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>U.S. Bancorp's latest earnings report reveals a complex picture of both strengths and challenges.</li><li>On the positive side, the company's earnings per share (EPS) for the second quarter of 2025 were $1.11, with net income reaching $1.8 billion.</li><li>This represents strong year-over-year EPS growth of approximately 13% and highlights U.S. Bancorp's ability to generate consistent earnings even amid a challenging interest rate environment.</li></ul>

U.S. Bancorp's latest earnings report reveals a complex picture of both strengths and challenges.On the positive side, the company's earnings per share (EPS) for the second quarter of 2025 were $1.11, with net income reaching $1.8 billion.This represents strong year-over-year EPS growth of approximately 13% and highlights U.S. Bancorp's ability to generate consistent earnings even amid a challenging interest rate environment.

U.S. Bancorp Is Dumping $4.6 Billion in Mortgages — Here’s Why It Could Be a Game-Changer!

<ul><li>U.S. Bancorp reported first-quarter 2025 earnings with earnings per share of $1.03 and a return on tangible common equity of 17.5%.</li><li>The company demonstrated progress on its strategic priorities, achieving a year-over-year positive operating leverage of 270 basis points on an adjusted basis.</li><li>This improvement was driven by disciplined expense management, momentum across fee businesses, and modest margin expansion.</li></ul>

U.S. Bancorp reported first-quarter 2025 earnings with earnings per share of $1.03 and a return on tangible common equity of 17.5%.The company demonstrated progress on its strategic priorities, achieving a year-over-year positive operating leverage of 270 basis points on an adjusted basis.This improvement was driven by disciplined expense management, momentum across fee businesses, and modest margin expansion.

U.S. Bancorp: Will The Management Focus On Payments Power & Precision Cost Control Pay Off?

<ul><li>U.S. Bancorp's fourth-quarter results for 2024 show a company navigating a complex financial landscape with both strengths and challenges.</li><li>The firm reported earnings per diluted share of $1.01, or $1.07 after adjustments for notable expenses largely tied to operational efficiency efforts and strategic real estate restructuring.</li><li>This adjustment means the company ended the year with a reasonable degree of earnings visibility despite complexities like loan loss reserves and fluctuating asset repricing.</li></ul>

U.S. Bancorp's fourth-quarter results for 2024 show a company navigating a complex financial landscape with both strengths and challenges.The firm reported earnings per diluted share of $1.01, or $1.07 after adjustments for notable expenses largely tied to operational efficiency efforts and strategic real estate restructuring.This adjustment means the company ended the year with a reasonable degree of earnings visibility despite complexities like loan loss reserves and fluctuating asset repricing.

U.S. Bancorp: Loan Growth & Commercial Expansion Fueling Our ‘Outperform’ Rating! - Major Drivers

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There is strong and accelerating growth visible in HFD for US banks, even in the very core bucket of C&amp;I loans</li>
<li>Most recent full month shows 10.1% growth YoY for C&amp;I but Other Loans are up 27.3% Yoy in the same month, which is partly C&amp;I</li>
<li>Deposit distribution is improving, toward CASA, US banks can see better NIM, and net interest income, while economy appears from weekly bank data</li>
</ul>


There is strong and accelerating growth visible in HFD for US banks, even in the very core bucket of C&amp;I loans
Most recent full month shows 10.1% growth YoY for C&amp;I but Other Loans are up 27.3% Yoy in the same month, which is partly C&amp;I
Deposit distribution is improving, toward CASA, US banks can see better NIM, and net interest income, while economy appears from weekly bank data


US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ally-financial-inc" target="_blank" data-smartkarma-citation="entities:9683:1" rel="noopener">Ally Financial (ALLY US)</a> gave a poor view of now and the immediate future for credit costs within its primary loan book, used cars for subprime borrowers</li>
<li>There is often good read-through for mainstream banks and overall credit metrics, we saw this in Thailand before 1997 and in the US with Indymac, Countrywide, Household</li>
<li>If the Fed has a better view on granular data than one single finance company, we believe they will use this data when considering rate cut magnitude, <span><strong>next week</strong></span>
</li>
</ul>



Ally Financial (ALLY US) gave a poor view of now and the immediate future for credit costs within its primary loan book, used cars for subprime borrowers
There is often good read-through for mainstream banks and overall credit metrics, we saw this in Thailand before 1997 and in the US with Indymac, Countrywide, Household
If the Fed has a better view on granular data than one single finance company, we believe they will use this data when considering rate cut magnitude, next week



Ally Financial - Suggests Large Fed Cut, Credit Cost Guidance Worsening, Fringe Finco View Can Lead

United States

U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services.  The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing.  U.S Bancorp operates in the Midwest and Western United States.

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US Bancorp (USB US)

U.S. Bancorp Is Dumping $4.6 Billion in Mortgages — Here’s Why It Could Be a Game-Changer!

U.S. Bancorp's latest earnings report reveals a complex picture of both strengths and challenges. On the positive side, the company's earnings per...

Baptista Research

U.S. Bancorp: Will The Management Focus On Payments Power & Precision Cost Control Pay Off?

U.S. Bancorp reported first-quarter 2025 earnings with earnings per share of $1.03 and a return on tangible common equity of 17.5%. The company...

Baptista Research

U.S. Bancorp: Loan Growth & Commercial Expansion Fueling Our ‘Outperform’ Rating! - Major Drivers

U.S. Bancorp's fourth-quarter results for 2024 show a company navigating a complex financial landscape with both strengths and challenges. The...

Baptista Research

US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

HFD for US banks, shows very strong acceleration in C&I loans, and also other loans, which will also include C&I. Data suggests good economic...

Daniel Tabbush

Ally Financial - Suggests Large Fed Cut, Credit Cost Guidance Worsening, Fringe Finco View Can Lead

New disclosure, comments, guidance from Ally Financial show a major deterioration in credit metrics now, in coming months, which can mean a larger...

Daniel Tabbush

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