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>Northrop Grumman's latest earnings for the second quarter of 2024 showcase robust financial and operational performance.</li><li>The company reported substantial increases in sales, operating income, and earnings per share (EPS), which surged by 7%, 13%, and 19% respectively compared to the same quarter the previous year.</li><li>The solid program execution and disciplined cost management have evidently played a key part in driving these results.</li></ul>

Northrop Grumman's latest earnings for the second quarter of 2024 showcase robust financial and operational performance.The company reported substantial increases in sales, operating income, and earnings per share (EPS), which surged by 7%, 13%, and 19% respectively compared to the same quarter the previous year.The solid program execution and disciplined cost management have evidently played a key part in driving these results.

Northrop Grumman Corporation: A Bear's Perspective On What Could Drive Them Down! - Major Drivers

<ul><li>Northrop Grumman, a global aerospace and defense technology company, has reported a strong start for the financial quarter, with revenues increasing 9% year-over-year due to growth in all four of its sectors.</li><li>The firm had implemented productivity and cost efficiency measures, which has led to its segment operating margin dollars increasing by 10%.</li><li>These efforts have also resulted in 15% EPS growth.</li></ul>

Northrop Grumman, a global aerospace and defense technology company, has reported a strong start for the financial quarter, with revenues increasing 9% year-over-year due to growth in all four of its sectors.The firm had implemented productivity and cost efficiency measures, which has led to its segment operating margin dollars increasing by 10%.These efforts have also resulted in 15% EPS growth.

Northrop Grumman Corporation: Are Autonomous Aircrafts Expected To Be A Major Growth Catalyst In The Future? - Major Drivers

<ul><li>Northrop Grumman Corporation's Q4 and year-end 2023 earnings call highlighted the company's robust performance despite economic pressures.</li><li>They reported a revenue increase of over 7% and a new record backlog exceeding $84 billion, setting a solid foundation for future growth.</li><li>The company's outlook documented in the call underlines strong operational performance generated at the high end of their guidance range and comfortably exceeding sales guidance.</li></ul>

Northrop Grumman Corporation's Q4 and year-end 2023 earnings call highlighted the company's robust performance despite economic pressures.They reported a revenue increase of over 7% and a new record backlog exceeding $84 billion, setting a solid foundation for future growth.The company's outlook documented in the call underlines strong operational performance generated at the high end of their guidance range and comfortably exceeding sales guidance.

Northrop Grumman Corporation: A String Of Opportunities for Improvement and Growth! - Major Drivers

<ul><li>Northrop Grumman managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>The company's revenues increased in the second quarter, with each of its 4 business sectors making significant contributions.</li><li>Global demand for their products is also increasing as their allies increase defense spending to combat emerging threats.</li></ul>

Northrop Grumman managed to exceed analyst expectations in terms of revenue as well as earnings.The company's revenues increased in the second quarter, with each of its 4 business sectors making significant contributions.Global demand for their products is also increasing as their allies increase defense spending to combat emerging threats.

Northrop Grumman Corporation: 4 Factors Powering Their Revenue Surge! – Key Drivers

HK/China Equity Long-Short

Osbert Tang, CFA

AviChina Industry & Technology H / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avichina-industry-technology-h" target="_blank" data-smartkarma-citation="entities:16315:1" rel="noopener">AviChina Industry &amp; Technology H (2357 HK)</a> offers unique exposure to China's aerospace and defense sector and it will ride on China's ambition to solidify its military strengths. </li>
<li>We think the key drivers are increase in civil and defense demand, commercialisation of C919 aircraft, localisation of helicopters and potential for corporate restructuring.</li>
<li>The stock is undervalued with its holdings in four listed A-shares amounted to Rmb70.6bn, against its own market cap of HK$25bn. Also, earnings multiples are cheap relative to global peers.</li>
</ul>



AviChina Industry &amp; Technology H (2357 HK) offers unique exposure to China's aerospace and defense sector and it will ride on China's ambition to solidify its military strengths. 
We think the key drivers are increase in civil and defense demand, commercialisation of C919 aircraft, localisation of helicopters and potential for corporate restructuring.
The stock is undervalued with its holdings in four listed A-shares amounted to Rmb70.6bn, against its own market cap of HK$25bn. Also, earnings multiples are cheap relative to global peers.


2023 High Conviction: AviChina Industry (2357 HK) - The Sky Is the Limit

United States

Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems and technical services to government and commercial customers worldwide.

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Northrop Grumman (NOC US)

Northrop Grumman Corporation: A Bear's Perspective On What Could Drive Them Down! - Major Drivers

Northrop Grumman's latest earnings for the second quarter of 2024 showcase robust financial and operational performance. The company reported...

Baptista Research

Northrop Grumman Corporation: Are Autonomous Aircrafts Expected To Be A Major Growth Catalyst In The Future? - Major Drivers

Northrop Grumman, a global aerospace and defense technology company, has reported a strong start for the financial quarter, with revenues...

Baptista Research

Northrop Grumman Corporation: A String Of Opportunities for Improvement and Growth! - Major Drivers

Northrop Grumman Corporation's Q4 and year-end 2023 earnings call highlighted the company's robust performance despite economic pressures. They...

Baptista Research

Northrop Grumman Corporation: 4 Factors Powering Their Revenue Surge! – Key Drivers

Northrop Grumman managed to exceed analyst expectations in terms of revenue as well as earnings. The company's revenues increased in the second...

Baptista Research

2023 High Conviction: AviChina Industry (2357 HK) - The Sky Is the Limit

AviChina is cheap against global peers and key drivers are increase in civil and defense demand, commercialisation of C919 aircraft, localisation...

Osbert Tang, CFA

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