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>MetLife delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.</li><li>MetLife reported adjusted earnings of $1.5 billion or $1.94 per share, showcasing underlying momentum in its core businesses.</li><li>MetLife's prudent investment portfolio management and risk management were evident in the well-controlled underwriting results and effective expense management.</li></ul>

MetLife delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.MetLife reported adjusted earnings of $1.5 billion or $1.94 per share, showcasing underlying momentum in its core businesses.MetLife's prudent investment portfolio management and risk management were evident in the well-controlled underwriting results and effective expense management.

MetLife Inc.: An Inside Look at Underwriting Mastery and Effective Expense Control! - Major Drivers

<ul><li>MetLife delivered a disappointing set of results as the company was unable to meet the revenue as well as the earnings expectations of Wall Street.</li><li>The company achieved substantial revenue growth in the majority of its main businesses and markets, including Group Benefits, Asia, and Latin America.</li><li>Furthermore, adjusted earnings for Retirement and Income Solutions was $400 million, a decrease from the previous year due to reduced variable investment income.</li></ul>

MetLife delivered a disappointing set of results as the company was unable to meet the revenue as well as the earnings expectations of Wall Street.The company achieved substantial revenue growth in the majority of its main businesses and markets, including Group Benefits, Asia, and Latin America.Furthermore, adjusted earnings for Retirement and Income Solutions was $400 million, a decrease from the previous year due to reduced variable investment income.

MetLife Inc.: Achieving Favorable Underwriting Results with Strict Price Discipline! – Key Drivers

<ul><li>This is our first report on insurance behemoth, MetLife.</li><li>The company’s business has been negatively impacted by various macroeconomic trends such as the equity market falling, the interest rate rise, and the rising probability of a recession.</li><li>However, MetLife continued to execute its Next Horizon Strategy which helps show some resilience in uncertainty.</li></ul>

This is our first report on insurance behemoth, MetLife.The company’s business has been negatively impacted by various macroeconomic trends such as the equity market falling, the interest rate rise, and the rising probability of a recession.However, MetLife continued to execute its Next Horizon Strategy which helps show some resilience in uncertainty.

MetLife: Initiation of Coverage – Financial Forecasts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/28013" target="_blank" data-smartkarma-citation="entities:28013:1">Pnb Metlife (PNBM IN)</a> plans to raise around US$350m in its IPO via a secondary sale. All the owners plan to sell a part of their stake in the IPO. The deal will likely be launched in 2H19.
While operations have been on the right track in terms of growth and product mix, the company still lags its larger peers on most key parameters. Thus, despite its large distribution network the company has failed to gain market share over the past few years.
In this insight, I'll do a quick comparison of PNB Metlife versus its listed peers. You can find my prior IPO coverage for the sector at these links:
<ul>
<li><a href="https://www.smartkarma.com/insights/icici-pru-life-ipo-review-cheaper-than-hdfc-max-life-but-still-might-be-only-fairly-valued" target="_blank">ICICI Pru Life IPO Review - Cheaper than HDFC-Max Life but Still Might Be Only Fairly Valued</a></li>
<li><a href="https://www.smartkarma.com/insights/sbi-life-ipo-faster-better-and-soon-to-be-bigger-but-expensive-nonetheless" target="_blank">SBI Life IPO - Faster, Better and Soon to Be Bigger but Expensive Nonetheless</a></li>
<li><a href="https://www.smartkarma.com/insights/hdfc-standard-life-ipo-great-brand-prudent-product-mix-but-not-such-a-great-price" target="_blank">HDFC Standard Life IPO - Great Brand, Prudent Product Mix but Not Such a Great Price</a></li>
</ul>

Pnb Metlife (PNBM IN) plans to raise around US$350m in its IPO via a secondary sale. All the owners plan to sell a part of their stake in the IPO. The deal will likely be launched in 2H19.
While operations have been on the right track in terms of growth and product mix, the company still lags its larger peers on most key parameters. Thus, despite its large distribution network the company has failed to gain market share over the past few years.
In this insight, I'll do a quick comparison of PNB Metlife versus its listed peers. You can find my prior IPO coverage for the sector at these links:

ICICI Pru Life IPO Review - Cheaper than HDFC-Max Life but Still Might Be Only Fairly Valued
SBI Life IPO - Faster, Better and Soon to Be Bigger but Expensive Nonetheless
HDFC Standard Life IPO - Great Brand, Prudent Product Mix but Not Such a Great Price


PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

For anyone looking at <a href="https://www.smartkarma.com/entities/589" target="_blank" data-smartkarma-citation="entities:589">Dah Sing Financial Holdings</a> - and for those of you not looking, you should be - an article out a few hours ago makes clear that the plan described in my piece <a href="https://www.smartkarma.com/insights/dah-sing-ka-ching" target="_blank" data-smartkarma-citation="insights:2323">Dah Sing Ka Ching?</a> (13 Jan) is on its way. Another piece of news is that Elliott has launched a campaign to shareholders of BEA that could affect the originally recommended hedge.This bodes well for shares of Dah Sing FH, and possibly of <a href="https://www.smartkarma.com/entities/342" target="_blank" data-smartkarma-citation="entities:342">Dah Sing Banking Group</a>. A successful transaction to sell DSFH's insurance unit…

For anyone looking at Dah Sing Financial Holdings - and for those of you not looking, you should be - an article out a few hours ago makes clear that the plan described in my piece Dah Sing Ka Ching? (13 Jan) is on its way. Another piece of news is that Elliott has launched a campaign to shareholders of BEA that could affect the originally recommended hedge.This bodes well for shares of Dah Sing FH, and possibly of Dah Sing Banking Group. A successful transaction to sell DSFH's insurance unit…

United States

MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

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Metlife Inc (MET US)

MetLife Inc.: An Inside Look at Underwriting Mastery and Effective Expense Control! - Major Drivers

MetLife delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings. MetLife reported...

Baptista Research

MetLife Inc.: Achieving Favorable Underwriting Results with Strict Price Discipline! – Key Drivers

MetLife delivered a disappointing set of results as the company was unable to meet the revenue as well as the earnings expectations of Wall...

Baptista Research

MetLife: Initiation of Coverage – Financial Forecasts

This is our first report on insurance behemoth, MetLife. The company’s business has been negatively impacted by various macroeconomic trends such...

Baptista Research

PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers

Pnb Metlife (PNBM IN) plans to raise around US$350m in its IPO via a secondary sale. All the owners plan to sell a part of their stake in the IPO....

Sumeet Singh

Dah Sing - Ka Ching Ka Ching?

For anyone looking at Dah Sing Financial Holdings - and for those of you not looking, you should be - an article out a few hours ago makes clear...

Travis Lundy

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