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

Alpha Metallurgical Resources / Equity Bottom-Up

<ul><li>Alpha Metallurgical Resources reported second quarter 2026 adjusted EBITDA of $25.6 million and shipments of 3.5 million tons, reflecting lower volumes and realizations versus the first quarter.</li><li>Full-year shipment guidance was reduced to 14.2 million to 15.4 million tons, lowering the midpoint by 1 million tons.</li><li>The revision reflects softer metallurgical coal demand and operational disruption at the Dominian Terminal Association.</li></ul>

Alpha Metallurgical Resources reported second quarter 2026 adjusted EBITDA of $25.6 million and shipments of 3.5 million tons, reflecting lower volumes and realizations versus the first quarter.Full-year shipment guidance was reduced to 14.2 million to 15.4 million tons, lowering the midpoint by 1 million tons.The revision reflects softer metallurgical coal demand and operational disruption at the Dominian Terminal Association.

Alpha Metallurgical’s 1 Million-Ton Cut: How Much More Pressure Is Coming?

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>Following our piece, <a href="https://www.smartkarma.com/insights/fushan-energy-639-hk-coking-coal-prices-to-strengthen-with-anglo-accident" target="_blank" data-smartkarma-citation="insights:150683" rel="noopener">Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident</a>, we highlight <a href="https://www.smartkarma.com/entities/mongolian-mining-corp" target="_blank" data-smartkarma-citation="entities:4382:1" rel="noopener">Mongolian Mining (975 HK)</a> as another play with growth potential. </li>
<li>With a market capitalization of 1.1 bn USD, it trades at 5.3x PE, trailing, and with <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0221/2024022100574.pdf" target="_blank" rel="noopener">the sale of 20% of its subsidiary KEX</a>, it is net cash. </li>
<li>Potential catalysts include the payment of a first dividend once it has redeemed the perpetual notes and the commencement of its <a href="https://erdene.com/site/assets/files/4243/erd_q3_2024.pdf" target="_blank" rel="noopener">highly accretive gold project in 2025 in Mongolia</a>. </li>
</ul>


Following our piece, Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident, we highlight Mongolian Mining (975 HK) as another play with growth potential. 
With a market capitalization of 1.1 bn USD, it trades at 5.3x PE, trailing, and with the sale of 20% of its subsidiary KEX, it is net cash. 
Potential catalysts include the payment of a first dividend once it has redeemed the perpetual notes and the commencement of its highly accretive gold project in 2025 in Mongolia. 


Mongolia Mining Corp (975 HK): Play on Coking Coal Price With Growth Optionality

<ul><li>Alpha Metallurgical Resources reported first quarter 2026 results reflecting a mix of operational challenges and market influences.</li><li>The company generated adjusted EBITDA of $30 million on shipments of 3.6 million tons, with metallurgical segment realizations improving to $124.39 per ton from $115.31 in the previous quarter.</li><li>This pricing uptick was notably supported by higher low-volatile coal indexes, which rose due to supply disruptions such as flooding in Australia.</li></ul>

Alpha Metallurgical Resources reported first quarter 2026 results reflecting a mix of operational challenges and market influences.The company generated adjusted EBITDA of $30 million on shipments of 3.6 million tons, with metallurgical segment realizations improving to $124.39 per ton from $115.31 in the previous quarter.This pricing uptick was notably supported by higher low-volatile coal indexes, which rose due to supply disruptions such as flooding in Australia.

Alpha Metallurgical’s Coal Spread Tipping Point: Why The 23% PLV Gap Matters!

<ul><li>Alpha Metallurgical Resources, Inc. reported its third-quarter 2025 financial results, indicating nuanced financial and operational developments in its metallurgical coal operations.</li><li>The company achieved an adjusted EBITDA of $41.7 million and maintained coal shipment levels at 3.9 million tons, consistent with the previous quarter.</li><li>However, the adjusted EBITDA demonstrated a decline from $46.1 million in the second quarter, reflecting market pressures.</li></ul>

Alpha Metallurgical Resources, Inc. reported its third-quarter 2025 financial results, indicating nuanced financial and operational developments in its metallurgical coal operations.The company achieved an adjusted EBITDA of $41.7 million and maintained coal shipment levels at 3.9 million tons, consistent with the previous quarter.However, the adjusted EBITDA demonstrated a decline from $46.1 million in the second quarter, reflecting market pressures.

Alpha Metallurgical Resources Signals a Bold M&A Hunt With $400M on the Sidelines!

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

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Company results support our outlook on the nuclear power renaissance</li>
<li>The latest Deepseek model outperforms all competitors but valued at a fraction of them </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Company results support our outlook on the nuclear power renaissance
The latest Deepseek model outperforms all competitors but valued at a fraction of them 


United States

Alpha Metallurgical Resources, Inc. provides mining services. The Company mines and supplies metallurgical products to the steel industry. Alpha Metallurgical Resources serves customers globally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alpha Metallurgical Resources (AMR US)

Alpha Metallurgical’s 1 Million-Ton Cut: How Much More Pressure Is Coming?

Alpha Metallurgical Resources reported second quarter 2026 adjusted EBITDA of $25.6 million and shipments of 3.5 million tons, reflecting lower...

Baptista Research

Mongolia Mining Corp (975 HK): Play on Coking Coal Price With Growth Optionality

The company has recently released its H1 FY24, which was in line with expectations as revenues/profits were up 5%/-3% YoY. The most important...

Sameer Taneja

Alpha Metallurgical’s Coal Spread Tipping Point: Why The 23% PLV Gap Matters!

Alpha Metallurgical Resources reported first quarter 2026 results reflecting a mix of operational challenges and market influences. The company...

Baptista Research

Alpha Metallurgical Resources Signals a Bold M&A Hunt With $400M on the Sidelines!

Alpha Metallurgical Resources, Inc. reported its third-quarter 2025 financial results, indicating nuanced financial and operational developments...

Baptista Research

Overview #57 – Plus Ça Change…

A review of recent events/data impacting our investment themes and outlook. Oil, Nuclear, Deepseek and earnings from some of our stocks

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)