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>The Bank of Nova Scotia, commonly known as Scotiabank, reported strong financial results for Q3, demonstrating continued momentum across its various business segments.</li><li>The bank delivered adjusted earnings of $2.5 billion, or $1.88 per share, marking a 15% year-over-year increase.</li><li>The return on equity (ROE) also improved, reaching 12.4%, up 110 basis points from the previous year.</li></ul>

The Bank of Nova Scotia, commonly known as Scotiabank, reported strong financial results for Q3, demonstrating continued momentum across its various business segments.The bank delivered adjusted earnings of $2.5 billion, or $1.88 per share, marking a 15% year-over-year increase.The return on equity (ROE) also improved, reaching 12.4%, up 110 basis points from the previous year.

The Bank of Nova Scotia: Progress in Commercial Banking As A Critical Factor Driving Growth!

<ul><li>The Bank of Nova Scotia (Scotiabank) recently presented its Q2 2025 financial results in an earnings call, which navigated the continued undercurrents of global economic uncertainty while detailing the execution of its strategic initiatives.</li><li>Despite the enduring economic challenges, Scotiabank achieved adjusted earnings of $2.1 billion, equivalent to $1.52 per share.</li><li>Throughout the discussion, the bank emphasized its robust balance sheet metrics, disciplined capital allocation, and strategic growth in client relationships across its various divisions.</li></ul>

The Bank of Nova Scotia (Scotiabank) recently presented its Q2 2025 financial results in an earnings call, which navigated the continued undercurrents of global economic uncertainty while detailing the execution of its strategic initiatives.Despite the enduring economic challenges, Scotiabank achieved adjusted earnings of $2.1 billion, equivalent to $1.52 per share.Throughout the discussion, the bank emphasized its robust balance sheet metrics, disciplined capital allocation, and strategic growth in client relationships across its various divisions.

Bank of Nova Scotia (Scotiabank): Doubling Down on Retail With Deposit Surge & Cross-Sell Momentum!

<ul><li>The Bank of Nova Scotia (Scotiabank) released its fourth quarter results for 2024, indicating a year of both progress and challenges as the institution implements its new enterprise strategy aimed at sustainable, profitable growth and maximizing shareholder value.</li><li>The bank's 2024 results reflect modest earnings growth, consistent with its expectations and guidance shared during its Investor Day.</li><li>On the positive side, Scotiabank reported progress in increasing primary client numbers, an essential element of its growth strategy.</li></ul>

The Bank of Nova Scotia (Scotiabank) released its fourth quarter results for 2024, indicating a year of both progress and challenges as the institution implements its new enterprise strategy aimed at sustainable, profitable growth and maximizing shareholder value.The bank's 2024 results reflect modest earnings growth, consistent with its expectations and guidance shared during its Investor Day.On the positive side, Scotiabank reported progress in increasing primary client numbers, an essential element of its growth strategy.

The Bank of Nova Scotia: International Business Realignment Driving Our Bullishness! - 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

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We maintain our near-term bullish outlook on S&amp;P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.</li>
<li>Our intermediate-term bullish outlook has been in place since 5/14/25. We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.</li>
<li>Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026</li>
</ul>


We maintain our near-term bullish outlook on S&amp;P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.
Our intermediate-term bullish outlook has been in place since 5/14/25. We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.
Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026


Rising Yields a Problem?; Russell 2000 Breakout; No Concern if 10Y Treasury Yield Is Below 4.2%

<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

Canada

The Bank of Nova Scotia provides retail, commercial, international, corporate, investment and private banking services and products.

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Bank of Nova Scotia (BNS US)

The Bank of Nova Scotia: Progress in Commercial Banking As A Critical Factor Driving Growth!

The Bank of Nova Scotia, commonly known as Scotiabank, reported strong financial results for Q3, demonstrating continued momentum across its...

Baptista Research

Bank of Nova Scotia (Scotiabank): Doubling Down on Retail With Deposit Surge & Cross-Sell Momentum!

The Bank of Nova Scotia (Scotiabank) recently presented its Q2 2025 financial results in an earnings call, which navigated the continued...

Baptista Research

The Bank of Nova Scotia: International Business Realignment Driving Our Bullishness! - Major Drivers

The Bank of Nova Scotia (Scotiabank) released its fourth quarter results for 2024, indicating a year of both progress and challenges as the...

Baptista Research

Rising Yields a Problem?; Russell 2000 Breakout; No Concern if 10Y Treasury Yield Is Below 4.2%

Rising Yields a Problem?; Russell 2000 $IWM Breakout; No Concern if 10Y Treasury Yield is below 4.2%, and quite possibly 4.35%-4.50% if MOVE index...

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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