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>Whirlpool Corporation, a global home appliance manufacturer, demonstrated a firm commitment to operational efficiency and strategic realignment in its third quarter of 2024 earnings analysis.</li><li>The company reported a modest sequential global EBIT margin expansion of 50 basis points and a more substantial 100 basis point growth in its North American sector, owed largely to aggressive pricing strategies.</li><li>Despite this growth, the quarterly performance was tempered by broader macroeconomic concerns, including low consumer confidence in the U.S. impacted by political uncertainty and a constrained housing market due to lingering high mortgage rates.</li></ul>

Whirlpool Corporation, a global home appliance manufacturer, demonstrated a firm commitment to operational efficiency and strategic realignment in its third quarter of 2024 earnings analysis.The company reported a modest sequential global EBIT margin expansion of 50 basis points and a more substantial 100 basis point growth in its North American sector, owed largely to aggressive pricing strategies.Despite this growth, the quarterly performance was tempered by broader macroeconomic concerns, including low consumer confidence in the U.S. impacted by political uncertainty and a constrained housing market due to lingering high mortgage rates.

Whirlpool Corporation:  Global Housing Market Recovery & Impact on North America Business! - Major Drivers

<ul><li>Whirlpool Corporation reported its second quarter earnings for 2024, reflecting a mixed performance amid a challenging macroeconomic environment.</li><li>The company showed strong sequential global margin expansion and reiterated its net sales guidance at $16.9 billion.</li><li>However, it faced downward pressure on discretionary demand due to the soft housing market, particularly affecting the North American market.</li></ul>

Whirlpool Corporation reported its second quarter earnings for 2024, reflecting a mixed performance amid a challenging macroeconomic environment.The company showed strong sequential global margin expansion and reiterated its net sales guidance at $16.9 billion.However, it faced downward pressure on discretionary demand due to the soft housing market, particularly affecting the North American market.

Whirlpool Corporation: How Is The Management Executing Global Market Penetration and Diversification! - Major Drivers

<ul><li>Whirlpool Corporation released its first quarter 2024 results, showcasing a mixed performance amid challenging macroeconomic conditions.</li><li>While the company managed to meet its expectations, certain segments faced softness, particularly in the North American market.</li><li>The earnings highlighted strategic moves including the completion of the EMEA transaction and a promotion price increase in North America, aimed at bolstering the company's market position and financial health.</li></ul>

Whirlpool Corporation released its first quarter 2024 results, showcasing a mixed performance amid challenging macroeconomic conditions.While the company managed to meet its expectations, certain segments faced softness, particularly in the North American market.The earnings highlighted strategic moves including the completion of the EMEA transaction and a promotion price increase in North America, aimed at bolstering the company's market position and financial health.

Whirlpool Corporation: How Are The Global Home Remodeling Trends Expected To Benefit Them? - Major Drivers

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The spin-off of the value-added business (VAS) of <a href="https://www.smartkarma.com/entities/china-gas-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14315:1" rel="noopener">China Gas Holdings (384 HK)</a> may add HK$0.22-0.83/share to the stock price, or 3.4-12.8%, based on our initial assessment.</li>
<li>VAS generated an operating profit of HK$1.58bn in FY24, up by 5.7% YoY. It is significant to China Gas as this accounted for 23.5% of its total segment profit.</li>
<li>The share price has not reacted much to the news because weak Chinese equity market and uncertainties on the upcoming 1H FY25 result. Once cleared, we see good upside.</li>
</ul>


The spin-off of the value-added business (VAS) of China Gas Holdings (384 HK) may add HK$0.22-0.83/share to the stock price, or 3.4-12.8%, based on our initial assessment.
VAS generated an operating profit of HK$1.58bn in FY24, up by 5.7% YoY. It is significant to China Gas as this accounted for 23.5% of its total segment profit.
The share price has not reacted much to the news because weak Chinese equity market and uncertainties on the upcoming 1H FY25 result. Once cleared, we see good upside.


China Gas Holdings (384 HK): Assessing the Spin-Off of Value-Added Business

<ul><li>The Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share in North America, reducing its net costs by $800M, and signing significant transactions with Arçelik.</li><li>However, the Whirlpool Corporation did acknowledge areas where it didn't meet expectations, specifically citing increased promotional pressure which negatively impacted EBIT margins, and a failure to reduce inventories quickly, weighing on the full cash flow.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

The Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share in North America, reducing its net costs by $800M, and signing significant transactions with Arçelik.However, the Whirlpool Corporation did acknowledge areas where it didn't meet expectations, specifically citing increased promotional pressure which negatively impacted EBIT margins, and a failure to reduce inventories quickly, weighing on the full cash flow.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Whirlpool Corporation: Improving Prospects In North America & Cost Reduction Efforts Saving The Day?  - Major Drivers

United States

Whirlpool Corporation manufactures and markets major home appliances.  The Company's principal products include laundry appliances, refrigeration and room air conditioning equipment, cooking appliances, dishwashers, and mixers and other small household appliances.  Whirlpool's products are sold worldwide

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Whirlpool Corp (WHR US)

Whirlpool Corporation: Global Housing Market Recovery & Impact on North America Business! - Major Drivers

Whirlpool Corporation, a global home appliance manufacturer, demonstrated a firm commitment to operational efficiency and strategic realignment in...

Baptista Research

Whirlpool Corporation: How Is The Management Executing Global Market Penetration and Diversification! - Major Drivers

Whirlpool Corporation reported its second quarter earnings for 2024, reflecting a mixed performance amid a challenging macroeconomic...

Baptista Research

Whirlpool Corporation: How Are The Global Home Remodeling Trends Expected To Benefit Them? - Major Drivers

Whirlpool Corporation released its first quarter 2024 results, showcasing a mixed performance amid challenging macroeconomic conditions. While the...

Baptista Research

China Gas Holdings (384 HK): Assessing the Spin-Off of Value-Added Business

China Gas' spin-off of value-added services could boost the stock by 3.4-12.8%, with VAS contributing 23.5% of total segment profit. Weak market...

Osbert Tang, CFA

Whirlpool Corporation: Improving Prospects In North America & Cost Reduction Efforts Saving The Day? - Major Drivers

The Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Whirlpool Corporation: Global Housing Market Recovery & Impact on North America Business! - Major Drivers

Whirlpool Corporation, a global home appliance manufacturer, demonstrated a firm commitment to operational efficiency and strategic realignment in...

Baptista Research

Whirlpool Corporation: How Is The Management Executing Global Market Penetration and Diversification! - Major Drivers

Whirlpool Corporation reported its second quarter earnings for 2024, reflecting a mixed performance amid a challenging macroeconomic...

Baptista Research

Whirlpool Corporation: How Are The Global Home Remodeling Trends Expected To Benefit Them? - Major Drivers

Whirlpool Corporation released its first quarter 2024 results, showcasing a mixed performance amid challenging macroeconomic conditions. While the...

Baptista Research

China Gas Holdings (384 HK): Assessing the Spin-Off of Value-Added Business

​China Gas' spin-off of value-added services could boost the stock by 3.4-12.8%, with VAS contributing 23.5% of total segment profit. Weak market...

Osbert Tang, CFA

Whirlpool Corporation: Improving Prospects In North America & Cost Reduction Efforts Saving The Day? - Major Drivers

The Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share...

Baptista Research

China Gas' spin-off of value-added services could boost the stock by 3.4-12.8%, with VAS contributing 23.5% of total segment profit. Weak market...