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>Raytheon Technologies Corporation reported a strong first quarter, delivering 8% organic sales growth, 120 basis points of segment margin expansion, and a $900 million improvement in free cash flow compared to the prior year.</li><li>Commercial aftermarket sales rose 21%, commercial original equipment sales increased 3% despite a tough comparison, and defense sales grew by 4%.</li><li>Segment profitability was supported by volume increases, cost reduction activities, and a favorable defense sales mix, leading to 18% growth in segment operating profit.</li></ul>

Raytheon Technologies Corporation reported a strong first quarter, delivering 8% organic sales growth, 120 basis points of segment margin expansion, and a $900 million improvement in free cash flow compared to the prior year.Commercial aftermarket sales rose 21%, commercial original equipment sales increased 3% despite a tough comparison, and defense sales grew by 4%.Segment profitability was supported by volume increases, cost reduction activities, and a favorable defense sales mix, leading to 18% growth in segment operating profit.

RTX Technologies' Backlog Boom vs. Tariff Trouble: What Lies Ahead For The Defense Major?

<ul><li>Raytheon Technologies Corporation (RTX) concluded its fourth quarter of 2024 with robust financial performance, evidenced by significant growth across several key metrics.</li><li>The company reported adjusted sales of $80.8 billion, marking an 11% organic increase driven by strong performances in commercial original equipment (OE), commercial aftermarket, and defense sales.</li><li>Adjusted earnings per share (EPS) grew 13% to $5.73, and free cash flow amounted to $4.5 billion.</li></ul>

Raytheon Technologies Corporation (RTX) concluded its fourth quarter of 2024 with robust financial performance, evidenced by significant growth across several key metrics.The company reported adjusted sales of $80.8 billion, marking an 11% organic increase driven by strong performances in commercial original equipment (OE), commercial aftermarket, and defense sales.Adjusted earnings per share (EPS) grew 13% to $5.73, and free cash flow amounted to $4.5 billion.

RTX Corporation: Will Its Next-Generation Engine Programs Affirm Leadership Position In The Defense & Aerospace Industry?  - Major Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.</li>
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Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.</li>
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Emerging Naval, Drones, &amp; Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.</li>
</ul>



Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.

Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.

Emerging Naval, Drones, &amp; Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.


Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

<ul><li>RTX Corporation reported a solid performance in the third quarter of 2024, reflecting continued strength across its varied segments, including significant demand in both commercial airlines and defense sectors.</li><li>The company's adjusted sales increased by 8%, demonstrating robust organic growth, while segment margins expanded by 100 basis points, and it achieved a strong free cash flow of $2 billion.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

RTX Corporation reported a solid performance in the third quarter of 2024, reflecting continued strength across its varied segments, including significant demand in both commercial airlines and defense sectors.The company's adjusted sales increased by 8%, demonstrating robust organic growth, while segment margins expanded by 100 basis points, and it achieved a strong free cash flow of $2 billion.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

RTX Corporation: What Is The Expected Revenue Impact Of Global Defense Spending and Military Modernization? - Major Drivers

<ul><li>In the second quarter of 2024, Raytheon Technologies Corporation (RTX) showcased a robust performance, underpinned by double-digit top-line growth and expanded margins, indicating significant strides in its operational and financial health.</li><li>Despite various challenges, the company's strategic execution and commercial advancements have strengthened its market position.</li><li>However, issues concerning legal settlements and contract adjustments have necessitated substantial financial charges, which might raise concerns among some stakeholders.</li></ul>

In the second quarter of 2024, Raytheon Technologies Corporation (RTX) showcased a robust performance, underpinned by double-digit top-line growth and expanded margins, indicating significant strides in its operational and financial health.Despite various challenges, the company's strategic execution and commercial advancements have strengthened its market position.However, issues concerning legal settlements and contract adjustments have necessitated substantial financial charges, which might raise concerns among some stakeholders.

RTX Corporation: Expanding Market Presence in Defense and Commercial Aerospace! - Major 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 Technologies' Backlog Boom vs. Tariff Trouble: What Lies Ahead For The Defense Major?

Raytheon Technologies Corporation reported a strong first quarter, delivering 8% organic sales growth, 120 basis points of segment margin...

Baptista Research

RTX Corporation: Will Its Next-Generation Engine Programs Affirm Leadership Position In The Defense & Aerospace Industry? - Major Drivers

Raytheon Technologies Corporation (RTX) concluded its fourth quarter of 2024 with robust financial performance, evidenced by significant growth...

Baptista Research

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...

Vincent Fernando, CFA

RTX Corporation: What Is The Expected Revenue Impact Of Global Defense Spending and Military Modernization? - Major Drivers

RTX Corporation reported a solid performance in the third quarter of 2024, reflecting continued strength across its varied segments, including...

Baptista Research

RTX Corporation: Expanding Market Presence in Defense and Commercial Aerospace! - Major Drivers

In the second quarter of 2024, Raytheon Technologies Corporation (RTX) showcased a robust performance, underpinned by double-digit top-line growth...

Baptista Research

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RTX Technologies' Backlog Boom vs. Tariff Trouble: What Lies Ahead For The Defense Major?

Raytheon Technologies Corporation reported a strong first quarter, delivering 8% organic sales growth, 120 basis points of segment margin...

Baptista Research

RTX Corporation: Will Its Next-Generation Engine Programs Affirm Leadership Position In The Defense & Aerospace Industry? - Major Drivers

Raytheon Technologies Corporation (RTX) concluded its fourth quarter of 2024 with robust financial performance, evidenced by significant growth...

Baptista Research

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

​Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...

Vincent Fernando, CFA

RTX Corporation: What Is The Expected Revenue Impact Of Global Defense Spending and Military Modernization? - Major Drivers

RTX Corporation reported a solid performance in the third quarter of 2024, reflecting continued strength across its varied segments, including...

Baptista Research

RTX Corporation: Expanding Market Presence in Defense and Commercial Aerospace! - Major Drivers

In the second quarter of 2024, Raytheon Technologies Corporation (RTX) showcased a robust performance, underpinned by double-digit top-line growth...

Baptista Research

Taiwan's CSBC plays crucial role in submarine program, expanding its naval & drone platforms for defense. Recent successful sea trials of the Hai...