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>Allstate Corporation reported its second quarter 2024 results with varied performance aspects.</li><li>The company recorded a net income of $301 million and an adjusted net income of $429 million, or $1.61 per diluted share.</li><li>Revenues increased to $15.7 billion, reflecting higher property-liability earned premiums primarily from rate increases in auto and homeowners insurance, and a significant rise in net investment income, which was $712 million higher than the prior year quarter.</li></ul>

Allstate Corporation reported its second quarter 2024 results with varied performance aspects.The company recorded a net income of $301 million and an adjusted net income of $429 million, or $1.61 per diluted share.Revenues increased to $15.7 billion, reflecting higher property-liability earned premiums primarily from rate increases in auto and homeowners insurance, and a significant rise in net investment income, which was $712 million higher than the prior year quarter.

The Allstate Corporation: Can Its Enhanced Advertising and Customer Acquisition Strategies Catalyze Revenues? - Major Drivers

<ul><li>Allstate Corporation reported a strong financial performance in the first quarter of 2023, indicating a significant improvement in net income which reached $1.2 billion.</li><li>This results from effective execution of the auto insurance profit improvement plan, maintaining attractive margins in homeowners' insurance, and experiencing lower catastrophe losses.</li><li>Net investment income also saw a notable increase of almost 33%, mainly due to repositioning into longer duration, higher fixed income yields, and improved performance-based valuations.</li></ul>

Allstate Corporation reported a strong financial performance in the first quarter of 2023, indicating a significant improvement in net income which reached $1.2 billion.This results from effective execution of the auto insurance profit improvement plan, maintaining attractive margins in homeowners' insurance, and experiencing lower catastrophe losses.Net investment income also saw a notable increase of almost 33%, mainly due to repositioning into longer duration, higher fixed income yields, and improved performance-based valuations.

The Allstate Corporation: A Story Of Expansion through National General Integration! - Major Drivers

<ul><li>The Allstate Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>In the third quarter, they reported a noteworthy 9.8% increase in revenues, totaling $14.5 billion, with a notable $1.3 billion surge from the previous year.</li><li>The merger also presented an opportunity to consolidate Allstate's voluntary benefits business with National General's group and individual health businesses.</li></ul>

The Allstate Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.In the third quarter, they reported a noteworthy 9.8% increase in revenues, totaling $14.5 billion, with a notable $1.3 billion surge from the previous year.The merger also presented an opportunity to consolidate Allstate's voluntary benefits business with National General's group and individual health businesses.

The Allstate Corporation: Transforming Insurance – Key Moves in Their Growth Strategy! - 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>The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.</li>
<li>Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.</li>
<li>As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.</li>
</ul>


The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.
Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.
As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.


SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Giant Japan insurer reports staggering June 2024 quarter YoY growth, not only from securities gains, but also strong delta in core premiums written</li>
<li>Weak life insurance premiums is more than offset with well controlled costs, non-life premium income, investment income</li>
<li>Acceleration of cross-shareholding disposals can keep income high, with AFS totaling JPY13.8 trillion with unrealized gains of JPY2.8 trillion</li>
</ul>


Giant Japan insurer reports staggering June 2024 quarter YoY growth, not only from securities gains, but also strong delta in core premiums written
Weak life insurance premiums is more than offset with well controlled costs, non-life premium income, investment income
Acceleration of cross-shareholding disposals can keep income high, with AFS totaling JPY13.8 trillion with unrealized gains of JPY2.8 trillion


Tokio Marine Holdings - Net Profit +54% YoY, Non Life Premiums & Investment Income Are Drivers

United States

The Allstate Corporation, through its subsidiaries, provides property-liability insurance, as well as other types of insurance in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents.

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Allstate Corp (ALL US)

The Allstate Corporation: Can Its Enhanced Advertising and Customer Acquisition Strategies Catalyze Revenues? - Major Drivers

Allstate Corporation reported its second quarter 2024 results with varied performance aspects. The company recorded a net income of $301 million...

Baptista Research

The Allstate Corporation: A Story Of Expansion through National General Integration! - Major Drivers

Allstate Corporation reported a strong financial performance in the first quarter of 2023, indicating a significant improvement in net income...

Baptista Research

The Allstate Corporation: Transforming Insurance – Key Moves in Their Growth Strategy! - Major Drivers

The Allstate Corporation managed to exceed analyst expectations in terms of revenue as well as earnings. In the third quarter, they reported a...

Baptista Research

SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

$SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 is Resistance, 2007 Analog on Track if Below 5783. Still Neutral, prefer to sell...

Vermilion Research

Tokio Marine Holdings - Net Profit +54% YoY, Non Life Premiums & Investment Income Are Drivers

Strong 1Q25 net profit, despite natural catastrophes & weak life premiums, with strong non-life, investment income and cost controls, supporting...

Daniel Tabbush

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