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

Air Products & Chemicals, Inc / Equity Bottom-Up

<ul><li>Air Products and Chemicals, Inc. reported its fiscal year 2025 fourth-quarter results, reflecting a nuanced performance with both advancements and challenges.</li><li>For the year, earnings per share reached $12.03, slightly above the midpoint of their full-year guidance.</li><li>This suggests the company met its commitments despite facing a challenging economic environment.</li></ul>

Air Products and Chemicals, Inc. reported its fiscal year 2025 fourth-quarter results, reflecting a nuanced performance with both advancements and challenges.For the year, earnings per share reached $12.03, slightly above the midpoint of their full-year guidance.This suggests the company met its commitments despite facing a challenging economic environment.

Air Products and Chemicals: Large-Scale Hydrogen Megaprojects and Clean Energy Investments Reshaping Long-Term Growth!

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

Thematic (Sector/Industry)

<ul>
<li>
Helium, the invisible cooling and purging gas without which chip factories physically cannot operate, has lost one-third of global supply leading to doubling of Helium Price.</li>
<li>Without helium, fabs cannot etch circuits, cool wafers, or run implantation lines, meaning every advanced chip powering AI today faces a real production stoppage risk within months.</li>
<li>Bull case buys time, the base case hurts margins, but the bear case, an extended blockade plus structural damage at Ras Laffan, could freeze the entire semiconductor upcycle through 2027.</li>
</ul>



Helium, the invisible cooling and purging gas without which chip factories physically cannot operate, has lost one-third of global supply leading to doubling of Helium Price.
Without helium, fabs cannot etch circuits, cool wafers, or run implantation lines, meaning every advanced chip powering AI today faces a real production stoppage risk within months.
Bull case buys time, the base case hurts margins, but the bear case, an extended blockade plus structural damage at Ras Laffan, could freeze the entire semiconductor upcycle through 2027.


The Iran War's Helium Shock: What Happens to Semiconductor Industry?

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Take or pay contracts, inflation based price adjustments, excellent industry consolidation, diverse industry spread, lack of substitutes, stable margins defines much of the industrial gas sector. </li>
<li>The nature of capacity addition and contracts make the industrial gas industry is a "less cyclical cyclical" and is relatively stable even in times of severe downturns. </li>
<li>
<a href="https://www.smartkarma.com/entities/linde-plc" target="_blank" data-smartkarma-citation="entities:35233:1" rel="noopener">Linde PLC (LIN US)</a><a href="https://www.smartkarma.com/entities/air-liquide-sa" target="_blank" data-smartkarma-citation="entities:21379:1" rel="noopener">Air Liquide SA (AI FP)</a><a href="https://www.smartkarma.com/entities/air-products-chemicals-inc" target="_blank" data-smartkarma-citation="entities:4441:1" rel="noopener">Air Products &amp; Chemicals, Inc (APD US)</a>  <a href="https://www.smartkarma.com/entities/nippon-sanso-holdings-corporation" target="_blank" data-smartkarma-citation="entities:15756:1" rel="noopener">Nippon Sanso Holdings (4091 JP)</a> are the leading players with almost 80% market share. </li>
</ul>


Take or pay contracts, inflation based price adjustments, excellent industry consolidation, diverse industry spread, lack of substitutes, stable margins defines much of the industrial gas sector. 
The nature of capacity addition and contracts make the industrial gas industry is a "less cyclical cyclical" and is relatively stable even in times of severe downturns. 

Linde PLC (LIN US)Air Liquide SA (AI FP)Air Products &amp; Chemicals, Inc (APD US)  Nippon Sanso Holdings (4091 JP) are the leading players with almost 80% market share. 


Industrial Gases Sector Might Be a Good Way to Play Inflation and the Rejig of Supply Chains

Research on Tech Companies

Evelyn Zhang

<ul>
<li>Prices for Neon have been rising rapidly recently, in the short term, global semiconductor companies have 6 months inventory of the noble gas.</li>
<li>China, as a major steel producer, has mature purification technology and production process for these noble gases,  around 30% of noble gases for wafers above 8-inch  are Chinese suppliers. </li>
<li>It takes 3 to 6 months to find replacement due to the complex process of chip lithography; this crisis will accelerate the domestic substitution  of Chinese semiconductor material manufacturers.</li>
</ul>


Prices for Neon have been rising rapidly recently, in the short term, global semiconductor companies have 6 months inventory of the noble gas.
China, as a major steel producer, has mature purification technology and production process for these noble gases,  around 30% of noble gases for wafers above 8-inch  are Chinese suppliers. 
It takes 3 to 6 months to find replacement due to the complex process of chip lithography; this crisis will accelerate the domestic substitution  of Chinese semiconductor material manufacturers.


How Semiconductor Supply Chain in China Stands to Benefit from Ukraine Crisis

Global energy equity and oil & gas macro analyst

Anish Kapadia

Akap Energy

<a href="https://www.smartkarma.com/entities/27797" target="_blank" data-smartkarma-citation="entities:27797:1">Energy Transfer LP (ET US)</a> and <a href="https://www.smartkarma.com/entities/22108" target="_blank" data-smartkarma-citation="entities:22108:1">Royal Dutch Shell (RDSA LN)</a> have signed a Project Framework Agreement to further develop a large-scale LNG export facility in Lake Charles, Louisiana and move toward a potential final investment decision (FID). They have started actively engaging with LNG Engineering, Procurement and Contracting (EPC) companies with a plan to issue an Invitation to Tender (ITT) in the weeks ahead. We look at the potential contract size and winners and also the other US LNG projects that could be negatively impacted. More detail on the LNG project queue for this year in: <a href="https://www.smartkarma.com/insights/a-huge-wave-of-new-lng-projects-coming-in-the-next-18-months-positive-for-the-e-c-companies" target="_blank" data-smartkarma-citation="insights:27771">A Huge Wave of New LNG Projects Coming in the Next 18 Months: Positive for The E&amp;C Companies</a>.

Energy Transfer LP (ET US) and Royal Dutch Shell (RDSA LN) have signed a Project Framework Agreement to further develop a large-scale LNG export facility in Lake Charles, Louisiana and move toward a potential final investment decision (FID). They have started actively engaging with LNG Engineering, Procurement and Contracting (EPC) companies with a plan to issue an Invitation to Tender (ITT) in the weeks ahead. We look at the potential contract size and winners and also the other US LNG projects that could be negatively impacted. More detail on the LNG project queue for this year in: A Huge Wave of New LNG Projects Coming in the Next 18 Months: Positive for The E&amp;C Companies.

US Lake Charles LNG Liquefaction Plant Tendering for Contractors: Positive for TechnipFMC

United States

Air Products and Chemicals, Inc. produces industrial atmospheric and specialty gases, and performance materials and equipment. The Company's products include oxygen, nitrogen, argon, helium, specialty surfactants and amines, polyurethane, epoxy curatives and resins. Air Products and Chemicals, Inc. products are used in the beverage, health and semiconductors fields.

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Air Products & Chemicals, Inc (APD US)

Air Products and Chemicals: Large-Scale Hydrogen Megaprojects and Clean Energy Investments Reshaping Long-Term Growth!

Air Products and Chemicals, Inc. reported its fiscal year 2025 fourth-quarter results, reflecting a nuanced performance with both advancements and...

Baptista Research

The Iran War's Helium Shock: What Happens to Semiconductor Industry?

Global chip production faces a real risk of stoppage due to a one-third loss of helium supply after Iran's war shut Qatar's Ras Laffan complex,...

Sudarshan Bhandari

Industrial Gases Sector Might Be a Good Way to Play Inflation and the Rejig of Supply Chains

Take or pay contracts, inflation based price adjustments, and excellent industry consolidation, makes industrial gases sector a great way to play...

Pyari Menon

How Semiconductor Supply Chain in China Stands to Benefit from Ukraine Crisis

As the Ukraine standoff intensifies, a little-known industry is set for an upset, leaving western buyers in a lurch and Chinese producers...

Evelyn Zhang

US Lake Charles LNG Liquefaction Plant Tendering for Contractors: Positive for TechnipFMC

Energy Transfer LP (ET US) and Royal Dutch Shell (RDSA LN) have signed a Project Framework Agreement to further develop a large-scale LNG export...

Anish Kapadia

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Air Products and Chemicals: Large-Scale Hydrogen Megaprojects and Clean Energy Investments Reshaping Long-Term Growth!

Air Products and Chemicals, Inc. reported its fiscal year 2025 fourth-quarter results, reflecting a nuanced performance with both advancements and...

Baptista Research

The Iran War's Helium Shock: What Happens to Semiconductor Industry?

​Global chip production faces a real risk of stoppage due to a one-third loss of helium supply after Iran's war shut Qatar's Ras Laffan complex,...

Sudarshan Bhandari

Industrial Gases Sector Might Be a Good Way to Play Inflation and the Rejig of Supply Chains

Take or pay contracts, inflation based price adjustments, and excellent industry consolidation, makes industrial gases sector a great way to play...

Pyari Menon

How Semiconductor Supply Chain in China Stands to Benefit from Ukraine Crisis

As the Ukraine standoff intensifies, a little-known industry is set for an upset, leaving western buyers in a lurch and Chinese producers...

Evelyn Zhang

US Lake Charles LNG Liquefaction Plant Tendering for Contractors: Positive for TechnipFMC

Energy Transfer LP (ET US) and Royal Dutch Shell (RDSA LN) have signed a Project Framework Agreement to further develop a large-scale LNG export...

Anish Kapadia

Global chip production faces a real risk of stoppage due to a one-third loss of helium supply after Iran's war shut Qatar's Ras Laffan complex,...