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.

Credit

<ul><li>W.W.</li><li>Grainger, Inc is among the major global distribution players of MRO materials and other related products and services.</li><li>The management has continued to invest in its strategic objectives and its margin profile appears strong.</li></ul>

W.W.Grainger, Inc is among the major global distribution players of MRO materials and other related products and services.The management has continued to invest in its strategic objectives and its margin profile appears strong.

W.W. Grainger Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>This is our first report on W.W.</li><li>Grainger, Inc., a global distributor of MRO materials and other related products and services.</li><li>The company delivered an all-around beat for the final quarter of 2022 with a sales growth was 13.2% or 17.2% on a daily constant currency basis and solid growth in both segments.</li></ul>

This is our first report on W.W.Grainger, Inc., a global distributor of MRO materials and other related products and services.The company delivered an all-around beat for the final quarter of 2022 with a sales growth was 13.2% or 17.2% on a daily constant currency basis and solid growth in both segments.

W.W. Grainger Inc.: Initiation of Coverage – Business Strategy & Key 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>In our Sept.27 Compass, with the S&amp;P 500 down 11.5% during the prior two weeks, we discussed our belief that the market indexes could see a bounce/pause pause in selling.</li>
<li>The SPX and IWM have paused, and we cannot rule out a bear market rally if the 200-week MA (3590-3600) holds on the SPX, and if $162-163 holds on IWM.</li>
<li>Longer-Term, this is still a bear market until the S&amp;P 500 and Russell 2000 can break above their respective 200-day MAs.</li>
</ul>


In our Sept.27 Compass, with the S&amp;P 500 down 11.5% during the prior two weeks, we discussed our belief that the market indexes could see a bounce/pause pause in selling.
The SPX and IWM have paused, and we cannot rule out a bear market rally if the 200-week MA (3590-3600) holds on the SPX, and if $162-163 holds on IWM.
Longer-Term, this is still a bear market until the S&amp;P 500 and Russell 2000 can break above their respective 200-day MAs.


Bear Market Until Proven Otherwise; Upgrading Industrials to Overweight; Buys Within Industrials

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Thematic (Sector/Industry)

<ul>
<li>The Japanese SME segment is filled with its unique structural challenges, which provides opportunities for "pick and shovel" suppliers;</li>
<li>Many of these SME backers (including oRo, which we covered previously) have generated tremendous shareholder value in the past and may continue to do so while addressing clients' key pain points alongside multiple long-term tailwinds.</li>
</ul>


The Japanese SME segment is filled with its unique structural challenges, which provides opportunities for "pick and shovel" suppliers;
Many of these SME backers (including oRo, which we covered previously) have generated tremendous shareholder value in the past and may continue to do so while addressing clients' key pain points alongside multiple long-term tailwinds.


US/Europe Event-Driven Analyst

John DeMasi

Event-Driven

<a href="https://www.smartkarma.com/entities/ferguson-plc" target="_blank" data-smartkarma-citation="entities:28304:1" rel="noopener">Ferguson PLC (FERG LN)</a> is a UK-listed, FTSE 100 distributor of plumbing and heating products in the USA, Canada, and the UK. In the latest fiscal year ended July 31, 2019, the UK accounted for only about 10.2% of revenues and about 4% of trading profits, with the balance coming mainly from the USA, and to a much smaller extent, from Canada.Despite the Company’s predominant focus in the USA, it has traditionally traded at the more modest multiples of British distributors. On June 13, 2019, U.S. activist investment firm Trian Fund Management announced it had acquired a 5.98% position in FERG LN though affiliates including T1F LN, then worth approximately £736 million.Trian stated it believes Ferguson is an attractive business that trades at a discount to comparable U.S. peers. It also said it looks forward to working with Ferguson’s management to explore and implement initiatives that it believes can create long-term shareholder value.This research piece looks, from an event-driven point of view, at Ferguson’s business, valuation and potential catalyst to address any undervaluation.

Ferguson PLC (FERG LN) is a UK-listed, FTSE 100 distributor of plumbing and heating products in the USA, Canada, and the UK. In the latest fiscal year ended July 31, 2019, the UK accounted for only about 10.2% of revenues and about 4% of trading profits, with the balance coming mainly from the USA, and to a much smaller extent, from Canada.Despite the Company’s predominant focus in the USA, it has traditionally traded at the more modest multiples of British distributors. On June 13, 2019, U.S. activist investment firm Trian Fund Management announced it had acquired a 5.98% position in FERG LN though affiliates including T1F LN, then worth approximately £736 million.Trian stated it believes Ferguson is an attractive business that trades at a discount to comparable U.S. peers. It also said it looks forward to working with Ferguson’s management to explore and implement initiatives that it believes can create long-term shareholder value.This research piece looks, from an event-driven point of view, at Ferguson’s business, valuation and potential catalyst to address any undervaluation.

Ferguson Plc (FERG LN) – Plumbing for Value

United States

W.W. Grainger, Inc. distributes maintenance, repair and operating supplies, and related information to the commercial, industrial, contractor, and institutional markets in North America.  The Company's products include motors, HVAC equipment, lighting, hand and power tools, pumps, and electrical equipment.

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Ww Grainger Inc (GWW US)

W.W. Grainger Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

W.W. Grainger, Inc is among the major global distribution players of MRO materials and other related products and services. The management has...

Baptista Research

W.W. Grainger Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on W.W. Grainger, Inc., a global distributor of MRO materials and other related products and services. The company...

Baptista Research

Bear Market Until Proven Otherwise; Upgrading Industrials to Overweight; Buys Within Industrials

Bear market rally remains in play if the 200-week MA (3590-3600) holds on $SPX, and if $162-$163 holds on $IWM. Longer-term, this is still a bear...

Vermilion Research

Top Picks: Two More Japanese SME Backers

The Japanese SME segment is filled with its unique structural challenges, which provides opportunities for "pick and shovel" suppliers.

Steven Chen

Ferguson Plc (FERG LN) – Plumbing for Value

Ferguson PLC (FERG LN) is a UK-listed, FTSE 100 distributor of plumbing and heating products in the USA, Canada, and the UK. In the latest fiscal...

John DeMasi

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