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>Prudential's recent earnings underscored a period of robust growth and strategic realignment aimed at enhancing long-term stakeholder value.</li><li>This quarter, Prudential reported a pretax adjusted operating income of $1.6 billion, reflecting a 10% increase from the previous year, underpinned by higher interest rates and equity markets which bolstered spread and fee income.</li><li>The earnings per share on an after-tax basis stood at $3.39.</li></ul>

Prudential's recent earnings underscored a period of robust growth and strategic realignment aimed at enhancing long-term stakeholder value.This quarter, Prudential reported a pretax adjusted operating income of $1.6 billion, reflecting a 10% increase from the previous year, underpinned by higher interest rates and equity markets which bolstered spread and fee income.The earnings per share on an after-tax basis stood at $3.39.

Prudential Financial Inc.: Strengthened Position in International Markets & Key Growth Levers! - Financial Forecasts

<ul><li>Prudential Financial, Inc. recently disclosed its quarterly results, demonstrating a strategic realignment towards higher growth, more capital-efficient, and agile operational frameworks.</li><li>The positive dynamics were mainly driven by robust asset management net flows in PGIM, healthy sales in U.S. and International Insurance divisions, and an enhanced strategic focus on less capital-intensive and faster-growing business lines.</li><li>Prudential has shown a disciplined approach towards capital management, focusing on investments across its business spectrum while returning additional capital to shareholders, including a 4% increase in quarterly dividends.</li></ul>

Prudential Financial, Inc. recently disclosed its quarterly results, demonstrating a strategic realignment towards higher growth, more capital-efficient, and agile operational frameworks.The positive dynamics were mainly driven by robust asset management net flows in PGIM, healthy sales in U.S. and International Insurance divisions, and an enhanced strategic focus on less capital-intensive and faster-growing business lines.Prudential has shown a disciplined approach towards capital management, focusing on investments across its business spectrum while returning additional capital to shareholders, including a 4% increase in quarterly dividends.

Prudential Financial: What Is The Progress Of Their Retail Investment Products Expansion? - Major Drivers

<ul><li>Prudential Financial delivered mixed results for the previous quarter, with revenues well below analyst expectations, but managed an earnings beat.</li><li>The quarter was marked by strategic initiatives to foster higher growth, increased capital efficiency, and operational skills.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Prudential Financial delivered mixed results for the previous quarter, with revenues well below analyst expectations, but managed an earnings beat.The quarter was marked by strategic initiatives to foster higher growth, increased capital efficiency, and operational skills.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.</li>
<li>Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.</li>
<li>As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.</li>
</ul>


The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.
Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.
As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.


SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

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.

Dai Ichi Life Insurance / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> has seen rebounding net profit at a strong rate of growth for the past four quarters. </li>
<li>ROE has moved from a dismal 3.4% to 11.8% from 2Q23 to 2Q24, where a single US bank impairment should now drop out of the numbers</li>
<li>New business annual premiums are up from JPY97bn to JPY122bn from 2Q23 to 2Q24 with a high solvency ratio of 654% </li>
</ul>



Dai Ichi Life Insurance (8750 JP) has seen rebounding net profit at a strong rate of growth for the past four quarters. 
ROE has moved from a dismal 3.4% to 11.8% from 2Q23 to 2Q24, where a single US bank impairment should now drop out of the numbers
New business annual premiums are up from JPY97bn to JPY122bn from 2Q23 to 2Q24 with a high solvency ratio of 654% 


Dai-Ichi Life Holdings - 4 Quarters Strongly Rising Profit, ROE: 3% to 12%, A Profit Upgrade?

United States

Prudential Financial, Inc. provides financial services throughout the United States and several locations worldwide. The Company offers a variety of products and services, including life insurance, mutual funds, annuities, pension, and retirement related services, as well as administration and asset management.

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Prudential Financial (PRU US)

Prudential Financial Inc.: Strengthened Position in International Markets & Key Growth Levers! - Financial Forecasts

Prudential's recent earnings underscored a period of robust growth and strategic realignment aimed at enhancing long-term stakeholder value. This...

Baptista Research

Prudential Financial: What Is The Progress Of Their Retail Investment Products Expansion? - Major Drivers

Prudential Financial, Inc. recently disclosed its quarterly results, demonstrating a strategic realignment towards higher growth, more...

Baptista Research

Prudential Financial Inc.: Major Drivers

Prudential Financial delivered mixed results for the previous quarter, with revenues well below analyst expectations, but managed an earnings...

Baptista Research

SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

$SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 is Resistance, 2007 Analog on Track if Below 5783. Still Neutral, prefer to sell...

Vermilion Research

Dai-Ichi Life Holdings - 4 Quarters Strongly Rising Profit, ROE: 3% to 12%, A Profit Upgrade?

Dai-ichi Life Holdings is a sprawling global insurer and asset manager, with Japan, Australia and US as key markets. Profit is improving strongly,...

Daniel Tabbush

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