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>3M reported its third-quarter earnings, displaying solid performance amidst ongoing operational and strategic enhancements.</li><li>William Brown, CEO of 3M, with Anurag Maheshwari, the newly appointed CFO, outlined the continued progress against the company's principal objectives: driving organic growth, enhancing operational efficiency, and thoughtful capital deployment.</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>

3M reported its third-quarter earnings, displaying solid performance amidst ongoing operational and strategic enhancements.William Brown, CEO of 3M, with Anurag Maheshwari, the newly appointed CFO, outlined the continued progress against the company's principal objectives: driving organic growth, enhancing operational efficiency, and thoughtful capital deployment.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.

3M Company: Will The Strengthened Footprint in Key Markets like China Change The Game? - Major Drivers

<ul><li>In the second quarter of 2024, 3M Company reported a robust financial performance, characterized by a 40% increase in non-GAAP earnings per share to $1.93 and modest organic revenue growth of 1%.</li><li>The adjusted free cash flow for the period was $1.2 billion, showcasing a conversion rate of 109%.</li><li>These results reflect the company's ongoing efforts to navigate significant structural changes and market challenges, leveraging operational efficiencies, and recent strategic adjustments, including the spin-off of its Health Care business and the organizational shift to a global business unit structure.</li></ul>

In the second quarter of 2024, 3M Company reported a robust financial performance, characterized by a 40% increase in non-GAAP earnings per share to $1.93 and modest organic revenue growth of 1%.The adjusted free cash flow for the period was $1.2 billion, showcasing a conversion rate of 109%.These results reflect the company's ongoing efforts to navigate significant structural changes and market challenges, leveraging operational efficiencies, and recent strategic adjustments, including the spin-off of its Health Care business and the organizational shift to a global business unit structure.

3M Company: These Are The 3 Biggest Challenges In Its Path! - Major Drivers

<ul><li>In the first quarter of 2024, 3M reported significant achievements and detailed the financial impacts of strategic decisions, including the successful spin-off of its Health Care business, now known as Solventum.</li><li>The separation into two distinct entities is designed to enhance focused growth and improve capital allocation tailored to different market dynamics, thereby representing a strategic realignment to boost shareholder value.</li><li>This quarter also saw the company addressing its legal challenges with settlements in the Public Water Suppliers and Combat Arms litigation, resulting in predictable future cash flows related to these issues.</li></ul>

In the first quarter of 2024, 3M reported significant achievements and detailed the financial impacts of strategic decisions, including the successful spin-off of its Health Care business, now known as Solventum.The separation into two distinct entities is designed to enhance focused growth and improve capital allocation tailored to different market dynamics, thereby representing a strategic realignment to boost shareholder value.This quarter also saw the company addressing its legal challenges with settlements in the Public Water Suppliers and Combat Arms litigation, resulting in predictable future cash flows related to these issues.

3M Company: Global Market Dynamics and Restructuring Initiatives! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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 June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</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 June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

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>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

United States

3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets.  The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources.  3M serves customers in countries located around the world.

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3M Co (MMM US)

3M Company: Will The Strengthened Footprint in Key Markets like China Change The Game? - Major Drivers

3M reported its third-quarter earnings, displaying solid performance amidst ongoing operational and strategic enhancements. William Brown, CEO of...

Baptista Research

3M Company: These Are The 3 Biggest Challenges In Its Path! - Major Drivers

In the second quarter of 2024, 3M Company reported a robust financial performance, characterized by a 40% increase in non-GAAP earnings per share...

Baptista Research

3M Company: Global Market Dynamics and Restructuring Initiatives! - Major Drivers

In the first quarter of 2024, 3M reported significant achievements and detailed the financial impacts of strategic decisions, including the...

Baptista Research

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Now USD17.9tr in deposits, up from our recent note. (This is latest HFD data for all US banks). This is relevant to market concerns with possibly...

Daniel Tabbush

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