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>Generac Holdings delivered a mixed performance for the first quarter of 2024.</li><li>Strength in the Home Standby Generator segment and operational improvements played favorable roles, while declines in the global portable generators and domestic energy storage markets were notable drags on revenue.</li><li>Generac’s consistent effort in expanding its dealer and installer networks, alongside investments in both traditional and emerging product lines, solidifies its market leadership and positions it well for long-term growth.</li></ul>

Generac Holdings delivered a mixed performance for the first quarter of 2024.Strength in the Home Standby Generator segment and operational improvements played favorable roles, while declines in the global portable generators and domestic energy storage markets were notable drags on revenue.Generac’s consistent effort in expanding its dealer and installer networks, alongside investments in both traditional and emerging product lines, solidifies its market leadership and positions it well for long-term growth.

Generac Holdings: What Is The Story Of Their Expansion in Energy Technology and Storage Solutions? - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

<ul><li>Generac Holdings delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.</li><li>The company faced challenges as residential product sales declined significantly by 44%, primarily due to a softer consumer spending environment impacting home standby generators and chore products.</li><li>In contrast, the company's Global C&I product segment achieved an all-time quarterly sales high with approximately 24% growth, driven by broad-based expansion across regions and channels.</li></ul>

Generac Holdings delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.The company faced challenges as residential product sales declined significantly by 44%, primarily due to a softer consumer spending environment impacting home standby generators and chore products.In contrast, the company's Global C&I product segment achieved an all-time quarterly sales high with approximately 24% growth, driven by broad-based expansion across regions and channels.

Generac Holdings Inc.: Can The Partnership With Buildertrend Catalyze Revenues? - 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>Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022</li>
<li>Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.</li>
<li>Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022
Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.
Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight


Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Credit

<ul><li>Generac Holdings is a major energy technology player with a reasonable amount of debt on its balance sheet and showing ongoing growth in its commercial and industrial product categories.</li><li>Its weaker residential product sales have been a point of concern for the management.</li><li>Sales of C&I products have climbed significantly, with strong core sales growth across all domestic channels and all overseas areas.</li></ul>

Generac Holdings is a major energy technology player with a reasonable amount of debt on its balance sheet and showing ongoing growth in its commercial and industrial product categories.Its weaker residential product sales have been a point of concern for the management.Sales of C&I products have climbed significantly, with strong core sales growth across all domestic channels and all overseas areas.

Generac Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

Acuity Brands, Inc. designs, produces, and distributes a full range of indoor and outdoor lighting and control systems for commercial and institutional, industrial, infrastructure, and residential applications. The Company manufactures or procures lighting products primarily in North America, Europe, and Asia.

Regal Rexnord Corporation designs, manufactures, and sells electric motors and controls. The Company offers gearboxes, automotive transmissions, rotary cutting tools, automatic transfer switches, and electric generators. Regal Beloit markets its products to distributors, original equipment manufacturers, and end users worldwide.

Encore Wire Corporation manufactures copper electrical building wire and cable. The Company supplies residential wire for interior wiring in homes, apartments, and manufactured housing.  Encore also manufactures wire for commercial and industrial buildings.  The Company's customers are wholesale electrical distributors that serve both the residential and commercial wire markets.

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

Sunrun Inc. provides solar energy solutions. The Company installs, monitors, and maintains solar panels on homeowners' roofs to supply solar electricity. Sunrun serves customers in the United States.

EnerSys manufactures, markets, and distributes industrial batteries.  The Company also manufactures, markets, and distributes related products such as chargers, power equipment, and battery accessories.  EnerSys provides related after-market and customer-support services for lead-acid industrial batteries.

Sensata Technologies Holding plc manufactures and distributes electronic components. The Company offers automotive sensors, motor protectors, circuit breakers, thermostats, pressure sensors, and switches. Sensata Technologies Holding serves energy, aerospace, agriculture, automotive, and construction industries worldwide.

Atkore Inc. manufactures and supplies metal products and electrical raceway solutions. The Company offers steel tubes and pipes, electrical conduit, armored wire and cable, cable trays, metal framing systems, and building components. Atkore International Group serves customers globally.

AZZ Incorporated manufactures specialty electrical equipment and components for the global power generation, power transmission, and distribution markets.  The Company also provides hot dip galvanizing services to the steel fabrication industry across the United States.

Array Technologies, Inc. designs and manufactures solar tracking systems. The Company offers solar tracking equipment to utilities, corporations, small businesses, and homeowners. Array Technologies serves customers worldwide.

Shanghai Electric Group Company Limited manufactures power generation equipment. The Company produces and sells thermal generator set, nuclear power units, wind power equipment, power transmission and distribution equipment, and other products. Shanghai Electric Group also manufactures environmental protection equipment.

Shanghai Electric Group Company (601727 CH)

Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind generating equipment.  The Company constructs large wind parks.

CG Power and Industrial Solutions Limited manufactures, distributes, installs and services electrical and allied equipment. The Company offers transformers, reactors, switchgear control equipment and accessories, industrial motors, pumps, and communication systems. CG Power and Industrial Solutions serves customers globally. 

Dongfang Electric Corporation Limited manufactures and sells hydro and steam power generators and AC/DC electric motors. The Company also provides repair, upgrade, maintenance, and other services for the products.

Dongfang Electric Corporation (600875 CH)

FUJI ELECTRIC CO.,LTD manufactures electric machinery and electronic devices. The Company's products include automatic vending machines, factory automation equipment, and power supplies, as well as information and electronic components such as power semiconductors and integrated circuits (ICs).

Jiangsu Zhongtian Technology Co., Ltd. manufactures and markets optic cables, optic fibers, electric cable materials and accessories, related components, and related controlling systems.

Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH)

Sieyuan Electric Company Limited manufactures and markets power supply and converting equipment as well as high voltage electrical apparatus and high voltage monitoring instruments.  The Company's  main products include arc suppression coils, variable frequency power sources, lightning arrester on-line monitoring instruments, and anti-disturbance test instruments.

EVE Energy Co., Ltd researches, manufactures and sells lithium battery.  The Company also provides portable power source solutions.

Fortune Electric Co., Ltd. designs, manufactures, and markets power transformers, distribution transformers, switchgears, capacitors, and distribution apparatus.

Generac Holdings, Inc. manufactures automatic, stationary standby and portable generators.  The Company's generators serve the residential, commercial, industrial and telecommunications markets.

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Generac Holdings (GNRC US)

Generac Holdings: What Is The Story Of Their Expansion in Energy Technology and Storage Solutions? - Major Drivers

Generac Holdings delivered a mixed performance for the first quarter of 2024. Strength in the Home Standby Generator segment and operational...

Baptista Research

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Generac Holdings Inc.: Can The Partnership With Buildertrend Catalyze Revenues? - Major Drivers

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

Baptista Research

Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Downgrading Manufacturing $XLI to Market Weight; Shift to Overweight Growth $IWF; Three May $SPX Upside Gaps Unfilled = Bullish; Expect supports at...

Vermilion Research

Generac Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Generac Holdings is a major energy technology player with a reasonable amount of debt on its balance sheet and showing ongoing growth in its...

Baptista Research

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