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>The Travelers Companies, Inc. reported a robust financial performance for the second quarter of 2025, reflecting solid execution and favorable market conditions across its segments.</li><li>The company reported core income of $1.5 billion, equating to $6.51 per diluted share, and a core return on equity of 18.8%.</li><li>These results were primarily driven by strong underwriting and investment performance.</li></ul>

The Travelers Companies, Inc. reported a robust financial performance for the second quarter of 2025, reflecting solid execution and favorable market conditions across its segments.The company reported core income of $1.5 billion, equating to $6.51 per diluted share, and a core return on equity of 18.8%.These results were primarily driven by strong underwriting and investment performance.

Travelers Companies Inc. Unlocks Major Gains in Bond & Specialty Insurance!

<ul><li>Travelers Companies Inc. reported its first quarter 2025 financial results, demonstrating substantial profitability despite facing significant catastrophe losses, notably the severe January California wildfires.</li><li>The company generated core income of $443 million or $1.91 per diluted share.</li><li>The difficult quarter was mitigated by strong underlying performance, favorable prior-year reserve development, and higher investment income.</li></ul>

Travelers Companies Inc. reported its first quarter 2025 financial results, demonstrating substantial profitability despite facing significant catastrophe losses, notably the severe January California wildfires.The company generated core income of $443 million or $1.91 per diluted share.The difficult quarter was mitigated by strong underlying performance, favorable prior-year reserve development, and higher investment income.

The Travelers Companies: Business Insurance Growth

<ul><li>Travelers Companies reported strong financial performance for Q4 and the full year 2024, characterized by record core income, net written premiums, and underwriting results, reflecting its strategic initiatives and operational execution.</li><li>The company's core income for the full year increased by 64% to over $5 billion, reflecting a core return on equity of 17.2%.</li><li>This robust performance was driven by an increase in earned premiums, excellent underwriting profitability, and higher net investment income.</li></ul>

Travelers Companies reported strong financial performance for Q4 and the full year 2024, characterized by record core income, net written premiums, and underwriting results, reflecting its strategic initiatives and operational execution.The company's core income for the full year increased by 64% to over $5 billion, reflecting a core return on equity of 17.2%.This robust performance was driven by an increase in earned premiums, excellent underwriting profitability, and higher net investment income.

Travelers Companies Inc.: Investment in Technology & Digital Transformation To Possibly Disrupt the Market!

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>In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.</li>
<li>We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.</li>
</ul>


In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.
We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.


S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> is looking to raise around US$155m in its Korean IPO. </li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>In this note, we discuss its recent financials, and share our updated thoughts on valuation.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO. 
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
In this note, we discuss its recent financials, and share our updated thoughts on valuation.


Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation - Weaker Performance than Expected

United States

The Travelers Companies, Inc. provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.

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Travelers Cos (TRV US)

Travelers Companies Inc. Unlocks Major Gains in Bond & Specialty Insurance!

The Travelers Companies, Inc. reported a robust financial performance for the second quarter of 2025, reflecting solid execution and favorable...

Baptista Research

The Travelers Companies: Business Insurance Growth

Travelers Companies Inc. reported its first quarter 2025 financial results, demonstrating substantial profitability despite facing significant...

Baptista Research

Travelers Companies Inc.: Investment in Technology & Digital Transformation To Possibly Disrupt the Market!

Travelers Companies reported strong financial performance for Q4 and the full year 2024, characterized by record core income, net written...

Baptista Research

S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

$SPX and $QQQ $NDX Testing Initial Supports at 5770-5850 and $490-$500; Russell 2000 $IWM and Nasdaq 100 Bullish Breadth Divergences (% above 20-...

Vermilion Research

Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation - Weaker Performance than Expected

Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO. In this note, we discuss its recent financials, and...

Clarence Chu

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