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>Gentex Corporation reported an increase in net sales to $608.5 million for the third quarter of 2024, up from $575.8 million in the same period last year.</li><li>Despite a 5% decline in global light vehicle production, Gentex outperformed its primary markets by 12%.</li><li>The company experienced a gross margin of 33.5%, slightly up from 33.2% in the third quarter of the previous year, due to higher revenue levels and purchasing cost reductions, albeit slightly offset by unfavorable product mixes.</li></ul>

Gentex Corporation reported an increase in net sales to $608.5 million for the third quarter of 2024, up from $575.8 million in the same period last year.Despite a 5% decline in global light vehicle production, Gentex outperformed its primary markets by 12%.The company experienced a gross margin of 33.5%, slightly up from 33.2% in the third quarter of the previous year, due to higher revenue levels and purchasing cost reductions, albeit slightly offset by unfavorable product mixes.

Gentex Corporation: Expansion into Global Automotive Markets As A Critical Growth Lever!  - Major Drivers

<ul><li>Gentex Corporation reported its financial results for the second quarter of 2024, revealing challenges in light vehicle production and sales.</li><li>Net sales for the quarter were $572.9 million, a decrease from $583.5 million in the same period last year.</li><li>The decline is attributed to a 3% drop in light vehicle production in North America, Europe, and Japan/Korea.</li></ul>

Gentex Corporation reported its financial results for the second quarter of 2024, revealing challenges in light vehicle production and sales.Net sales for the quarter were $572.9 million, a decrease from $583.5 million in the same period last year.The decline is attributed to a 3% drop in light vehicle production in North America, Europe, and Japan/Korea.

Gentex Corporation: Recent Expansion of Full Display Mirror (FDM) Adoption

<ul><li>Gentex Corporation reported its financial results for the first quarter of 2024, revealing a mixed outlook tempered by challenges in the global auto industry yet bolstered by strategic advancements and product development.</li><li>Net sales saw a 7% increase to $590.2 million compared to the same period last year, a performance that came notwithstanding a 3% drop in light vehicle production in the company's primary markets.</li><li>This discrepancy highlights Gentex's ability to outperform the broader market, largely attributable to increased take rates of advanced features like Full Display Mirrors and growth in the auto-dimming mirror sector.</li></ul>

Gentex Corporation reported its financial results for the first quarter of 2024, revealing a mixed outlook tempered by challenges in the global auto industry yet bolstered by strategic advancements and product development.Net sales saw a 7% increase to $590.2 million compared to the same period last year, a performance that came notwithstanding a 3% drop in light vehicle production in the company's primary markets.This discrepancy highlights Gentex's ability to outperform the broader market, largely attributable to increased take rates of advanced features like Full Display Mirrors and growth in the auto-dimming mirror sector.

Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! - Major Drivers

<ul><li>This is our first report on digital vision, connected car, dimmable glass, and fire protection products manufacturer, Gentex Corporation.</li><li>The company reported positive financial results for Q3 2023, with earnings surpassing the previous year's results.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on digital vision, connected car, dimmable glass, and fire protection products manufacturer, Gentex Corporation.The company reported positive financial results for Q3 2023, with earnings surpassing the previous year's results.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Gentex Corp: Initiation of Coverage - How Its Cutting-Edge R&D is Skyrocketing Revenue Growth! - Major Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

United States

Gentex Corporation designs, manufactures, and markets products that use electro-optic technology.  The Company's product lines include automatic-dimming rearview mirrors and fire protection products.  Gentex's Night Vision Safety Mirror automatically darkens to the degree required to eliminate rearview headlight glare.  The Company sells its products around the world.

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Gentex Corp (GNTX US)

Gentex Corporation: Expansion into Global Automotive Markets As A Critical Growth Lever! - Major Drivers

Gentex Corporation reported an increase in net sales to $608.5 million for the third quarter of 2024, up from $575.8 million in the same period...

Baptista Research

Gentex Corporation: Recent Expansion of Full Display Mirror (FDM) Adoption

Gentex Corporation reported its financial results for the second quarter of 2024, revealing challenges in light vehicle production and sales. Net...

Baptista Research

Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! - Major Drivers

Gentex Corporation reported its financial results for the first quarter of 2024, revealing a mixed outlook tempered by challenges in the global...

Baptista Research

Gentex Corp: Initiation of Coverage - How Its Cutting-Edge R&D is Skyrocketing Revenue Growth! - Major Drivers

This is our first report on digital vision, connected car, dimmable glass, and fire protection products manufacturer, Gentex Corporation. The...

Baptista Research

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

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