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 Boeing Company reported its first quarter 2026 financial results with consolidated revenue increasing 14% year-over-year to $22.2 billion, reflecting solid growth across its Commercial Airplanes, Defense & Space, and Global Services segments.</li><li>The company’s operating margin was 2%, down from the prior year due mainly to lower pension-related adjustments, though partially offset by higher segment earnings.</li><li>Core loss per share narrowed to $0.20.</li></ul>

The Boeing Company reported its first quarter 2026 financial results with consolidated revenue increasing 14% year-over-year to $22.2 billion, reflecting solid growth across its Commercial Airplanes, Defense & Space, and Global Services segments.The company’s operating margin was 2%, down from the prior year due mainly to lower pension-related adjustments, though partially offset by higher segment earnings.Core loss per share narrowed to $0.20.

Boeing: A 14% Revenue Gain Masks Free Cash Flow Pressure!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Macroeconomics

<ul><li>SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%</li><li>Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.</li><li>The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.</li></ul>

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.

Krungthai XSpring Zoom Eng. August 26, 2026

Cross Asset Strategy

<ul><li>The 30-year US Treasury yield remained elevated at 5.2% amid concerns over tighter liquidity ahead, as the US Treasury plans to use its cash reserves in the Treasury General Account (TGA) to repurchase long-term bonds.</li><li>Commercial bank loans grew 0.1% MoM in July and 2.6% YTD, driven by stronger demand from both the private and public sectors.</li><li>We expect the SET Index to break below support at around 1,600 points due to external headwinds.</li></ul>

The 30-year US Treasury yield remained elevated at 5.2% amid concerns over tighter liquidity ahead, as the US Treasury plans to use its cash reserves in the Treasury General Account (TGA) to repurchase long-term bonds.Commercial bank loans grew 0.1% MoM in July and 2.6% YTD, driven by stronger demand from both the private and public sectors.We expect the SET Index to break below support at around 1,600 points due to external headwinds.

Krungthai XSpring Zoom Eng. August 25, 2026

Technical Analysis

PTT Exploration & Production / Technical Analysis

<ul>
<li>The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a sell-off in semiconductor stocks across Asian markets.</li>
<li>We therefore expect the index to remain above 1,600 points for now.</li>
<li>We continue to recommend buying on weakness, as the index has yet to show a clear bearish signal and still has the potential to rebound.</li>
</ul>


The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a sell-off in semiconductor stocks across Asian markets.
We therefore expect the index to remain above 1,600 points for now.
We continue to recommend buying on weakness, as the index has yet to show a clear bearish signal and still has the potential to rebound.


Krungthai XSpring Technical Eng. August 25, 2026

<ul><li>The Boeing Company, in its fourth quarter of 2025, demonstrated several aspects of progress and challenges that form the basis for an investment thesis.</li><li>The company reported a significant increase in revenue of 57% year-over-year, reaching $23.9 billion, the highest since 2018, driven primarily by improved operational performance, higher commercial deliveries, and a gain from divestiture.</li><li>The positive free cash flow of $375 million, above expectations, is reflective of the Boeing's turnaround efforts.</li></ul>

The Boeing Company, in its fourth quarter of 2025, demonstrated several aspects of progress and challenges that form the basis for an investment thesis.The company reported a significant increase in revenue of 57% year-over-year, reaching $23.9 billion, the highest since 2018, driven primarily by improved operational performance, higher commercial deliveries, and a gain from divestiture.The positive free cash flow of $375 million, above expectations, is reflective of the Boeing's turnaround efforts.

The Boeing Company: Assessing How Inventory Reduction and Production Discipline Shape the Turnaround!

United States

The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide.  The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

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Boeing Co (BA US)

Boeing: A 14% Revenue Gain Masks Free Cash Flow Pressure!

The Boeing Company reported its first quarter 2026 financial results with consolidated revenue increasing 14% year-over-year to $22.2 billion,...

Baptista Research

Krungthai XSpring Zoom Eng. August 26, 2026

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3% Thailand Focus 2026 will highlight the new engines driving...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 25, 2026

The 30-year US Treasury yield remained elevated at 5.2% amid concerns over tighter liquidity ahead, as the US Treasury plans to use its cash...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 25, 2026

The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a...

Krungthai XSpring

The Boeing Company: Assessing How Inventory Reduction and Production Discipline Shape the Turnaround!

The Boeing Company, in its fourth quarter of 2025, demonstrated several aspects of progress and challenges that form the basis for an investment...

Baptista Research

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