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>Textron Inc., a global aerospace and defense company, reported revenues of $3.5 billion in Q2 2024, an increase from $3.4 billion in the second quarter of last year.</li><li>The company also completed the acquisition of Amazilia Aerospace, a digital flight controls and flight guidance systems firm for manned and unmanned aircraft, which aligns with Textron's strategic goals and likely to bolster its capabilities.</li><li>The positive performance was driven by the Aviation segment which realized higher revenues of $1.5 billion with a profit of $195 million, up $24 million from the same quarter in the previous year.</li></ul>

Textron Inc., a global aerospace and defense company, reported revenues of $3.5 billion in Q2 2024, an increase from $3.4 billion in the second quarter of last year.The company also completed the acquisition of Amazilia Aerospace, a digital flight controls and flight guidance systems firm for manned and unmanned aircraft, which aligns with Textron's strategic goals and likely to bolster its capabilities.The positive performance was driven by the Aviation segment which realized higher revenues of $1.5 billion with a profit of $195 million, up $24 million from the same quarter in the previous year.

Textron Inc.: Are The Strong Aviation Margins Here To Stay? - Major Drivers

<ul><li>Textron Inc.'s first quarter 2024 earnings revealed the company's revenue growth, marked segment profit increase, and strong demand across their product lines.</li><li>Textron saw a year on year increase in revenues from $3.0 billion in Q1 2023 to $3.1 billion in Q1 2024.</li><li>Segment profit also increased from $259 million in Q1 2023 to $290 million in Q1 2024, signifying a continual yearly progress and a promising tread for future profits.</li></ul>

Textron Inc.'s first quarter 2024 earnings revealed the company's revenue growth, marked segment profit increase, and strong demand across their product lines.Textron saw a year on year increase in revenues from $3.0 billion in Q1 2023 to $3.1 billion in Q1 2024.Segment profit also increased from $259 million in Q1 2023 to $290 million in Q1 2024, signifying a continual yearly progress and a promising tread for future profits.

Textron Inc.: Increasing Demand for Aviation & Investments in eAviation! - Major Drivers

<ul><li>Textron Inc.'s strong performance and positive margins were highlighted in its fourth-quarter 2023 earnings call.</li><li>The industrial conglomerate generated $3.9 billion in quarterly revenue, a rise from $3.6 billion posted in the fourth quarter of 2022.</li><li>Textron's segment profit was $384 million, $78 million higher than that of the fourth quarter of the previous year.</li></ul>

Textron Inc.'s strong performance and positive margins were highlighted in its fourth-quarter 2023 earnings call.The industrial conglomerate generated $3.9 billion in quarterly revenue, a rise from $3.6 billion posted in the fourth quarter of 2022.Textron's segment profit was $384 million, $78 million higher than that of the fourth quarter of the previous year.

Textron Inc: Improved Supply Chain and Labor Productivity Could Help Save The Day? - Major Drivers

<ul><li>Textron Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus regarding earnings.</li><li>Bell, Textron's aerospace division, witnessed stable revenues with improved margins, with military revenues increasing.</li><li>Textron Systems reported higher revenues and margins, receiving a critical design review contract for the Army's Future Tactical Unmanned Aircraft System and expanding its uncrewed aerial systems operations with the US.</li></ul>

Textron Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus regarding earnings.Bell, Textron's aerospace division, witnessed stable revenues with improved margins, with military revenues increasing.Textron Systems reported higher revenues and margins, receiving a critical design review contract for the Army's Future Tactical Unmanned Aircraft System and expanding its uncrewed aerial systems operations with the US.

Textron Inc.: Launch Of CITATION CJ3 Gen2 & Other Major Developments

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cirrus-aircraft" target="_blank" data-smartkarma-citation="entities:39858:1" rel="noopener">Cirrus Aircraft (0153126D US)</a> seeks to raise up to US$197m in its Hong Kong IPO.</li>
<li>Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.</li>
<li>In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO.
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

United States

Textron Inc. is a global, multi-industry company with operations in aircraft, defense, industrial products, and finance.  The Company's products include airplanes, helicopters, weapons, and automotive products. Textron's finance division offers asset based lending, aviation, distribution, golf, and resort finance, as well as structured capital.

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Textron Inc (TXT US)

Textron Inc.: Are The Strong Aviation Margins Here To Stay? - Major Drivers

Textron Inc., a global aerospace and defense company, reported revenues of $3.5 billion in Q2 2024, an increase from $3.4 billion in the second...

Baptista Research

Textron Inc.: Increasing Demand for Aviation & Investments in eAviation! - Major Drivers

Textron Inc.'s first quarter 2024 earnings revealed the company's revenue growth, marked segment profit increase, and strong demand across their...

Baptista Research

Textron Inc: Improved Supply Chain and Labor Productivity Could Help Save The Day? - Major Drivers

Textron Inc.'s strong performance and positive margins were highlighted in its fourth-quarter 2023 earnings call. The industrial conglomerate...

Baptista Research

Textron Inc.: Launch Of CITATION CJ3 Gen2 & Other Major Developments

Textron Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus...

Baptista Research

Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw

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