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>Boliden AB's Q2 2025 results highlight a company navigating through a mixture of challenges and achievements.</li><li>The company reported profits, excluding inventory revaluation, nearing SEK 1.3 billion, a figure significantly influenced by various accounting and currency effects amounting to a negative impact of SEK 600 million.</li><li>Despite the currency setback, Boliden has managed stable production with steady cash flow, partly due to the integration of the Lundin mines, which began contributing from mid-April.</li></ul>

Boliden AB's Q2 2025 results highlight a company navigating through a mixture of challenges and achievements.The company reported profits, excluding inventory revaluation, nearing SEK 1.3 billion, a figure significantly influenced by various accounting and currency effects amounting to a negative impact of SEK 600 million.Despite the currency setback, Boliden has managed stable production with steady cash flow, partly due to the integration of the Lundin mines, which began contributing from mid-April.

Boliden’s Billion-Dollar Power Play: How New Mine Acquisitions Could Shape Its Future Growth Trajectory!

<ul><li>Boliden AB's Q1 2025 results offer a mixed view of the company's current standing and future prospects.</li><li>The highlights for the quarter indicate an operating profit of SEK 2.6 billion, which was impacted by Finnish strikes, resulting in a negative impact of approximately SEK 100 million.</li><li>On the balance sheet, free cash flow was noted to be negative SEK 1.9 billion, attributed to a rebuild of working capital that was initially worked down effectively in the previous quarter.</li></ul>

Boliden AB's Q1 2025 results offer a mixed view of the company's current standing and future prospects.The highlights for the quarter indicate an operating profit of SEK 2.6 billion, which was impacted by Finnish strikes, resulting in a negative impact of approximately SEK 100 million.On the balance sheet, free cash flow was noted to be negative SEK 1.9 billion, attributed to a rebuild of working capital that was initially worked down effectively in the previous quarter.

Boliden AB: Initiation of Coverage- High-Impact Acquisitions & Financial Firepower Fuel Growth Surge!

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Zinc market tone for 2025 is cautious, with most producers guiding flat to lower volumes as concentrate supply remains tight and benchmark TCs hit 50-year lows.</li>
<li>Glencore, Teck, and South32 are dialing back output, while Korea Zinc is facing margin compression. Boliden is raising output via acquisitions and restarts, but still faces integration and cost risks.</li>
<li>Hindustan Zinc stands apart—delivering growth, industry-best 53% EBITDA margins, and sub-$1,000/t cost targets, making it a margin fortress in a soft market. </li>
</ul>


Zinc market tone for 2025 is cautious, with most producers guiding flat to lower volumes as concentrate supply remains tight and benchmark TCs hit 50-year lows.
Glencore, Teck, and South32 are dialing back output, while Korea Zinc is facing margin compression. Boliden is raising output via acquisitions and restarts, but still faces integration and cost risks.
Hindustan Zinc stands apart—delivering growth, industry-best 53% EBITDA margins, and sub-$1,000/t cost targets, making it a margin fortress in a soft market. 


Zinc’s Cycle Turns: Will Supply Outpace Demand?

<ul>
<li>3Q25 marks a clear earnings inflection, with record revenue, strong EBITDA growth, and underlying net profit above ₩250 bn after adjusting for one-off derivative losses.</li>
<li>TC/RC recovery and rare-metals strength drive upgrades, lifting FY25–27 EBITDA/EPS by 8–20% and establishing a higher structural margin base.</li>
<li>Overnance resolution and treasury cancellations offer re-rating potential, with a target price of ₩1.52 mn implying ~27% upside.</li>
</ul>


3Q25 marks a clear earnings inflection, with record revenue, strong EBITDA growth, and underlying net profit above ₩250 bn after adjusting for one-off derivative losses.
TC/RC recovery and rare-metals strength drive upgrades, lifting FY25–27 EBITDA/EPS by 8–20% and establishing a higher structural margin base.
Overnance resolution and treasury cancellations offer re-rating potential, with a target price of ₩1.52 mn implying ~27% upside.


Korea Zinc – 3Q25 Review, TC/RC Upcycle, Rare-Metals Leverage & Governance Outlook

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>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.</li>
<li>Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.


India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

Sweden

Boliden AB mines, processes and sells metals and mineral products, primarily zinc and copper.  Other products include gold, lead, silver, and sulfuric acid. The Company has mining and milling operations in Europe, and smelting and refining operations in Sweden, Finland and Norway.

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Boliden AB (BOL SS)

Boliden’s Billion-Dollar Power Play: How New Mine Acquisitions Could Shape Its Future Growth Trajectory!

Boliden AB's Q2 2025 results highlight a company navigating through a mixture of challenges and achievements. The company reported profits,...

Baptista Research

Boliden AB: Initiation of Coverage- High-Impact Acquisitions & Financial Firepower Fuel Growth Surge!

Boliden AB's Q1 2025 results offer a mixed view of the company's current standing and future prospects. The highlights for the quarter indicate an...

Baptista Research

Zinc’s Cycle Turns: Will Supply Outpace Demand?

2025 zinc market cautious as producers cut output due to tight supply and low benchmark TCs, Hindustan Zinc stands out with strong growth and...

Rahul Jain

Korea Zinc – 3Q25 Review, TC/RC Upcycle, Rare-Metals Leverage & Governance Outlook

3Q25 shows strong earnings growth with record revenue and net profit above ₩250 bn, driven by TC/RC recovery and rare-metals strength, leading to...

Rahul Jain

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

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52-week Range

Market Cap (USDm)

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Boliden’s Billion-Dollar Power Play: How New Mine Acquisitions Could Shape Its Future Growth Trajectory!

Boliden AB's Q2 2025 results highlight a company navigating through a mixture of challenges and achievements. The company reported profits,...

Baptista Research

Boliden AB: Initiation of Coverage- High-Impact Acquisitions & Financial Firepower Fuel Growth Surge!

Boliden AB's Q1 2025 results offer a mixed view of the company's current standing and future prospects. The highlights for the quarter indicate an...

Baptista Research

Zinc’s Cycle Turns: Will Supply Outpace Demand?

​2025 zinc market cautious as producers cut output due to tight supply and low benchmark TCs, Hindustan Zinc stands out with strong growth and...

Rahul Jain

Korea Zinc – 3Q25 Review, TC/RC Upcycle, Rare-Metals Leverage & Governance Outlook

​3Q25 shows strong earnings growth with record revenue and net profit above ₩250 bn, driven by TC/RC recovery and rare-metals strength, leading to...

Rahul Jain

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

2025 zinc market cautious as producers cut output due to tight supply and low benchmark TCs, Hindustan Zinc stands out with strong growth and...

3Q25 shows strong earnings growth with record revenue and net profit above ₩250 bn, driven by TC/RC recovery and rare-metals strength, leading to...