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>After a phase of some solid financial performances driven by rising aluminum prices, Alcoa delivered a disappointing result, failing to meet Wall Street expectations in terms of revenues as well as earnings.</li><li>While the long-term fundamentals for the aluminum sector are still promising, Alcoa’s stock has been on a downward trajectory given the high volatility in the European energy markets causing losses to their two units in Europe.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

After a phase of some solid financial performances driven by rising aluminum prices, Alcoa delivered a disappointing result, failing to meet Wall Street expectations in terms of revenues as well as earnings.While the long-term fundamentals for the aluminum sector are still promising, Alcoa’s stock has been on a downward trajectory given the high volatility in the European energy markets causing losses to their two units in Europe.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Alcoa Corporation: Alloy Innovation & Other Drivers

<ul><li>Alcoa Corp is seeing improving shipment volumes and benefitting heavily from the stronger U.S. dollar as well as the higher alumina price index.</li><li>Higher costs and lower aluminum and alumina premiums combined with lower metal prices, which included about $40 million to set inventories to net realizable value, more than offset those advantages.</li><li>It is worth highlighting that Alcoa holds accreditations from the Aluminum Stewardship Initiative, the most comprehensive independent system for auditing ethical aluminum production.</li></ul>

Alcoa Corp is seeing improving shipment volumes and benefitting heavily from the stronger U.S. dollar as well as the higher alumina price index.Higher costs and lower aluminum and alumina premiums combined with lower metal prices, which included about $40 million to set inventories to net realizable value, more than offset those advantages.It is worth highlighting that Alcoa holds accreditations from the Aluminum Stewardship Initiative, the most comprehensive independent system for auditing ethical aluminum production.

Alcoa Corp: The Alumina Price Upside & Other Drivers

Equity Capital Markets

<ul><li>Alcoa Corp continued its dream run in terms of financial performance bolstered by the high aluminum prices.</li><li>Its ASI-certified products are earning a premium and Alcoa is able to sell them worldwide and maximize revenues.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Alcoa Corp continued its dream run in terms of financial performance bolstered by the high aluminum prices.Its ASI-certified products are earning a premium and Alcoa is able to sell them worldwide and maximize revenues.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

HDC Hyundai Development Co-Engineering & Construction / Equity Bottom-Up

HDC Hyundai Development Co-Engineering & Construction

<ul>
<li>On 28 January, the government (Ministry of Land, Infrastructure and Transport) announced that it has recommended the heaviest punishment of the cancellation of the construction license for HDC Hyundai Development.</li>
<li>Seoul city government said it will make a decision on the fate of HDC Hyundai Development within six months.</li>
<li>Rather than a complete, permanent cancellation of the company's business license, a more likely scenario is about 6 to 12 months of temporary business operation suspension, in our view. </li>
</ul>


On 28 January, the government (Ministry of Land, Infrastructure and Transport) announced that it has recommended the heaviest punishment of the cancellation of the construction license for HDC Hyundai Development.
Seoul city government said it will make a decision on the fate of HDC Hyundai Development within six months.
Rather than a complete, permanent cancellation of the company's business license, a more likely scenario is about 6 to 12 months of temporary business operation suspension, in our view. 


HDC Hyundai Development: Permanent Business License Cancellation or Temporary Business Suspension?

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

Marriott International / Technical Analysis

<ul>
<li>While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.</li>
<li>Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.</li>
<li>The fact that more areas are becoming attractive (and not <em>just</em> Energy and Financials) is a step in the right direction for bulls.</li>
</ul>


While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.
Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.
The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.


Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

United States

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: Alloy Innovation & Other Drivers

After a phase of some solid financial performances driven by rising aluminum prices, Alcoa delivered a disappointing result, failing to meet Wall...

Baptista Research

Alcoa Corp: The Alumina Price Upside & Other Drivers

Alcoa Corp is seeing improving shipment volumes and benefitting heavily from the stronger U.S. dollar as well as the higher alumina price...

Baptista Research

Alcoa Corp.: Key Drivers

Alcoa Corp continued its dream run in terms of financial performance bolstered by the high aluminum prices. Its ASI-certified products are earning...

Baptista Research

HDC Hyundai Development: Permanent Business License Cancellation or Temporary Business Suspension?

On 28 January, the Ministry of Land, Infrastructure and Transport announced that it has recommended the heaviest punishment of the cancellation of...

Douglas Kim

Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

We are seeing encouraging signals that indicate improving risk appetites, including improvement within the Discretionary, Transports, and Materials...

Vermilion Research

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