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!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are officially downgrading our outlook to bearish with the S&amp;P 500 (SPX) violating major support at 6480-6520, NQ violating 24,000, and Russell 2000 (IWM) breaking below crucial $245 support.</li>
<li>This comes after downgrading our outlook to neutral in our 3/3/26 Compass.</li>
<li>We view this latest rally as a selling opportunity at resistance at 6480-6520 and the 200-day MA</li>
</ul>


We are officially downgrading our outlook to bearish with the S&amp;P 500 (SPX) violating major support at 6480-6520, NQ violating 24,000, and Russell 2000 (IWM) breaking below crucial $245 support.
This comes after downgrading our outlook to neutral in our 3/3/26 Compass.
We view this latest rally as a selling opportunity at resistance at 6480-6520 and the 200-day MA


Downgrading Outlook to Bearish; Stay Defensive; $SPX Rally a Selling Opportunity?

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.

Thematic (Sector/Industry)

<ul>
<li>Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.</li>
<li>IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.</li>
<li>By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.</li>
</ul>


Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.
IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.
By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.


Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>What is the common theme for beggar thy neighbor policies and higher inflation rates as evidenced by surging wheat prices, higher diesel prices, and infant formula shortages?</li>
<li>These factors are likely to continue to favor value stocks which have outperformed the growth stocks in the past six month globally, including in South Korea.</li>
<li>Value-Oriented sectors including financials, telecom, F&amp;B, and oil refineries have been outperforming the growth sectors in Korea in the past six months and we believe this trend could continue. </li>
</ul>


What is the common theme for beggar thy neighbor policies and higher inflation rates as evidenced by surging wheat prices, higher diesel prices, and infant formula shortages?
These factors are likely to continue to favor value stocks which have outperformed the growth stocks in the past six month globally, including in South Korea.
Value-Oriented sectors including financials, telecom, F&amp;B, and oil refineries have been outperforming the growth sectors in Korea in the past six months and we believe this trend could continue. 


India Bans Wheat Exports; Baby Formula & Diesel Shortage in US: Repeat of Beggar Thy Neighbor Policy

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Allocations in Consumer Staples stocks are at decade-long lows.  Average fund weights among active Global managers stand at 7.65% following an aggressive slump after the onset of COVID-19 in early 2020.The spread between Consumer Discretionary weights and Consumer Staples weights in active Global portfolios is close to it's all-time wides, but is turning lower after peaking in April this this year.What stands out in our data is the cutting back of Consumer Staples allocations by Growth investors, with a number of high profile stocks cut from Aggressive Growth portfolios since last 2019 (<a href="https://www.smartkarma.com/entities/reckitt-benckiser-group-plc" target="_blank" data-smartkarma-citation="entities:22105:1" rel="noopener">Reckitt Benckiser (RB/ LN)</a>, <a href="https://www.smartkarma.com/entities/colgate-palmolive-co" target="_blank" data-smartkarma-citation="entities:15093:1" rel="noopener">Colgate Palmolive Co (CL US),</a><a href="https://www.smartkarma.com/entities/anheuser-busch-inbev-sa-nv" target="_blank" data-smartkarma-citation="entities:865:1" rel="noopener">Anheuser Busch Inbev Sa/Nv (ABI BB)</a> )For the Consumer Staples sector to see a turnaround, perhaps growth, or at least the perception of growth needs to return for these investors.

Allocations in Consumer Staples stocks are at decade-long lows.  Average fund weights among active Global managers stand at 7.65% following an aggressive slump after the onset of COVID-19 in early 2020.The spread between Consumer Discretionary weights and Consumer Staples weights in active Global portfolios is close to it's all-time wides, but is turning lower after peaking in April this this year.What stands out in our data is the cutting back of Consumer Staples allocations by Growth investors, with a number of high profile stocks cut from Aggressive Growth portfolios since last 2019 (Reckitt Benckiser (RB/ LN), Colgate Palmolive Co (CL US),Anheuser Busch Inbev Sa/Nv (ABI BB) )For the Consumer Staples sector to see a turnaround, perhaps growth, or at least the perception of growth needs to return for these investors.

Global Consumer Staples: Allocations at Rock Bottom as Growth Investors Flee

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

Downgrading Outlook to Bearish; Stay Defensive; $SPX Rally a Selling Opportunity?

Downgrading Outlook to Bearish; Stay Defensive; Latest $SPX Rally Likely to Roll Over Here at 6480-6520 or 200-day MA resistance

Vermilion Research

Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Two in three Americans know little about IRA. The Inflation Reduction Act (“IRA”) took years in the making and will have material implications...

Mint Finance

India Bans Wheat Exports; Baby Formula & Diesel Shortage in US: Repeat of Beggar Thy Neighbor Policy

What is the common theme for beggar thy neighbor policies and higher inflation rates as evidenced by surging wheat prices, higher diesel prices,...

Douglas Kim

Global Consumer Staples: Allocations at Rock Bottom as Growth Investors Flee

Allocations in Consumer Staples stocks are at decade-long lows. Average fund weights among active Global managers stand at 7.65% following an...

Steven Holden

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