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>APA Corporation's third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.</li>
<li>They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.</li>
<li>In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.</li>
</ul>


APA Corporation's third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.
They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.
In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.


APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?

<ul>
<li>The second quarter of 2025 was notable for APA Corporation, reflecting significant operational and financial strides.</li>
<li>The company reported consolidated net income of $603 million, with an adjusted net income at $313 million, indicating strong financial health.</li>
<li>The quarter's performance benefited from asset sales in New Mexico and effective trading operations, and the company noted a marked improvement in operational efficiency across its portfolio.</li>
</ul>


The second quarter of 2025 was notable for APA Corporation, reflecting significant operational and financial strides.
The company reported consolidated net income of $603 million, with an adjusted net income at $313 million, indicating strong financial health.
The quarter's performance benefited from asset sales in New Mexico and effective trading operations, and the company noted a marked improvement in operational efficiency across its portfolio.


APA Corporation Partners with TotalEnergies—Will This Offshore Alliance Be a Game-Changer?

<ul>
<li>APA Corporation reported its fourth-quarter and year-end 2024 financial and operational results, demonstrating both strategic progress and ongoing challenges.</li>
<li>The company has been focusing on strengthening its portfolio, primarily in the Permian Basin and Egypt, while also advancing its exploration activities in Suriname.</li>
<li>Positively, APA Corporation has successfully reshaped its business by acquiring assets in the Permian Basin and finalizing a gas price agreement in Egypt, facilitating additional drilling opportunities.</li>
</ul>


APA Corporation reported its fourth-quarter and year-end 2024 financial and operational results, demonstrating both strategic progress and ongoing challenges.
The company has been focusing on strengthening its portfolio, primarily in the Permian Basin and Egypt, while also advancing its exploration activities in Suriname.
Positively, APA Corporation has successfully reshaped its business by acquiring assets in the Permian Basin and finalizing a gas price agreement in Egypt, facilitating additional drilling opportunities.


APA Corporation: Will Its Permian Basin Production Strategy Help Capitalize On Market Opportunities?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Repsol Is evaluating a spin-off and potential reverse merger with APA Corp (APA US) to list its upstream division in the U.S., accelerating its planned 2026 “liquidity event.”</li>
<li>A U.S. listing could narrow Repsol’s valuation gap versus American E&amp;Ps, surface hidden upstream value, and improve liquidity, while management insists on maintaining ≥51 % ownership of the new entity.</li>
<li>The proposed structure offers upside asymmetry: even if talks stall, Repsol retains IPO or private-placement options; a completed deal could unlock 15–25 % SOTP upside through U.S. multiple convergence.</li>
</ul>


Repsol Is evaluating a spin-off and potential reverse merger with APA Corp (APA US) to list its upstream division in the U.S., accelerating its planned 2026 “liquidity event.”
A U.S. listing could narrow Repsol’s valuation gap versus American E&amp;Ps, surface hidden upstream value, and improve liquidity, while management insists on maintaining ≥51 % ownership of the new entity.
The proposed structure offers upside asymmetry: even if talks stall, Repsol retains IPO or private-placement options; a completed deal could unlock 15–25 % SOTP upside through U.S. multiple convergence.


Repsol: Evaluating Reverse Merger with APA — Fast-Track to U.S. Listing

United States

APA Corporation operates as an oil and gas company. The Company focuses on exploration and production of oil and gas properties. APA serves clients worldwide.

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APA (APA US)

APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?

APA Corporation's third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a...

Baptista Research

APA Corporation Partners with TotalEnergies—Will This Offshore Alliance Be a Game-Changer?

The company reported consolidated net income of $603 million, with an adjusted net income at $313 million, indicating strong financial health.

Baptista Research

APA Corporation: Will Its Permian Basin Production Strategy Help Capitalize On Market Opportunities?

APA Corporation reported its fourth-quarter and year-end 2024 financial and operational results, demonstrating both strategic progress and ongoing...

Baptista Research

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

We expect IBKR and possibly APP to join the S&P500 in September. We expect two deletes. MSTR has moved to second place BUT it has issues which...

Travis Lundy

Repsol: Evaluating Reverse Merger with APA — Fast-Track to U.S. Listing

Repsol is exploring a reverse merger of its upstream unit with APA Corp to fast-track a NYSE listing, unlocking U.S. valuation multiples while...

Jesus Rodriguez Aguilar

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