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>Alcoa Corporation reported strong operational and financial performance in the second quarter of 2026, highlighted by record revenue and solid execution on strategic initiatives, including the significant acquisition of South32's upstream aluminum value chain assets (AliGroup).</li><li>The company emphasized safety improvements, with a continued decline in key injury metrics and expanded efforts to eliminate fatality risks globally.</li><li>Operationally, Alcoa produced a record volume at several smelters and a refinery, increasing primary aluminum output by 30,000 metric tons sequentially.</li></ul>

Alcoa Corporation reported strong operational and financial performance in the second quarter of 2026, highlighted by record revenue and solid execution on strategic initiatives, including the significant acquisition of South32's upstream aluminum value chain assets (AliGroup).The company emphasized safety improvements, with a continued decline in key injury metrics and expanded efforts to eliminate fatality risks globally.Operationally, Alcoa produced a record volume at several smelters and a refinery, increasing primary aluminum output by 30,000 metric tons sequentially.

Alcoa’s AliGroup Acquisition: Can South32’s Assets Reshape Its Cost Curve?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>US tariff agreements have contained tariffs at 10% for the UK, 15% for Japan and the EU, 19% for Indonesia and 20% for Vietnam. Lower tariffs will dampen inflation. </li>
<li>FOMC ought to cut rates now, but may stand on ceremony. The tariffs are nonetheless likely to steadily bolster US manufacturing in H2/2025, with Jun'25 steel output already up 4.6%YoY. </li>
<li>With growth higher than expected, and new revenues of over US$300bn from tariffs, the fiscal deficit should fall below 6% of GDP, allowing bond yields to moderate below 4%. </li>
</ul>


US tariff agreements have contained tariffs at 10% for the UK, 15% for Japan and the EU, 19% for Indonesia and 20% for Vietnam. Lower tariffs will dampen inflation. 
FOMC ought to cut rates now, but may stand on ceremony. The tariffs are nonetheless likely to steadily bolster US manufacturing in H2/2025, with Jun'25 steel output already up 4.6%YoY. 
With growth higher than expected, and new revenues of over US$300bn from tariffs, the fiscal deficit should fall below 6% of GDP, allowing bond yields to moderate below 4%. 


US: Tariff Deals with Japan, EU, Indonesia, Philippines Sharply Reduce Stagflation Risk

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

Rikki Malik

<ul>
<li>One of a basket of Hong Kong commodity stocks we like</li>
<li>One off issues in 2023 which should reverse in 2024</li>
<li>Can also be viewed as  a tangential play on India's industrial growth</li>
</ul>


One of a basket of Hong Kong commodity stocks we like
One off issues in 2023 which should reverse in 2024
Can also be viewed as  a tangential play on India's industrial growth


Citic Resource Holdings (1205.HK) - A Play on Oil and Coal Demand

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

<ul><li>Alcoa Corporation reported a strong start to 2026, with performance driven by higher aluminum prices, stable operations, and disciplined execution across its portfolio, though underlying segment dynamics remain uneven.</li><li>Revenue declined sequentially due to seasonally lower shipments and disruptions affecting the Alumina segment, including logistical constraints tied to geopolitical tensions and weather-related issues.</li><li>Despite this, profitability improved meaningfully, supported by stronger realized aluminum prices and favorable mark-to-market movements.</li></ul>

Alcoa Corporation reported a strong start to 2026, with performance driven by higher aluminum prices, stable operations, and disciplined execution across its portfolio, though underlying segment dynamics remain uneven.Revenue declined sequentially due to seasonally lower shipments and disruptions affecting the Alumina segment, including logistical constraints tied to geopolitical tensions and weather-related issues.Despite this, profitability improved meaningfully, supported by stronger realized aluminum prices and favorable mark-to-market movements.

Alcoa Corporation: What Matters Now Is Aluminum Pricing Not Segment Divergence!

United States

Alcoa Corporation manufactures metal products. The Company produces and sells bauxite, alumina, and aluminum products. Alcoa serves aluminum industry worldwide.

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Alcoa (AA US)

Alcoa’s AliGroup Acquisition: Can South32’s Assets Reshape Its Cost Curve?

Alcoa Corporation reported strong operational and financial performance in the second quarter of 2026, highlighted by record revenue and solid...

Baptista Research

US: Tariff Deals with Japan, EU, Indonesia, Philippines Sharply Reduce Stagflation Risk

US tariff deals lowering them will help dampen inflation, and should trigger rate cuts. Tariffs are already boosting US manufacturing, thus will...

Prasenjit K. Basu

Citic Resource Holdings (1205.HK) - A Play on Oil and Coal Demand

This is a cheap underperformer in the commodity space. Leveraged to coal and oil, hence the underperformance. It has recently moved up due to the...

Rikki Malik

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Alcoa Corporation: What Matters Now Is Aluminum Pricing Not Segment Divergence!

Alcoa Corporation reported a strong start to 2026, with performance driven by higher aluminum prices, stable operations, and disciplined execution...

Baptista Research

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Alcoa’s AliGroup Acquisition: Can South32’s Assets Reshape Its Cost Curve?

Alcoa Corporation reported strong operational and financial performance in the second quarter of 2026, highlighted by record revenue and solid...

Baptista Research

US: Tariff Deals with Japan, EU, Indonesia, Philippines Sharply Reduce Stagflation Risk

​US tariff deals lowering them will help dampen inflation, and should trigger rate cuts. Tariffs are already boosting US manufacturing, thus will...

Prasenjit K. Basu

Citic Resource Holdings (1205.HK) - A Play on Oil and Coal Demand

This is a cheap underperformer in the commodity space. Leveraged to coal and oil, hence the underperformance. It has recently moved up due to the...

Rikki Malik

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Alcoa Corporation: What Matters Now Is Aluminum Pricing Not Segment Divergence!

Alcoa Corporation reported a strong start to 2026, with performance driven by higher aluminum prices, stable operations, and disciplined execution...

Baptista Research

US tariff deals lowering them will help dampen inflation, and should trigger rate cuts. Tariffs are already boosting US manufacturing, thus will...