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>Block has shown considerable growth in gross profit with an impressive 25% increase year over year, largely driven by the strong performance of its Cash App.</li><li>Adjusted EBITDA was up by 81% compared to previous year, proving positive focus on efficiency and profitability.</li><li>The execution of its investment framework and consistent progress towards achieving its Rule of 40 target in 2026, were also remarkable.</li></ul>

Block has shown considerable growth in gross profit with an impressive 25% increase year over year, largely driven by the strong performance of its Cash App.Adjusted EBITDA was up by 81% compared to previous year, proving positive focus on efficiency and profitability.The execution of its investment framework and consistent progress towards achieving its Rule of 40 target in 2026, were also remarkable.

Block Inc.: Expansion Of Financial Services Through The Cash App & 5 Growth Catalysts! - Financial Forecasts

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

<ul>
<li>Diving Deep into Hindenburg Research's comprehensive report on Temenos triggers a market plunge, alleging accounting manipulations, failed North American expansion, product failures, and troubled European deals.</li>
<li>Allegations include aggressive revenue recognition, excessive R&amp;D capitalization, difficulty in revenue collection, inflated free cash flow, and executive insiders stock divestment.</li>
<li>Temenos denies allegations, defending its business integrity, performance, and financial standing, but market volatility persists, emphasizing the need for transparent communication and governance reassurance.</li>
</ul>


Diving Deep into Hindenburg Research's comprehensive report on Temenos triggers a market plunge, alleging accounting manipulations, failed North American expansion, product failures, and troubled European deals.
Allegations include aggressive revenue recognition, excessive R&amp;D capitalization, difficulty in revenue collection, inflated free cash flow, and executive insiders stock divestment.
Temenos denies allegations, defending its business integrity, performance, and financial standing, but market volatility persists, emphasizing the need for transparent communication and governance reassurance.


Unveiling the Shadows: A Deep Dive into Hindenburg Research's Exposé on Temenos

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

<ul>
<li>Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. </li>
<li>Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF</li>
<li>Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more</li>
</ul>


Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. 
Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF
Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more


Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

<ul><li>Block, Inc. surpassed the revenue expectations as well as the earnings expectations of Wall Street, elevating profitability expectations for the remainder of the year.</li><li>The quarter saw the highest-ever adjusted EBITDA of $477 million, reflecting a 25% margin on gross profit.</li><li>Square and Cash App played pivotal roles in this success, with Square generating $899 million in gross profit, up 15% year-over-year, and Cash App yielding $984 million in gross profit, a notable 27% year-over-year increase.</li></ul>

Block, Inc. surpassed the revenue expectations as well as the earnings expectations of Wall Street, elevating profitability expectations for the remainder of the year.The quarter saw the highest-ever adjusted EBITDA of $477 million, reflecting a 25% margin on gross profit.Square and Cash App played pivotal roles in this success, with Square generating $899 million in gross profit, up 15% year-over-year, and Cash App yielding $984 million in gross profit, a notable 27% year-over-year increase.

Block Inc.: Cash App & Square's Stellar Success - Inside Block's Profit Powerhouse! - 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>
<a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a> shares stop trading after the close on 26 October and <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> CDIs will start trading from the open on 27 October.</li>
<li>
<a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> CDIs should replace <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a> in the S&amp;P/ASX indices from 27 October. But there could be index changes at the subsequent rebalances.</li>
<li>Based on the case of <a href="https://www.smartkarma.com/entities/block-inc" target="_blank" data-smartkarma-citation="entities:35684:1" rel="noopener">Block (SQ2 AU)</a>, we could see <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> CDIs deleted from the ASX20 Index in December and from the ASX50 Index in March/June.</li>
</ul>



Newcrest Mining (NCM AU) shares stop trading after the close on 26 October and Newmont Mining (NEM US) CDIs will start trading from the open on 27 October.

Newmont Mining (NEM US) CDIs should replace Newcrest Mining (NCM AU) in the S&amp;P/ASX indices from 27 October. But there could be index changes at the subsequent rebalances.
Based on the case of Block (SQ2 AU), we could see Newmont Mining (NEM US) CDIs deleted from the ASX20 Index in December and from the ASX50 Index in March/June.


Newcrest/Newmont & Potential S&P/ASX Changes

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

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Block (XYZ US)

Block Inc.: Expansion Of Financial Services Through The Cash App & 5 Growth Catalysts! - Financial Forecasts

Block has shown considerable growth in gross profit with an impressive 25% increase year over year, largely driven by the strong performance of...

Baptista Research

Unveiling the Shadows: A Deep Dive into Hindenburg Research's Exposé on Temenos

Reason behind 33% Fall in Temenos Share Price: A Deep Dive into Hindenburg Research's latest exposé on Temenos comprising of financial...

Nimish Maheshwari

Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

Continue Riding This Bull Market Higher; Small- and Mid-Caps Resuming Uptrends $IWM $RTY $VXF; Downgrading Consumer Staples $XLP to Underweight...

Vermilion Research

Block Inc.: Cash App & Square's Stellar Success - Inside Block's Profit Powerhouse! - Major Drivers

Block, Inc. surpassed the revenue expectations as well as the earnings expectations of Wall Street, elevating profitability expectations for the...

Baptista Research

Newcrest/Newmont & Potential S&P/ASX Changes

Newmont CDIs should replace Newcrest in the ASX indices. Using Block as a precedent, a decrease in the number of CDIs held in Oz could lead to...

Brian Freitas

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