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

Raytheon Technologies  / Equity Bottom-Up

<ul><li>RTX Corporation held its Q4 2023 earnings conference call with senior executives such as Chairman and CEO Greg Hayes, incoming CEO Chris Calio and Chief Financial Officer Neil Mitchill.</li><li>The call highlighted a leadership change with the transition of current CEO, Greg Hayes, to Executive Chairman, and Chris Calio assuming the role of CEO.</li><li>The company reported strong full-year results with $74.3 billion in adjusted sales, a growth of 11% organically, and adjusted EPS of $5.06, a growth of 6% year-over-year.</li></ul>

RTX Corporation held its Q4 2023 earnings conference call with senior executives such as Chairman and CEO Greg Hayes, incoming CEO Chris Calio and Chief Financial Officer Neil Mitchill.The call highlighted a leadership change with the transition of current CEO, Greg Hayes, to Executive Chairman, and Chris Calio assuming the role of CEO.The company reported strong full-year results with $74.3 billion in adjusted sales, a growth of 11% organically, and adjusted EPS of $5.06, a growth of 6% year-over-year.

RTX Corporation: Can Their Investments In Differentiated Technologies Further Build Their Competitive Moat? - Major Drivers

<ul><li>RTX Corp managed an all-around beat in its latest result.</li><li>Additionally, the defense segment is benefiting from increased defense spending globally, driven by the current threat environment.</li><li>Furthermore, RTX is actively managing its portfolio by divesting non-core businesses, generating cash proceeds to support its strategic objectives.</li></ul>

RTX Corp managed an all-around beat in its latest result.Additionally, the defense segment is benefiting from increased defense spending globally, driven by the current threat environment.Furthermore, RTX is actively managing its portfolio by divesting non-core businesses, generating cash proceeds to support its strategic objectives.

RTX Corporation: Navigating Turbulence in the Aerospace and Defense Industry! – Key Drivers

Japan Specialist

Mark Chadwick

<ul>
<li>IHI's share price has declined 16% on news that Pratt &amp; Whitney would need to ground more planes due to problems with its PW1100 turbofan engines</li>
<li>IHI has a 15% share of the revenue and risk from this program. The new engine was expected to be a major earnings driver over the next several years</li>
<li>We believe that IHI will be forced to revise down OP guidance to a loss. The bigger impact could be on FCF and future capex plans. </li>
</ul>


IHI's share price has declined 16% on news that Pratt &amp; Whitney would need to ground more planes due to problems with its PW1100 turbofan engines
IHI has a 15% share of the revenue and risk from this program. The new engine was expected to be a major earnings driver over the next several years
We believe that IHI will be forced to revise down OP guidance to a loss. The bigger impact could be on FCF and future capex plans. 


Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

<ul><li>For Raytheon, this was quite a good start to 2023 as it delivered an all-around beat in the first quarater.</li><li>The demand remains strong for both its defense and commercial aerospace businesses which is a positive sign.</li><li>Looking internationally, Raytheon views strong demand for defense capabilities as its allies prioritize additional defense spending.</li></ul>

For Raytheon, this was quite a good start to 2023 as it delivered an all-around beat in the first quarater.The demand remains strong for both its defense and commercial aerospace businesses which is a positive sign.Looking internationally, Raytheon views strong demand for defense capabilities as its allies prioritize additional defense spending.

Raytheon Technologies Corporation: Launch Of Electro-Optical Intelligent Sense & Other Drivers

United States

Raytheon Technologies Corporation operates as an aircraft manufacturing company. The Company focuses on technology offerings and engineering teams to deliver innovative solutions such as aero structures, avionics, interiors, mechanical systems, mission systems, aircraft engines, power and control systems, radars, software, and other products.

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Raytheon Technologies (RTX US)

RTX Corporation: Can Their Investments In Differentiated Technologies Further Build Their Competitive Moat? - Major Drivers

RTX Corporation held its Q4 2023 earnings conference call with senior executives such as Chairman and CEO Greg Hayes, incoming CEO Chris Calio and...

Baptista Research

RTX Corporation: Navigating Turbulence in the Aerospace and Defense Industry! – Key Drivers

RTX Corp managed an all-around beat in its latest result. Additionally, the defense segment is benefiting from increased defense spending...

Baptista Research

IHI (7013) | Brace for a ¥130b Charge

IHI's share price drops 16% as Pratt & Whitney's engine issues impact revenue and earnings projections, leading to potential losses and impact on...

Mark Chadwick

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

Raytheon Technologies Corporation: Launch Of Electro-Optical Intelligent Sense & Other Drivers

For Raytheon, this was quite a good start to 2023 as it delivered an all-around beat in the first quarater. The demand remains strong for both its...

Baptista Research

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RTX Corporation: Can Their Investments In Differentiated Technologies Further Build Their Competitive Moat? - Major Drivers

RTX Corporation held its Q4 2023 earnings conference call with senior executives such as Chairman and CEO Greg Hayes, incoming CEO Chris Calio and...

Baptista Research

RTX Corporation: Navigating Turbulence in the Aerospace and Defense Industry! – Key Drivers

RTX Corp managed an all-around beat in its latest result. Additionally, the defense segment is benefiting from increased defense spending...

Baptista Research

IHI (7013) | Brace for a ¥130b Charge

​IHI's share price drops 16% as Pratt & Whitney's engine issues impact revenue and earnings projections, leading to potential losses and impact on...

Mark Chadwick

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

Raytheon Technologies Corporation: Launch Of Electro-Optical Intelligent Sense & Other Drivers

For Raytheon, this was quite a good start to 2023 as it delivered an all-around beat in the first quarater. The demand remains strong for both its...

Baptista Research

IHI's share price drops 16% as Pratt & Whitney's engine issues impact revenue and earnings projections, leading to potential losses and impact on...