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>Natwest Group PLC managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>With the liquidity portfolio being predominantly composed of central bank deposits, the liquidity coverage ratio was 141%, providing Natwest with a comfortable excess above the minimum requirements.</li><li>We give Natwest Group PLC a 'Hold' rating with a revised target price.</li></ul>

Natwest Group PLC managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.With the liquidity portfolio being predominantly composed of central bank deposits, the liquidity coverage ratio was 141%, providing Natwest with a comfortable excess above the minimum requirements.We give Natwest Group PLC a 'Hold' rating with a revised target price.

Natwest Group PLC: Will The SME Targeting Efforts Bear Fruit For This Banking Behemoth? - Key Drivers

<ul><li>This is our first report on NatWest Group PLC, one of the prominent banking and financial service providers.</li><li>The company demonstrated resilience and strength in the quarter, with a solid capital position and diverse funding sources contributing to its robust financial standing.</li><li>Overall, NatWest Group's strong financial position, supported by capital strength and diverse funding sources, is anticipated to position it for resilience and sustained growth in the market.</li></ul>

This is our first report on NatWest Group PLC, one of the prominent banking and financial service providers.The company demonstrated resilience and strength in the quarter, with a solid capital position and diverse funding sources contributing to its robust financial standing.Overall, NatWest Group's strong financial position, supported by capital strength and diverse funding sources, is anticipated to position it for resilience and sustained growth in the market.

NatWest Group PLC: Initiation of Coverage – Recent Acquisitions & Other Drivers

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>UK wealth manager Quilter PLC (QLT LN) is reportedly set to receive takeover bids from at least four different suitors, according to the Daily Mail. One of them is Natwest.</li>
<li>Interest in Quilter is not anything new: market share, investments in technology and a new platform make it appealing, in spite of headwinds for the industry.</li>
<li>My 136p TP is based on an average of comps-based P/E multiples. Considering valuation and potential interest, I would be long the shares.</li>
</ul>


UK wealth manager Quilter PLC (QLT LN) is reportedly set to receive takeover bids from at least four different suitors, according to the Daily Mail. One of them is Natwest.
Interest in Quilter is not anything new: market share, investments in technology and a new platform make it appealing, in spite of headwinds for the industry.
My 136p TP is based on an average of comps-based P/E multiples. Considering valuation and potential interest, I would be long the shares.


Alpha-Centric ESG Research

Kyle Rudden

COP26 – the United Nations' flagship international conference on climate change – takes place in Glasgow from 31 October to 12 November. World leaders will be discussing critical climate issues, and collaborating on aggressive plans to avert catastrophic climate change.Three core agenda items – mitigating global warming, financing climate action, and developing a global carbon market and pricing scheme – are mission-critical in combating climate change. But they also have significant implications for global capital markets and investing.This Insight is the first of several addressing COP26 from an investing perspective. This provides an overview of the COP26 conference, its key nation state players, core objectives and outcomes, and why there is such as palpable now-or-never sense of urgency; more so than ever before.Upcoming Insights, for which this report serves as context, will dive deeper into country-specific climate action plans, as well as discuss various investment themes and trading ideas around the COP26 conference and climate change in general. The first of those Insights are imminent.

COP26 – the United Nations' flagship international conference on climate change – takes place in Glasgow from 31 October to 12 November. World leaders will be discussing critical climate issues, and collaborating on aggressive plans to avert catastrophic climate change.Three core agenda items – mitigating global warming, financing climate action, and developing a global carbon market and pricing scheme – are mission-critical in combating climate change. But they also have significant implications for global capital markets and investing.This Insight is the first of several addressing COP26 from an investing perspective. This provides an overview of the COP26 conference, its key nation state players, core objectives and outcomes, and why there is such as palpable now-or-never sense of urgency; more so than ever before.Upcoming Insights, for which this report serves as context, will dive deeper into country-specific climate action plans, as well as discuss various investment themes and trading ideas around the COP26 conference and climate change in general. The first of those Insights are imminent.

COP26: U.N. Climate Conference to Address Mitigation, Financing, and Carbon Pricing

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

*Competitor Call Confirms Business Is Dead: A competitor hosted a conference call with the management of HSBC Holdings plc (5.HK/HSBA.LN) [HSBC]. Much of the discussion centered on Hong Kong/Asia, where net interest income remains under pressure due to low spreads, credit remains benign, and now Wealth Management is again in focus; and    *Elephant In Room Not Discussed: CET 1 was 15.9% at 1Q21, and the Group continues to aim for between 14.0% -14.5%. Unfortunately there was no mention nor even a question on its US franchise, HSBC North America (HSBCNA), which if sold or even managed properly could would easily allow HSBC to realize its CET1 goal  - given the losses management still needs to take on that mess.

*Competitor Call Confirms Business Is Dead: A competitor hosted a conference call with the management of HSBC Holdings plc (5.HK/HSBA.LN) [HSBC]. Much of the discussion centered on Hong Kong/Asia, where net interest income remains under pressure due to low spreads, credit remains benign, and now Wealth Management is again in focus; and    *Elephant In Room Not Discussed: CET 1 was 15.9% at 1Q21, and the Group continues to aim for between 14.0% -14.5%. Unfortunately there was no mention nor even a question on its US franchise, HSBC North America (HSBCNA), which if sold or even managed properly could would easily allow HSBC to realize its CET1 goal  - given the losses management still needs to take on that mess.

HSBC Holdings Plc – Head Still Buried In The Sand

United Kingdom

NatWest Group is a UK-focused banking organization operating in retail, commercial, and private banking markets. It offers a comprehensive range of products and services, including current accounts, mortgages, personal unsecured lending, and personal deposits. The group is headquartered in Edinburgh, Scotland, and was founded in 1968.

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NatWest Group (NWG LN)

Natwest Group PLC: Will The SME Targeting Efforts Bear Fruit For This Banking Behemoth? - Key Drivers

Natwest Group PLC managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. With the liquidity portfolio...

Baptista Research

NatWest Group PLC: Initiation of Coverage – Recent Acquisitions & Other Drivers

This is our first report on NatWest Group PLC, one of the prominent banking and financial service providers. The company demonstrated resilience...

Baptista Research

Potential Interest in Quilter

Deal activity in the sector from both trade and financial buyers continues, despite macro-related weaker markets YTD. Quilter seems attractive due...

Jesus Rodriguez Aguilar

COP26: U.N. Climate Conference to Address Mitigation, Financing, and Carbon Pricing

Over the next two weeks, world leaders and Greta Thunberg will decide our fate. Dramatic perhaps, but not overly. The COP26 climate conference will...

Kyle Rudden

HSBC Holdings Plc – Head Still Buried In The Sand

HSBC HOLDINGS: A competitor call with management centered on benign Hong Kong/Asia. The Group aim is a CET1 of 14-14.5%. No mention HSBC North...

Thomas J. Monaco

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