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

Mettler Toledo International Inc / Equity Capital Markets

<ul><li>It was a successful first quarter for Mettler-Toledo International, with solid sales and profit growth and an all-around beat.</li><li>Sales growth was broad-based across various markets, driven by effective market identification and attractive growth opportunities.</li><li>Strong execution on margin initiatives and cost control resulted in solid earnings growth despite significant currency headwinds.</li></ul>

It was a successful first quarter for Mettler-Toledo International, with solid sales and profit growth and an all-around beat.Sales growth was broad-based across various markets, driven by effective market identification and attractive growth opportunities.Strong execution on margin initiatives and cost control resulted in solid earnings growth despite significant currency headwinds.

Mettler-Toledo International Inc.: Launch Of Automated Label Inspection Solution & Other Developments

<ul><li>Mettler-Toledo experienced robust growth in most product lines and regions during Q3, particularly in the Lab business, resulting in a successful quarter which happened to be an all-around beat.</li><li>While Product Inspection witnessed a 13% increase in sales during the quarter, Food Retail sales decreased by 19%.</li><li>To capture growth and market share in its Lab business, Mettler has accelerated their digital transformation in sales and marketing and sharpened their focus on the most attractive market segments.</li></ul>

Mettler-Toledo experienced robust growth in most product lines and regions during Q3, particularly in the Lab business, resulting in a successful quarter which happened to be an all-around beat.While Product Inspection witnessed a 13% increase in sales during the quarter, Food Retail sales decreased by 19%.To capture growth and market share in its Lab business, Mettler has accelerated their digital transformation in sales and marketing and sharpened their focus on the most attractive market segments.

Mettler-Toledo International Inc.: Continued Lab Growth

Credit

Mettler Toledo International Inc / Credit

<ul><li>Mettler-Toledo is one of the biggest players in the precision instruments and services domain across the world.</li><li>The management recognizes that the global supply chain continues to pose risks, but their ability to meet customer demands should remain a competitive advantage.</li><li>Mettler-Toledo should keep investing in brand-new products that will lay the groundwork for expansion in the future.</li></ul>

Mettler-Toledo is one of the biggest players in the precision instruments and services domain across the world.The management recognizes that the global supply chain continues to pose risks, but their ability to meet customer demands should remain a competitive advantage.Mettler-Toledo should keep investing in brand-new products that will lay the groundwork for expansion in the future.

Mettler-Toledo International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on Mettler-Toledo, one of the largest manufacturers and suppliers of precision instruments and services across the globe.</li><li>The company delivered an outstanding result in the last quarter, with sales increasing by $985.8 million, a 10% local currency gain, surpassing Wall Street expectations.</li><li>They recognize that the global supply chain continues to pose risks, but their ability to meet customer demands should remain a competitive advantage.</li></ul>

This is our first report on Mettler-Toledo, one of the largest manufacturers and suppliers of precision instruments and services across the globe.The company delivered an outstanding result in the last quarter, with sales increasing by $985.8 million, a 10% local currency gain, surpassing Wall Street expectations.They recognize that the global supply chain continues to pose risks, but their ability to meet customer demands should remain a competitive advantage.

Mettler-Toledo International Inc.: Initiation of Coverage – Business Strategy & Other Drivers

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

Over 50% of allocations are in the US with the bulk of the remainder split between Japan, China &amp; HK and the major European nations.  The EMEA overweight is comprised mainly of the UK, Netherlands, France and Germany, with active managers running underweights in the US, China &amp; HK, Australia and Japan.UK allocations hover around their lowest levels in history, though managers remain stubbornly overweight compared to the MSCI AC World index.  A total of 62% of managers are overweight the UK at an average +1.88% above benchmark.  Global Value investors are approaching their largest ever overweight in UK stocks of 3.64% above benchmark.Another month, another slump in Japan exposure.  Average weights in Japan stand at an all-time low of 5.06% with 85.5% of funds exposed (another low). <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> are the most widely held stocks, with 23% and 21% of funds holding a position.Tech exposure is at record highs, though this is matched by a record underweight of -0.47%.  Indeed, the percentage of funds who are overweight technology has fallen to below 50% for the first time since the end of 2018, a sign that Global managers are tilting their portfolios away from Tech.German Industrials allocations have hit a 4-year high as more Global investors add exposure to the sector. <a href="https://www.smartkarma.com/entities/deutsche-post-ag" target="_blank" data-smartkarma-citation="entities:21608:1" rel="noopener">Deutsche Post AG (DPW GR)</a> and <a href="https://www.smartkarma.com/entities/siemens-ag" target="_blank" data-smartkarma-citation="entities:21713:1" rel="noopener">Siemens AG (SIE GR)</a> were the key stocks behind the move, with 4.2% and 2.4% of funds adding exposure over the last 6-months.Alibaba has seen closures by some of the larger holders in our analysis, led by American Funds Capital World Fund (-$1.1bn) and New Economy Fund (-$451m).  Though closures have dominated, selected funds have opened exposure during this period of volatility, including Invesco's Global Focus Fund and Liontrust's Global Income Fund.

Over 50% of allocations are in the US with the bulk of the remainder split between Japan, China &amp; HK and the major European nations.  The EMEA overweight is comprised mainly of the UK, Netherlands, France and Germany, with active managers running underweights in the US, China &amp; HK, Australia and Japan.UK allocations hover around their lowest levels in history, though managers remain stubbornly overweight compared to the MSCI AC World index.  A total of 62% of managers are overweight the UK at an average +1.88% above benchmark.  Global Value investors are approaching their largest ever overweight in UK stocks of 3.64% above benchmark.Another month, another slump in Japan exposure.  Average weights in Japan stand at an all-time low of 5.06% with 85.5% of funds exposed (another low). Sony Corp (6758 JP) and KDDI Corp (9433 JP) are the most widely held stocks, with 23% and 21% of funds holding a position.Tech exposure is at record highs, though this is matched by a record underweight of -0.47%.  Indeed, the percentage of funds who are overweight technology has fallen to below 50% for the first time since the end of 2018, a sign that Global managers are tilting their portfolios away from Tech.German Industrials allocations have hit a 4-year high as more Global investors add exposure to the sector. Deutsche Post AG (DPW GR) and Siemens AG (SIE GR) were the key stocks behind the move, with 4.2% and 2.4% of funds adding exposure over the last 6-months.Alibaba has seen closures by some of the larger holders in our analysis, led by American Funds Capital World Fund (-$1.1bn) and New Economy Fund (-$451m).  Though closures have dominated, selected funds have opened exposure during this period of volatility, including Invesco's Global Focus Fund and Liontrust's Global Income Fund.

Global Fund Positioning Update:  Japan Lows, US Highs, UK Value Rotation, Tencent & Alibaba Exit

United States

Mettler-Toledo International Inc. manufactures and markets weighing instruments for use in laboratory, industrial, and food retailing applications. The Company also supplies several related analytical and measurement technologies. Mettler-Toledo provides its services to customers worldwide.

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Mettler-Toledo International I (MTD UN)

Mettler-Toledo International Inc.: Launch Of Automated Label Inspection Solution & Other Developments

It was a successful first quarter for Mettler-Toledo International, with solid sales and profit growth and an all-around beat. Sales growth was...

Baptista Research

Mettler-Toledo International Inc.: Continued Lab Growth

Mettler-Toledo experienced robust growth in most product lines and regions during Q3, particularly in the Lab business, resulting in a successful...

Baptista Research

Mettler-Toledo International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Mettler-Toledo is one of the biggest players in the precision instruments and services domain across the world. The management recognizes that the...

Baptista Research

Mettler-Toledo International Inc.: Initiation of Coverage – Business Strategy & Other Drivers

This is our first report on Mettler-Toledo, one of the largest manufacturers and suppliers of precision instruments and services across the...

Baptista Research

Global Fund Positioning Update: Japan Lows, US Highs, UK Value Rotation, Tencent & Alibaba Exit

A detailed look at investor positioning among 380 active Global strategies, covering the major themes in country, sector and stock exposure.

Steven Holden

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