

Honeywell’s Aerospace Split: Why Elliott’s Activist Call Could Unlock Billions in Value

Honeywell International has recently become the center of investor attention following mounting pressure from activist investor Elliott Investment...

Baptista Research

Dow Jones Industrials (INDU) Index Rebalance: NVIDIA, Sherwin-Williams Replace Intel, Dow

NVIDIA and Sherwin-Williams will replace Dow and Intel in the index. Round-trip trade is US$16.5bn. There is a lot to buy in Sherwin-Williams both...

Brian Freitas

Honeywell International Inc.: Will Their Acquisition of Air Products' LNG Business & Geographical Expansion Be A Game Changer? - Major Drivers

In the third quarter of 2024, Honeywell International Inc. demonstrated robust operational execution by exceeding its adjusted earnings per share...

Baptista Research

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