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>The Bunge Global Third Quarter 2025 earnings call encapsulated a significant period for Bunge Limited, as the company commenced operations as a unified entity following the Viterra acquisition.</li><li>This merger has begun showing potential strategic advantages such as enhanced processing capacities, especially in regions like South America.</li><li>The integration aims to elevate operational agility and market responsiveness, factors emphasized by CEO Gregory Heckman and CFO John Neppl during the call.</li></ul>

The Bunge Global Third Quarter 2025 earnings call encapsulated a significant period for Bunge Limited, as the company commenced operations as a unified entity following the Viterra acquisition.This merger has begun showing potential strategic advantages such as enhanced processing capacities, especially in regions like South America.The integration aims to elevate operational agility and market responsiveness, factors emphasized by CEO Gregory Heckman and CFO John Neppl during the call.

Bunge Limited: Inside the High-Stakes Synergy Play That Could Transform Global Ag Markets!

<ul><li>Bunge Limited recently reported its second-quarter 2025 earnings, showcasing a blend of strategic advancements and operational challenges.</li><li>The completion of its merger with Viterra marks a significant milestone, positioning Bunge as a premier agribusiness solutions provider.</li><li>This merger is expected to yield cost savings and enhance commercial opportunities, reinforcing Bunge's expanded global footprint in food, feed, and fuel markets.</li></ul>

Bunge Limited recently reported its second-quarter 2025 earnings, showcasing a blend of strategic advancements and operational challenges.The completion of its merger with Viterra marks a significant milestone, positioning Bunge as a premier agribusiness solutions provider.This merger is expected to yield cost savings and enhance commercial opportunities, reinforcing Bunge's expanded global footprint in food, feed, and fuel markets.

Bunge Global: Initiation Of Coverage- Soybean Operations in Brazil & Argentina Driving A Massive Margin Upside!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>
<strong><a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a></strong> is coming up "cheap" to 90%-held <strong><a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings C (300999 CH)</a>; </strong>yet implied stub numbers suggests otherwise. </li>
<li>Preceding my comments on Wilmar are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Wilmar International (WIL SP) is coming up "cheap" to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); yet implied stub numbers suggests otherwise. 
Preceding my comments on Wilmar are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.</li>
<li>The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. </li>
<li>The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.</li>
</ul>



Olam Group (OLG SP) has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.
The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. 
The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.


Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

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<li>
<a href="https://www.smartkarma.com/entities/glencore-plc" target="_blank" data-smartkarma-citation="entities:764:1" rel="noopener">Glencore Plc (GLEN LN)</a> shares are down 15.3% YTD and remains undervalued relative to peers. Asset optimisation, buybacks &amp; dividends to drive its share prices higher.</li>
<li>Firm has identified USD 1 billion in annual cost savings, with at least 50% expected to be realized in the second half of 2025.</li>
<li>The company has reiterated its commitment to shareholder returns via USD 1 billion buyback and USD 1 billion through dividend payout.</li>
</ul>



Glencore Plc (GLEN LN) shares are down 15.3% YTD and remains undervalued relative to peers. Asset optimisation, buybacks &amp; dividends to drive its share prices higher.
Firm has identified USD 1 billion in annual cost savings, with at least 50% expected to be realized in the second half of 2025.
The company has reiterated its commitment to shareholder returns via USD 1 billion buyback and USD 1 billion through dividend payout.


Down But Not Out! Multiple Tailwinds to Drive Glencore Higher (Long GLEN | TP: GBp 360)

United States

Bunge Limited is a global agribusiness and food company. The Company buys, sells, stores, transports and processes oilseeds and grains to make protein meal for animal feed and edible oil products for commercial customers and consumers. Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and sells fertilizer.

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Bunge Ltd (BG US)

Bunge Limited: Inside the High-Stakes Synergy Play That Could Transform Global Ag Markets!

The Bunge Global Third Quarter 2025 earnings call encapsulated a significant period for Bunge Limited, as the company commenced operations as a...

Baptista Research

Bunge Global: Initiation Of Coverage- Soybean Operations in Brazil & Argentina Driving A Massive Margin Upside!

Bunge Limited recently reported its second-quarter 2025 earnings, showcasing a blend of strategic advancements and operational challenges. The...

Baptista Research

StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

Wilmar is coming up "cheap" to YKA, yet the implied stub numbers suggests otherwise. I'd be reluctant to long Wilmar, short YKA right here. I would...

David Blennerhassett

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

Down But Not Out! Multiple Tailwinds to Drive Glencore Higher (Long GLEN | TP: GBp 360)

Glencore shares down 15.3% YTD. It remains undervalued compared to peers. Stronger 2H, ~USD 1B cost savings, USD 1B of buybacks, and USD 1B of...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bunge Limited: Inside the High-Stakes Synergy Play That Could Transform Global Ag Markets!

The Bunge Global Third Quarter 2025 earnings call encapsulated a significant period for Bunge Limited, as the company commenced operations as a...

Baptista Research

Bunge Global: Initiation Of Coverage- Soybean Operations in Brazil & Argentina Driving A Massive Margin Upside!

Bunge Limited recently reported its second-quarter 2025 earnings, showcasing a blend of strategic advancements and operational challenges. The...

Baptista Research

StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

Wilmar is coming up "cheap" to YKA, yet the implied stub numbers suggests otherwise. I'd be reluctant to long Wilmar, short YKA right here. I would...

David Blennerhassett

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

Down But Not Out! Multiple Tailwinds to Drive Glencore Higher (Long GLEN | TP: GBp 360)

​Glencore shares down 15.3% YTD. It remains undervalued compared to peers. Stronger 2H, ~USD 1B cost savings, USD 1B of buybacks, and USD 1B of...

Mint Finance

Glencore shares down 15.3% YTD. It remains undervalued compared to peers. Stronger 2H, ~USD 1B cost savings, USD 1B of buybacks, and USD 1B of...