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>Vontier, a prominent player in the mobility infrastructure and technology space, delivered strong performance in the first quarter of 2024, achieving the upper bounds of its core growth guidance while surpassing its profitability targets.</li><li>The company reported a 4% increase in core sales, fueled primarily by volume growth alongside positive pricing impacts.</li><li>Notably, the company achieved a 130 basis point expansion in margins, demonstrating effective execution and financial discipline.</li></ul>

Vontier, a prominent player in the mobility infrastructure and technology space, delivered strong performance in the first quarter of 2024, achieving the upper bounds of its core growth guidance while surpassing its profitability targets.The company reported a 4% increase in core sales, fueled primarily by volume growth alongside positive pricing impacts.Notably, the company achieved a 130 basis point expansion in margins, demonstrating effective execution and financial discipline.

Vontier Corporation: Strengthening Core Markets: Convenience Retail and Retail Fueling! - Major Drivers

<ul><li>This is our first report on critical technical equipment, components, software, and services provider, Vontier Corporation.</li><li>The company, in its latest earnings, exhibited noteworthy progress in its strategies and performance for the third quarter.</li><li>The top-line performance recorded for the quarter outperformed expectations with baseline core revenue growth of 10%, reflecting gains from the company's connected mobility strategy.</li></ul>

This is our first report on critical technical equipment, components, software, and services provider, Vontier Corporation.The company, in its latest earnings, exhibited noteworthy progress in its strategies and performance for the third quarter.The top-line performance recorded for the quarter outperformed expectations with baseline core revenue growth of 10%, reflecting gains from the company's connected mobility strategy.

Vontier Corporation: Initiation of Coverage – Its 6 Biggest Growth Catalysts! - Financial Forecasts

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul><li>In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.</li><li>I will start doing that from now on. Something I did privately but not on the blog publicly.</li><li>Either because they have worked out and upside is no more attractive, or because the facts have changed.</li></ul>

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.I will start doing that from now on. Something I did privately but not on the blog publicly.Either because they have worked out and upside is no more attractive, or because the facts have changed.

<ul><li>First one is Vontier, its main business is a duopoly in gas station equipment and software.</li><li>Repair tools for ICE vehicles. Software and hardware for car washes, and some smaller miscellaneous businesses.</li><li>Some of which they will divest for probably several $100 million in proceeds. And they have a piece in EV charging infrastructure as well. </li></ul>

First one is Vontier, its main business is a duopoly in gas station equipment and software.Repair tools for ICE vehicles. Software and hardware for car washes, and some smaller miscellaneous businesses.Some of which they will divest for probably several $100 million in proceeds. And they have a piece in EV charging infrastructure as well. 

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

On Friday post market close, S&amp;P Dow Jones announced the results of the March review for the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a> that will be effective after the close of trading on 19 March.There are 4 additions - <a href="https://www.smartkarma.com/entities/nxp-semiconductors-nv" target="_blank" data-smartkarma-citation="entities:9801:1" rel="noopener">Nxp Semiconductors Nv (NXPI US)</a>, <a href="https://www.smartkarma.com/entities/penn-national-gaming-inc" target="_blank" data-smartkarma-citation="entities:5588:1" rel="noopener">Penn National Gaming (PENN US)</a>, <a href="https://www.smartkarma.com/entities/generac-holdings-inc" target="_blank" data-smartkarma-citation="entities:16223:1" rel="noopener">Generac Holdings (GNRC US)</a> and <a href="https://www.smartkarma.com/entities/caesars-entertainment-corp" target="_blank" data-smartkarma-citation="entities:15532:1" rel="noopener">Caesars Entertainment (CZR US)</a>. To balance that out, there are 4 deletions - <a href="https://www.smartkarma.com/entities/flowserve-corp" target="_blank" data-smartkarma-citation="entities:20555:1" rel="noopener">Flowserve Corp (FLS US)</a>, <a href="https://www.smartkarma.com/entities/sl-green-realty-corp" target="_blank" data-smartkarma-citation="entities:1548:1" rel="noopener">Sl Green Realty (SLG US)</a>, <a href="https://www.smartkarma.com/entities/xerox-holdings-corp" target="_blank" data-smartkarma-citation="entities:17585:1" rel="noopener">Xerox Corp (XRX US)</a> and <a href="https://www.smartkarma.com/entities/vontier-corp" target="_blank" data-smartkarma-citation="entities:28857:1" rel="noopener">Vontier Corp (VNT US)</a>.We estimate one-way turnover will be around US$22.4bn and the funding trade will see selling on a lot of the current index constituents.The biggest impact of the changes will be on <a href="https://www.smartkarma.com/entities/nxp-semiconductors-nv" target="_blank" data-smartkarma-citation="entities:9801:1" rel="noopener">Nxp Semiconductors Nv (NXPI US)</a> where we estimate passive funds will need to buy around 11 days of ADV on the stock. The impact on the other stocks is much lower due to the move between the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a> and the S&amp;P Mid Cap 400 indices.

On Friday post market close, S&amp;P Dow Jones announced the results of the March review for the S&amp;P 500 (SPX INDEX) that will be effective after the close of trading on 19 March.There are 4 additions - Nxp Semiconductors Nv (NXPI US), Penn National Gaming (PENN US), Generac Holdings (GNRC US) and Caesars Entertainment (CZR US). To balance that out, there are 4 deletions - Flowserve Corp (FLS US), Sl Green Realty (SLG US), Xerox Corp (XRX US) and Vontier Corp (VNT US).We estimate one-way turnover will be around US$22.4bn and the funding trade will see selling on a lot of the current index constituents.The biggest impact of the changes will be on Nxp Semiconductors Nv (NXPI US) where we estimate passive funds will need to buy around 11 days of ADV on the stock. The impact on the other stocks is much lower due to the move between the S&amp;P 500 (SPX INDEX) and the S&amp;P Mid Cap 400 indices.

S&P500 Index Rebalance: NXPI Is the One to Watch

United States

Insight Enterprises, Inc. offers information technology hardware, software, and services to large enterprises, small to medium sized businesses, and public sector institutions in North America, Europe, the Middle East, Africa, and Asia-Pacific.

Dolby Laboratories Inc. develops audio signal processing systems for the motion picture, broadcasting, and music recording industries, as well as the consumer market.

Arrow Electronics, Inc. distributes electronic components and computer products to industrial and commercial customers.  The Company distributes a variety of products including computer systems, peripherals, software, and mass storage products to original equipment manufacturers and commercial customers worldwide.

Sanmina Corporation provides electronics contract manufacturing services to customers located around the world. The Company offers its customers expertise in new product introduction, manufacturing, and design and fabrication of complex interconnect products. Sanmina Corporation specializes in circuit fabrication, system assembly, integration, and high-end enclosures and cabling.

Littelfuse, Inc. manufactures and sells fuses and other circuit protection devices for use in the automotive, electronic, and general industrial markets. The Company also makes relays, switches, circuit breakers, and indicator lights. Littelfuse sells its products around the world.

Itron, Inc. provides solutions for collecting, communicating, and analyzing electric, gas, and water usage data.  The Company sells its products to the utility industry.  Itron designs, manufactures, markets, sells, installs, and services hardware, software, and integrated systems for handheld computer-based electronic meter reading and automatic meter reading systems.

IPG Photonics Corporation produces high-power fiber lasers and amplifiers. The Company develops and commercializes optical fiber-based lasers used in a wide range of applications such as materials processing, telecommunications and medical applications.

Novanta, Inc. designs, develops, manufactures, and sells precision photonics and motion control components and subsystems. The Company offers its products to original equipment manufactures in the medical equipment and advanced industrial technology markets.

Honeywell Automation India Limited supplies industrial automation and control solutions to the petrochemicals, refining, oil and gas, mining, metal and power industries.

Badger Meter, Inc. manufactures and markets flow measurement and control products.  The Company's products are used to measure and control the flow of liquids and gases in a variety of applications.  Badger's products include water meters and associated systems, wastewater meters, industrial process meters, automotive fluid meters, small valves, and natural gas instruments.

Zhejiang Dahua Technology Co., Ltd. researches, designs and manufactures security and surveillance equipments. It also modular-designs both hardware and software with flexibility for different configurations, various scales of applications and future expansion.

Jentech Precision Industrial Company Ltd. provides tooling, precision metal stamping, custom insert molding, injection molding, and assembly solutions for medical, consumer electronics, semiconductor, automotive, appliance, and micro electronic markets to a wide variety of industries.

Huagong Tech Co., Ltd. manufactures laser equipment, laser false-proof products, sensitive electronic components, optical telecommunication products, and biopharmaceuticals.  The Company also develops computer software and provides computer system integration services.

FPT Corp is an information and communication technology company. The Company provides services in mobile distribution, systems integration, software outsourcing and development, Internet and e-media content, and computer assembly.

Innolux Corporation manufactures TFT-LCD, LCD models and LCD monitors. The company also provides research, development, manufacturing and retails business.

LOTES Co., Ltd specialize in design and manufacture of connectors, CPU Socket, Coolers and Antenna for Notebook Computer, Personal Computer, Mobile electronic device and Ditial Video.

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

AU Optronics Corp. manufactures and markets thin film transistor-liquid crystal displays (TFT-LCDs) and plasma display panels (PDPs).  The Company sells its products in Taiwan and exports worldwide.

LG Display Co., Ltd. develops and manufactures digital display products.  The Company's products include thin film transistor-liquid crystal displays (TFT-LCD) for notebook and desktop computer monitors, TVs, mobile phones, and medical equipment.  LG Display provides its products mainly to overseas markets.

Universal Scientific Industrial (Shanghai) Company Limited develops, procures, manufactures, provides logistics and maintenance services. The Company's main product types include communications, computer and storage, consumer electronics, industrial, and other related types.

Universal Scientific Industrial (Shanghai) (601231 CH)

Universal Scientific Industrial (Shanghai)

Vontier Corporation operates as an industrial technology company. The Company offers environmental sensors, fueling equipment, field payment hardware, remote management and workflow software, vehicle tracking, and fleet management software solutions. Vontier serves customers worldwide.

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Vontier Corp (VNT US)

Vontier Corporation: Strengthening Core Markets: Convenience Retail and Retail Fueling! - Major Drivers

Vontier, a prominent player in the mobility infrastructure and technology space, delivered strong performance in the first quarter of 2024,...

Baptista Research

Vontier Corporation: Initiation of Coverage – Its 6 Biggest Growth Catalysts! - Financial Forecasts

This is our first report on critical technical equipment, components, software, and services provider, Vontier Corporation. The company, in its...

Baptista Research

Closing Some Idea's

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here. I will start doing that...

Turtles all the way down

Some new stocks

First one is Vontier, its main business is a duopoly in gas station equipment and software. Repair tools for ICE vehicles.

Turtles all the way down

S&P500 Index Rebalance: NXPI Is the One to Watch

There are 4 changes to the S&P500 with NXP Semiconductors the largest beneficiary of the changes. Estimated one-way turnover is US$22.4bn and there...

Brian Freitas

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