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. delivered a mixed performance in its second quarter 2024 earnings, highlighting strengths in certain strategic areas while facing challenges in others.</li><li>The company's earnings per share (EPS) and adjusted EPS exceeded guidance, and it achieved the upper range of its organic sales guidance, reflecting a robust operational execution across its diversified portfolio.</li><li>From a financial perspective, Honeywell saw strong organic growth, particularly in its aerospace sector, which remains a key driver of its overall performance.</li></ul>

Honeywell International Inc. delivered a mixed performance in its second quarter 2024 earnings, highlighting strengths in certain strategic areas while facing challenges in others.The company's earnings per share (EPS) and adjusted EPS exceeded guidance, and it achieved the upper range of its organic sales guidance, reflecting a robust operational execution across its diversified portfolio.From a financial perspective, Honeywell saw strong organic growth, particularly in its aerospace sector, which remains a key driver of its overall performance.

Honeywell International: Portfolio Optimization & Acquisitions With An Emphasis on Long-Cycle Business Growth! - Major Drivers

<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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Hollysys Automation Technologies / Event-Driven

<ul>
<li>Dazheng (without Recco) has returned with <a href="https://www.businesswire.com/news/home/20231224144642/en/Buyer-Consortium-Led-by-Dazheng-Group-Announces-Enhanced-All-Cash-Proposal-of-US29.00-Per-Share-to-Acquire-Hollysys" target="_blank" rel="noopener">a revised US$29.00 offer</a> for <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, 9.4% higher than Ascendent Capital’s US$26.50 binding offer.</li>
<li>While Dazheng’s proposal represents an all-time high, it would likely not be a superior proposal based on the Ascendent merger agreement due to the clauses on financing and due diligence.</li>
<li>Nevertheless, to avoid the high risk that shareholders vote down the Ascendent offer and/or there are substantial dissenting shareholders, the Board will likely ask Ascendent to match Dazheng's offer.  </li>
</ul>


Dazheng (without Recco) has returned with a revised US$29.00 offer for Hollysys Automation Technologies (HOLI US), 9.4% higher than Ascendent Capital’s US$26.50 binding offer.
While Dazheng’s proposal represents an all-time high, it would likely not be a superior proposal based on the Ascendent merger agreement due to the clauses on financing and due diligence.
Nevertheless, to avoid the high risk that shareholders vote down the Ascendent offer and/or there are substantial dissenting shareholders, the Board will likely ask Ascendent to match Dazheng's offer.  


Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer

<ul>
<li>Bloomberg reports that the Recco consortium is considering “<em>a significantly higher</em>” <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> offer than Ascendent’s US$26.50 binding offer.</li>
<li>The Hollysys 6-K filling outlines the closing conditions - a simple majority YES vote, regulatory approvals, minimum net cash (waivable) and a 10% maximum dissent condition (waivable).  </li>
<li>Recco is a committed suitor and will not easily give up. The merger agreement clauses point to a Recco offer floor of US$27.03 and a ceiling of US$30.48.</li>
</ul>


Bloomberg reports that the Recco consortium is considering “a significantly higher” Hollysys Automation Technologies (HOLI US) offer than Ascendent’s US$26.50 binding offer.
The Hollysys 6-K filling outlines the closing conditions - a simple majority YES vote, regulatory approvals, minimum net cash (waivable) and a 10% maximum dissent condition (waivable).  
Recco is a committed suitor and will not easily give up. The merger agreement clauses point to a Recco offer floor of US$27.03 and a ceiling of US$30.48.


Hollysys (HOLI US): Merger Agreement Leaves the Door Ajar for a Higher Recco Offer

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: Portfolio Optimization & Acquisitions With An Emphasis on Long-Cycle Business Growth! - Major Drivers

Honeywell International Inc. delivered a mixed performance in its second quarter 2024 earnings, highlighting strengths in certain strategic areas...

Baptista Research

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

Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer

While higher, the Board has the basis not to deem Dazheng’s proposal superior. However, due to the risk that shareholders vote down its offer,...

Arun George

Hollysys (HOLI US): Merger Agreement Leaves the Door Ajar for a Higher Recco Offer

Bloomberg reports that the Recco consortium is considering “a significantly higher” offer. The merger agreement clauses point to a Recco offer...

Arun George

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