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>In the second quarter of 2024, Schlumberger showcased a strong ability to capitalize on the ongoing growth cycle while driving efficiency throughout its operations.</li><li>The company reported a 5% increase in revenue compared to the first quarter.</li><li>Schlumberger's adjusted EBITDA grew 11%, and its adjusted EBITDA margin expanded 142 basis points.</li></ul>

In the second quarter of 2024, Schlumberger showcased a strong ability to capitalize on the ongoing growth cycle while driving efficiency throughout its operations.The company reported a 5% increase in revenue compared to the first quarter.Schlumberger's adjusted EBITDA grew 11%, and its adjusted EBITDA margin expanded 142 basis points.

Schlumberger Limited: Shift Toward Natural Gas & Offshore Performance Driving Growth! - Major Drivers

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Schlumberger’s revenue grew 12.9% YoY and beat estimates by 0.7%, while its net profit rose by 7.65% YoY and beat estimates by 2.9%.</li>
<li>Revenue from North America grew 3% sequentially but fell 6% YoY due to lower drilling activity in the US.</li>
<li>Management expects low single-digit sequential revenue growth in Q3 2024 and free cash flow in H2 2024 to be higher than in H1 2024.</li>
</ul>


Schlumberger’s revenue grew 12.9% YoY and beat estimates by 0.7%, while its net profit rose by 7.65% YoY and beat estimates by 2.9%.
Revenue from North America grew 3% sequentially but fell 6% YoY due to lower drilling activity in the US.
Management expects low single-digit sequential revenue growth in Q3 2024 and free cash flow in H2 2024 to be higher than in H1 2024.


[Earnings Review] Schlumberger Beats Estimates as International Operations Shine

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,320/1,317 points and the resistance at 1,332/1,346 points.</li><li>The market is still waiting for a breakout signal from the index in the short term after it continued to fluctuate sideways in the range of 1,320-1,332 points for the eighth day.</li><li>It is currently being determined whether the index will move in an upward direction (W-shape) to 1,346/1,362 points or reverse to a downward direction (M-shape) to 1,292 points.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,320/1,317 points and the resistance at 1,332/1,346 points.The market is still waiting for a breakout signal from the index in the short term after it continued to fluctuate sideways in the range of 1,320-1,332 points for the eighth day.It is currently being determined whether the index will move in an upward direction (W-shape) to 1,346/1,362 points or reverse to a downward direction (M-shape) to 1,292 points.

Keep a Close Watch on Thai Banks' Earnings

<ul>
<li>Schlumberger’s revenue is expected to rise 12.1% YoY and net profit by 15.3% YoY in Q2 2024. Management sees sequential margin growth across divisions.</li>
<li>Q2 growth is expected to be driven by SLB’s International segment, offsetting North American weakness. The International segment contributed 82% of Q1 revenue.</li>
<li>SLB announced plans to increase shareholder returns from USD 2.5 billion to USD 3 billion in 2024 and to USD 4 billion in 2025.</li>
</ul>


Schlumberger’s revenue is expected to rise 12.1% YoY and net profit by 15.3% YoY in Q2 2024. Management sees sequential margin growth across divisions.
Q2 growth is expected to be driven by SLB’s International segment, offsetting North American weakness. The International segment contributed 82% of Q1 revenue.
SLB announced plans to increase shareholder returns from USD 2.5 billion to USD 3 billion in 2024 and to USD 4 billion in 2025.


Schlumberger’s International Strength to Propel Q2 Growth

<ul><li>During Schlumberger’s (SLB) first quarter 2024 earnings, the company's evenue grew by 13% YoY, and EBITDA grew in the mid-teens, in line with SLB’s full-year financial ambitions.</li><li>International activity fuelled the growth, with revenue increases observed in 21 of the 25 international GeoUnits.</li><li>North America, however, showed a decrease in activity, resulting in a 6% YoY fall in revenue.</li></ul>

During Schlumberger’s (SLB) first quarter 2024 earnings, the company's evenue grew by 13% YoY, and EBITDA grew in the mid-teens, in line with SLB’s full-year financial ambitions.International activity fuelled the growth, with revenue increases observed in 21 of the 25 international GeoUnits.North America, however, showed a decrease in activity, resulting in a 6% YoY fall in revenue.

Schlumberger Limited: The ChampionX Acquisition

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

Schlumberger Limited: Shift Toward Natural Gas & Offshore Performance Driving Growth! - Major Drivers

In the second quarter of 2024, Schlumberger showcased a strong ability to capitalize on the ongoing growth cycle while driving efficiency...

Baptista Research

[Earnings Review] Schlumberger Beats Estimates as International Operations Shine

Schlumberger beat Q2 estimates due to strong international growth, with significant contributions from the Middle East and Asia. Management...

Mint Finance

Keep a Close Watch on Thai Banks' Earnings

Technically, the SET Index is expected to move sideways, with the support at 1,320/1,317 points and the resistance at 1,332/1,346 points. The...

Krungthai XSpring

Schlumberger’s International Strength to Propel Q2 Growth

International and Aker's subsea operations will drive Q1 growth. SLB expects new subsea bookings to grow 25% YoY to over USD 4 billion in 2024. The...

Mint Finance

Schlumberger Limited: The ChampionX Acquisition

During Schlumberger’s (SLB) first quarter 2024 earnings, the company's evenue grew by 13% YoY, and EBITDA grew in the mid-teens, in line with...

Baptista Research

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