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>Otis Worldwide Corporation has reported its first quarter 2025 financial results, revealing a mixed performance across its segments.</li><li>These results reflect the ongoing challenges in the New Equipment segment, but also showcase the resilience of its Service business.</li><li>Positives from the results include the solid performance of Otis' Service segment, which saw an organic sales growth of 4% and a maintenance portfolio that expanded by 4%.</li></ul>

Otis Worldwide Corporation has reported its first quarter 2025 financial results, revealing a mixed performance across its segments.These results reflect the ongoing challenges in the New Equipment segment, but also showcase the resilience of its Service business.Positives from the results include the solid performance of Otis' Service segment, which saw an organic sales growth of 4% and a maintenance portfolio that expanded by 4%.

Will Otis Worldwide Corporation’s Modernization & Repair Boom Unlock Explosive Revenue Growth?

<ul><li>Otis Worldwide Corporation concluded its fourth quarter of 2024 with a mixture of strong performances in certain segments and challenges in others.</li><li>The company's overall results demonstrated a commitment to its service driven business model while navigating macroeconomic headwinds, especially in the New Equipment segment.</li><li>On the positive side, Otis reported robust organic sales growth of 1.9% for the quarter, primarily driven by a significant 7.8% increase in the Service segment.</li></ul>

Otis Worldwide Corporation concluded its fourth quarter of 2024 with a mixture of strong performances in certain segments and challenges in others.The company's overall results demonstrated a commitment to its service driven business model while navigating macroeconomic headwinds, especially in the New Equipment segment.On the positive side, Otis reported robust organic sales growth of 1.9% for the quarter, primarily driven by a significant 7.8% increase in the Service segment.

Otis Worldwide Corporation: Service Portfolio Growth

<ul><li>Otis Worldwide Corporation demonstrated stable performance during the second quarter of 2024, amidst a mixed economic environment.</li><li>The company's results reflected both their successes and the ongoing challenges in the global market.</li><li>On the positive side, the Service segment continued to serve as a strong growth vector for Otis, with a reported mid-single-digit organic sales increase.</li></ul>

Otis Worldwide Corporation demonstrated stable performance during the second quarter of 2024, amidst a mixed economic environment.The company's results reflected both their successes and the ongoing challenges in the global market.On the positive side, the Service segment continued to serve as a strong growth vector for Otis, with a reported mid-single-digit organic sales increase.

Otis Worldwide Corporation: Expansion into the Modernization Market in China

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 31 October, in response to an FT article, <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> confirmed that it has received a preliminary non-binding proposal, which the special committee is reviewing.</li>
<li>Fujitec’s shareholder register and relative underperformance compared to its Japanese peers make it ripe for a bid. Potential bidders could include PE and trade buyers.</li>
<li>The TK Elevator takeout multiple would imply a Fujitec offer price of JPY6,100-7,500, a 10.2%-35.6% premium to the last close of JPY5,533.</li>
</ul>


On 31 October, in response to an FT article, Fujitec Co Ltd (6406 JP) confirmed that it has received a preliminary non-binding proposal, which the special committee is reviewing.
Fujitec’s shareholder register and relative underperformance compared to its Japanese peers make it ripe for a bid. Potential bidders could include PE and trade buyers.
The TK Elevator takeout multiple would imply a Fujitec offer price of JPY6,100-7,500, a 10.2%-35.6% premium to the last close of JPY5,533.


Fujitec (6406 JP): Evaluating a Potential Privatisation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On 30 October, an FT <a href="https://www.ft.com/content/d237189f-d372-474d-981e-c1d3b32c3c8c" target="_blank" rel="noopener">article</a> appeared which pushed <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> shares sharply higher. The headline? <em>"Japanese lift maker Fujitec explores sale to private equity"</em>
</li>
<li>The next day, mid-day, Fujitec "<a href="https://www.fujitec.com/uploads/2024/10/241031_hodo_en.pdf" target="_blank" rel="noopener">corrected</a>" the record, saying the articles (FT and others, presumably) contained "inaccuracies", including that "Fujitec is working to find a buyer."</li>
<li>They mention they have received a preliminary and non-binding initial proposal. The stock continued higher after that. Now investors have to decide how attractive an elevator/escalator business really is.</li>
</ul>


On 30 October, an FT article appeared which pushed Fujitec Co Ltd (6406 JP) shares sharply higher. The headline? "Japanese lift maker Fujitec explores sale to private equity"

The next day, mid-day, Fujitec "corrected" the record, saying the articles (FT and others, presumably) contained "inaccuracies", including that "Fujitec is working to find a buyer."
They mention they have received a preliminary and non-binding initial proposal. The stock continued higher after that. Now investors have to decide how attractive an elevator/escalator business really is.


United States

Otis Worldwide Corporation manufactures, installs, and services building systems. The Company offers elevators, escalators, and other moving products. Otis Worldwide serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Otis Worldwide (OTIS US)

Will Otis Worldwide Corporation’s Modernization & Repair Boom Unlock Explosive Revenue Growth?

Otis Worldwide Corporation has reported its first quarter 2025 financial results, revealing a mixed performance across its segments. These results...

Baptista Research

Otis Worldwide Corporation: Service Portfolio Growth

Otis Worldwide Corporation concluded its fourth quarter of 2024 with a mixture of strong performances in certain segments and challenges in...

Baptista Research

Otis Worldwide Corporation: Expansion into the Modernization Market in China

Otis Worldwide Corporation demonstrated stable performance during the second quarter of 2024, amidst a mixed economic environment. The company's...

Baptista Research

Fujitec (6406 JP): Evaluating a Potential Privatisation

Fujitec is evaluating a preliminary non-binding proposal. Fujitec’s shareholder register makes it ripe for a bid. Potential bidders could include...

Arun George

Fujitec (6406 JP) - On the Block?

Fujitec may be on the block. An FT article suggests the company is talking to PE firms (wholly unsurprising) and the firm's "clarification" says a...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)