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>AAON, Inc.'s recent earnings for the fourth quarter of 2024 provided investors with a detailed overview of the company's financial performance, strategic initiatives, and outlook.</li><li>The company, which boasts a strong position in the heating and cooling industry, highlighted both its achievements and challenges during the year.</li><li>On the positive side, AAON reported a substantial increase in bookings and backlog, signaling strong future demand.</li></ul>

AAON, Inc.'s recent earnings for the fourth quarter of 2024 provided investors with a detailed overview of the company's financial performance, strategic initiatives, and outlook.The company, which boasts a strong position in the heating and cooling industry, highlighted both its achievements and challenges during the year.On the positive side, AAON reported a substantial increase in bookings and backlog, signaling strong future demand.

Can AAON Capitalize On The Data Center Boom With Game-Changing $1 Billion Expansion Plan?

<ul><li>AAON Inc. reported a solid third quarter for 2024, with a 4.9% year-over-year increase in total revenue reaching $327.3 million.</li><li>Diluted earnings per share rose by 8.6%, illustrating positive financial performance.</li><li>A notable highlight was the company's performance in the data center market, where demand for its engineered, energy efficient products significantly increased.</li></ul>

AAON Inc. reported a solid third quarter for 2024, with a 4.9% year-over-year increase in total revenue reaching $327.3 million.Diluted earnings per share rose by 8.6%, illustrating positive financial performance.A notable highlight was the company's performance in the data center market, where demand for its engineered, energy efficient products significantly increased.

AAON’s Explosive Expansion Strategy: Doubling Data Center Capacity To Achieve Unprecedented Growth! - Major Drivers

<ul><li>AAON, Inc. achieved significant financial and operational milestones in the second quarter of 2024, demonstrating a robust performance despite a challenging macroeconomic environment.</li><li>The company's production issues from the previous quarter were largely addressed, allowing for increased volume output and productivity throughout its segments, leading to record sales, earnings, and backlog.</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>

AAON, Inc. achieved significant financial and operational milestones in the second quarter of 2024, demonstrating a robust performance despite a challenging macroeconomic environment.The company's production issues from the previous quarter were largely addressed, allowing for increased volume output and productivity throughout its segments, leading to record sales, earnings, and backlog.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.

AAON Inc.: Initiation Of Coverage - A Tale Of Refrigerant Transition and Product Evolution! - Major 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>Considering constructive market dynamics and the recent $SPX breakout above 5783 following several months of consolidation, we upgraded our outlook to bullish as of our 10/15/24 U.S. Macro Vision report</li>
<li>Since late-July, we have been neutral on the SPX, preferring to buy near 5100-5200 support and sell near 5670-5783 resistance until there is a break in either direction.</li>
<li>The verdict of the market is the only one that matters, and the breakout above 5783 is the market's way of saying the path of least resistance is higher.</li>
</ul>


Considering constructive market dynamics and the recent $SPX breakout above 5783 following several months of consolidation, we upgraded our outlook to bullish as of our 10/15/24 U.S. Macro Vision report
Since late-July, we have been neutral on the SPX, preferring to buy near 5100-5200 support and sell near 5670-5783 resistance until there is a break in either direction.
The verdict of the market is the only one that matters, and the breakout above 5783 is the market's way of saying the path of least resistance is higher.


Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

<ul>
<li>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

United States

AAON, Inc. designs, manufactures, and markets commercial rooftop air-conditioning, heating and heat recovery equipment, and air-conditioning coils.  The Company's products serve the commercial and industrial new construction and replacement markets.

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Aaon Inc (AAON US)

Can AAON Capitalize On The Data Center Boom With Game-Changing $1 Billion Expansion Plan?

AAON, Inc.'s recent earnings for the fourth quarter of 2024 provided investors with a detailed overview of the company's financial performance,...

Baptista Research

AAON’s Explosive Expansion Strategy: Doubling Data Center Capacity To Achieve Unprecedented Growth! - Major Drivers

AAON Inc. reported a solid third quarter for 2024, with a 4.9% year-over-year increase in total revenue reaching $327.3 million. Diluted earnings...

Baptista Research

AAON Inc.: Initiation Of Coverage - A Tale Of Refrigerant Transition and Product Evolution! - Major Drivers

AAON, Inc. achieved significant financial and operational milestones in the second quarter of 2024, demonstrating a robust performance despite a...

Baptista Research

Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

Bullish Outlook Focused on Large- and Mid-Caps $SPX $NDX $QQQ $IJH $MDY $IWR as of the Oct 11 close above 5783; Russell 2000 $IWM Still Below...

Vermilion Research

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

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