Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Our basket of lithium equities rose ~200% from November 2025 to a May 2026 peak before giving back most of their gains</li>
<li>Lithium demand continues to grow and a supply deficit continues to build as grid storage adds demand</li>
<li>Our basket has discounted the recent price declines and news flow and risk-reward is once again skewed to reward</li>
</ul>


Our basket of lithium equities rose ~200% from November 2025 to a May 2026 peak before giving back most of their gains
Lithium demand continues to grow and a supply deficit continues to build as grid storage adds demand
Our basket has discounted the recent price declines and news flow and risk-reward is once again skewed to reward


Lithium Equities: Round Trip, and Attractive Again

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>Albemarle Corporation reported strong second quarter 2026 results characterized by significantly increased net sales and profitability, driven largely by higher pricing across its energy storage and specialties segments, alongside volume growth in specialties.</li><li>Net sales rose 31% year-over-year to $1.7 billion, with adjusted EBITDA more than doubling to $858 million and the enterprise EBITDA margin expanding to 49%.</li><li>Operating cash flow was strong at $710 million, translating into $638 million of free cash flow, supported by disciplined cost and productivity improvements, with current year savings on track to reach the upper end of the $100 million to $150 million target.</li></ul>

Albemarle Corporation reported strong second quarter 2026 results characterized by significantly increased net sales and profitability, driven largely by higher pricing across its energy storage and specialties segments, alongside volume growth in specialties.Net sales rose 31% year-over-year to $1.7 billion, with adjusted EBITDA more than doubling to $858 million and the enterprise EBITDA margin expanding to 49%.Operating cash flow was strong at $710 million, translating into $638 million of free cash flow, supported by disciplined cost and productivity improvements, with current year savings on track to reach the upper end of the $100 million to $150 million target.

Albemarle’s Lithium Surge — Energy Storage EBITDA Explodes 229%!

Cross Asset Strategy

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>US interest rate expectations continue to whip markets around, even as more cracks emerge in the AI trade.</li>
<li>Japan goes for broke with its latest budget and debt issuance.</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
US interest rate expectations continue to whip markets around, even as more cracks emerge in the AI trade.
Japan goes for broke with its latest budget and debt issuance.


Overview #42 – What a Difference a Day Makes!

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>We highlight a  commodity sector with  a strong risk-reward ratio</li>
<li>Precious metals have likely just completed Wave B of their correction</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
We highlight a  commodity sector with  a strong risk-reward ratio
Precious metals have likely just completed Wave B of their correction


Overview #41 – Securing Supply, Unlocking Value: Global Themes in Equities and Commodities

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&amp;A and low-cost execution.</li>
<li>Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Gold International spin-off by late 2025.</li>
<li>Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x</li>
</ul>


5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&amp;A and low-cost execution.
Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Gold International spin-off by late 2025.
Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x


Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

United States

Albemarle Corporation produces specialty and fine chemicals.  The Company's chemicals are additives to or intermediates for plastics, polymers and elastomers, cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides.  Albemarle produces the majority of its products in the United States.

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Albemarle Corp (ALB US)

Lithium Equities: Round Trip, and Attractive Again

We revisit our Lithium basket, which rose ~200% on average from October 25 to May 26, and has since given back most of those gains. The risk-reward...

Rikki Malik

Albemarle’s Lithium Surge — Energy Storage EBITDA Explodes 229%!

Albemarle Corporation reported strong second quarter 2026 results characterized by significantly increased net sales and profitability, driven...

Baptista Research

Overview #42 – What a Difference a Day Makes!

A review of recent events/data impacting our investment themes and outlook. Fed rate cuts, Japan spending and Lithium upgrades

Rikki Malik

Overview #41 – Securing Supply, Unlocking Value: Global Themes in Equities and Commodities

A review of recent events/data impacting our investment themes and outlook. Lithium, Japan, precious Metals and the Oil and Gas sector

Rikki Malik

Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

In May 2025, Zijin Mining considered halting operations at its Kyzyl-Tashtyg zinc-lead mine in Russia due to sanctions and banking restrictions,...

Rahul Jain

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