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 Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share in North America, reducing its net costs by $800M, and signing significant transactions with Arçelik.</li><li>However, the Whirlpool Corporation did acknowledge areas where it didn't meet expectations, specifically citing increased promotional pressure which negatively impacted EBIT margins, and a failure to reduce inventories quickly, weighing on the full cash flow.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

The Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share in North America, reducing its net costs by $800M, and signing significant transactions with Arçelik.However, the Whirlpool Corporation did acknowledge areas where it didn't meet expectations, specifically citing increased promotional pressure which negatively impacted EBIT margins, and a failure to reduce inventories quickly, weighing on the full cash flow.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Whirlpool Corporation: Improving Prospects In North America & Cost Reduction Efforts Saving The Day?  - Major Drivers

<ul><li>This is our first report on electronics major, Whirlpool Corporation.</li><li>The company delivered a solid third quarter performance in a challenging macro environment, supported by satisfying North American growth and improved cost-management measures.</li><li>The company also successfully achieved $300 million in cost takeout actions, a performance that charts Whirlpool on course to deliver over $800 million of cost takeout actions in 2023.</li></ul>

This is our first report on electronics major, Whirlpool Corporation.The company delivered a solid third quarter performance in a challenging macro environment, supported by satisfying North American growth and improved cost-management measures.The company also successfully achieved $300 million in cost takeout actions, a performance that charts Whirlpool on course to deliver over $800 million of cost takeout actions in 2023.

Whirlpool Corporation: Initiation of Coverage - Volume Victory: How Whirlpool's Bold Moves Promise to Increase Its Market Share and Margins! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> and <a href="https://www.smartkarma.com/entities/deckers-outdoor-corp" target="_blank" data-smartkarma-citation="entities:3028:1" rel="noopener">Deckers Outdoor (DECK US)</a> replace <a href="https://www.smartkarma.com/entities/zions-bancorporation" target="_blank" data-smartkarma-citation="entities:9490:1" rel="noopener">Zions Bancorporation (ZION US)</a> and <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> in the S&amp;P500. 2 changes to 400, 6 to 600.</li>
<li>The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.</li>
</ul>


On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.

Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Zions Bancorporation (ZION US) and Whirlpool Corp (WHR US) in the S&amp;P500. 2 changes to 400, 6 to 600.
The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.


S&P 500/400/600 Index Rebal - It's Not The Trade You Think

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> and <a href="https://www.smartkarma.com/entities/deckers-outdoor-corp" target="_blank" data-smartkarma-citation="entities:3028:1" rel="noopener">Deckers Outdoor (DECK US)</a> replace <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> and <a href="https://www.smartkarma.com/entities/zions-bancorporation" target="_blank" data-smartkarma-citation="entities:9490:1" rel="noopener">Zions Bancorporation (ZION US)</a> in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> at the close on 15 March.</li>
<li>There are a bunch of inclusions, deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>The largest flows will be in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> adds and the largest impact in the adds to the S&amp;P SmallCap 600 Index.</li>
</ul>



Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Whirlpool Corp (WHR US) and Zions Bancorporation (ZION US) in the S&amp;P 500 INDEX at the close on 15 March.
There are a bunch of inclusions, deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
The largest flows will be in the S&amp;P 500 INDEX (SPX INDEX) adds and the largest impact in the adds to the S&amp;P SmallCap 600 Index.


S&P500 Index Rebalance: SPCY Additions & Large Impact

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in March 2024 and the evaluation date for the rankings for the constituent selection process is 29th February 2024.</li>
<li>In this insight, we take a look at Potential ADDs and Potential DELs for the rebalance. We estimate US$13.1bn one-way flow on 3 ADDs and 3 DELs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in March 2024 and the evaluation date for the rankings for the constituent selection process is 29th February 2024.
In this insight, we take a look at Potential ADDs and Potential DELs for the rebalance. We estimate US$13.1bn one-way flow on 3 ADDs and 3 DELs.


Quiddity Leaderboard S&P 500 Mar 24: Big Index Flows Possible for Workday and KKR

United States

Whirlpool Corporation manufactures and markets major home appliances.  The Company's principal products include laundry appliances, refrigeration and room air conditioning equipment, cooking appliances, dishwashers, and mixers and other small household appliances.  Whirlpool's products are sold worldwide

Whirlpool Corp (WHR US)

Whirlpool Corporation: Improving Prospects In North America & Cost Reduction Efforts Saving The Day? - Major Drivers

The Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share...

Baptista Research

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

S&P500 Index Rebalance: SPCY Additions & Large Impact

There are bunch of adds, deletes and migrations for the SnP 500/400/600 indices in March. The largest inflows are on the SP500 adds but the largest...

Brian Freitas

Quiddity Leaderboard S&P 500 Mar 24: Big Index Flows Possible for Workday and KKR

A new Quiddity Leaderboard for S&P500 Index Rebal predictions. We like Workday against a basket of peers, based on our expectation of US$6bn+ net...

Travis Lundy

Whirlpool Corporation: Improving Prospects In North America & Cost Reduction Efforts Saving The Day? - Major Drivers

The Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share...

Baptista Research

Whirlpool Corporation: Initiation of Coverage - Volume Victory: How Whirlpool's Bold Moves Promise to Increase Its Market Share and Margins! - Major Drivers

This is our first report on electronics major, Whirlpool Corporation. The company delivered a solid third quarter performance in a challenging...

Baptista Research

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

​The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

S&P500 Index Rebalance: SPCY Additions & Large Impact

There are bunch of adds, deletes and migrations for the SnP 500/400/600 indices in March. The largest inflows are on the SP500 adds but the largest...

Brian Freitas

Quiddity Leaderboard S&P 500 Mar 24: Big Index Flows Possible for Workday and KKR

A new Quiddity Leaderboard for S&P500 Index Rebal predictions. We like Workday against a basket of peers, based on our expectation of US$6bn+ net...

Travis Lundy

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...