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>As of November 2025, Barrick Mining Corp. is undergoing a transformation driven by leadership overhaul, activist investor pressure, and heightened speculation about a corporate breakup or acquisition.</li>
<li>Mark Hill, the new interim CEO following Mark Bristow’s abrupt departure in September, has launched a sweeping operational review, just as Elliott Investment Management disclosed a significant stake in the underperforming gold producer.</li>
<li>Barrick has struggled with inconsistent delivery, safety failures including three fatalities this year, and cost overruns—all while its peers have outpaced it in a rising gold price environment.</li>
</ul>


As of November 2025, Barrick Mining Corp. is undergoing a transformation driven by leadership overhaul, activist investor pressure, and heightened speculation about a corporate breakup or acquisition.
Mark Hill, the new interim CEO following Mark Bristow’s abrupt departure in September, has launched a sweeping operational review, just as Elliott Investment Management disclosed a significant stake in the underperforming gold producer.
Barrick has struggled with inconsistent delivery, safety failures including three fatalities this year, and cost overruns—all while its peers have outpaced it in a rising gold price environment.


Barrick Battles Chaos: Elliott’s Stake, CEO Exit & M&A Buzz Explained!

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Tier-One Asset Portfolio Drives Profitability: Barrick's portfolio of six 'Tier One' gold mines, characterized by long life, low costs, and high production volumes, serves as the foundation of its financial strength, consistently generating robust cash flows in a strong gold price environment.</li>
 <li>
Strategic Shift to Copper for Future Growth: The company is strategically expanding its copper production to capitalize on the increasing demand driven by global decarbonization and electrification trends. Major projects like the Lumwana Super Pit expansion in Zambia and Reko Diq in Pakistan are central to this strategy, aiming to significantly boost copper's contribution to overall revenue.</li>
 <li>
Geopolitical Risk and Operational Execution are Key Concerns: A significant portion of Barrick's assets are located in jurisdictions with elevated geopolitical risk, such as Mali, Tanzania, and Pakistan. This exposure, coupled with recent operational challenges and rising costs, has led to investor concerns and a valuation discount compared to its senior peers.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Tier-One Asset Portfolio Drives Profitability: Barrick's portfolio of six 'Tier One' gold mines, characterized by long life, low costs, and high production volumes, serves as the foundation of its financial strength, consistently generating robust cash flows in a strong gold price environment.
  
Strategic Shift to Copper for Future Growth: The company is strategically expanding its copper production to capitalize on the increasing demand driven by global decarbonization and electrification trends. Major projects like the Lumwana Super Pit expansion in Zambia and Reko Diq in Pakistan are central to this strategy, aiming to significantly boost copper's contribution to overall revenue.
  
Geopolitical Risk and Operational Execution are Key Concerns: A significant portion of Barrick's assets are located in jurisdictions with elevated geopolitical risk, such as Mali, Tanzania, and Pakistan. This exposure, coupled with recent operational challenges and rising costs, has led to investor concerns and a valuation discount compared to its senior peers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Zijin trades at senior multiples after its IPO re-rating, with valuation now anchored to execution and cost normalization rather than index-driven flows.</li>
<li>Elevated gold prices support cash flows, but upside from here requires sustained bullion strength or visible AISC improvement.</li>
<li>December GDX non-inclusion removes a near-term catalyst but does not alter asset quality or medium-term fundamentals.</li>
</ul>


Zijin trades at senior multiples after its IPO re-rating, with valuation now anchored to execution and cost normalization rather than index-driven flows.
Elevated gold prices support cash flows, but upside from here requires sustained bullion strength or visible AISC improvement.
December GDX non-inclusion removes a near-term catalyst but does not alter asset quality or medium-term fundamentals.


Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

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 are 5 additions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in December. <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is a surprise add (as are some of the others).</li>
<li>Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.</li>
<li>The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.</li>
</ul>


There are 5 additions for the VanEck Gold Miners ETF/USA (GDX US) in December. Zijin Gold (2259 HK) is a surprise add (as are some of the others).
Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.
The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.


Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

<ul>
<li>There is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

Canada

Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa.

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Barrick Gold (ABX CN)

Barrick Battles Chaos: Elliott’s Stake, CEO Exit & M&A Buzz Explained!

As of November 2025, Barrick Mining Corp. is undergoing a transformation driven by leadership overhaul, activist investor pressure, and heightened...

Baptista Research

Primer: Barrick Mining (B US) - Sep 2025

Tier-One Asset Portfolio Drives Profitability: Barrick's portfolio of six 'Tier One' gold mines, characterized by long life, low costs, and...

αSK

Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...

Rahul Jain

Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

There are 5 adds with Zijin Gold being a big surprise. Estimated one-way turnover is 15.2% and the round-trip trade is US$8.8bn. The adds have...

Brian Freitas

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

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Barrick Battles Chaos: Elliott’s Stake, CEO Exit & M&A Buzz Explained!

As of November 2025, Barrick Mining Corp. is undergoing a transformation driven by leadership overhaul, activist investor pressure, and heightened...

Baptista Research

Primer: Barrick Mining (B US) - Sep 2025

Tier-One Asset Portfolio Drives Profitability: Barrick's portfolio of six 'Tier One' gold mines, characterized by long life, low costs, and...

αSK

Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

​Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...

Rahul Jain

Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

There are 5 adds with Zijin Gold being a big surprise. Estimated one-way turnover is 15.2% and the round-trip trade is US$8.8bn. The adds have...

Brian Freitas

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...