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>The Ball Corporation's earnings for the fourth quarter highlighted several of its strategic decisions, performance outcomes, and upcoming developments.</li>
<li>The company had strong operating results in the fourth quarter and throughout 2023 which generated a free cash flow of $818 million.</li>
<li>The company's strategic decisions ranged from the sale of its aerospace business to adjustments in its manufacturing footprint.</li>
</ul>


The Ball Corporation's earnings for the fourth quarter highlighted several of its strategic decisions, performance outcomes, and upcoming developments.
The company had strong operating results in the fourth quarter and throughout 2023 which generated a free cash flow of $818 million.
The company's strategic decisions ranged from the sale of its aerospace business to adjustments in its manufacturing footprint.


Ball Corporation: A Story Of Market Dominance & Adaptive Approach! - Major Drivers

<ul>
<li>Ball Corporation delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus regarding earnings.</li>
<li>In the third quarter, they improved operational efficiencies and successful measures to counter inflationary costs.</li>
<li>Notably, they navigated through a $14 million operating earnings headwind from the Russian sale and $43 million higher interest expense.</li>
</ul>


Ball Corporation delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus regarding earnings.
In the third quarter, they improved operational efficiencies and successful measures to counter inflationary costs.
Notably, they navigated through a $14 million operating earnings headwind from the Russian sale and $43 million higher interest expense.


Ball Corporation: Forecasting Growth Amid Dynamic Consumer Demands!

<ul>
<li>Ball Corporation delivered mixed results for the previous quarter, with revenues below analyst expectations but on-par earnings.</li>
<li>The year 2023 presented challenges for Ball Corporation, as comparable diluted earnings per share declined to $0.61 from $0.82 in 2022.</li>
<li>Net comparable earnings also decreased in the second quarter, driven by higher interest expenses, the impact of the Russian business sale in 2022, lower volumes, and increased corporate costs.</li>
</ul>


Ball Corporation delivered mixed results for the previous quarter, with revenues below analyst expectations but on-par earnings.
The year 2023 presented challenges for Ball Corporation, as comparable diluted earnings per share declined to $0.61 from $0.82 in 2022.
Net comparable earnings also decreased in the second quarter, driven by higher interest expenses, the impact of the Russian business sale in 2022, lower volumes, and increased corporate costs.


Ball Corporation: The Silver Lining in North America's Inflation Recovery! - 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

<ul>
<li>On 15 July, the precondition for Changping Industrial’s HK$6.87 offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a> was satisfied, but the despatch of the offer document was delayed until or before 30 July.</li>
<li>Since <a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a> announced its HK$7.21 offer on 7 June, the shares have traded above Changping Industrial's offer on all but bar one trading day</li>
<li>Changping Industrial has three options: launch at unchanged terms (low probability), match ORG’s offer (medium probability) or bump marginally higher than ORG’s offer (high probability).</li>
</ul>


On 15 July, the precondition for Changping Industrial’s HK$6.87 offer for CPMC Holdings (906 HK) was satisfied, but the despatch of the offer document was delayed until or before 30 July.
Since ORG Technology Co., Ltd. A (002701 CH) announced its HK$7.21 offer on 7 June, the shares have traded above Changping Industrial's offer on all but bar one trading day
Changping Industrial has three options: launch at unchanged terms (low probability), match ORG’s offer (medium probability) or bump marginally higher than ORG’s offer (high probability).


CPMC Holdings (906 HK): Decisions, Decisions as Changping Industrial’s Offer Set to Open

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>Since announcing <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a>’s pre-conditional voluntary offer for <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> at HK$2.65 per share, the gross spread has increased. </li>
<li>The Board’s strategy is to rally shareholders against a hostile offer. However, the recent AGM protest votes suggest that the Board cannot easily thwart the offer. </li>
<li>Shandong Xinjufeng's renewed efforts to secure Board representation suggest that its offer is in trouble. Meanwhile, <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> seems disinclined to engage in a bidding war. </li>
</ul>


Since announcing Shandong Xinjufeng Technology Packaging (301296 CH)’s pre-conditional voluntary offer for Greatview Aseptic Packaging (468 HK) at HK$2.65 per share, the gross spread has increased. 
The Board’s strategy is to rally shareholders against a hostile offer. However, the recent AGM protest votes suggest that the Board cannot easily thwart the offer. 
Shandong Xinjufeng's renewed efforts to secure Board representation suggest that its offer is in trouble. Meanwhile, China Mengniu Dairy Co (2319 HK) seems disinclined to engage in a bidding war. 


GAPack (468 HK): Grinding Towards a Stalemate

United States

Ball Corporation provides metal packaging for beverages, foods, and household products. The Company also supplies aerospace and other technologies and services to commercial and governmental customers. Ball serves customers worldwide.

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Ball (BALL US)

Ball Corporation: A Story Of Market Dominance & Adaptive Approach! - Major Drivers

The Ball Corporation's earnings for the fourth quarter highlighted several of its strategic decisions, performance outcomes, and upcoming...

Baptista Research

Ball Corporation: Forecasting Growth Amid Dynamic Consumer Demands!

Ball Corporation delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus...

Baptista Research

Ball Corporation: The Silver Lining in North America's Inflation Recovery! - Major Drivers

Ball Corporation delivered mixed results for the previous quarter, with revenues below analyst expectations but on-par earnings. The year 2023...

Baptista Research

CPMC Holdings (906 HK): Decisions, Decisions as Changping Industrial’s Offer Set to Open

Changping Industrial has three options: launch at unchanged terms (low probability), match ORG’s offer (medium probability) or bump marginally...

Arun George

GAPack (468 HK): Grinding Towards a Stalemate

There is a stalemate as the Board and Shandong Xinjufeng appear to have similar levels of support. The risk (12.1% downside to undisturbed)/reward...

Arun George

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