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>Amrize reported income growth for the third quarter of 2025, driven by a 6.6% increase in revenues largely attributed to robust demand in the infrastructure and improved commercial market segments.</li><li>The quarter demonstrated the company's effective adaptation to market conditions and strategic focus areas but also highlighted certain operational challenges.</li><li>In terms of positives, Amrize's Building Materials business showed significant promise, with strong volume growth in cement and aggregates complemented by stable pricing dynamics.</li></ul>

Amrize reported income growth for the third quarter of 2025, driven by a 6.6% increase in revenues largely attributed to robust demand in the infrastructure and improved commercial market segments.The quarter demonstrated the company's effective adaptation to market conditions and strategic focus areas but also highlighted certain operational challenges.In terms of positives, Amrize's Building Materials business showed significant promise, with strong volume growth in cement and aggregates complemented by stable pricing dynamics.

Amrize: M&A Strategy, Expansion Potential & Other Factors Driving Our Optimism!

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The March 2026 index review results for the SE600 index were announced yesterday after market close.</li>
<li>There will be eleven index changes for the SE600 index. We expected nine out of eleven ADDs and seven out of eleven DELs.</li>
<li>The Inclusion/Exclusion events will take place at the close of trading on 20th March 2026.</li>
</ul>


The March 2026 index review results for the SE600 index were announced yesterday after market close.
There will be eleven index changes for the SE600 index. We expected nine out of eleven ADDs and seven out of eleven DELs.
The Inclusion/Exclusion events will take place at the close of trading on 20th March 2026.


Quiddity SE600 Mar26 Results: CSG ADD Confirmed; Many Index Changes

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.</li>
<li>Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.</li>
<li>Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.</li>
</ul>


Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.
Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.
Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.


Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>A major global index provider announced its quarterly review on 5th November 2025. The rebalance will take place on 24th November 2025.</li>
<li>There were 133 changes announced. We got 115 of these 133 changes - around 86%.</li>
<li>In this insight, we have presented our final flow expectations for the confirmed index changes and provide a few comments on specific situations.</li>
</ul>


A major global index provider announced its quarterly review on 5th November 2025. The rebalance will take place on 24th November 2025.
There were 133 changes announced. We got 115 of these 133 changes - around 86%.
In this insight, we have presented our final flow expectations for the confirmed index changes and provide a few comments on specific situations.


[Quiddity Index] Final Flows for the Major Global Index Rebal in November 2025: US$42bn One-Way

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Amrize (AMRZ) is North America's largest cement producer and a spinoff from Holcim.</li><li>As of July 11, 2025, Amrize has a stock price of $50.40, a market cap of $28.57 billion, and reported $11.7 billion in revenue for 2024.</li><li>The company operates over 1,000 sites in the U.S. and Canada, with a net debt of $4.5 billion.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Amrize (AMRZ) is North America's largest cement producer and a spinoff from Holcim.As of July 11, 2025, Amrize has a stock price of $50.40, a market cap of $28.57 billion, and reported $11.7 billion in revenue for 2024.The company operates over 1,000 sites in the U.S. and Canada, with a net debt of $4.5 billion.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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Amrize (AMRZ US)

Amrize: M&A Strategy, Expansion Potential & Other Factors Driving Our Optimism!

Amrize reported income growth for the third quarter of 2025, driven by a 6.6% increase in revenues largely attributed to robust demand in the...

Baptista Research

Quiddity SE600 Mar26 Results: CSG ADD Confirmed; Many Index Changes

The SE600 index will see eleven changes in March 2026 with a few surprises. The ADDs collectively have around US$160mn and DELs have US$220mn to...

Afridi Reyal

Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...

Rahul Jain

[Quiddity Index] Final Flows for the Major Global Index Rebal in November 2025: US$42bn One-Way

The Global Index Provider who rebalances in November announced their changes. There were a couple of surprises for us (we calculated float/FOL...

Travis Lundy

Amrize Ltd (AMRZ) - Sunday, Jul 13, 2025

Amrize (AMRZ), North America's largest cement producer, has a market cap of $28.57 billion, $11.7 billion in revenue, and a strong infrastructure...

Value Investors Club (VIC)

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Amrize: M&A Strategy, Expansion Potential & Other Factors Driving Our Optimism!

Amrize reported income growth for the third quarter of 2025, driven by a 6.6% increase in revenues largely attributed to robust demand in the...

Baptista Research

Quiddity SE600 Mar26 Results: CSG ADD Confirmed; Many Index Changes

​The SE600 index will see eleven changes in March 2026 with a few surprises. The ADDs collectively have around US$160mn and DELs have US$220mn to...

Afridi Reyal

Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

​Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...

Rahul Jain

[Quiddity Index] Final Flows for the Major Global Index Rebal in November 2025: US$42bn One-Way

The Global Index Provider who rebalances in November announced their changes. There were a couple of surprises for us (we calculated float/FOL...

Travis Lundy

Amrize Ltd (AMRZ) - Sunday, Jul 13, 2025

Amrize (AMRZ), North America's largest cement producer, has a market cap of $28.57 billion, $11.7 billion in revenue, and a strong infrastructure...

Value Investors Club (VIC)

The SE600 index will see eleven changes in March 2026 with a few surprises. The ADDs collectively have around US$160mn and DELs have US$220mn to...

Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...