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>Ingersoll Rand's latest earnings report for the first quarter of 2025 presents a mixed bag of performance metrics and forward-looking strategies.</li><li>The company reported a robust start to the year with a 10% total order growth and a record Q1 free cash flow of $223 million.</li><li>An in-region for-region manufacturing capability seems to provide a competitive edge, alongside a strong commitment to bolt-on acquisitions as part of their capital allocation strategy.</li></ul>

Ingersoll Rand's latest earnings report for the first quarter of 2025 presents a mixed bag of performance metrics and forward-looking strategies.The company reported a robust start to the year with a 10% total order growth and a record Q1 free cash flow of $223 million.An in-region for-region manufacturing capability seems to provide a competitive edge, alongside a strong commitment to bolt-on acquisitions as part of their capital allocation strategy.

Ingersoll Rand Seizes Asia-Pacific Momentum To Up Their Game; What Lies Ahead?

<ul><li>Ingersoll Rand's fourth-quarter 2024 earnings present a balanced view of the company's current performance and future outlook.</li><li>The company reported strong financial results, including robust free cash flow margins and double-digit adjusted EPS growth, despite facing a dynamic global market.</li><li>This performance is attributed to their economic growth engine and the disciplined application of their competitive differentiation strategy, IRX.</li></ul>

Ingersoll Rand's fourth-quarter 2024 earnings present a balanced view of the company's current performance and future outlook.The company reported strong financial results, including robust free cash flow margins and double-digit adjusted EPS growth, despite facing a dynamic global market.This performance is attributed to their economic growth engine and the disciplined application of their competitive differentiation strategy, IRX.

Ingersoll Rand’s Strategy for Asia-Pacific Growth & Major Growth Drivers!

<ul><li>Ingersoll Rand reported its Q3 2024 financial results, showcasing a mix of strong performance and growth challenges, against a backdrop of macroeconomic uncertainty.</li><li>The company recorded significant results, achieving record orders and revenue increases, with adjusted EBITDA margins expanding by over 200 basis points and free cash flow margins reaching 20%.</li><li>Despite these achievements, Ingersoll Rand acknowledged that the challenging macro environment has impacted customer order timing and site readiness, leading to adjustments in revenue expectations for the full year.</li></ul>

Ingersoll Rand reported its Q3 2024 financial results, showcasing a mix of strong performance and growth challenges, against a backdrop of macroeconomic uncertainty.The company recorded significant results, achieving record orders and revenue increases, with adjusted EBITDA margins expanding by over 200 basis points and free cash flow margins reaching 20%.Despite these achievements, Ingersoll Rand acknowledged that the challenging macro environment has impacted customer order timing and site readiness, leading to adjustments in revenue expectations for the full year.

Ingersoll Rand: Emerging Growth Markets & Innovative Solutions to Set New Standards! - 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.

Equity Capital Markets

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> priced its H Share at HK$54.80 to raise HK$31,014 million (US$4.0 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>The H Share listing price implies an AH discount of 21.4% at the A Share price of RMB63.51. This compares to <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>'s AH discount of 13.8%.</li>
<li>Futu grey market data shows that the H Shares closed 5.1% higher at HK$57.60. Our valuation analysis suggests that the H Share listing price is attractive.</li>
</ul>



Midea Group Co Ltd A (000333 CH) priced its H Share at HK$54.80 to raise HK$31,014 million (US$4.0 billion) in gross proceeds. The H Share will be listed tomorrow.
The H Share listing price implies an AH discount of 21.4% at the A Share price of RMB63.51. This compares to Haier Smart Home (6690 HK)'s AH discount of 13.8%.
Futu grey market data shows that the H Shares closed 5.1% higher at HK$57.60. Our valuation analysis suggests that the H Share listing price is attractive.


Midea Group H Share Listing (300 HK): Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> has launched its H Share listing at HK$52.00-54.80 per share. Pricing will be on 13 September, and the listing on 17 September.</li>
<li>We previously discussed the listing in <a href="https://www.smartkarma.com/insights/midea-group-h-share-listing-latest-updates-points-to-a-business-in-rude-health" target="_blank" data-smartkarma-citation="insights:157653" rel="noopener">Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health</a> and <a href="https://www.smartkarma.com/insights/midea-group-h-share-listing-ah-discount-views" target="_blank" data-smartkarma-citation="insights:157868" rel="noopener">Midea Group H Share Listing: AH Discount Views</a>. </li>
<li>Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.</li>
</ul>



Midea Group Co Ltd A (000333 CH) has launched its H Share listing at HK$52.00-54.80 per share. Pricing will be on 13 September, and the listing on 17 September.
We previously discussed the listing in Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health and Midea Group H Share Listing: AH Discount Views. 
Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.


Midea Group H Share Listing (300 HK): Valuation Insights

United States

Ingersoll Rand Inc. manufactures flow control equipment. The Company offers vacuum systems, bottle blowers, pumps, and air and gas compressors. Ingersoll-Rand serves customers worldwide.

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Ingersoll Rand (IR US)

Ingersoll Rand Seizes Asia-Pacific Momentum To Up Their Game; What Lies Ahead?

Ingersoll Rand's latest earnings report for the first quarter of 2025 presents a mixed bag of performance metrics and forward-looking...

Baptista Research

Ingersoll Rand’s Strategy for Asia-Pacific Growth & Major Growth Drivers!

Ingersoll Rand's fourth-quarter 2024 earnings present a balanced view of the company's current performance and future outlook. The company...

Baptista Research

Ingersoll Rand: Emerging Growth Markets & Innovative Solutions to Set New Standards! - Major Drivers

Ingersoll Rand reported its Q3 2024 financial results, showcasing a mix of strong performance and growth challenges, against a backdrop of...

Baptista Research

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52-week Range

Market Cap (USDm)

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Ingersoll Rand Seizes Asia-Pacific Momentum To Up Their Game; What Lies Ahead?

Ingersoll Rand's latest earnings report for the first quarter of 2025 presents a mixed bag of performance metrics and forward-looking...

Baptista Research

Ingersoll Rand’s Strategy for Asia-Pacific Growth & Major Growth Drivers!

Ingersoll Rand's fourth-quarter 2024 earnings present a balanced view of the company's current performance and future outlook. The company...

Baptista Research

Ingersoll Rand: Emerging Growth Markets & Innovative Solutions to Set New Standards! - Major Drivers

Ingersoll Rand reported its Q3 2024 financial results, showcasing a mix of strong performance and growth challenges, against a backdrop of...

Baptista Research

Midea Group H Share Listing (300 HK): Trading Debut

The H Share listing and Futu grey market price imply an AH discount of 21.4% and 17.4%, respectively, which is attractive compared to Haier, its...

Arun George

Midea Group H Share Listing (300 HK): Valuation Insights

Midea has launched its H Share listing. Our valuation analysis suggests that the range is attractive, so we would participate in the listing.

Arun George