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

Calgon Carbon Corporation manufactures and markets products and services employed for separation, concentration, and purification of liquids and gases. The Company serves customers around the world in a variety of areas, including drinking water and wastewater treatment, environmental remediation, industrial process applications, chemical manufacturing, refining, and air purification.

<ul><li>CCC Intelligent Solutions has emerged as a potential takeover target, with private equity firm GTCR and activist investor Elliott Investment Management reportedly in advanced discussions to acquire the Chicago-based insurance software provider.</li><li>The October 9 reports sent CCC shares surging approximately 13% in after-hours trading, following a 6.9% gain during the regular session.</li><li>A transaction could reportedly be announced as early as the following week, although no definitive agreement has been reached.</li></ul>

CCC Intelligent Solutions has emerged as a potential takeover target, with private equity firm GTCR and activist investor Elliott Investment Management reportedly in advanced discussions to acquire the Chicago-based insurance software provider.The October 9 reports sent CCC shares surging approximately 13% in after-hours trading, following a 6.9% gain during the regular session.A transaction could reportedly be announced as early as the following week, although no definitive agreement has been reached.

CCC's Takeover Battle: Is a Bidding War Coming?

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Fletcher Building Limited manufactures, distributes, and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber, and aluminium extrusion. The Company operates primarily in New Zealand and Australia.

<ul><li>Fletcher Building’s (FBU) 1Q27 volumes highlighted that activity has remained robust thus far in FY27.</li><li>Residential home sales were the lowlight, and FBU expects a minimal 1H27 earnings contribution.</li><li>We have adjusted our forecasts to reflect lower residential sales partly offset by better near-term materials volumes.</li></ul>

Fletcher Building’s (FBU) 1Q27 volumes highlighted that activity has remained robust thus far in FY27.Residential home sales were the lowlight, and FBU expects a minimal 1H27 earnings contribution.We have adjusted our forecasts to reflect lower residential sales partly offset by better near-term materials volumes.

Fletcher Building 1Q27 Volumes—Building Through the Noise

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

CEMATRIX Corporation manufactures construction materials. The Company supplies and installs lightweight cellular concrete, walls, bridge approach fills, roadways, and runways. CEMATRIX serves customers in North America.

<ul><li>What you need to know: • North American infrastructure is aging and underfunded while the underlying demand accelerates.</li><li>AI, data centres, and electrification are driving the fastest growth in power needs in decades, straining a grid and asset base that is already past its prime.</li><li>• Governments on both sides of the border have responded with historic commitments.</li></ul>

What you need to know: • North American infrastructure is aging and underfunded while the underlying demand accelerates.AI, data centres, and electrification are driving the fastest growth in power needs in decades, straining a grid and asset base that is already past its prime.• Governments on both sides of the border have responded with historic commitments.

CEMATRIX Corp - Small-Caps Taking Advantage of Infrastructure Themes

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Inox Air, India's largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.</li>
<li>It turns free air into a 51.3% EBITDA margin and also out earns Linde India.</li>
<li>The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.</li>
</ul>


Inox Air, India's largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.
It turns free air into a 51.3% EBITDA margin and also out earns Linde India.
The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.


Selling Air: INOX Air Products Limited IPO

Thunder Gold Corp. is a junior exploration company. The Company is focused on the discovery of high value gold deposits in Canada.

<ul><li>What you need to know: • TGOL reported assays for TM25-186X, an extension of TM25-186.</li><li>The combined hole returned 0.51 g/t over 411.0m ending in mineralization.</li><li>• It continued ~75m horizontally beyond the interpreted B-E contact, which suggests the trend is wider than modelled.</li></ul>

What you need to know: • TGOL reported assays for TM25-186X, an extension of TM25-186.The combined hole returned 0.51 g/t over 411.0m ending in mineralization.• It continued ~75m horizontally beyond the interpreted B-E contact, which suggests the trend is wider than modelled.

TGOL: 0.51 g/t over 411m with Grades Increasing at Depth; MT Survey Next

Materials
Insights in the Materials Space

CCC's Takeover Battle: Is a Bidding War Coming?

CCC Intelligent Solutions has emerged as a potential takeover target, with private equity firm GTCR and activist investor Elliott Investment...

Baptista Research

Fletcher Building 1Q27 Volumes—Building Through the Noise

Fletcher Building’s (FBU) 1Q27 volumes highlighted that activity has remained robust thus far in FY27. Residential home sales were the lowlight,...

Forsyth Barr

CEMATRIX Corp - Small-Caps Taking Advantage of Infrastructure Themes

What you need to know: • North American infrastructure is aging and underfunded while the underlying demand accelerates. AI, data centres, and...

Atrium Research

Selling Air: INOX Air Products Limited IPO

India's largest industrial gas firm, Inox Air Products held a 22.4% FY26 revenue share. Backed by 57 sites and massive infrastructure, it serves...

Sudarshan Bhandari

TGOL: 0.51 g/t over 411m with Grades Increasing at Depth; MT Survey Next

What you need to know: • TGOL reported assays for TM25-186X, an extension of TM25-186. The combined hole returned 0.51 g/t over 411.0m ending in...

Atrium Research