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>NewMarket Corporation presented a robust performance in the second quarter of 2024, disclosing a net income of $112 million, translating to $11.63 per share, which reflects an improvement from $100 million or $10.36 per share in the same quarter the previous year.</li><li>The company operates predominantly through its petroleum additives segment, which saw a slight decline in net sales from $684 million in the previous year to $670 million.</li><li>However, the operating profit in this segment witnessed a rise, from $132 million to $148 million year-over-year, attributed to lower raw material costs and elevated shipment levels, although it faced a setback due to reduced selling prices.</li></ul>

NewMarket Corporation presented a robust performance in the second quarter of 2024, disclosing a net income of $112 million, translating to $11.63 per share, which reflects an improvement from $100 million or $10.36 per share in the same quarter the previous year.The company operates predominantly through its petroleum additives segment, which saw a slight decline in net sales from $684 million in the previous year to $670 million.However, the operating profit in this segment witnessed a rise, from $132 million to $148 million year-over-year, attributed to lower raw material costs and elevated shipment levels, although it faced a setback due to reduced selling prices.

NewMarket Corporation: Integration of American Pacific Corporation

<ul><li>NewMarket Corporation reported a solid performance in the first quarter of 2024, with notable developments in financial results and strategic actions aimed at expanding its business operations.</li><li>The company reported a net income of $108 million or $11.23 per share, reflecting an increase from $98 million or $10.09 per share in the same period the previous year.</li><li>The primary revenue generator, the petroleum additives segment, demonstrated a robust operating profit of $151 million up from $132 million in the first quarter of 2023, though it experienced a slight decline in sales from $700 million in the previous year to $677 million.</li></ul>

NewMarket Corporation reported a solid performance in the first quarter of 2024, with notable developments in financial results and strategic actions aimed at expanding its business operations.The company reported a net income of $108 million or $11.23 per share, reflecting an increase from $98 million or $10.09 per share in the same period the previous year.The primary revenue generator, the petroleum additives segment, demonstrated a robust operating profit of $151 million up from $132 million in the first quarter of 2023, though it experienced a slight decline in sales from $700 million in the previous year to $677 million.

NewMarket Corporation: The AMPAC Acquisition & Strengthening of Petroleum Additives Makes Us Bullish! - Major Drivers

<ul><li>NewMarket Corporation, a petroleum additives company, recently reported their full-year and fourth-quarter results for 2023.</li><li>The company’s net income for the fourth quarter of 2023 was $80 million, a decrease from the previous year’s fourth quarter net income of $91 million.</li><li>This decrease in operating profit was primarily due to higher operating costs and lower shipments partially offset by lower raw material costs.</li></ul>

NewMarket Corporation, a petroleum additives company, recently reported their full-year and fourth-quarter results for 2023.The company’s net income for the fourth quarter of 2023 was $80 million, a decrease from the previous year’s fourth quarter net income of $91 million.This decrease in operating profit was primarily due to higher operating costs and lower shipments partially offset by lower raw material costs.

NewMarket Corporation: Initiation Of Coverage - The Impact Of The Acquisition of AMPAC and Its Integration! - Major Drivers

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

Thematic (Sector/Industry)

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel   exporters to the US.Steel exports to US from China are low at about 2.9mt in November. If the US adds more steel tariffs, it will have little impact to the steel market or prices but it will possibly cause a retaliation by the Chinese.China only exports 26% of Global Steel Exports, far lower than the 50% of their total global steel production. Most of Chinese steel exports go to other Asian…

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel   exporters to the US.Steel exports to US from China are low at about 2.9mt in November. If the US adds more steel tariffs, it will have little impact to the steel market or prices but it will possibly cause a retaliation by the Chinese.China only exports 26% of Global Steel Exports, far lower than the 50% of their total global steel production. Most of Chinese steel exports go to other Asian…

Market Is Wrong on US Tariffs for Chinese Steel

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of skyrocketing steel prices, the perception of improved supply discipline in China, and protectionist trade cases, the consensus narrative now argues that the worst is over. We strongly disagree and see more pain ahead for U.S. steelmakers. Barring a significant improvement in demand, we are hard-pressed to buy into the thesis that elevated steel prices are sustainable. We contend that the peak has already been realized and that prices will move materially lower by the end of 2016. Based on our outlook, every U.S. steelmaker we cover is trading above fair value. In particular, we urge investors to avoid highly leveraged blast furnace operators, as their future cash flows are most sensitive to falling steel prices. We see the most considerable downside for <a href="https://www.smartkarma.com/entities/11502" target="_blank" data-smartkarma-citation="entities:11502:1">Ak Steel Holding Corp (AKS US)</a>, <a href="https://www.smartkarma.com/entities/202" target="_blank" data-smartkarma-citation="entities:202:1">United States Steel Corp (X US)</a>, and <a href="https://www.smartkarma.com/entities/21125" target="_blank" data-smartkarma-citation="entities:21125:1">ArcelorMittal (MT NA)</a>.Analyst: Andrew Lane

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of skyrocketing steel prices, the perception of improved supply discipline in China, and protectionist trade cases, the consensus narrative now argues that the worst is over. We strongly disagree and see more pain ahead for U.S. steelmakers. Barring a significant improvement in demand, we are hard-pressed to buy into the thesis that elevated steel prices are sustainable. We contend that the peak has already been realized and that prices will move materially lower by the end of 2016. Based on our outlook, every U.S. steelmaker we cover is trading above fair value. In particular, we urge investors to avoid highly leveraged blast furnace operators, as their future cash flows are most sensitive to falling steel prices. We see the most considerable downside for Ak Steel Holding Corp (AKS US), United States Steel Corp (X US), and ArcelorMittal (MT NA).Analyst: Andrew Lane

Avoid the Steel Trap: Fundamentals Indicate Trouble Ahead

United States

NewMarket Corporation develops, manufactures, and blends fuel and lubricant additives marketed worldwide to refiners and others who sell petroleum products. The Company's products are used in transportation and industrial equipment.

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Newmarket Corp (NEU US)

NewMarket Corporation: Integration of American Pacific Corporation

NewMarket Corporation presented a robust performance in the second quarter of 2024, disclosing a net income of $112 million, translating to $11.63...

Baptista Research

NewMarket Corporation: The AMPAC Acquisition & Strengthening of Petroleum Additives Makes Us Bullish! - Major Drivers

NewMarket Corporation reported a solid performance in the first quarter of 2024, with notable developments in financial results and strategic...

Baptista Research

NewMarket Corporation: Initiation Of Coverage - The Impact Of The Acquisition of AMPAC and Its Integration! - Major Drivers

NewMarket Corporation, a petroleum additives company, recently reported their full-year and fourth-quarter results for 2023. The company’s net...

Baptista Research

Market Is Wrong on US Tariffs for Chinese Steel

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel exporters to the US.Steel exports to US...

Scott Laprise/ 乐天虎

Avoid the Steel Trap: Fundamentals Indicate Trouble Ahead

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of...

Morningstar, Inc.

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