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>Cummins delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.</li><li>Cummins reported strong demand across key markets and regions, with revenues reaching $8.4 billion, a 15% increase from the previous year.</li><li>In the quarter, Cummins successfully concluded the acquisition of two Faurecia commercial vehicle manufacturing plants in Columbus, Indiana, and Roermond, Netherlands.</li></ul>

Cummins delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.Cummins reported strong demand across key markets and regions, with revenues reaching $8.4 billion, a 15% increase from the previous year.In the quarter, Cummins successfully concluded the acquisition of two Faurecia commercial vehicle manufacturing plants in Columbus, Indiana, and Roermond, Netherlands.

Cummins Inc.: Pioneering Telematics Software for Commercial Vehicles & Other Major Drivers - Financial Forecasts

<ul><li>Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.</li><li>Cummins' organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.</li><li>Due to the inclusion of Meritor, high demand, and better pricing, the quarter's revenue increased.</li></ul>

Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.Cummins' organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.Due to the inclusion of Meritor, high demand, and better pricing, the quarter's revenue increased.

Agri | Weather | Energy Transition, Mint Finance

Srinidhi Raghavendra

Agri | Weather | Energy Transition

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.</li>
<li>IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.</li>
<li>By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.</li>
</ul>


Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.
IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.
By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.


Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>It was a busy week with index rebalance implementations and announcements of index changes.</li>
<li>The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.</li>
<li>There were big inflows to China ETFs during the week while the largest inflows went to the <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> ETF.</li>
</ul>


It was a busy week with index rebalance implementations and announcements of index changes.
The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.
There were big inflows to China ETFs during the week while the largest inflows went to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF.


Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

<ul>
<li>NSE Indices have started a market consultation on dropping stocks that are not a part of the Futures &amp; Options segment from the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a>. </li>
<li>This will be done in two phases with a weight reduction for non-F&amp;O stocks in June and deletion from the index in September.</li>
<li>That will result in 11 inclusions to the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a> in September and bring in a lot of flow to the stocks.</li>
</ul>


NSE Indices have started a market consultation on dropping stocks that are not a part of the Futures &amp; Options segment from the Nifty Next 50 Index (NIFTYJR INDEX). 
This will be done in two phases with a weight reduction for non-F&amp;O stocks in June and deletion from the index in September.
That will result in 11 inclusions to the Nifty Next 50 Index (NIFTYJR INDEX) in September and bring in a lot of flow to the stocks.


NIFTY NEXT 50 Index Market Consultation: Non-F&O Stocks Could Be Dropped

United States

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.

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Cummins Inc (CMI US)

Cummins Inc.: Pioneering Telematics Software for Commercial Vehicles & Other Major Drivers - Financial Forecasts

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

Baptista Research

Cummins Inc.: High Demand

Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings. Cummins' organic sales growth rate...

Baptista Research

Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Two in three Americans know little about IRA. The Inflation Reduction Act (“IRA”) took years in the making and will have material implications...

Mint Finance

Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

NIFTY NEXT 50 Index Market Consultation: Non-F&O Stocks Could Be Dropped

A market consultation could lead to the deletion of non-F&O stocks from the NIFTY NEXT50 index in September. That means 11 new index members and...

Brian Freitas

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