Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion in the portfolio.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/evonik-industries-ag" target="_blank" data-smartkarma-citation="entities:21618:1" rel="noopener">Evonik Industries Ag (EVK GR)</a><a href="https://www.smartkarma.com/entities/altria-group-inc" target="_blank" data-smartkarma-citation="entities:6572:1" rel="noopener">Altria Group (MO US)</a> and <a href="https://www.smartkarma.com/entities/procter-gamble-co" target="_blank" data-smartkarma-citation="entities:978:1" rel="noopener">Procter &amp; Gamble Co (PG US)</a> </li>
<li>For three weeks ended 9 Dec the combined innovation portfolio was +0.7%, versus DJIA -0.8%, S&amp;P500 -0.8%, Nasdaq -1.3% &amp; MSCI-ACWI-ETF +0.5%.</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion in the portfolio.
The three companies we write about this week are Evonik Industries Ag (EVK GR)Altria Group (MO US) and Procter &amp; Gamble Co (PG US) 
For three weeks ended 9 Dec the combined innovation portfolio was +0.7%, versus DJIA -0.8%, S&amp;P500 -0.8%, Nasdaq -1.3% &amp; MSCI-ACWI-ETF +0.5%.


<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

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 delivered a mixed set of results for the last quarter as it failed to meet revenue expectations of Wall Street but managed an earnings beat.</li><li>Every business segment produced margins higher than 21%, with noteworthy margin growth in the safety, industrial, transportation, and electronics sectors.</li><li>This is what helped them deliver an earnings beat.</li></ul>

3M delivered a mixed set of results for the last quarter as it failed to meet revenue expectations of Wall Street but managed an earnings beat.Every business segment produced margins higher than 21%, with noteworthy margin growth in the safety, industrial, transportation, and electronics sectors.This is what helped them deliver an earnings beat.

3M Co: Acquisition of Treo Solutions & Other Drivers

<ul>
<li>Apart from being known as one of the most innovative companies in today’s times, 3M also has a strong reputation of successful restructuring and cost management which has helped the industrial conglomerate survive through many challenging business cycles.</li>
<li>The company continues to benefit from strong spending discipline, restructuring savings, and selling price actions.</li>
<li>We provide the stock of 3M Company with a ‘Hold’ rating with a revision in the target price.</li>
</ul>


Apart from being known as one of the most innovative companies in today’s times, 3M also has a strong reputation of successful restructuring and cost management which has helped the industrial conglomerate survive through many challenging business cycles.
The company continues to benefit from strong spending discipline, restructuring savings, and selling price actions.
We provide the stock of 3M Company with a ‘Hold’ rating with a revision in the target price.


Equity Capital Markets

<ul><li>3M had a strong start to 2022 in a challenging global environment.</li><li>3M delivered a 2% organic growth in the quarter along with sequential margin improvement, and strong cash generation.</li><li>Demand is strong overall, though the global economic outlook has weakened due to challenges in certain end markets, an ever-changing Covid-19 impact, and recent geopolitical events.</li></ul>

3M had a strong start to 2022 in a challenging global environment.3M delivered a 2% organic growth in the quarter along with sequential margin improvement, and strong cash generation.Demand is strong overall, though the global economic outlook has weakened due to challenges in certain end markets, an ever-changing Covid-19 impact, and recent geopolitical events.

3M Company: Restructuring Program Success & Other Drivers

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)

The Innovations Portfolios - Week Three

We assess how the three portfolios did for the first three weeks and discuss about one stock each from the large, mid and small cap portfolios

Pyari Menon

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

3M Co: Acquisition of Treo Solutions & Other Drivers

3M delivered a mixed set of results for the last quarter as it failed to meet revenue expectations of Wall Street but managed an earnings...

Baptista Research

3M Company: Innovation

Apart from being known as one of the most innovative companies in today’s times, 3M also has a strong reputation of successful restructuring and...

Baptista Research

3M Company: Restructuring Program Success & Other Drivers

3M had a strong start to 2022 in a challenging global environment. 3M delivered a 2% organic growth in the quarter along with sequential margin...

Baptista Research

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