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.

Credit

<ul><li>Lear Corporation is one of the largest companies within the car seating and e-systems domain.</li><li>With market growth in car seating and e-systems, Lear's revenues once again exceeded the sector in the first quarter.</li><li>Lear has had major wins in seating and e-systems for their battery module connector connection systems.</li></ul>

Lear Corporation is one of the largest companies within the car seating and e-systems domain.With market growth in car seating and e-systems, Lear's revenues once again exceeded the sector in the first quarter.Lear has had major wins in seating and e-systems for their battery module connector connection systems.

Lear Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>This is our first report on Lear Corporation, a leading player within the car seating and e-systems domain.</li><li>With market growth in car seating and e-systems, Lear's revenues once again exceeded the sector in the first quarter.</li><li>The company has had major wins in seating and e-systems for their battery module connector connection systems.</li></ul>

This is our first report on Lear Corporation, a leading player within the car seating and e-systems domain.With market growth in car seating and e-systems, Lear's revenues once again exceeded the sector in the first quarter.The company has had major wins in seating and e-systems for their battery module connector connection systems.

Lear Corporation: Initiation of Coverage – Market Positioning

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

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

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

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/11506" target="_blank" data-smartkarma-citation="entities:11506:1">Hanon Systems (018880 KS)</a> share price has outperformed its peers in the past 12 months and still command a valuation premium to its peers. In this report, we will discuss the following:<ul>
<li>1Q 2019 update</li>
<li>A look into its largest customers to date - <a href="https://www.smartkarma.com/entities/155" target="_blank" data-smartkarma-citation="entities:155:1">Hyundai Motor Co (005380 KS)</a>, how its market share in China has dwindled in the past few years.</li>
<li>
Diversification effort - the company has recently launched a customer diversification effort in its new business</li>
<li>Is it really Overvalued? We'll compare Hanon with its bigger, more profitable and higher inventory peers to see whether overvaluation is justifiable. </li>
</ul>

Hanon Systems (018880 KS) share price has outperformed its peers in the past 12 months and still command a valuation premium to its peers. In this report, we will discuss the following:
1Q 2019 update
A look into its largest customers to date - Hyundai Motor Co (005380 KS), how its market share in China has dwindled in the past few years.

Diversification effort - the company has recently launched a customer diversification effort in its new business
Is it really Overvalued? We'll compare Hanon with its bigger, more profitable and higher inventory peers to see whether overvaluation is justifiable. 


Hanon Systems (018880): Thesis Is Still Valid - Short.

The recent negative sales in the Chinese auto industry and Nissan's case of Carlos Ghosn removal could put additional pressure on the already thin margin of auto supplier industry. One of the Carlos Ghosn early contribution to Nissan was to cut cost and outsource the auto parts maker to a wide variety of suppliers including to <a href="https://www.smartkarma.com/entities/11506" target="_blank" data-smartkarma-citation="entities:11506:1">Hanon Systems (018880 KS)</a> . Nissan's new management may want to undo some of Carlos Ghosn' legacy including changing the selection criteria of parts supplier.Hanon's global peers also experienced a decrease in the inventory turnover and most of them have been priced at PER &lt;10 but Hanon is still trading at 24x PER while its sales growth and profitability is still in low single digit? Facing the onset of the slowdown in the Chinese auto industry, won't it be another headwind for Hanon Systems?

The recent negative sales in the Chinese auto industry and Nissan's case of Carlos Ghosn removal could put additional pressure on the already thin margin of auto supplier industry. One of the Carlos Ghosn early contribution to Nissan was to cut cost and outsource the auto parts maker to a wide variety of suppliers including to Hanon Systems (018880 KS) . Nissan's new management may want to undo some of Carlos Ghosn' legacy including changing the selection criteria of parts supplier.Hanon's global peers also experienced a decrease in the inventory turnover and most of them have been priced at PER &lt;10 but Hanon is still trading at 24x PER while its sales growth and profitability is still in low single digit? Facing the onset of the slowdown in the Chinese auto industry, won't it be another headwind for Hanon Systems?

Hanon Systems (018880): Overvalued Stocks in The Low Margin Sector

United States

Lear Corporation manufactures automobile parts.  The Company produces seating systems; wiring harnesses; terminals; connectors; junction boxes; body control electronics; wireless products; and audio systems.

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Lear Corp (LEA US)

Lear Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Lear Corporation is one of the largest companies within the car seating and e-systems domain. With market growth in car seating and e-systems,...

Baptista Research

Lear Corporation: Initiation of Coverage – Market Positioning

This is our first report on Lear Corporation, a leading player within the car seating and e-systems domain. With market growth in car seating and...

Baptista Research

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

Hanon Systems (018880): Thesis Is Still Valid - Short.

Hanon Systems (018880 KS) share price has outperformed its peers in the past 12 months and still command a valuation premium to its peers. In this...

Henry Soediarko

Hanon Systems (018880): Overvalued Stocks in The Low Margin Sector

The recent negative sales in the Chinese auto industry and Nissan's case of Carlos Ghosn removal could put additional pressure on the already thin...

Henry Soediarko

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