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>NewMarket Corporation, a petroleum additives company, recently reported their full-year and fourth-quarter results for 2023.</li><li>The company’s net income for the fourth quarter of 2023 was $80 million, a decrease from the previous year’s fourth quarter net income of $91 million.</li><li>This decrease in operating profit was primarily due to higher operating costs and lower shipments partially offset by lower raw material costs.</li></ul>

NewMarket Corporation, a petroleum additives company, recently reported their full-year and fourth-quarter results for 2023.The company’s net income for the fourth quarter of 2023 was $80 million, a decrease from the previous year’s fourth quarter net income of $91 million.This decrease in operating profit was primarily due to higher operating costs and lower shipments partially offset by lower raw material costs.

NewMarket Corporation: Initiation Of Coverage - The Impact Of The Acquisition of AMPAC and Its Integration! - Major Drivers

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

Thematic (Sector/Industry)

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel   exporters to the US.Steel exports to US from China are low at about 2.9mt in November. If the US adds more steel tariffs, it will have little impact to the steel market or prices but it will possibly cause a retaliation by the Chinese.China only exports 26% of Global Steel Exports, far lower than the 50% of their total global steel production. Most of Chinese steel exports go to other Asian…

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel   exporters to the US.Steel exports to US from China are low at about 2.9mt in November. If the US adds more steel tariffs, it will have little impact to the steel market or prices but it will possibly cause a retaliation by the Chinese.China only exports 26% of Global Steel Exports, far lower than the 50% of their total global steel production. Most of Chinese steel exports go to other Asian…

Market Is Wrong on US Tariffs for Chinese Steel

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of skyrocketing steel prices, the perception of improved supply discipline in China, and protectionist trade cases, the consensus narrative now argues that the worst is over. We strongly disagree and see more pain ahead for U.S. steelmakers. Barring a significant improvement in demand, we are hard-pressed to buy into the thesis that elevated steel prices are sustainable. We contend that the peak has already been realized and that prices will move materially lower by the end of 2016. Based on our outlook, every U.S. steelmaker we cover is trading above fair value. In particular, we urge investors to avoid highly leveraged blast furnace operators, as their future cash flows are most sensitive to falling steel prices. We see the most considerable downside for <a href="https://www.smartkarma.com/entities/11502" target="_blank" data-smartkarma-citation="entities:11502:1">Ak Steel Holding Corp (AKS US)</a>, <a href="https://www.smartkarma.com/entities/202" target="_blank" data-smartkarma-citation="entities:202:1">United States Steel Corp (X US)</a>, and <a href="https://www.smartkarma.com/entities/21125" target="_blank" data-smartkarma-citation="entities:21125:1">ArcelorMittal (MT NA)</a>.Analyst: Andrew Lane

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of skyrocketing steel prices, the perception of improved supply discipline in China, and protectionist trade cases, the consensus narrative now argues that the worst is over. We strongly disagree and see more pain ahead for U.S. steelmakers. Barring a significant improvement in demand, we are hard-pressed to buy into the thesis that elevated steel prices are sustainable. We contend that the peak has already been realized and that prices will move materially lower by the end of 2016. Based on our outlook, every U.S. steelmaker we cover is trading above fair value. In particular, we urge investors to avoid highly leveraged blast furnace operators, as their future cash flows are most sensitive to falling steel prices. We see the most considerable downside for Ak Steel Holding Corp (AKS US), United States Steel Corp (X US), and ArcelorMittal (MT NA).Analyst: Andrew Lane

Avoid the Steel Trap: Fundamentals Indicate Trouble Ahead

Information Technology Consultant

Ishita Jain

<a href="https://www.smartkarma.com/entities/11135" target="_blank" data-smartkarma-citation="entities:11135">Fmc Corp (FMC US)</a> announced that it will increase lithium production on the back of a long term supplier contract with a major electric vehicle ("EV") manufacturer.FMC is one of four of the world's largest producers of lithium and it has inked a multi year supply agreement with a EV manufacturer. FMC will produce an additional 4,000 tons of lithium hydroxide next year raising the total production capacity to roughly 18,000 tons a year.The value chain begins with the extraction of lithium…

Fmc Corp (FMC US) announced that it will increase lithium production on the back of a long term supplier contract with a major electric vehicle ("EV") manufacturer.FMC is one of four of the world's largest producers of lithium and it has inked a multi year supply agreement with a EV manufacturer. FMC will produce an additional 4,000 tons of lithium hydroxide next year raising the total production capacity to roughly 18,000 tons a year.The value chain begins with the extraction of lithium…

Lithium Hydroxide up 38% YTD; FMC Increases Lithium Production

Unlike gold and oil, Lithium is not an exchange traded commodity but is nevertheless considered one. From mid 2014, the commodities market has seen the worst slump in prices in 20 years and some commodities have been trading at multi-year lows. Lithium has defied the price decline and is currently trading at record highs which has sparked investor interest. This article covers the basics of the lithium industry, its demand and supply mechanics as well as its outlook five years hence.

Unlike gold and oil, Lithium is not an exchange traded commodity but is nevertheless considered one. From mid 2014, the commodities market has seen the worst slump in prices in 20 years and some commodities have been trading at multi-year lows. Lithium has defied the price decline and is currently trading at record highs which has sparked investor interest. This article covers the basics of the lithium industry, its demand and supply mechanics as well as its outlook five years hence.

Lithium - An Outlier Among Sinking Commodities

United States

NewMarket Corporation develops, manufactures, and blends fuel and lubricant additives marketed worldwide to refiners and others who sell petroleum products. The Company's products are used in transportation and industrial equipment.

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Newmarket Corp (NEU US)

NewMarket Corporation: Initiation Of Coverage - The Impact Of The Acquisition of AMPAC and Its Integration! - Major Drivers

NewMarket Corporation, a petroleum additives company, recently reported their full-year and fourth-quarter results for 2023. The company’s net...

Baptista Research

Market Is Wrong on US Tariffs for Chinese Steel

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel exporters to the US.Steel exports to US...

Scott Laprise/ 乐天虎

Avoid the Steel Trap: Fundamentals Indicate Trouble Ahead

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of...

Morningstar, Inc.

Lithium Hydroxide up 38% YTD; FMC Increases Lithium Production

Fmc Corp (FMC US) announced that it will increase lithium production on the back of a long term supplier contract with a major electric...

Ishita Jain

Lithium - An Outlier Among Sinking Commodities

Unlike gold and oil, Lithium is not an exchange traded commodity but is nevertheless considered one. From mid 2014, the commodities market has seen...

Ishita Jain

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