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 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!

<ul><li>Ingredion Incorporated's third-quarter financial performance in 2024 highlights several key developments, showcasing both strengths and challenges that the company faces.</li><li>The company achieved a milestone with a 29% increase in adjusted operating income, marking this quarter as the best third-quarter performance in its history.</li><li>This growth was largely attributed to double-digit operating income growth across all three segments, driven by operational excellence and strategic contract management, despite ongoing inflationary pressures.</li></ul>

Ingredion Incorporated's third-quarter financial performance in 2024 highlights several key developments, showcasing both strengths and challenges that the company faces.The company achieved a milestone with a 29% increase in adjusted operating income, marking this quarter as the best third-quarter performance in its history.This growth was largely attributed to double-digit operating income growth across all three segments, driven by operational excellence and strategic contract management, despite ongoing inflationary pressures.

Ingredion’s Texture and Healthful Solutions Boom: How It Is Redefining Food Innovation for Massive Market Gains! - Major Drivers

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Innovation trends and patent filings within the food industry saw significant upswing over the year in the areas of natural ingredients and methods to manufacture vegan proteins.</li>
<li>Ingredion <a href="https://www.smartkarma.com/entities/ingredion-inc" target="_blank" data-smartkarma-citation="entities:4284:1" rel="noopener">Ingredion Inc (INGR US)</a> has a leadership position in  the fast growing Clean Label, Sugar Reduction and Plant-Based Protein Technologies</li>
<li>On a relative basis the stock despite better profitability metrics trades at a discount to the country-sector median and on an absolute basis at about 20% discount to FV.</li>
</ul>


Innovation trends and patent filings within the food industry saw significant upswing over the year in the areas of natural ingredients and methods to manufacture vegan proteins.
Ingredion Ingredion Inc (INGR US) has a leadership position in  the fast growing Clean Label, Sugar Reduction and Plant-Based Protein Technologies
On a relative basis the stock despite better profitability metrics trades at a discount to the country-sector median and on an absolute basis at about 20% discount to FV.


Ingredion: Innovations Redefining the Taste and Texture of Modern Food

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 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

Ingredion’s Texture and Healthful Solutions Boom: How It Is Redefining Food Innovation for Massive Market Gains! - Major Drivers

Ingredion Incorporated's third-quarter financial performance in 2024 highlights several key developments, showcasing both strengths and challenges...

Baptista Research

Ingredion: Innovations Redefining the Taste and Texture of Modern Food

Ingredion leads clean label innovation, transforming grains, fruits, and plants into value-added ingredients for food, beverages, and beyond....

Pyari Menon

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