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

Archer Daniels Midland Co / Equity Bottom-Up

<ul><li>Archer-Daniels-Midland Company (ADM) reported third-quarter 2025 results that reflected a challenging operating environment, capturing both obstacles and strategic advancements.</li><li>Against a backdrop of evolving global trade dynamics and anticipated U.S. biofuel policies, ADM reported an adjusted earnings per share of $0.92 and total segment operating profit of $845 million.</li><li>While these figures are commendable, they reflect a significant decline due to tough market conditions, notably in the Ag Services and Oilseeds (AS&O) segment, which faced reduced crush margins amid deferred U.S. biofuel policy impacts.</li></ul>

Archer-Daniels-Midland Company (ADM) reported third-quarter 2025 results that reflected a challenging operating environment, capturing both obstacles and strategic advancements.Against a backdrop of evolving global trade dynamics and anticipated U.S. biofuel policies, ADM reported an adjusted earnings per share of $0.92 and total segment operating profit of $845 million.While these figures are commendable, they reflect a significant decline due to tough market conditions, notably in the Ag Services and Oilseeds (AS&O) segment, which faced reduced crush margins amid deferred U.S. biofuel policy impacts.

Archer-Daniels Midland Company: What Rising Biofuel Demand Could Unlock for Its Crushing Powerhouse!

<ul><li>Archer-Daniels-Midland Company (ADM) reported its second quarter financial results, revealing both strengths and weaknesses.</li><li>The company saw an adjusted earnings per share of $0.93 and a total segment operating profit of $830 million.</li><li>Cash flow from operations before working capital changes reached $1.2 billion for the first half of 2025.</li></ul>

Archer-Daniels-Midland Company (ADM) reported its second quarter financial results, revealing both strengths and weaknesses.The company saw an adjusted earnings per share of $0.93 and a total segment operating profit of $830 million.Cash flow from operations before working capital changes reached $1.2 billion for the first half of 2025.

Archer-Daniels Midland (ADM): Unlocking A New Profit Power as Washington Extends Biofuel Tax Breaks!

<ul><li>Archer Daniels Midland Company (ADM) reported its financial results for the first quarter of 2025, posting an adjusted earnings per share of $0.70 and a total segment operating profit of $747 million.</li><li>The company's return on invested capital was 7%, and cash flow from operations before working capital changes stood at $439 million.</li><li>The quarter's highlights included solid performance in the Carbohydrate Solutions segment, driven by positive sweetener margins and robust ethanol execution.</li></ul>

Archer Daniels Midland Company (ADM) reported its financial results for the first quarter of 2025, posting an adjusted earnings per share of $0.70 and a total segment operating profit of $747 million.The company's return on invested capital was 7%, and cash flow from operations before working capital changes stood at $439 million.The quarter's highlights included solid performance in the Carbohydrate Solutions segment, driven by positive sweetener margins and robust ethanol execution.

Archer Daniels Midland Company: Can It Successfully Navigate Global Trade Chaos & Still Come Out on Top?

<ul><li>Archer-Daniels-Midland Company (ADM) ended the fourth quarter and full year 2024 with adjusted earnings per share of $1.14 and $4.74, respectively.</li><li>Despite challenges, the company's approach to operational efficiency has yielded some benefits across its network, reflected in fourth-quarter operating profit of $1.1 billion and $4.2 billion for the full year.</li><li>ADM achieved solid performance in particular segments, with increased crush volumes globally and operational efficiencies in North American soy processing.</li></ul>

Archer-Daniels-Midland Company (ADM) ended the fourth quarter and full year 2024 with adjusted earnings per share of $1.14 and $4.74, respectively.Despite challenges, the company's approach to operational efficiency has yielded some benefits across its network, reflected in fourth-quarter operating profit of $1.1 billion and $4.2 billion for the full year.ADM achieved solid performance in particular segments, with increased crush volumes globally and operational efficiencies in North American soy processing.

Archer-Daniels-Midland: Strategic Simplification & Portfolio Optimization Fueling Our ‘Outperform’ Rating!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a></strong> is coming up "cheap" to 90%-held <strong><a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings C (300999 CH)</a>; </strong>yet implied stub numbers suggests otherwise. </li>
<li>Preceding my comments on Wilmar are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Wilmar International (WIL SP) is coming up "cheap" to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); yet implied stub numbers suggests otherwise. 
Preceding my comments on Wilmar are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

United States

Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities and products. The Company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland also processes produce products which have primarily two end uses including food or feed ingredients.

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Archer Daniels Midland Co (ADM US)

Archer-Daniels Midland Company: What Rising Biofuel Demand Could Unlock for Its Crushing Powerhouse!

Archer-Daniels-Midland Company (ADM) reported third-quarter 2025 results that reflected a challenging operating environment, capturing both...

Baptista Research

Archer-Daniels Midland (ADM): Unlocking A New Profit Power as Washington Extends Biofuel Tax Breaks!

Archer-Daniels-Midland Company (ADM) reported its second quarter financial results, revealing both strengths and weaknesses. The company saw an...

Baptista Research

Archer Daniels Midland Company: Can It Successfully Navigate Global Trade Chaos & Still Come Out on Top?

Archer Daniels Midland Company (ADM) reported its financial results for the first quarter of 2025, posting an adjusted earnings per share of $0.70...

Baptista Research

Archer-Daniels-Midland: Strategic Simplification & Portfolio Optimization Fueling Our ‘Outperform’ Rating!

Archer-Daniels-Midland Company (ADM) ended the fourth quarter and full year 2024 with adjusted earnings per share of $1.14 and $4.74,...

Baptista Research

StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

Wilmar is coming up "cheap" to YKA, yet the implied stub numbers suggests otherwise. I'd be reluctant to long Wilmar, short YKA right here. I would...

David Blennerhassett

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