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>Westlake Corporation delivered a commendable performance in the second quarter of 2024, particularly in its Housing and Infrastructure Products (HIP) segment, which achieved record quarterly results.</li><li>The company reported increased net sales of $3.2 billion, an EBITDA of $744 million, and a net income of $313 million or $2.40 per share.</li><li>These figures represent improvements over the results of the second quarter of 2023.</li></ul>

Westlake Corporation delivered a commendable performance in the second quarter of 2024, particularly in its Housing and Infrastructure Products (HIP) segment, which achieved record quarterly results.The company reported increased net sales of $3.2 billion, an EBITDA of $744 million, and a net income of $313 million or $2.40 per share.These figures represent improvements over the results of the second quarter of 2023.

Westlake Chemical Corporation: 4 Major Growth Drivers & 4 Biggest Challenges In Its Path! - Financial Forecasts

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

<ul><li>Throughout the first quarter of 2024, Westlake experienced a net increase in sales, net income, and EBITDA. These improvements were attributed to higher sales volumes and lower feedstock fuel and power costs, indicative of the company's enhanced operational efficiency.</li><li>The firm's strategic focus on cost reduction also bore fruit, as approximately $35 million was achieved towards its targeted 2024 cost savings of $125 million-$150 million.</li><li>Westlake's HIP segment experienced resilience in North American residential construction and infrastructure activity, resulting in a 14% YoY growth in sales volumes.</li></ul>

Throughout the first quarter of 2024, Westlake experienced a net increase in sales, net income, and EBITDA. These improvements were attributed to higher sales volumes and lower feedstock fuel and power costs, indicative of the company's enhanced operational efficiency.The firm's strategic focus on cost reduction also bore fruit, as approximately $35 million was achieved towards its targeted 2024 cost savings of $125 million-$150 million.Westlake's HIP segment experienced resilience in North American residential construction and infrastructure activity, resulting in a 14% YoY growth in sales volumes.

Westlake Chemical Corporation: A Story Of Business Expansion through Mergers and Acquisitions! - Major Drivers

<ul><li>This is our first report on chemicals player, Westlake Corporation.</li><li>The company's fourth quarter and full year 2023 results present a mixed picture.</li><li>While there are significant positives, like record income from operation and an increase in sales volume, there are also notable downsides, such as a sharp decline in profitability in the European base epoxy business.</li></ul>

This is our first report on chemicals player, Westlake Corporation.The company's fourth quarter and full year 2023 results present a mixed picture.While there are significant positives, like record income from operation and an increase in sales volume, there are also notable downsides, such as a sharp decline in profitability in the European base epoxy business.

Westlake Corporation: Initiation Of Coverage - Positive Caustic Soda Outlook & Other Major Drivers

Erie Indemnity Company Cl A / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main addition by transition candidate with a <em>reduced</em> probability due to no longer passing the S&amp;P 500 transition threshold.</li>
<li>
<a href="https://www.smartkarma.com/entities/erie-indemnity-co" target="_blank" data-smartkarma-citation="entities:4804:1" rel="noopener">Erie Indemnity (ERIE US)</a> and <a href="https://www.smartkarma.com/entities/lennox-international-inc" target="_blank" data-smartkarma-citation="entities:16420:1" rel="noopener">Lennox International (LII US)</a> are the main addition by migration candidates with an <em>increased</em> probability due to weak transition candidates.</li>
<li>Addition by migration candidates have more inconsistent selection patterns. Other addition candidates include <a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land (TPL US)</a>, <a href="https://www.smartkarma.com/entities/carlisle-cos-inc" target="_blank" data-smartkarma-citation="entities:7929:1" rel="noopener">Carlisle Cos (CSL US)</a> and <a href="https://www.smartkarma.com/entities/dick-s-sporting-goods-inc" target="_blank" data-smartkarma-citation="entities:1675:1" rel="noopener">Dick's Sporting Goods (DKS US)</a> .</li>
</ul>



Dell Technologies (DELL US) is the main addition by transition candidate with a reduced probability due to no longer passing the S&amp;P 500 transition threshold.

Erie Indemnity (ERIE US) and Lennox International (LII US) are the main addition by migration candidates with an increased probability due to weak transition candidates.
Addition by migration candidates have more inconsistent selection patterns. Other addition candidates include Texas Pacific Land (TPL US), Carlisle Cos (CSL US) and Dick's Sporting Goods (DKS US) .


S&P 500 September 2024 Forecasts: Dull for DELL. Brighter for ERIE, LII and TPL

United States

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and fabricated products.  The Company serves a range of consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, and residential and commercial construction.

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Westlake Chemical (WLK US)

Westlake Chemical Corporation: 4 Major Growth Drivers & 4 Biggest Challenges In Its Path! - Financial Forecasts

Westlake Corporation delivered a commendable performance in the second quarter of 2024, particularly in its Housing and Infrastructure Products...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Westlake Chemical Corporation: A Story Of Business Expansion through Mergers and Acquisitions! - Major Drivers

Throughout the first quarter of 2024, Westlake experienced a net increase in sales, net income, and EBITDA. These improvements were attributed to...

Baptista Research

Westlake Corporation: Initiation Of Coverage - Positive Caustic Soda Outlook & Other Major Drivers

This is our first report on chemicals player, Westlake Corporation. The company's fourth quarter and full year 2023 results present a mixed...

Baptista Research

S&P 500 September 2024 Forecasts: Dull for DELL. Brighter for ERIE, LII and TPL

ERIE, DELL and PLTR were the announced additions and the top migration and transition candidates. To improve convictions, transitions and...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

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Westlake Chemical Corporation: 4 Major Growth Drivers & 4 Biggest Challenges In Its Path! - Financial Forecasts

Westlake Corporation delivered a commendable performance in the second quarter of 2024, particularly in its Housing and Infrastructure Products...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Westlake Chemical Corporation: A Story Of Business Expansion through Mergers and Acquisitions! - Major Drivers

Throughout the first quarter of 2024, Westlake experienced a net increase in sales, net income, and EBITDA. These improvements were attributed to...

Baptista Research

Westlake Corporation: Initiation Of Coverage - Positive Caustic Soda Outlook & Other Major Drivers

This is our first report on chemicals player, Westlake Corporation. The company's fourth quarter and full year 2023 results present a mixed...

Baptista Research

S&P 500 September 2024 Forecasts: Dull for DELL. Brighter for ERIE, LII and TPL

ERIE, DELL and PLTR were the announced additions and the top migration and transition candidates. To improve convictions, transitions and...

Dimitris Ioannidis

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...