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.

Equity Bottom-Up

<ul>
<li>Aisin is already achieving strong growth, across many markets, and this should continue with more sales into EV and HEV markets</li>
<li>Financial strength is improving, with gearing moving lower, and debt/ebitda moving lower</li>
<li>Balance sheet clean up can lead to some volatility, but overall a general positive, as is the focus on capital management</li>
</ul>


Aisin is already achieving strong growth, across many markets, and this should continue with more sales into EV and HEV markets
Financial strength is improving, with gearing moving lower, and debt/ebitda moving lower
Balance sheet clean up can lead to some volatility, but overall a general positive, as is the focus on capital management


Aisin - 141% Profit Growth, With Future to Have More Sales for Electric and Hybrid Vehicles

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 Capital Markets

<ul><li>Lear had a solid start to the year, with an all-around beat in the recent quarterly result.</li><li>The management intends to start making full seats with essential thermal components for these vehicles.</li><li>Besides, the company acquired IGB, which will be essential to growing its Thermal Comfort Systems business and boosting its market share and profits in the seating industry.</li></ul>

Lear had a solid start to the year, with an all-around beat in the recent quarterly result.The management intends to start making full seats with essential thermal components for these vehicles.Besides, the company acquired IGB, which will be essential to growing its Thermal Comfort Systems business and boosting its market share and profits in the seating industry.

Lear Corporation: The I.G. Bauerhin Acquisition Upside & Other Drivers

<ul><li>Lear had a strong quarterly performance and managed an all-around beat.</li><li>Its sales increased by 10% to $5.4 billion, and core operating profitability rose by 67% to $265 million.</li><li>The Lear Forward initiative also improved the company's cash flow performance.</li></ul>

Lear had a strong quarterly performance and managed an all-around beat.Its sales increased by 10% to $5.4 billion, and core operating profitability rose by 67% to $265 million.The Lear Forward initiative also improved the company's cash flow performance.

Lear Corporation: Benefits From Kongsberg Acquisition – Key Drivers

<ul><li>Lear Corporation saw a significantly improved set of results in the last quarter and it managed to surpass Wall Street expectations on all fronts.</li><li>The improved results reflect higher production volumes as well as its strong new business backlog.</li><li>Core operating earnings and sales increased and in both e-Systems and seating, operating margins improved as compared to the previous year.</li></ul>

Lear Corporation saw a significantly improved set of results in the last quarter and it managed to surpass Wall Street expectations on all fronts.The improved results reflect higher production volumes as well as its strong new business backlog.Core operating earnings and sales increased and in both e-Systems and seating, operating margins improved as compared to the previous year.

Lear Corporation: New Sustainability Solutions Addition & Other Developments

<ul><li>Lear Corporation produced strong results despite continuing difficulties associated with the impact of the pandemic and semiconductor shortages, cost inflation, and a strengthening currency in the second quarter.</li><li>Even though first-quarter production volumes were down, the company's overall operating income and margins increased sequentially and it delivered an all-around beat.</li><li>Lear also went on to acquire IGB, a well-known German manufacturer of active cooling, heated steering wheels, and car seat ventilation systems.</li></ul>

Lear Corporation produced strong results despite continuing difficulties associated with the impact of the pandemic and semiconductor shortages, cost inflation, and a strengthening currency in the second quarter.Even though first-quarter production volumes were down, the company's overall operating income and margins increased sequentially and it delivered an all-around beat.Lear also went on to acquire IGB, a well-known German manufacturer of active cooling, heated steering wheels, and car seat ventilation systems.

Lear Corporation: High Switching Costs & Other Sources of Competitive Advantage

United States

Lear Corporation manufactures automobile parts.  The Company produces seating systems; wiring harnesses; terminals; connectors; junction boxes; body control electronics; wireless products; and audio systems.

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Lear Corp (LEA US)

Aisin - 141% Profit Growth, With Future to Have More Sales for Electric and Hybrid Vehicles

Buyback just announced of 17m shares or 6.3% of shares, this is significant, and where the Aisin story is already fundamentally strong.

Daniel Tabbush

Lear Corporation: The I.G. Bauerhin Acquisition Upside & Other Drivers

Lear had a solid start to the year, with an all-around beat in the recent quarterly result. The management intends to start making full seats with...

Baptista Research

Lear Corporation: Benefits From Kongsberg Acquisition – Key Drivers

Lear had a strong quarterly performance and managed an all-around beat. Its sales increased by 10% to $5.4 billion, and core operating...

Baptista Research

Lear Corporation: New Sustainability Solutions Addition & Other Developments

Lear Corporation saw a significantly improved set of results in the last quarter and it managed to surpass Wall Street expectations on all...

Baptista Research

Lear Corporation: High Switching Costs & Other Sources of Competitive Advantage

Lear Corporation produced strong results despite continuing difficulties associated with the impact of the pandemic and semiconductor shortages,...

Baptista Research

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