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>Lockheed Martin reported its first quarter results for 2025, showcasing a generally strong performance across several metrics.</li><li>The company achieved a year-over-year sales increase of 4%, signaling continued growth momentum.</li><li>Performance was bolstered by operating margins of 11.6% across its business sectors and earnings per share (EPS) growth of 14%, reaching $7.28.</li></ul>

Lockheed Martin reported its first quarter results for 2025, showcasing a generally strong performance across several metrics.The company achieved a year-over-year sales increase of 4%, signaling continued growth momentum.Performance was bolstered by operating margins of 11.6% across its business sectors and earnings per share (EPS) growth of 14%, reaching $7.28.

Lockheed Martin: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Hanwha Aerospace / Equity Capital Markets

<ul>
<li>Hanwha Aerospace (012450 KS) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.</li>
<li>We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.</li>
<li>It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector. </li>
</ul>


Hanwha Aerospace (012450 KS) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.
We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.
It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector. 


Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Taking advantage of a doubling in its share price over the last year, <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal</a> is tapping the market to fund the expansion of its US facilities to fulfil US Navy contracts.</li>
<li>Austal is placing out 52.6mn new shares (non-underwritten) at A$3.80/share - ~A$200mn all-in - a 15.6% discount to last close, and effectively tapping out its annual placement capacity.</li>
<li>Provided the placement is squared away, founder John Rothwell will unload $50mn of his own stock. As such, any M&amp;A activity is now firmly on the backburner. </li>
</ul>


Taking advantage of a doubling in its share price over the last year, Austal is tapping the market to fund the expansion of its US facilities to fulfil US Navy contracts.
Austal is placing out 52.6mn new shares (non-underwritten) at A$3.80/share - ~A$200mn all-in - a 15.6% discount to last close, and effectively tapping out its annual placement capacity.
Provided the placement is squared away, founder John Rothwell will unload $50mn of his own stock. As such, any M&amp;A activity is now firmly on the backburner. 


Austal (ASB AU)'s Placement Puts The Skids On Near-Term M&A

<ul><li>Lockheed Martin Corporation's recent earnings report for the fourth quarter and full year 2024 showcases a mix of positive and challenging aspects of the company's performance.</li><li>Overall, the company demonstrated resilience through revenue growth and an expanding backlog, but financial results were impacted by significant charges related to classified programs.</li><li>In 2024, Lockheed Martin reported sales growth of 5% year-over-year, reaching $71 billion.</li></ul>

Lockheed Martin Corporation's recent earnings report for the fourth quarter and full year 2024 showcases a mix of positive and challenging aspects of the company's performance.Overall, the company demonstrated resilience through revenue growth and an expanding backlog, but financial results were impacted by significant charges related to classified programs.In 2024, Lockheed Martin reported sales growth of 5% year-over-year, reaching $71 billion.

Pentagon’s Favorite Contractor? Why Lockheed Martin’s Defense Empire Will Keep Soaring!- Major Drivers

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,334/1,325 points and the resistance at 1,350/1,354 points.</li><li>In the medium term, the index remains in a downtrend with a rounding top pattern, ranging between 1,273-1,506 points.</li><li>Investment Strategy: We recommend selling on rallies and waiting to buy when a new breakout signal occurs.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,334/1,325 points and the resistance at 1,350/1,354 points.In the medium term, the index remains in a downtrend with a rounding top pattern, ranging between 1,273-1,506 points.Investment Strategy: We recommend selling on rallies and waiting to buy when a new breakout signal occurs.

United States

Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services.  The Company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration.  Lockheed Martin operates worldwide.

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Lockheed Martin (LMT US)

Lockheed Martin: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Lockheed Martin reported its first quarter results for 2025, showcasing a generally strong performance across several metrics. The company...

Baptista Research

Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)

Hanwha Aerospace announced a rights offering capital raise of 3.6 trillion won. We believe this capital raise is likely to result in higher...

Douglas Kim

Austal (ASB AU)'s Placement Puts The Skids On Near-Term M&A

A doubling in the share price over the past year urged a rethink of the company’s funding plans; plus validating its rejection last year of Hanwha...

David Blennerhassett

Pentagon’s Favorite Contractor? Why Lockheed Martin’s Defense Empire Will Keep Soaring!- Major Drivers

Lockheed Martin Corporation's recent earnings report for the fourth quarter and full year 2024 showcases a mix of positive and challenging aspects...

Baptista Research

Chinese New Year Festival Is Beginning

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,334/1,325 points and the resistance at...

Krungthai XSpring

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