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>Jabil Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>However, it surpassed Wall Street's earnings expectations, with core operating income reaching $499 million, constituting 6% of revenue and marking a significant 120 basis points increase year-over-year.</li><li>Cash flows from operations amounted to $448 million, while net capital expenditures were $275 million, resulting in an adjusted free cash flow of $173 million.</li></ul>

Jabil Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.However, it surpassed Wall Street's earnings expectations, with core operating income reaching $499 million, constituting 6% of revenue and marking a significant 120 basis points increase year-over-year.Cash flows from operations amounted to $448 million, while net capital expenditures were $275 million, resulting in an adjusted free cash flow of $173 million.

Jabil Inc.: Can The Retronix Acquisition Be A Game Changer? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The announcement of the inclusion of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a> in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> was a big one last week. There were announcements for some other indices too.</li>
<li>There are many indices in China that will be rebalanced at the close on Friday, the biggest being the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KWEB US</a>.</li>
<li>Relatively quiet in ETF world with net inflows to China focused ETFs and net outflows for Japan.</li>
</ul>


The announcement of the inclusion of Uber Technologies (UBER US) in the S&amp;P 500 INDEX was a big one last week. There were announcements for some other indices too.
There are many indices in China that will be rebalanced at the close on Friday, the biggest being the CSI 300, CSI 500, STAR50, SSE50 and KWEB US.
Relatively quiet in ETF world with net inflows to China focused ETFs and net outflows for Japan.


Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

<ul><li>Jabil Inc. delivered a mixed set of results in its most recent quarter with revenues falling short of Wall Street expectations but above-par earnings.</li><li>The core margins increased by 40 basis points to 5%, accompanied by a 12% growth in earnings and a 13% growth in earnings per share.</li><li>Remarkably, Jabil generated over $1 billion in free cash flows, highlighting the resilience of their business model in the face of market fluctuations.</li></ul>

Jabil Inc. delivered a mixed set of results in its most recent quarter with revenues falling short of Wall Street expectations but above-par earnings.The core margins increased by 40 basis points to 5%, accompanied by a 12% growth in earnings and a 13% growth in earnings per share.Remarkably, Jabil generated over $1 billion in free cash flows, highlighting the resilience of their business model in the face of market fluctuations.

Jabil Inc.: How Strategic Focus on Key Tech Areas is Paving the Way for Future Success! - Major Drivers

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

First Trust Dj Internet Ind / Technical Analysis

<ul>
<li>Last week (8/22/23) we discussed our expectations for an oversold bounce due to an overwhelming number of indexes/Sectors/industries testing multi-month supports, combined with Treasury yields and the DXY testing resistance.</li>
<li>The bounce has begun with the SPP ending higher last week for the first time in a month, and it is possible we have seen the lows for this pause/pullback.</li>
<li>A meaningful correction cannot happen if the SPX is above 4300-4325, but we would not be surprised to see another month or more of consolidation between 4300 and 4600.</li>
</ul>


Last week (8/22/23) we discussed our expectations for an oversold bounce due to an overwhelming number of indexes/Sectors/industries testing multi-month supports, combined with Treasury yields and the DXY testing resistance.
The bounce has begun with the SPP ending higher last week for the first time in a month, and it is possible we have seen the lows for this pause/pullback.
A meaningful correction cannot happen if the SPX is above 4300-4325, but we would not be surprised to see another month or more of consolidation between 4300 and 4600.


Oversold Bounce Underway Amid Consolidation Phase; Buys in IT Consulting, Uranium, Technology

<ul><li>Jabil delivered a strong result and managed an all-around beat in the last quarter.</li><li>The company's growth was driven by improved profitability in electric vehicles, healthcare, renewable energy infrastructure, and cloud sectors.</li><li>The healthcare sector also presents opportunities for Jabil, with increasing interest from OEMs seeking outsourcing manufacturing solutions.</li></ul>

Jabil delivered a strong result and managed an all-around beat in the last quarter.The company's growth was driven by improved profitability in electric vehicles, healthcare, renewable energy infrastructure, and cloud sectors.The healthcare sector also presents opportunities for Jabil, with increasing interest from OEMs seeking outsourcing manufacturing solutions.

Jabil Inc.: Harnessing AI to Transform the Industry – Key Drivers

United States

Jabil Circuit, Inc. is an electronic manufacturing services provider for international electronics companies in the communications, personal computer, peripheral, consumer, and automotive markets.  The Company offers circuit design, board design from schematic, prototype assembly, volume board assembly, system assembly, repair, and warranty services.

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Jabil Circuit (JBL US)

Jabil Inc.: Can The Retronix Acquisition Be A Game Changer? - Major Drivers

Jabil Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. However, it surpassed Wall Street's...

Baptista Research

Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Jabil Inc.: How Strategic Focus on Key Tech Areas is Paving the Way for Future Success! - Major Drivers

Jabil Inc. delivered a mixed set of results in its most recent quarter with revenues falling short of Wall Street expectations but above-par...

Baptista Research

Oversold Bounce Underway Amid Consolidation Phase; Buys in IT Consulting, Uranium, Technology

Our 8/22 expectations for oversold bounce coming to fruition as major multi-month supports hold $SPX $DJI $XLK $ACWI, & Treasury yields $TNX $TYX...

Vermilion Research

Jabil Inc.: Harnessing AI to Transform the Industry – Key Drivers

Jabil delivered a strong result and managed an all-around beat in the last quarter. The company's growth was driven by improved profitability in...

Baptista Research

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