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>AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges.</li><li>The quarter saw consolidated net sales grow by 8% year-over-year to $452 million, while the residential segment led growth with a 9% year-over-year increase in net sales.</li><li>This robust performance was driven by mid-single-digit sell-through growth and continued expansion in product lines such as TimberTech and AZEK Exteriors.</li></ul>

AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges.The quarter saw consolidated net sales grow by 8% year-over-year to $452 million, while the residential segment led growth with a 9% year-over-year increase in net sales.This robust performance was driven by mid-single-digit sell-through growth and continued expansion in product lines such as TimberTech and AZEK Exteriors.

The AZEK Company: Will Its Recent Mergers & Acquisitions Help Enhance Market Reach & Customer Value?

<ul><li>The AZEK Company reported solid financial performance for the first quarter of fiscal 2025, with notable achievements in their Residential segment.</li><li>The company's net sales increased by 22% year-over-year to $272 million, driven significantly by growth in the Deck, Rail & Accessories and Exteriors product categories.</li><li>The Residential segment also saw a 24% year-over-year growth in adjusted EBITDA, and adjusted EBITDA margin expanded to 23.7%.</li></ul>

The AZEK Company reported solid financial performance for the first quarter of fiscal 2025, with notable achievements in their Residential segment.The company's net sales increased by 22% year-over-year to $272 million, driven significantly by growth in the Deck, Rail & Accessories and Exteriors product categories.The Residential segment also saw a 24% year-over-year growth in adjusted EBITDA, and adjusted EBITDA margin expanded to 23.7%.

AZEK’s Railing Revolution: How It’s Trying To Take Over The Billion-Dollar Wood Market!

<ul><li>The AZEK Company recently announced its financial results for the fourth quarter of fiscal 2024, revealing significant achievements alongside some challenges that could impact future performance.</li><li>The company achieved a 12% year-over-year growth in net sales, marking another year of strong performance within its Residential segment, which grew by high single digits.</li><li>However, there was some softness in the Exteriors business during the latter half of the year.</li></ul>

The AZEK Company recently announced its financial results for the fourth quarter of fiscal 2024, revealing significant achievements alongside some challenges that could impact future performance.The company achieved a 12% year-over-year growth in net sales, marking another year of strong performance within its Residential segment, which grew by high single digits.However, there was some softness in the Exteriors business during the latter half of the year.

The AZEK Company: Will Its Enhanced Strategic Distribution & Market Expansion Be A Potential Game Changer? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index and 2 changes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>.</li>
<li>There is between A$30m-A$135m to trade in the index changes and that is between 0.7-16 days of ADV in the stocks. Short interest has jumped in a few stocks.</li>
<li>We expect positioning to be lower than the passive trading in <a href="https://www.smartkarma.com/entities/nick-scali-ltd" target="_blank" data-smartkarma-citation="entities:20803:1" rel="noopener">Nick Scali</a>, <a href="https://www.smartkarma.com/entities/viva-energy-group-ltd" target="_blank" data-smartkarma-citation="entities:27220:1" rel="noopener">Viva Energy Group</a>, <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining</a>, <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd</a> and <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius</a>.</li>
</ul>


There is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index and 2 changes for the S&amp;P/ASX 200 (AS51 INDEX).
There is between A$30m-A$135m to trade in the index changes and that is between 0.7-16 days of ADV in the stocks. Short interest has jumped in a few stocks.
We expect positioning to be lower than the passive trading in Nick Scali, Viva Energy Group, Perseus Mining, Austal Ltd and Healius.


S&P/​​​​ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning

<ul>
<li>With the review period nearly complete, there could be one change each for the S&amp;P/ASX20 Index, S&amp;P/ASX50 Index and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX200 INDEX</a> and two changes for the S&amp;P/ASX100 Index in June.</li>
<li>Passive trackers will need to buy between 1-12.5 days of ADV in the forecast adds and sell between 0.6-9.8 days of ADV in the forecast deletes.</li>
<li>While cumulative excess volume has increased in the forecast adds and deletes, there could be underpositioning relative to the estimated passive flow in <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining</a>, <a href="https://www.smartkarma.com/entities/viva-energy-group-ltd" target="_blank" data-smartkarma-citation="entities:27220:1" rel="noopener">Viva Energy</a> and <a href="https://www.smartkarma.com/entities/nick-scali-ltd" target="_blank" data-smartkarma-citation="entities:20803:1" rel="noopener">Nick Scali</a>.</li>
</ul>


With the review period nearly complete, there could be one change each for the S&amp;P/ASX20 Index, S&amp;P/ASX50 Index and S&amp;P/ASX200 INDEX and two changes for the S&amp;P/ASX100 Index in June.
Passive trackers will need to buy between 1-12.5 days of ADV in the forecast adds and sell between 0.6-9.8 days of ADV in the forecast deletes.
While cumulative excess volume has increased in the forecast adds and deletes, there could be underpositioning relative to the estimated passive flow in Perseus Mining, Viva Energy and Nick Scali.


S&P/ASX Index Rebalance Preview (June 2025): 10 Potential Changes Across Indices

United States

The AZEK Company Inc. manufactures environmentally sustainable building products for residential and commercial markets. The Company's products include decking, railing, trim, porch, moulding, pavers, bathroom, and locker systems, as well as extruded plastic sheets and other non-fabricated products for special applications in industrial markets.

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

Azek (AZEK US)

The AZEK Company: Will Its Recent Mergers & Acquisitions Help Enhance Market Reach & Customer Value?

AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges. The quarter...

Baptista Research

AZEK’s Railing Revolution: How It’s Trying To Take Over The Billion-Dollar Wood Market!

The AZEK Company reported solid financial performance for the first quarter of fiscal 2025, with notable achievements in their Residential...

Baptista Research

The AZEK Company: Will Its Enhanced Strategic Distribution & Market Expansion Be A Potential Game Changer? - Major Drivers

The AZEK Company recently announced its financial results for the fourth quarter of fiscal 2024, revealing significant achievements alongside some...

Baptista Research

S&P/ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning

There are 12 changes across the ASX family. Flows are big in some stocks and short interest has spiked in a few stocks. Adds have outperformed the...

Brian Freitas

S&P/ASX Index Rebalance Preview (June 2025): 10 Potential Changes Across Indices

There could be 10 changes for the ASX index family in June. Shorts have picked up in a few names. There is positioning in the forecast adds and...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The AZEK Company: Will Its Recent Mergers & Acquisitions Help Enhance Market Reach & Customer Value?

AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges. The quarter...

Baptista Research

AZEK’s Railing Revolution: How It’s Trying To Take Over The Billion-Dollar Wood Market!

The AZEK Company reported solid financial performance for the first quarter of fiscal 2025, with notable achievements in their Residential...

Baptista Research

The AZEK Company: Will Its Enhanced Strategic Distribution & Market Expansion Be A Potential Game Changer? - Major Drivers

The AZEK Company recently announced its financial results for the fourth quarter of fiscal 2024, revealing significant achievements alongside some...

Baptista Research

S&P/​​​​ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning

There are 12 changes across the ASX family. Flows are big in some stocks and short interest has spiked in a few stocks. Adds have outperformed the...

Brian Freitas

S&P/ASX Index Rebalance Preview (June 2025): 10 Potential Changes Across Indices

There could be 10 changes for the ASX index family in June. Shorts have picked up in a few names. There is positioning in the forecast adds and...

Brian Freitas

S&P/ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning