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>Ingredion Inc.'s third-quarter 2025 results presented a challenging picture with a decline in both net sales and adjusted operating income compared to previous guidance.</li><li>Despite the struggles, the company remains optimistic about achieving full-year operational income growth, leveraging its diversified business portfolio.</li><li>The quarter was marked by a 3% decrease in net sales, influenced by a drop in both sales volume and price/mix across various segments, although foreign exchange provided a slight offset.</li></ul>

Ingredion Inc.'s third-quarter 2025 results presented a challenging picture with a decline in both net sales and adjusted operating income compared to previous guidance.Despite the struggles, the company remains optimistic about achieving full-year operational income growth, leveraging its diversified business portfolio.The quarter was marked by a 3% decrease in net sales, influenced by a drop in both sales volume and price/mix across various segments, although foreign exchange provided a slight offset.

Ingredion Expands Its Healthful Solutions Portfolio — Will Double-Digit Profit Growth Transform Its Future?

<ul><li>Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative aspects influencing its strategic outlook.</li><li>The company achieved a historic milestone with an adjusted operating income of $273 million, marking its highest ever for a second quarter, bolstered by a 1% increase from the previous year and a 12% increase during the first half of 2025.</li><li>However, net sales declined by 2% due to the pass-through of lower corn costs, highlighting some challenges in its operational efficiency and pricing strategy.</li></ul>

Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative aspects influencing its strategic outlook.The company achieved a historic milestone with an adjusted operating income of $273 million, marking its highest ever for a second quarter, bolstered by a 1% increase from the previous year and a 12% increase during the first half of 2025.However, net sales declined by 2% due to the pass-through of lower corn costs, highlighting some challenges in its operational efficiency and pricing strategy.

Ingredion Incorporated: Geographic Market Strategy in LATAM to Further Enforce Their Competitive Edge!

<ul><li>Ingredion Incorporated demonstrated a solid performance in the first quarter of 2025.</li><li>The company reported significant double-digit growth in adjusted earnings per share (EPS) and operating income, driven largely by robust sales in its Texture and Healthful Solutions segment, which saw a 34% increase in operating income.</li><li>This segment growth was powered by strong sales volumes across all geographies and an expansion of clean label and affordable formulations solutions.</li></ul>

Ingredion Incorporated demonstrated a solid performance in the first quarter of 2025.The company reported significant double-digit growth in adjusted earnings per share (EPS) and operating income, driven largely by robust sales in its Texture and Healthful Solutions segment, which saw a 34% increase in operating income.This segment growth was powered by strong sales volumes across all geographies and an expansion of clean label and affordable formulations solutions.

Ingredion Incorporated: Growth in Texture & Healthful Solutions Business Is A Key Growth Catalyst!

<ul><li>Ingredion Incorporated's latest earnings report highlighted mixed results for its fourth quarter and full-year 2024 performance.</li><li>The company saw significant double-digit adjusted earnings per share growth driven by robust sales volume growth in its Texture and Healthful Solutions segment and notable operating income growth in the Food and Industrial Ingredients segments, particularly in the U.S./Canada region.</li><li>This growth was facilitated by the renewal of multiyear contracts that helped Ingredion recuperate inflationary impacts and improve margins.</li></ul>

Ingredion Incorporated's latest earnings report highlighted mixed results for its fourth quarter and full-year 2024 performance.The company saw significant double-digit adjusted earnings per share growth driven by robust sales volume growth in its Texture and Healthful Solutions segment and notable operating income growth in the Food and Industrial Ingredients segments, particularly in the U.S./Canada region.This growth was facilitated by the renewal of multiyear contracts that helped Ingredion recuperate inflationary impacts and improve margins.

Ingredion Incorporated: Volume Growth & Market Opportunities Driving Our Optimism!

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.</li>
<li>The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. </li>
<li>The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.</li>
</ul>



Olam Group (OLG SP) has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.
The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. 
The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.


Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

United States

Ingredion Incorporated refines corn and produces sweeteners and starches.  The Company has customers in a wide range of industries, including the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile industries.  Ingredion has Company-owned operations, joint ventures, alliances, and technical licenses in countries around the world.

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Ingredion Inc (INGR US)

Ingredion Expands Its Healthful Solutions Portfolio — Will Double-Digit Profit Growth Transform Its Future?

Ingredion Inc.'s third-quarter 2025 results presented a challenging picture with a decline in both net sales and adjusted operating income...

Baptista Research

Ingredion Incorporated: Geographic Market Strategy in LATAM to Further Enforce Their Competitive Edge!

Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative...

Baptista Research

Ingredion Incorporated: Growth in Texture & Healthful Solutions Business Is A Key Growth Catalyst!

Ingredion Incorporated demonstrated a solid performance in the first quarter of 2025. The company reported significant double-digit growth in...

Baptista Research

Ingredion Incorporated: Volume Growth & Market Opportunities Driving Our Optimism!

Ingredion Incorporated's latest earnings report highlighted mixed results for its fourth quarter and full-year 2024 performance. The company saw...

Baptista Research

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

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