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>Visteon Corporation demonstrated robust performance in the first quarter of 2024, navigating a challenging and varied market environment with strategic finesse.</li><li>The company reported a solid kickoff to the year with $933 million in sales, attributed to heightened demand for its Digital Clusters and cockpit domain controllers, which both saw a 20% year-over-year increase.</li><li>The noteworthy expansion in Battery Management Systems (BMS) sales, which more than doubled compared to the prior year, was another highlight, significantly contributing to a positive growth-over-market rate at 2%.</li></ul>

Visteon Corporation demonstrated robust performance in the first quarter of 2024, navigating a challenging and varied market environment with strategic finesse.The company reported a solid kickoff to the year with $933 million in sales, attributed to heightened demand for its Digital Clusters and cockpit domain controllers, which both saw a 20% year-over-year increase.The noteworthy expansion in Battery Management Systems (BMS) sales, which more than doubled compared to the prior year, was another highlight, significantly contributing to a positive growth-over-market rate at 2%.

Visteon Corporation: How Are They Carrying Out The Market Expansion in China? - Major Drivers

<ul><li>This is our first report on automotive electronics and connected car solutions manufacturer, Visteon Corporation.</li><li>The company's Q4 and full-year 2023 earnings were decent and it achieved $3.95 billion in full-year sales, marking a record high.</li><li>This was largely brought about by a $400 million increase in base sales, involving a supply chain recovery, digitalization and electrification trends.</li></ul>

This is our first report on automotive electronics and connected car solutions manufacturer, Visteon Corporation.The company's Q4 and full-year 2023 earnings were decent and it achieved $3.95 billion in full-year sales, marking a record high.This was largely brought about by a $400 million increase in base sales, involving a supply chain recovery, digitalization and electrification trends.

Visteon Corporation: Initiation Of Coverage - Strong Demand for Digital Cockpit Products and Battery Management Systems (BMS)! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Singtel (Singapore Telecommunications) / Event-Driven

<ul>
<li>Even if you were an activist, or a trader with an activism tilt, be long <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> vs. <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>.</li>
<li>Reportedly, <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> is negotiating a sale of Optus. Both Singtel and Optus scotch those rumours. </li>
<li>
<a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a> and <a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a> enter into a Scheme. As expected. The key question: is CITIC, with 18.9% of shares out, supportive?</li>
</ul>


Even if you were an activist, or a trader with an activism tilt, be long Keisei Electric Railway Co (9009 JP) vs. Oriental Land (4661 JP).
Reportedly, Singtel (ST SP) is negotiating a sale of Optus. Both Singtel and Optus scotch those rumours. 

Alumina Ltd (AWC AU) and Alcoa (AA US) enter into a Scheme. As expected. The key question: is CITIC, with 18.9% of shares out, supportive?


Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals were discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders (WLE AU)</a> scrip-deal for <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities (QVE AU)</a>; and <a href="https://www.smartkarma.com/entities/task-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32991:1" rel="noopener">TASK Group (TSK AU)</a>'s Scheme with <a href="https://www.smartkarma.com/entities/par-technology-corp" target="_blank" data-smartkarma-citation="entities:37125:1" rel="noopener">PAR Technology (PAR US)</a>. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual Property (QIP AU)</a>, <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop (SLC AU)</a>, <a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle (1839 HK)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</a>, and <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing (2427 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed this week on Smartkarma: WAM Leaders (WLE AU) scrip-deal for QV Equities (QVE AU); and TASK Group (TSK AU)'s Scheme with PAR Technology (PAR US). 
Key updates took place on: Qantm Intellectual Property (QIP AU), Superloop (SLC AU), CIMC Vehicle (1839 HK), JSR Corp (4185 JP), Roland DG Corp (6789 JP), and Outsourcing (2427 JP).


(Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing

<ul>
<li>Back in 2014, Hahn &amp; Co and <a href="https://www.smartkarma.com/entities/hankook-tire-technology" target="_blank" data-smartkarma-citation="entities:20031:1" rel="noopener">Hankook Tire (161390 KS)</a> acquired a 70% stake in <a href="https://www.smartkarma.com/entities/hanon-systems" target="_blank" data-smartkarma-citation="entities:11506:1" rel="noopener">Hanon Systems (018880 KS)</a> from <a href="https://www.smartkarma.com/entities/visteon-corp" target="_blank" data-smartkarma-citation="entities:5471:1" rel="noopener">Visteon (VC US)</a>, an automotive electronics supplier, for ₩3.8tn.</li>
<li>Three years ago, Hahn/Hankook explored the sale of this 70% stake, which was expected to fetch ~₩8tn (US$7bn). Reportedly, Carlyle, TPG, Bain and auto supplier Mahle submitted preliminary bids.</li>
<li>That 70% stake is now worth ₩2.3tn. And reportedly, Carlyle has returned to the trough. </li>
</ul>


Back in 2014, Hahn &amp; Co and Hankook Tire (161390 KS) acquired a 70% stake in Hanon Systems (018880 KS) from Visteon (VC US), an automotive electronics supplier, for ₩3.8tn.
Three years ago, Hahn/Hankook explored the sale of this 70% stake, which was expected to fetch ~₩8tn (US$7bn). Reportedly, Carlyle, TPG, Bain and auto supplier Mahle submitted preliminary bids.
That 70% stake is now worth ₩2.3tn. And reportedly, Carlyle has returned to the trough. 


On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook's Stake

United States

Visteon Corporation supplies automotive systems, modules, and components to vehicle manufacturers and the aftermarket on a worldwide basis.  The Company manufactures products such as climate control systems, electronics, interiors, and lighting.

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Visteon Corp (VC US)

Visteon Corporation: How Are They Carrying Out The Market Expansion in China? - Major Drivers

Visteon Corporation demonstrated robust performance in the first quarter of 2024, navigating a challenging and varied market environment with...

Baptista Research

Visteon Corporation: Initiation Of Coverage - Strong Demand for Digital Cockpit Products and Battery Management Systems (BMS)! - Major Drivers

This is our first report on automotive electronics and connected car solutions manufacturer, Visteon Corporation. The company's Q4 and full-year...

Baptista Research

Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook's Stake

There is currently no firm Offer. It's doubtful Hahn/Hankook will sell at these levels. Hanon appears inexpensive here, with a solid backlog and...

David Blennerhassett

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