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>Travelers Companies, Inc. reported strong financial performance for the third quarter of 2024, demonstrating a balanced strategy of growth, profitability, and prudent risk management, though not without its challenges.</li><li>Key positives from the earnings call include a significant rise in core income, reaching over $1.2 billion or $5.24 per diluted share, which represents stellar results amidst complex market conditions.</li><li>This increase was driven by a combination of factors such as a 73% surge in underlying underwriting income compared to the prior year, derived notably from net earned premiums at a record $10.7 billion, marking a 10% increase, and a marked improvement in the underlying combined ratio to 85.6%, down by 5 points year-over-year.</li></ul>

Travelers Companies, Inc. reported strong financial performance for the third quarter of 2024, demonstrating a balanced strategy of growth, profitability, and prudent risk management, though not without its challenges.Key positives from the earnings call include a significant rise in core income, reaching over $1.2 billion or $5.24 per diluted share, which represents stellar results amidst complex market conditions.This increase was driven by a combination of factors such as a 73% surge in underlying underwriting income compared to the prior year, derived notably from net earned premiums at a record $10.7 billion, marking a 10% increase, and a marked improvement in the underlying combined ratio to 85.6%, down by 5 points year-over-year.

Travelers Companies: Will Its Strategic Investments & Mergers Help Tilt The Competitive Dynamics In Its Favor? - Major Drivers

<ul><li>Travelers Companies Inc. has reported its second quarter 2024 earnings with quite robust financial outcomes, characterized by strength across most of its operational dimensions.</li><li>The firm registered substantial top line growth, with net written premiums increasing by 8% to reach $11.1 billion compared to the previous periods.</li><li>This positive trajectory was primarily fueled by effective field execution and strong retention rates across all business segments.</li></ul>

Travelers Companies Inc. has reported its second quarter 2024 earnings with quite robust financial outcomes, characterized by strength across most of its operational dimensions.The firm registered substantial top line growth, with net written premiums increasing by 8% to reach $11.1 billion compared to the previous periods.This positive trajectory was primarily fueled by effective field execution and strong retention rates across all business segments.

The Travelers Companies: How Is The Management Focusing on Competitive Positioning? - Major Drivers

<ul><li>Travelers Companies Inc.'s first quarter 2024 results exhibit a strong financial performance characterized by solid growth in both top-line and bottom-line metrics, further strengthened by strategic initiatives and investments that bolster its market position.</li><li>The company reported core income of $1.1 billion, reflecting a notable increase from the previous year, despite facing a $211 million one-time tax benefit in the prior year's quarter.</li><li>This performance was bolstered by a core return on equity of 15.4%, showcasing effective capital utilization.</li></ul>

Travelers Companies Inc.'s first quarter 2024 results exhibit a strong financial performance characterized by solid growth in both top-line and bottom-line metrics, further strengthened by strategic initiatives and investments that bolster its market position.The company reported core income of $1.1 billion, reflecting a notable increase from the previous year, despite facing a $211 million one-time tax benefit in the prior year's quarter.This performance was bolstered by a core return on equity of 15.4%, showcasing effective capital utilization.

The Travelers Companies: How Are They Adapting To Socio-Economic and Regulatory Changes? - Major Drivers

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.

<ul>
<li>Giant Japan insurer reports staggering June 2024 quarter YoY growth, not only from securities gains, but also strong delta in core premiums written</li>
<li>Weak life insurance premiums is more than offset with well controlled costs, non-life premium income, investment income</li>
<li>Acceleration of cross-shareholding disposals can keep income high, with AFS totaling JPY13.8 trillion with unrealized gains of JPY2.8 trillion</li>
</ul>


Giant Japan insurer reports staggering June 2024 quarter YoY growth, not only from securities gains, but also strong delta in core premiums written
Weak life insurance premiums is more than offset with well controlled costs, non-life premium income, investment income
Acceleration of cross-shareholding disposals can keep income high, with AFS totaling JPY13.8 trillion with unrealized gains of JPY2.8 trillion


Tokio Marine Holdings - Net Profit +54% YoY, Non Life Premiums & Investment Income Are Drivers

United States

The Travelers Companies, Inc. provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.

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Travelers Cos (TRV US)

Travelers Companies: Will Its Strategic Investments & Mergers Help Tilt The Competitive Dynamics In Its Favor? - Major Drivers

Travelers Companies, Inc. reported strong financial performance for the third quarter of 2024, demonstrating a balanced strategy of growth,...

Baptista Research

The Travelers Companies: How Is The Management Focusing on Competitive Positioning? - Major Drivers

Travelers Companies Inc. has reported its second quarter 2024 earnings with quite robust financial outcomes, characterized by strength across most...

Baptista Research

The Travelers Companies: How Are They Adapting To Socio-Economic and Regulatory Changes? - Major Drivers

Travelers Companies Inc.'s first quarter 2024 results exhibit a strong financial performance characterized by solid growth in both top-line and...

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

Tokio Marine Holdings - Net Profit +54% YoY, Non Life Premiums & Investment Income Are Drivers

Strong 1Q25 net profit, despite natural catastrophes & weak life premiums, with strong non-life, investment income and cost controls, supporting...

Daniel Tabbush

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