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

Banco Bilbao Vizcaya Argentari / Equity Bottom-Up

<ul><li>Banco Bilbao Vizcaya Argentaria (BBVA) has reported robust second-quarter 2025 financial results alongside new medium-term strategic objectives.</li><li>Despite currency depreciation challenges, the bank increased its tangible book value per share plus dividends by 14.6% year-over-year and 2.9% during the quarter.</li><li>BBVA’s return on tangible equity stood at a notable 20.4%, with a return on equity of 19.5% over the first half of 2025.</li></ul>

Banco Bilbao Vizcaya Argentaria (BBVA) has reported robust second-quarter 2025 financial results alongside new medium-term strategic objectives.Despite currency depreciation challenges, the bank increased its tangible book value per share plus dividends by 14.6% year-over-year and 2.9% during the quarter.BBVA’s return on tangible equity stood at a notable 20.4%, with a return on equity of 19.5% over the first half of 2025.

BBVA’s Interest Rate Game Plan: What Investors Must Know for 2028!

<ul><li>Banco Bilbao Vizcaya Argentaria (BBVA) reported a strong first quarter, showcasing robust financial growth and strategic advancements, though there are areas for investor consideration.</li><li>On the positive side, BBVA displayed significant improvements in key financial metrics.</li><li>The tangible book value per share plus dividends increased by 14.1% year-over-year, indicating strong shareholder returns.</li></ul>

Banco Bilbao Vizcaya Argentaria (BBVA) reported a strong first quarter, showcasing robust financial growth and strategic advancements, though there are areas for investor consideration.On the positive side, BBVA displayed significant improvements in key financial metrics.The tangible book value per share plus dividends increased by 14.1% year-over-year, indicating strong shareholder returns.

BBVA: Accelerating Loan Growth in Mexico as Short-Term Lending Surges 17%!

<ul><li>Banco Bilbao Vizcaya Argentaria (BBVA) reported its third-quarter earnings for 2024, presenting a financial snapshot that highlights both strong performance and areas of concern.</li><li>The bank achieved a net attributable profit of EUR 2,627 million, marking a 26% increase compared to the same quarter last year, albeit a 6% decline from the previous quarter's record numbers.</li><li>A notable achievement in this quarter was the tangible book value per share plus dividends, which rose by 16% year-over-year, showcasing BBVA's capacity for generating shareholder value despite currency depreciation challenges, especially from the Mexican peso.</li></ul>

Banco Bilbao Vizcaya Argentaria (BBVA) reported its third-quarter earnings for 2024, presenting a financial snapshot that highlights both strong performance and areas of concern.The bank achieved a net attributable profit of EUR 2,627 million, marking a 26% increase compared to the same quarter last year, albeit a 6% decline from the previous quarter's record numbers.A notable achievement in this quarter was the tangible book value per share plus dividends, which rose by 16% year-over-year, showcasing BBVA's capacity for generating shareholder value despite currency depreciation challenges, especially from the Mexican peso.

BBVA: Emerging Markets Exploration To Catalyze Their Top-Line Growth? - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

<ul>
<li>We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).</li>
<li>We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. </li>
</ul>


We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. 


"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

Spain

Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail, wholesale, and investment banking services. The Bank offers consumer and mortgage loans, private banking, asset management, insurance, mutual funds, and securities brokerage services. Banco Bilbao Vizcaya Argentaria operates in Europe, Latin America, United States, China, and Turkey.

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Banco Bilbao Vizcaya Argentari (BBVA US)

BBVA’s Interest Rate Game Plan: What Investors Must Know for 2028!

Banco Bilbao Vizcaya Argentaria (BBVA) has reported robust second-quarter 2025 financial results alongside new medium-term strategic...

Baptista Research

BBVA: Accelerating Loan Growth in Mexico as Short-Term Lending Surges 17%!

Banco Bilbao Vizcaya Argentaria (BBVA) reported a strong first quarter, showcasing robust financial growth and strategic advancements, though...

Baptista Research

BBVA: Emerging Markets Exploration To Catalyze Their Top-Line Growth? - Major Drivers

Banco Bilbao Vizcaya Argentaria (BBVA) reported its third-quarter earnings for 2024, presenting a financial snapshot that highlights both strong...

Baptista Research

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

"Lockout Rally" Underway $ACWI; Downgrading China $MCHI $FXI to Market Weight; U.S. Dollar (DXY) Providing Significant Risk-On Signal. Remain...

Vermilion Research

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