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>Alcoa Corporation recently reported its first quarter 2024 earnings, delivering a mix of strategic developments and financial results that reflect the company's evolving business landscape.</li><li>The company announced a significant transaction, the acquisition of Alumina Limited, which is expected to consolidate its ownership in the Alcoa World Alumina and Chemicals joint venture.</li><li>This all-stock deal, valued at approximately $2.2 billion, aims to provide a streamlined corporate structure and enhance shareholder value.</li></ul>

Alcoa Corporation recently reported its first quarter 2024 earnings, delivering a mix of strategic developments and financial results that reflect the company's evolving business landscape.The company announced a significant transaction, the acquisition of Alumina Limited, which is expected to consolidate its ownership in the Alcoa World Alumina and Chemicals joint venture.This all-stock deal, valued at approximately $2.2 billion, aims to provide a streamlined corporate structure and enhance shareholder value.

Alcoa Corporation: Strategic Acquisition Of Alumina & 5 Pivotal Growth Drivers

<ul><li>The latest earnings of Alcoa Corporation reveals both negative and positive aspects of the company.</li><li>William Oplinger, Alcoa Corporation President and Chief Executive Officer, and Molly Beerman, Executive Vice President and Chief Financial Officer, gave crucial updates on the company's performance, recent activities and future prospects.</li><li>A significant positive was the proposed acquisition of Alumina Limited, aimed at giving Alcoa complete ownership over the Alcoa World Alumina and Chemicals Joint Venture.</li></ul>

The latest earnings of Alcoa Corporation reveals both negative and positive aspects of the company.William Oplinger, Alcoa Corporation President and Chief Executive Officer, and Molly Beerman, Executive Vice President and Chief Financial Officer, gave crucial updates on the company's performance, recent activities and future prospects.A significant positive was the proposed acquisition of Alumina Limited, aimed at giving Alcoa complete ownership over the Alcoa World Alumina and Chemicals Joint Venture.

Alcoa Corporation: Increasing Economic Interest in Assets via Alumina Limited Deal! - 5 Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>.
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>, Hollysys.
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), China Traditional Chinese Medicine (570 HK), Asia Cement China (743 HK), Canvest Environmental Protection Group (1381 HK), Greatview Aseptic Packaging (468 HK).

Lowest spreads: Tatsuta Electric Wire &amp; Cable (5809 JP), Alumina Ltd (AWC AU), Fancl Corp (4921 JP), Mimasu Semiconductor Industry (8155 JP), Infocom Corp (4348 JP), Hollysys.



Merger Arb Mondays (22 Jul) - China TCM, GA Pack, Huafa, Samson, CPMC, Fancl, Tatsuta, Capitol

<ul><li>Alcoa highlighted improvement in safety and operational performance.</li><li>The company achieved production records at its three smelters in Canada and one in Norway, signalling strong operational capabilities and efficiency.</li><li>Improvements have been credited to a clear focus on values including integrity, operational excellence, and care for people.</li></ul>

Alcoa highlighted improvement in safety and operational performance.The company achieved production records at its three smelters in Canada and one in Norway, signalling strong operational capabilities and efficiency.Improvements have been credited to a clear focus on values including integrity, operational excellence, and care for people.

Alcoa Corporation: Strategic Acquisition of Alumina Marks a Milestone in the Metals Industry! - Key Drivers

<ul><li>Alcoa Corporation delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.</li><li>Adjusted EBITDA saw a $67 million decrease to $70 million, with diminished revenue offset by reduced costs.</li><li>At the segment level, expectations include a $50 million improvement in alumina, offset by $10 million in higher energy costs.</li></ul>

Alcoa Corporation delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.Adjusted EBITDA saw a $67 million decrease to $70 million, with diminished revenue offset by reduced costs.At the segment level, expectations include a $50 million improvement in alumina, offset by $10 million in higher energy costs.

Alcoa Corporation: Can The Strategic Cost Reduction & Competitiveness Enhancement Change The Game? - Major Drivers

United States

Cleveland-Cliffs Inc. is an American iron ore mining company. The Company supplies iron ore pellets, lumps and fines to blast furnaces in the global steel industry. Cliffs is in the process of expanding its customer base to Electric Arc Furnaces.

Carpenter Technology Corporation manufactures, fabricates, and distributes stainless steels, titanium, and specialty metal alloys.  Carpenter processes basic metal alloying elements into finished products such as billets, bars, rods, and various special shapes. The Company also manufactures engineered products such as ceramics and metal injected molded designs.

Allegheny Technologies, Inc., produces specialty materials.  The Company's products include include titanium and titanium alloys, nickel-based alloys and superalloys, zirconium, hafnium and niobium, stainless and specialty steel alloys, grain-oriented electrical steel, tungsten-based materials and cutting tools, carbon alloy impression die forgings, and large grey and ductile iron.

Commercial Metals Company and its subsidiaries manufacture, recycle, and market steel and metal products and related materials.  The Company markets and trades primary and secondary metals, steel, ores, concentrates, industrial minerals, ferroalloys, chemicals, and other materials used in a variety of industries.

Ternium S.A. manufactures and processes various steel products in Mexico, Argentina, Bolivia, Chile, Paraguay, Uruguay, Colombia, the United States, Central America, and internationally. The company operates in two segments, Steel and Mining. The Steel segment offers steel products, such as slabs, billets and round bars, hot-rolled coils and sheets, bars and stirrups, wire rods, cold-rolled coils and sheets, tin plates, hot dipped galvanized and electrogalvanized sheets, pre-painted sheets, steel pipes and tubular products, beams, roll formed products, and other products. The Mining segment sells iron ore concentrates and pellets. The company serves various companies and small businesses operating in construction, automotive, home appliances, capital goods, container, food, and energy industries. Ternium S.A. was founded in 1961 and is headquartered in Buenos Aires, Argentina. Ternium S.A. is a subsidiary of Techint Holdings S.à r.l.

United States Steel Corporation operates as an integrated steel producer. The Company manufactures flat-rolled and tubular products with production operations in North America and Europe. United States Steel serves the automotive, appliance, container, industrial machinery, construction, and oil and gas industries.

Hecla Mining Company explores, develops, and mines precious metals, gold and silver.  The Company has operations in the United States and Mexico.

Royal Gold, Inc. acquires and manages precious metals royalties.  The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests.  Royal Gold Inc.'s gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages.

Warrior Met Coal, Inc. provides coal mining services. The Company produces and exports metallurgical coal for the steel industry. Warrior Met Coal serves customers in the United States, Europe, Asia, and South America.

Constellium SE provides development and manufacturing of aluminium products. The Company offers cansheet, closures, plates, sheets and extrusions, body sheet, structural components, crash management systems, plates, and other related products. Constellium serves packaging, automotive, aerospace, transportation, defense, construction, and electronics markets worldwide.

BlueScope Steel Limited supplies steel products and solutions. The Company manufactures steel slabs, plates, hot and cold rolled coils, and coated and painted strip products for building and construction, automotive, whitegoods, and manufacturing applications. BlueScope Steel serves customers in Asia, Australia, New Zealand, and the United States.

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

OZ Minerals Ltd. is an Australian based mining company with a focus on copper. The Company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project located in South Australia and has a number of equity interests in listed resource companies.

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

Yunnan Aluminium Co., Ltd. primarily manufactures and markets aluminum products. The Company's products include aluminum ingots, aluminum rolls, and aluminum alloys.

Jinduicheng Molybdenum Co.,Ltd. is involved in molybdenum mining, dressing, smelting, processing, research and trade in Asia.

Jinduicheng Molybdenum Co, Ltd. (601958 CH)

Huaibei Mining Holdings Co.,Ltd. operates coal businesses. The Company mines, processes, and distributes coal, cokes, coal chemical products, and other products. Huaibei Mining Holdings also produces methanol, crude benzene, ammonium sulfate, and other products.

Shandong Nanshan Aluminum Co., Ltd. designs, manufactures, and markets aluminum products and worsted woolen products. The Company's major aluminum offerings are electrolytic aluminum and section aluminum. Its woolen products include soybean fiber fabrics, silk fabrics, wool/flax fabrics and cashmere. Shandong also generates and supplies electricity.

Nanjing Iron & Steel Co., Ltd. produces a variety of iron and steel products. The Company's products include steel plates, steel belts, structure steel, concrete iron, steel billets, cast iron, and related by-products.

Alcoa Corporation manufactures metal products. The Company produces and sells bauxite, alumina, and aluminum products. Alcoa serves aluminum industry worldwide.

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Alcoa (AA US)

Alcoa Corporation: Strategic Acquisition Of Alumina & 5 Pivotal Growth Drivers

Alcoa Corporation recently reported its first quarter 2024 earnings, delivering a mix of strategic developments and financial results that reflect...

Baptista Research

Alcoa Corporation: Increasing Economic Interest in Assets via Alumina Limited Deal! - 5 Major Drivers

The latest earnings of Alcoa Corporation reveals both negative and positive aspects of the company. William Oplinger, Alcoa Corporation President...

Baptista Research

Merger Arb Mondays (22 Jul) - China TCM, GA Pack, Huafa, Samson, CPMC, Fancl, Tatsuta, Capitol

This week, the highest gross spreads are HEC Pharma (122.5%), China TCM (31.8%), Asia Cement (12.6%), Canvest (11.1%), GA Pack (10.9%), Malaysia...

Arun George

Alcoa Corporation: Strategic Acquisition of Alumina Marks a Milestone in the Metals Industry! - Key Drivers

Alcoa highlighted improvement in safety and operational performance. The company achieved production records at its three smelters in Canada and...

Baptista Research

Alcoa Corporation: Can The Strategic Cost Reduction & Competitiveness Enhancement Change The Game? - Major Drivers

Alcoa Corporation delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst...

Baptista Research

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