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>Illinois Tool Works continues to face various challenges in this operating environment which is why it had a mixed financial performance in the last quarter of the year.</li><li>Automotive OEM revenues were up, and food equipment delivered a very strong quarter.</li><li>Welding delivery had quite a strong organic growth in the quarter, with a rise in equipment and consumables.</li></ul>

Illinois Tool Works continues to face various challenges in this operating environment which is why it had a mixed financial performance in the last quarter of the year.Automotive OEM revenues were up, and food equipment delivered a very strong quarter.Welding delivery had quite a strong organic growth in the quarter, with a rise in equipment and consumables.

Credit

<ul><li>Illinois Tool Works is an industrials major catering to a wide variety of end markets ranging from automotive to welding and construction projects.</li><li>The company’s financial performance has been decent despite the fact that the operating climate is still quite dynamic and challenging.</li><li>While the recent results were good, Illinois Tool Works is far from being immune to the potential macro problems and uncertainties ahead.</li></ul>

Illinois Tool Works is an industrials major catering to a wide variety of end markets ranging from automotive to welding and construction projects.The company’s financial performance has been decent despite the fact that the operating climate is still quite dynamic and challenging.While the recent results were good, Illinois Tool Works is far from being immune to the potential macro problems and uncertainties ahead.

Illinois Tool Works Inc.: Initiation of Coverage – Financial Forecasts

<ul><li>This is our first report on industrials giant, Illinois Tool Works.</li><li>The company achieved a 13% revenue increase on the top line, with 16% organic growth from its core businesses which is a good sign.</li><li>While the recent results were good, Illinois Tool Works is far from being immune to the potential macro problems and uncertainties ahead.</li></ul>

This is our first report on industrials giant, Illinois Tool Works.The company achieved a 13% revenue increase on the top line, with 16% organic growth from its core businesses which is a good sign.While the recent results were good, Illinois Tool Works is far from being immune to the potential macro problems and uncertainties ahead.

Illinois Tool Works Inc.: Initiation of Coverage – Diversified Business Lines & Other Drivers

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries Co Ltd. (669 HK)</a> is an OEM and has its own brand for many DIY tooling kits for the American market (77% of the business) and has flourished over the years as they have profited from the labor arbitrage between the US and the Chinese wages differential. The stock has ADTV of USD 57 million, a market cap of USD 17.45 billion, and its share price is 3.8% lower from its 52 weeks high. With the heightened tension between US and China, social unrest in the US and potentially bringing more productions to the US which will reduce the company's margin, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries Co Ltd. (669 HK)</a> 's current market valuation at 28x PER may not hold and investors should expect a potential downside of between 36-50%.

Techtronic Industries Co Ltd. (669 HK) is an OEM and has its own brand for many DIY tooling kits for the American market (77% of the business) and has flourished over the years as they have profited from the labor arbitrage between the US and the Chinese wages differential. The stock has ADTV of USD 57 million, a market cap of USD 17.45 billion, and its share price is 3.8% lower from its 52 weeks high. With the heightened tension between US and China, social unrest in the US and potentially bringing more productions to the US which will reduce the company's margin, Techtronic Industries Co Ltd. (669 HK) 's current market valuation at 28x PER may not hold and investors should expect a potential downside of between 36-50%. 

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

S&amp;P 500 Potential Support Levels. Current logical support levels we are monitoring include the December 2018 low of 2,346 and prior resistance in 2015-2016 at 2,130-2,200. The 2,346 level would make a lot of sense, however there is nothing that says we can’t be down 35% (coinciding with the 2,130-2,200 level) or more from the highs. Ultimately, COVID-19 is holding the market hostage and it likely will stay that way until the virus spread diminishes.

S&amp;P 500 Potential Support Levels. Current logical support levels we are monitoring include the December 2018 low of 2,346 and prior resistance in 2015-2016 at 2,130-2,200. The 2,346 level would make a lot of sense, however there is nothing that says we can’t be down 35% (coinciding with the 2,130-2,200 level) or more from the highs. Ultimately, COVID-19 is holding the market hostage and it likely will stay that way until the virus spread diminishes.

S&P 500 Technical Appraisal and Support Levels

United States

Illinois Tool Works Inc. designs and manufactures fasteners and components, equipment and consumable systems, and a variety of specialty products and equipment.  The Company's products include industrial fluids and adhesives, tooling for specialty applications, welding products, and quality measurement equipment and systems.  Illinois Tool Works operates worldwide.

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Illinois Tool Works (ITW US)

Illinois Tool Works Inc.: Major Drivers

Illinois Tool Works continues to face various challenges in this operating environment which is why it had a mixed financial performance in the...

Baptista Research

Illinois Tool Works Inc.: Initiation of Coverage – Financial Forecasts

Illinois Tool Works is an industrials major catering to a wide variety of end markets ranging from automotive to welding and construction...

Baptista Research

Illinois Tool Works Inc.: Initiation of Coverage – Diversified Business Lines & Other Drivers

This is our first report on industrials giant, Illinois Tool Works. The company achieved a 13% revenue increase on the top line, with 16% organic...

Baptista Research

Techtronics (669): American in Hong Kong

Techtronic Industries Co Ltd. (669 HK) is an OEM and has its own brand for many DIY tooling kits for the American market (77% of the business) and...

Henry Soediarko

S&P 500 Technical Appraisal and Support Levels

S&P 500 Potential Support Levels. Current logical support levels we are monitoring include the December 2018 low of 2,346 and prior resistance...

Vermilion Research

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