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>Toll Brothers, a prominent homebuilder, showcased an optimistic third quarter for the 2024 fiscal year, reflecting growth and stability despite varied market conditions.</li><li>In this quarter, the company reported record home sale revenues of $2.72 billion, demonstrating a strong performance with the delivery of 2,814 homes at an average price of $968,000.</li><li>The adjusted gross margin significantly outperformed projections, reaching 28.8%, aided by operational efficiencies and a favorable mix of home sales.</li></ul>

Toll Brothers, a prominent homebuilder, showcased an optimistic third quarter for the 2024 fiscal year, reflecting growth and stability despite varied market conditions.In this quarter, the company reported record home sale revenues of $2.72 billion, demonstrating a strong performance with the delivery of 2,814 homes at an average price of $968,000.The adjusted gross margin significantly outperformed projections, reaching 28.8%, aided by operational efficiencies and a favorable mix of home sales.

Toll Brothers: Expanding Geographic Footprint & Emphasis on Spec Homes Driving Growth! - Major Drivers

<ul><li>Toll Brothers, a recognized leader in luxury homebuilding, reported an impressive performance in the second quarter of fiscal year 2024, surpassing its previous expectations.</li><li>The company delivered 2,641 homes at an average price of approximately $1 million, which collectively generated a record-breaking $2.65 billion in home sales revenues, marking a 6% year-over-year increase.</li><li>Additionally, Toll Brothers signed 3,041 net agreements amounting to $2.94 billion, reflecting robust growth of 30% in units and 29% in total value compared to the prior year.</li></ul>

Toll Brothers, a recognized leader in luxury homebuilding, reported an impressive performance in the second quarter of fiscal year 2024, surpassing its previous expectations.The company delivered 2,641 homes at an average price of approximately $1 million, which collectively generated a record-breaking $2.65 billion in home sales revenues, marking a 6% year-over-year increase.Additionally, Toll Brothers signed 3,041 net agreements amounting to $2.94 billion, reflecting robust growth of 30% in units and 29% in total value compared to the prior year.

Toll Brothers: Community Count Growth & Land Acquisitions & Other Major Drivers

<ul><li>This is our first report on Toll Brothers.</li><li>The company recorded a strong performance for the fourth quarter of Fiscal Year 2023, despite challenges such as high mortgage rates, global unrest, and fears of a recession, delivering 2,755 homes and yielding $2.95 billion in home sales revenues.</li><li>Similarly, for the full year, the company delivered 9,597 homes at an average price of around $1.03 million, bringing the total homebuilding revenues to a record $9.9 billion.</li></ul>

This is our first report on Toll Brothers.The company recorded a strong performance for the fourth quarter of Fiscal Year 2023, despite challenges such as high mortgage rates, global unrest, and fears of a recession, delivering 2,755 homes and yielding $2.95 billion in home sales revenues.Similarly, for the full year, the company delivered 9,597 homes at an average price of around $1.03 million, bringing the total homebuilding revenues to a record $9.9 billion.

Toll Brothers: Initiation of Coverage - How Their Innovative Community Expansion Is Set to Dominate the Market in 2024! - Major Drivers

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul>
<li>The ITB US Home Construction ETF is now up 33% YTD and represents one of the biggest market surprises for me so far in 2023.</li>
<li>This group has flashed relative strength vs. the S&amp;P 500 since December 2022 and continues to one of the top performing groups.</li>
<li>After undergoing correction in 2022, the homebuilders sector has tons of weekly charts breaking out of long and healthy weekly bases in strong uptrends</li>
</ul>


The ITB US Home Construction ETF is now up 33% YTD and represents one of the biggest market surprises for me so far in 2023.
This group has flashed relative strength vs. the S&amp;P 500 since December 2022 and continues to one of the top performing groups.
After undergoing correction in 2022, the homebuilders sector has tons of weekly charts breaking out of long and healthy weekly bases in strong uptrends


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We still recommend a tactical overweight to defensives (Staples, Utilities, Healthcare, and gold miners) as the SPX tests our 4165-4200 resistance range, and also resistance from the prior 1.5-month uptrend.</li>
<li>As we await Wednesdays FOMC announcement, the DJIA and Nasdaq Composite are testing 1-year resistances at 34,280 and 12,300, the DXY appears to be inflecting higher, and breadth remains weak.</li>
<li>While we still see a reach to 4300-4325 as possible, we believe playing for more upside is akin to picking up pennies in front of a steamroller.</li>
</ul>


We still recommend a tactical overweight to defensives (Staples, Utilities, Healthcare, and gold miners) as the SPX tests our 4165-4200 resistance range, and also resistance from the prior 1.5-month uptrend.
As we await Wednesdays FOMC announcement, the DJIA and Nasdaq Composite are testing 1-year resistances at 34,280 and 12,300, the DXY appears to be inflecting higher, and breadth remains weak.
While we still see a reach to 4300-4325 as possible, we believe playing for more upside is akin to picking up pennies in front of a steamroller.


S&P 500 Testing 4165-4200, DJIA Testing 34,280, Nasdaq Composite Testing 12,300; Stay Defensive

United States

Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States.  The Company builds customized single and attached homes, primarily on land that it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations.

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Toll Brothers (TOL US)

Toll Brothers: Expanding Geographic Footprint & Emphasis on Spec Homes Driving Growth! - Major Drivers

Toll Brothers, a prominent homebuilder, showcased an optimistic third quarter for the 2024 fiscal year, reflecting growth and stability despite...

Baptista Research

Toll Brothers: Community Count Growth & Land Acquisitions & Other Major Drivers

Toll Brothers, a recognized leader in luxury homebuilding, reported an impressive performance in the second quarter of fiscal year 2024,...

Baptista Research

Toll Brothers: Initiation of Coverage - How Their Innovative Community Expansion Is Set to Dominate the Market in 2024! - Major Drivers

This is our first report on Toll Brothers. The company recorded a strong performance for the fourth quarter of Fiscal Year 2023, despite...

Baptista Research

Weekly Stock Bullfinder - Week of 6/19

The ITB US Home Construction ETF is now up 33% YTD and represents one of the biggest market surprises for me so far in 2023.

Weekly Stock Bull Finder

S&P 500 Testing 4165-4200, DJIA Testing 34,280, Nasdaq Composite Testing 12,300; Stay Defensive

$SPX testing our 4165-4200 resistance range, $DJI testing 34,280 1-yr resistance, Nasdaq Comp $COMPQ testing critical 12,300 resistance. All while...

Vermilion Research

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