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

Air Products & Chemicals, Inc / Equity Bottom-Up

<ul><li>Air Products' Third Quarter 2024 Earnings Results presented a mix of strong financial performances juxtaposed with challenges in certain geographical segments.</li><li>The company reported third-quarter adjusted earnings per share of $3.20, surpassing the upper range of their guidance.</li><li>This marked a 7% improvement over the previous year, primarily attributed to robust performances in the Americas and Europe, alongside effective price and productivity initiatives.</li></ul>

Air Products' Third Quarter 2024 Earnings Results presented a mix of strong financial performances juxtaposed with challenges in certain geographical segments.The company reported third-quarter adjusted earnings per share of $3.20, surpassing the upper range of their guidance.This marked a 7% improvement over the previous year, primarily attributed to robust performances in the Americas and Europe, alongside effective price and productivity initiatives.

Air Products and Chemicals Inc.: How Are They Progressing In The Hydrogen Economy? - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

INOX India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on 21st Dec 2023.</li>
<li>Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on 21st Dec 2023.
Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


Inox India IPO Trading - Hot Demand for Cryogenics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> is looking to raise up to US$175m in its Indian IPO.</li>
<li>Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.</li>
<li>In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.</li>
</ul>



INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO.
Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.


Inox India IPO - Offering Access to a Niche Sector

<ul><li>Air Products and Chemicals' pricing strength remains unabated, with its volume improving for an impressive ninth consecutive quarter, bolstered by strong on-site performance, and the integration of over 13 new assets.</li><li>Strategically, Air Products & Chemicals underscores two fundamental growth pillars: the robust core industrial gas business and the pioneering low and zero-carbon hydrogen projects.</li><li>The latest quarter results were also commendable, with a 3% volume increase and a 10% rise in merchant price.</li></ul>

Air Products and Chemicals' pricing strength remains unabated, with its volume improving for an impressive ninth consecutive quarter, bolstered by strong on-site performance, and the integration of over 13 new assets.Strategically, Air Products & Chemicals underscores two fundamental growth pillars: the robust core industrial gas business and the pioneering low and zero-carbon hydrogen projects.The latest quarter results were also commendable, with a 3% volume increase and a 10% rise in merchant price.

Air Products and Chemicals Inc.: Price Surges

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Take or pay contracts, inflation based price adjustments, excellent industry consolidation, diverse industry spread, lack of substitutes, stable margins defines much of the industrial gas sector. </li>
<li>The nature of capacity addition and contracts make the industrial gas industry is a "less cyclical cyclical" and is relatively stable even in times of severe downturns. </li>
<li>
<a href="https://www.smartkarma.com/entities/linde-plc" target="_blank" data-smartkarma-citation="entities:35233:1" rel="noopener">Linde PLC (LIN US)</a><a href="https://www.smartkarma.com/entities/air-liquide-sa" target="_blank" data-smartkarma-citation="entities:21379:1" rel="noopener">Air Liquide SA (AI FP)</a><a href="https://www.smartkarma.com/entities/air-products-chemicals-inc" target="_blank" data-smartkarma-citation="entities:4441:1" rel="noopener">Air Products &amp; Chemicals, Inc (APD US)</a>  <a href="https://www.smartkarma.com/entities/nippon-sanso-holdings-corporation" target="_blank" data-smartkarma-citation="entities:15756:1" rel="noopener">Nippon Sanso Holdings (4091 JP)</a> are the leading players with almost 80% market share. </li>
</ul>


Take or pay contracts, inflation based price adjustments, excellent industry consolidation, diverse industry spread, lack of substitutes, stable margins defines much of the industrial gas sector. 
The nature of capacity addition and contracts make the industrial gas industry is a "less cyclical cyclical" and is relatively stable even in times of severe downturns. 

Linde PLC (LIN US)Air Liquide SA (AI FP)Air Products &amp; Chemicals, Inc (APD US)  Nippon Sanso Holdings (4091 JP) are the leading players with almost 80% market share. 


Industrial Gases Sector Might Be a Good Way to Play Inflation and the Rejig of Supply Chains

United States

Air Products and Chemicals, Inc. produces industrial atmospheric and specialty gases, and performance materials and equipment. The Company's products include oxygen, nitrogen, argon, helium, specialty surfactants and amines, polyurethane, epoxy curatives and resins. Air Products and Chemicals, Inc. products are used in the beverage, health and semiconductors fields.

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Air Products & Chemicals, Inc (APD US)

Air Products and Chemicals Inc.: How Are They Progressing In The Hydrogen Economy? - Major Drivers

Air Products' Third Quarter 2024 Earnings Results presented a mix of strong financial performances juxtaposed with challenges in certain...

Baptista Research

Inox India IPO Trading - Hot Demand for Cryogenics

INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on...

Ethan Aw

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

Air Products and Chemicals Inc.: Price Surges

Air Products and Chemicals' pricing strength remains unabated, with its volume improving for an impressive ninth consecutive quarter, bolstered by...

Baptista Research

Industrial Gases Sector Might Be a Good Way to Play Inflation and the Rejig of Supply Chains

Take or pay contracts, inflation based price adjustments, and excellent industry consolidation, makes industrial gases sector a great way to play...

Pyari Menon

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52-week Range

Market Cap (USDm)

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