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

<ul><li>Huntington Bancshares' second quarter 2025 earnings call highlighted several areas of positive performance as well as notable developments and challenges.</li><li>The company emphasized operational and financial achievements while also outlining its strategic moves, particularly the acquisition of Veritex, which appears to be a significant part of their growth strategy.</li><li>On the positive side, Huntington reported strong operating performance, with robust organic growth in loans, deposits, and fee income.</li></ul>

Huntington Bancshares' second quarter 2025 earnings call highlighted several areas of positive performance as well as notable developments and challenges.The company emphasized operational and financial achievements while also outlining its strategic moves, particularly the acquisition of Veritex, which appears to be a significant part of their growth strategy.On the positive side, Huntington reported strong operating performance, with robust organic growth in loans, deposits, and fee income.

Huntington Bancshares’ Big Bet on Wealth & Payments — Is This the Profit Catalyst?

<ul><li>Huntington Bancshares reported strong first-quarter results for 2025, marked by robust revenue growth, expanded net interest margin, and disciplined risk management.</li><li>The company highlighted a successful execution of its growth strategy, which included significant loan and deposit growth, as well as increased fee income.</li><li>The report also noted Huntington Bancshares' investment in talent and expansion into new markets, which contributed to these positive results.</li></ul>

Huntington Bancshares reported strong first-quarter results for 2025, marked by robust revenue growth, expanded net interest margin, and disciplined risk management.The company highlighted a successful execution of its growth strategy, which included significant loan and deposit growth, as well as increased fee income.The report also noted Huntington Bancshares' investment in talent and expansion into new markets, which contributed to these positive results.

Huntington Bancshares: Strategic Expansion Challenges & Other Factors Driving Our Lack Of Optimism!- Growth Drivers

<ul><li>Huntington Bancshares Incorporated recently presented its fourth quarter and annual results for 2024, detailing an impressive year but also highlighting some areas where challenges may arise.</li><li>The company reported strong momentum in its financial metrics, positioning itself for continued growth into 2025 and beyond.</li><li>Here is a summary of the key points from the earnings call and the company’s current situation.</li></ul>

Huntington Bancshares Incorporated recently presented its fourth quarter and annual results for 2024, detailing an impressive year but also highlighting some areas where challenges may arise.The company reported strong momentum in its financial metrics, positioning itself for continued growth into 2025 and beyond.Here is a summary of the key points from the earnings call and the company’s current situation.

Huntington Bancshares Incorporated: Will Its Geographic & Sector Expansion Support Unremitting Growth In The Long Term? - Major Drivers

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Enhanced financial data from the Fed shows off balance sheet loan commitments rising strongly now +3.7% YoY in 2Q25 (quarterly data only, just released)</li>
<li>Data suggests that loan growth we see for US banks (in weekly HFD) is not being driven by off B/S moving on B/S, rather it is true underlying demand</li>
<li>Newly release Probability of Default (PD) for credit card loans in the US is very positive, with thew worst bucket of &gt;20% PD falling to just 3.0% of loans</li>
</ul>


Enhanced financial data from the Fed shows off balance sheet loan commitments rising strongly now +3.7% YoY in 2Q25 (quarterly data only, just released)
Data suggests that loan growth we see for US banks (in weekly HFD) is not being driven by off B/S moving on B/S, rather it is true underlying demand
Newly release Probability of Default (PD) for credit card loans in the US is very positive, with thew worst bucket of &gt;20% PD falling to just 3.0% of loans


US Banks - Off B/S Growth +3.7% YoY in New 2Q25 Data, Credit Card PD Improve Dramatically

<ul>
<li>Weekly balance sheets at US banks show a strong economy, and likely far better 3Q25 results for banks</li>
<li>Credit growth continues to accelerate, now at 4.67% YoY, weekly CP data is very strong, at +26% YoY</li>
<li>Credit metrics appear very strong, with LLR growing at almost nothing, at 1.36% YoY and less than 2% YoY for all weeks so far in this quarter</li>
</ul>


Weekly balance sheets at US banks show a strong economy, and likely far better 3Q25 results for banks
Credit growth continues to accelerate, now at 4.67% YoY, weekly CP data is very strong, at +26% YoY
Credit metrics appear very strong, with LLR growing at almost nothing, at 1.36% YoY and less than 2% YoY for all weeks so far in this quarter


US Banks - Weekly Loans Accelerate to 4.67% YoY, LLR at Only +1.36% YoY, CP +26% YoY

United States

Huntington Bancshares Incorporated is a multi-state bank holding company.  The Company's subsidiaries provide full-service commercial and consumer banking services, mortgage banking services, automobile financing, equipment leasing, investment management, trust services, brokerage services, customized insurance service programs, and other financial products and services.

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Huntington Bancshares (HBAN US)

Huntington Bancshares’ Big Bet on Wealth & Payments — Is This the Profit Catalyst?

Huntington Bancshares' second quarter 2025 earnings call highlighted several areas of positive performance as well as notable developments and...

Baptista Research

Huntington Bancshares: Strategic Expansion Challenges & Other Factors Driving Our Lack Of Optimism!- Growth Drivers

Huntington Bancshares reported strong first-quarter results for 2025, marked by robust revenue growth, expanded net interest margin, and...

Baptista Research

Huntington Bancshares Incorporated: Will Its Geographic & Sector Expansion Support Unremitting Growth In The Long Term? - Major Drivers

Huntington Bancshares Incorporated recently presented its fourth quarter and annual results for 2024, detailing an impressive year but also...

Baptista Research

US Banks - Off B/S Growth +3.7% YoY in New 2Q25 Data, Credit Card PD Improve Dramatically

US bank's off balance sheet data is just out, showing good, improving growth in commitments, suggesting underlying loan growth is real demand, not...

Daniel Tabbush

US Banks - Weekly Loans Accelerate to 4.67% YoY, LLR at Only +1.36% YoY, CP +26% YoY

Weekly balance sheets for US banks show accelerating 4.67% loan growth, and weekly CP data is very strong at +26% YoY. Credit metrics appear...

Daniel Tabbush

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