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>Agnico Eagle Mines Limited reported a first quarter 2026 performance characterized by solid operational execution and strong financial metrics, supported by favorable gold prices.</li><li>The company achieved production slightly above budget, with approximately 825,000 ounces of gold produced, and costs aligning with management’s full-year guidance.</li><li>Notable operational highlights included record mill throughput at Macassa, record development rates at Meliadine, and record pit tonnage at Detour.</li></ul>

Agnico Eagle Mines Limited reported a first quarter 2026 performance characterized by solid operational execution and strong financial metrics, supported by favorable gold prices.The company achieved production slightly above budget, with approximately 825,000 ounces of gold produced, and costs aligning with management’s full-year guidance.Notable operational highlights included record mill throughput at Macassa, record development rates at Meliadine, and record pit tonnage at Detour.

Agnico Eagle Mines: Finland Consolidation & The 500,000-Ounce Opportunity Investors Should Watch!

<ul><li>Agnico Eagle Mines has moved to consolidate Northern Finland’s Central Lapland Greenstone Belt through three linked transactions: the acquisition of Rupert Resources, the acquisition of Aurion Resources, and the purchase of B2Gold’s 70% interest in the Fingold joint venture, which would give it full ownership of that asset alongside Aurion’s 30% stake.</li><li>The logic is straightforward.</li><li>Agnico already operates the Kittila mine, has spent years building technical familiarity with the region, and now appears to be seeking district-scale control around the Ikkari gold project and adjacent exploration ground.</li></ul>

Agnico Eagle Mines has moved to consolidate Northern Finland’s Central Lapland Greenstone Belt through three linked transactions: the acquisition of Rupert Resources, the acquisition of Aurion Resources, and the purchase of B2Gold’s 70% interest in the Fingold joint venture, which would give it full ownership of that asset alongside Aurion’s 30% stake.The logic is straightforward.Agnico already operates the Kittila mine, has spent years building technical familiarity with the region, and now appears to be seeking district-scale control around the Ikkari gold project and adjacent exploration ground.

Agnico Eagle Buyout Strategy Could Create A 500,000-Ounce Gold Giant!

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>Our global near-term outlook remains neutral on MSCI ACWI (in place since our 3/17/26 Int'l Macro Vision); we downgraded our outlook after ACWI-US broke below $141.50 support.</li>
<li>We downgraded our outlook to bearish on U.S. equities (S&amp;P 500) on March 31. Global equities have held up a bit better, and crucial support held at $134 on ACWI-US.</li>
<li>While we remain defensive and are concerned that ACWI-US will break down, we would only turn bearish on global equities if ACWI-US breaks below $134.</li>
</ul>


Our global near-term outlook remains neutral on MSCI ACWI (in place since our 3/17/26 Int'l Macro Vision); we downgraded our outlook after ACWI-US broke below $141.50 support.
We downgraded our outlook to bearish on U.S. equities (S&amp;P 500) on March 31. Global equities have held up a bit better, and crucial support held at $134 on ACWI-US.
While we remain defensive and are concerned that ACWI-US will break down, we would only turn bearish on global equities if ACWI-US breaks below $134.


Upgrading Norway to Overweight; Stay Defensive. Buys in Utilities, Energy, and Materials

<ul><li>Agnico Eagle Mines Limited reported strong financial and operational results for the fourth quarter and the entirety of 2025, capitalizing on a high gold price environment.</li><li>The company achieved record financial performance with adjusted earnings reaching approximately $1.4 billion in Q4 2025 and producing 3.45 million ounces of gold for the year, surpassing production guidance.</li><li>Cash flow generation was robust, amounting to $4.4 billion in free cash flow for the year.</li></ul>

Agnico Eagle Mines Limited reported strong financial and operational results for the fourth quarter and the entirety of 2025, capitalizing on a high gold price environment.The company achieved record financial performance with adjusted earnings reaching approximately $1.4 billion in Q4 2025 and producing 3.45 million ounces of gold for the year, surpassing production guidance.Cash flow generation was robust, amounting to $4.4 billion in free cash flow for the year.

Agnico Eagle Mines: How a 15% Resource Jump Is Rewriting the Growth Narrative!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

Canada

Agnico Eagle Mines Limited is a gold producer with operations primarily in northwestern Quebec, northern Mexico, northern Finland and Nunavut.  The Company also has exploration activities in Canada, Europe, Latin America, and the United States.  Agnico Eagle Mines focuses on the exploration, development, and expansion of its gold properities primarily from underground operations.

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Agnico Eagle Mines (AEM US)

Agnico Eagle Mines: Finland Consolidation & The 500,000-Ounce Opportunity Investors Should Watch!

Agnico Eagle Mines Limited reported a first quarter 2026 performance characterized by solid operational execution and strong financial metrics,...

Baptista Research

Agnico Eagle Buyout Strategy Could Create A 500,000-Ounce Gold Giant!

Agnico Eagle Mines has moved to consolidate Northern Finland’s Central Lapland Greenstone Belt through three linked transactions: the acquisition...

Baptista Research

Upgrading Norway to Overweight; Stay Defensive. Buys in Utilities, Energy, and Materials

Upgrading Norway to Overweight; Stay Defensive. Buys in global Utilities, Energy, and Materials. $ACWI support at $134 holding for now, but still...

Vermilion Research

Agnico Eagle Mines: How a 15% Resource Jump Is Rewriting the Growth Narrative!

Agnico Eagle Mines Limited reported strong financial and operational results for the fourth quarter and the entirety of 2025, capitalizing on a...

Baptista Research

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

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