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 first quarter 2024 earnings of Trex Company Inc. showed robust financial results surpassing the high-end guidance range.</li><li>This superior performance was attributed to the company's strong position in the growing outdoor living category, effective organizational execution, and a surge in demand for Trex-branded decking and railing products.</li><li>A shift in the early buy season and product restocking by channel partners ahead of the season resulted in an injection of approximately $75 million incremental sales in the first quarter.</li></ul>

The first quarter 2024 earnings of Trex Company Inc. showed robust financial results surpassing the high-end guidance range.This superior performance was attributed to the company's strong position in the growing outdoor living category, effective organizational execution, and a surge in demand for Trex-branded decking and railing products.A shift in the early buy season and product restocking by channel partners ahead of the season resulted in an injection of approximately $75 million incremental sales in the first quarter.

Trex Company: These 7 Pivotal Factors Are Driving Their Performance In 2024 & Beyond! - Financial Forecasts

<ul><li>Trex Company, the outdoor living products manufacturer reported solid performance for both the quarter and full year 2023, surpassing their revenue guidance.</li><li>The strong results were credited to its mid-single-digit channel sell-through growth and new product offerings, demonstrating the strength and resilience of the Trex brand.</li><li>In the fourth quarter, the company introduced numerous products that expanded its portfolio in existing categories and extended into complementary adjacencies.</li></ul>

Trex Company, the outdoor living products manufacturer reported solid performance for both the quarter and full year 2023, surpassing their revenue guidance.The strong results were credited to its mid-single-digit channel sell-through growth and new product offerings, demonstrating the strength and resilience of the Trex brand.In the fourth quarter, the company introduced numerous products that expanded its portfolio in existing categories and extended into complementary adjacencies.

Trex Company Inc.: 7 Biggest Growth Drivers For The Company In 2024 & Beyond! - Financial Forecasts

<ul><li>Trex Company delivered a positive result and managed an all-around beat in the last quarter, showcasing an impressive performance across pivotal financial parameters.</li><li>The enduring demand for Trex products persisted, marked by mid-single-digit growth in channel sell-through.</li><li>Accelerating efforts in the railing market, Trex introduced the competitively priced Trex Select T-Rail system, outperforming vinyl alternatives in both aesthetics and performance.</li></ul>

Trex Company delivered a positive result and managed an all-around beat in the last quarter, showcasing an impressive performance across pivotal financial parameters.The enduring demand for Trex products persisted, marked by mid-single-digit growth in channel sell-through.Accelerating efforts in the railing market, Trex introduced the competitively priced Trex Select T-Rail system, outperforming vinyl alternatives in both aesthetics and performance.

Trex Company Inc.: New Product Launches & Marketing Spend Heavily Impacting Bottom-line? - Major Drivers

<ul><li>Trex Company, Inc. delivered an all-around beat in the previous quarter, demonstrating the durability of customer demand for its goods and the power of the outdoor living market.</li><li>Despite a slight sales dip compared to the significant second quarter of last year, Trex saw mid-single-digit growth in channel sell-through.</li><li>Trex unveiled the Trex Select T-Rail system in the quarter.</li></ul>

Trex Company, Inc. delivered an all-around beat in the previous quarter, demonstrating the durability of customer demand for its goods and the power of the outdoor living market.Despite a slight sales dip compared to the significant second quarter of last year, Trex saw mid-single-digit growth in channel sell-through.Trex unveiled the Trex Select T-Rail system in the quarter.

Trex Company Inc.: Innovating Beyond Traditional Decking Boundaries! - Major Drivers

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 continue believe that upside is limited with the S&amp;P 500 testing the top-end of our anticipated 2023 trading range (4165-4200).</li>
<li>Our gameplan remains unchanged; reduce risk near resistance (where we are now) and add risk near support (the December 2022 lows at 3765 and/or the 2022 lows at 3490).</li>
<li>A break above 4200 on the SPX would likely mean a test of 4300-4325, which we would view as a selling opportunity. A break below 4050 would kickstart a pullback.</li>
</ul>


We continue believe that upside is limited with the S&amp;P 500 testing the top-end of our anticipated 2023 trading range (4165-4200).
Our gameplan remains unchanged; reduce risk near resistance (where we are now) and add risk near support (the December 2022 lows at 3765 and/or the 2022 lows at 3490).
A break above 4200 on the SPX would likely mean a test of 4300-4325, which we would view as a selling opportunity. A break below 4050 would kickstart a pullback.


SPX Forming Coiled Spring Between 4200 and 4050; 10Y/2Y Treasury Spread Suggests Recession Close

United States

Trex Company, Inc. manufactures non-wood decking alternative products. The Company offers decking and railing, outdoor lighting, and accessory hardware products. Trex serves customers globally.

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Trex Company (TREX US)

Trex Company: These 7 Pivotal Factors Are Driving Their Performance In 2024 & Beyond! - Financial Forecasts

The first quarter 2024 earnings of Trex Company Inc. showed robust financial results surpassing the high-end guidance range. This superior...

Baptista Research

Trex Company Inc.: 7 Biggest Growth Drivers For The Company In 2024 & Beyond! - Financial Forecasts

Trex Company, the outdoor living products manufacturer reported solid performance for both the quarter and full year 2023, surpassing their...

Baptista Research

Trex Company Inc.: New Product Launches & Marketing Spend Heavily Impacting Bottom-line? - Major Drivers

Trex Company delivered a positive result and managed an all-around beat in the last quarter, showcasing an impressive performance across pivotal...

Baptista Research

Trex Company Inc.: Innovating Beyond Traditional Decking Boundaries! - Major Drivers

Trex Company, Inc. delivered an all-around beat in the previous quarter, demonstrating the durability of customer demand for its goods and the...

Baptista Research

SPX Forming Coiled Spring Between 4200 and 4050; 10Y/2Y Treasury Spread Suggests Recession Close

We continue believe that upside is limited with the $SPX testing the top-end of our anticipated 2023 trading range (4165-4200). On the off chance...

Vermilion Research

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