Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Re-Rating delivered; stock now reflects spot copper (~$11.5k) and sustained mid-teens ROE, limiting multiple-led upside.</li>
<li>Non-Resource platforms (leasing, agri) are stabilizing earnings; further upside depends on faster platform scaling and capital returns.</li>
<li>Fair value ~¥4,550 on spot EPS; Hold bias with asymmetric downside if copper or FX turns.</li>
</ul>


Re-Rating delivered; stock now reflects spot copper (~$11.5k) and sustained mid-teens ROE, limiting multiple-led upside.
Non-Resource platforms (leasing, agri) are stabilizing earnings; further upside depends on faster platform scaling and capital returns.
Fair value ~¥4,550 on spot EPS; Hold bias with asymmetric downside if copper or FX turns.


Marubeni (8002 JP): Re-Rating Done, Spot Copper Priced In

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

<ul><li>In November 2025, MetaVia Inc. (MTVA) announced new positive data from the Phase 2a clinical trial of vanoglipel (DA-1241) was presented at the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting 2025.</li><li>After 16 weeks of treatment, vanoglipel showed reductions in HbA1c of 0.37%, 0.41%, and 0.54% at weeks 4, 8, and 16, from a baseline of 6.99%.</li><li>Vanoglipel also significantly decreased plasma ALT levels in subjects with baseline ALT between 40 and 200 U/L.</li></ul>

In November 2025, MetaVia Inc. (MTVA) announced new positive data from the Phase 2a clinical trial of vanoglipel (DA-1241) was presented at the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting 2025.After 16 weeks of treatment, vanoglipel showed reductions in HbA1c of 0.37%, 0.41%, and 0.54% at weeks 4, 8, and 16, from a baseline of 6.99%.Vanoglipel also significantly decreased plasma ALT levels in subjects with baseline ALT between 40 and 200 U/L.

MTVA: New Data for Vanoglipel (DA-1241) Presented at AASLD 

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Index Rebalance

<ul>
<li>Nasdaq-100 inclusion confirmed, effective Dec 22, moving the thesis from probability to outcome and validating Ferrovial’s U.S.-centric infrastructure positioning.</li>
<li>Index inclusion should drive about $315m of passive inflows, supporting near-term demand and delivering longer-lasting benefits through improved liquidity, spreads, and U.S. investor coverage.</li>
<li>Beyond the index event, value creation remains tied to U.S. managed lanes and the JFK New Terminal One, underpinning durable EBITDA growth through 2027.</li>
</ul>


Nasdaq-100 inclusion confirmed, effective Dec 22, moving the thesis from probability to outcome and validating Ferrovial’s U.S.-centric infrastructure positioning.
Index inclusion should drive about $315m of passive inflows, supporting near-term demand and delivering longer-lasting benefits through improved liquidity, spreads, and U.S. investor coverage.
Beyond the index event, value creation remains tied to U.S. managed lanes and the JFK New Terminal One, underpinning durable EBITDA growth through 2027.


Ferrovial: Nasdaq-100 Inclusion Confirmed – From Probability to Outcome

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.

<ul><li>GlobalFoundries Inc. recently reported its third-quarter financial results for fiscal 2025, showcasing a mixed performance across diverse segments and underscoring specific strategic directions aimed at driving long-term growth.</li><li>The company's revenue for the quarter stood at $1.688 billion, marking a slight 3% decrease year-over-year, though it aligned with the high end of the anticipated guidance.</li><li>Gross margins saw expansion both sequentially and year-over-year, landing at approximately 26% due to shifts toward higher-margin product mixes and increased revenue from non-wafer technology services.</li></ul>

GlobalFoundries Inc. recently reported its third-quarter financial results for fiscal 2025, showcasing a mixed performance across diverse segments and underscoring specific strategic directions aimed at driving long-term growth.The company's revenue for the quarter stood at $1.688 billion, marking a slight 3% decrease year-over-year, though it aligned with the high end of the anticipated guidance.Gross margins saw expansion both sequentially and year-over-year, landing at approximately 26% due to shifts toward higher-margin product mixes and increased revenue from non-wafer technology services.

GlobalFoundries: Leveraging Differentiated Technologies Across Autos, Mobile, & Power!

<ul><li>The Home Depot's third quarter earnings report for 2025 presents a mixed picture, with both positive developments and areas of concern.</li><li>The company reported total sales of $41.4 billion, a 2.8% increase from the same period last year, and a slight increase in comp sales by 0.2% in the U.S. However, adjusted diluted earnings per share decreased slightly to $3.74 from $3.78 a year ago, indicating some pressure on profitability.</li><li>One of the key factors adversely affecting Home Depot's performance was the lack of storm activity during the quarter, which traditionally boosts demand for products like roofing and power generation.</li></ul>

The Home Depot's third quarter earnings report for 2025 presents a mixed picture, with both positive developments and areas of concern.The company reported total sales of $41.4 billion, a 2.8% increase from the same period last year, and a slight increase in comp sales by 0.2% in the U.S. However, adjusted diluted earnings per share decreased slightly to $3.74 from $3.78 a year ago, indicating some pressure on profitability.One of the key factors adversely affecting Home Depot's performance was the lack of storm activity during the quarter, which traditionally boosts demand for products like roofing and power generation.

The Home Depot: Inside the Housing Cycle, Storm Sensitivity, & Pro Services Expansion!

Marubeni (8002 JP): Re-Rating Done, Spot Copper Priced In

Stock has been re-rated to reflect current copper prices and earnings, with potential for further growth depending on platform scaling and capital...

Rahul Jain

MTVA: New Data for Vanoglipel (DA-1241) Presented at AASLD

In November 2025, MetaVia Inc. (MTVA) announced new positive data from the Phase 2a clinical trial of vanoglipel (DA-1241) was presented at the...

Zacks Small Cap Research

Ferrovial: Nasdaq-100 Inclusion Confirmed – From Probability to Outcome

Ferrovial’s Nasdaq-100 inclusion is confirmed for Dec 22, validating its U.S.-centric strategy and likely triggering ~$315m passive inflows, with...

Jesus Rodriguez Aguilar

GlobalFoundries: Leveraging Differentiated Technologies Across Autos, Mobile, & Power!

GlobalFoundries Inc. recently reported its third-quarter financial results for fiscal 2025, showcasing a mixed performance across diverse segments...

Baptista Research

The Home Depot: Inside the Housing Cycle, Storm Sensitivity, & Pro Services Expansion!

The Home Depot's third quarter earnings report for 2025 presents a mixed picture, with both positive developments and areas of concern. The...

Baptista Research

Marubeni (8002 JP): Re-Rating Done, Spot Copper Priced In

​Stock has been re-rated to reflect current copper prices and earnings, with potential for further growth depending on platform scaling and capital...

Rahul Jain

MTVA: New Data for Vanoglipel (DA-1241) Presented at AASLD

In November 2025, MetaVia Inc. (MTVA) announced new positive data from the Phase 2a clinical trial of vanoglipel (DA-1241) was presented at the...

Zacks Small Cap Research

Ferrovial: Nasdaq-100 Inclusion Confirmed – From Probability to Outcome

Ferrovial’s Nasdaq-100 inclusion is confirmed for Dec 22, validating its U.S.-centric strategy and likely triggering ~$315m passive inflows, with...

Jesus Rodriguez Aguilar

GlobalFoundries: Leveraging Differentiated Technologies Across Autos, Mobile, & Power!

GlobalFoundries Inc. recently reported its third-quarter financial results for fiscal 2025, showcasing a mixed performance across diverse segments...

Baptista Research

The Home Depot: Inside the Housing Cycle, Storm Sensitivity, & Pro Services Expansion!

The Home Depot's third quarter earnings report for 2025 presents a mixed picture, with both positive developments and areas of concern. The...

Baptista Research

Stock has been re-rated to reflect current copper prices and earnings, with potential for further growth depending on platform scaling and capital...