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

British American Tobacco  / Equity Bottom-Up

<ul><li>British American Tobacco (BAT) presented their 2025 interim results, showing a blend of achievements and challenges that influence the company's future trajectory.</li><li>BAT's revenue rose by 1.8%, and profits from operations increased by 1.9% on a constant currency basis.</li><li>Adjusted earnings per share grew by 1.7%, despite being offset by reductions in ITC profits and higher finance costs.</li></ul>

British American Tobacco (BAT) presented their 2025 interim results, showing a blend of achievements and challenges that influence the company's future trajectory.BAT's revenue rose by 1.8%, and profits from operations increased by 1.9% on a constant currency basis.Adjusted earnings per share grew by 1.7%, despite being offset by reductions in ITC profits and higher finance costs.

British American Tobacco’s Velo Plus Shakes Up the U.S. – Inside the Battle for Oral Nicotine Dominance!

<ul><li>British American Tobacco's latest financial results indicate a mixed performance, with several areas highlighting progress and others presenting challenges.</li><li>The company's continued transformation is evident in its refined focus on New Categories, such as Smokeless products, which now account for 17.5% of group revenue—a modest increase.</li><li>The customer base for Smokeless products expanded by 3.6 million, primarily due to advancements in Modern Oral products.</li></ul>

British American Tobacco's latest financial results indicate a mixed performance, with several areas highlighting progress and others presenting challenges.The company's continued transformation is evident in its refined focus on New Categories, such as Smokeless products, which now account for 17.5% of group revenue—a modest increase.The customer base for Smokeless products expanded by 3.6 million, primarily due to advancements in Modern Oral products.

British American Tobacco (BAT): Can Its Next-Gen Products Catch Up to PMI’s iQOS and Dominate the Future?

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).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.</li>
<li>Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).</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).
We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.
Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).


Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

<ul>
<li>Our long-term outlook remains bullish as long as the S&amp;P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.</li>
<li>With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation</li>
<li>If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670</li>
</ul>


Our long-term outlook remains bullish as long as the S&amp;P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.
With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation
If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670


Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Thematic (Sector/Industry)

<ul>
<li>IndiaAI Mission is set to launch a GPU access portal for startups and researchers, with procurement bids from major firms like Jio Platforms and <a href="https://www.smartkarma.com/entities/tata-communications-ltd" target="_blank" data-smartkarma-citation="entities:20892:1" rel="noopener">Tata Communications (TCOM IN) </a>
</li>
<li>
<a href="https://www.smartkarma.com/entities/jefferies-financial-group-inc" target="_blank" data-smartkarma-citation="entities:17648:1" rel="noopener">Jefferies Financial Group (JEF US)</a>  expects ITC Hotels to experience $190 million in fund outflows due to ETF selling and BAT's planned stake sale. </li>
<li>
<a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a> secures an $80 million multi-year deal with a US-based manufacturer to drive digital transformation using advanced technologies. </li>
</ul>


IndiaAI Mission is set to launch a GPU access portal for startups and researchers, with procurement bids from major firms like Jio Platforms and Tata Communications (TCOM IN) 


Jefferies Financial Group (JEF US)  expects ITC Hotels to experience $190 million in fund outflows due to ETF selling and BAT's planned stake sale. 

Larsen &amp; Toubro (LT IN) secures an $80 million multi-year deal with a US-based manufacturer to drive digital transformation using advanced technologies. 


#95 India Insight: IndiaAI to Launch GPU Portal, ITC Hotels Faces ETF Outflows, L&T Secures Deal

United Kingdom

British American Tobacco P.L.C. operates as a holding company for a group of companies that manufactures, markets, and sells cigarettes and other tobacco products including cigars and roll-your-own tobacco.

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British American Tobacco (BTI US)

British American Tobacco’s Velo Plus Shakes Up the U.S. – Inside the Battle for Oral Nicotine Dominance!

British American Tobacco (BAT) presented their 2025 interim results, showing a blend of achievements and challenges that influence the company's...

Baptista Research

British American Tobacco (BAT): Can Its Next-Gen Products Catch Up to PMI’s iQOS and Dominate the Future?

British American Tobacco's latest financial results indicate a mixed performance, with several areas highlighting progress and others presenting...

Baptista Research

Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Gap Supports Holding; Expecting Test of All-Time Highs $SPX $QQQ $NDX; 10- and 30-Year Treasury Yields Rolling Over?; Watching $209-210 resistance...

Vermilion Research

Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

Near-Term Downside Likely After False Breakouts $SPX $QQQ; Long-Term Still Bullish; Major Tops on $DXY, 10-Year Treasury Yield. If < 6100 and 6150...

Vermilion Research

#95 India Insight: IndiaAI to Launch GPU Portal, ITC Hotels Faces ETF Outflows, L&T Secures Deal

IndiaAI Mission launches GPU access portal for startups/researchers with bids from major firms; ITC Hotels faces fund outflows, Larsen & Toubro...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

British American Tobacco’s Velo Plus Shakes Up the U.S. – Inside the Battle for Oral Nicotine Dominance!

British American Tobacco (BAT) presented their 2025 interim results, showing a blend of achievements and challenges that influence the company's...

Baptista Research

British American Tobacco (BAT): Can Its Next-Gen Products Catch Up to PMI’s iQOS and Dominate the Future?

British American Tobacco's latest financial results indicate a mixed performance, with several areas highlighting progress and others presenting...

Baptista Research

Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Gap Supports Holding; Expecting Test of All-Time Highs $SPX $QQQ $NDX; 10- and 30-Year Treasury Yields Rolling Over?; Watching $209-210 resistance...

Vermilion Research

Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

Near-Term Downside Likely After False Breakouts $SPX $QQQ; Long-Term Still Bullish; Major Tops on $DXY, 10-Year Treasury Yield. If < 6100 and 6150...

Vermilion Research

#95 India Insight: IndiaAI to Launch GPU Portal, ITC Hotels Faces ETF Outflows, L&T Secures Deal

​IndiaAI Mission launches GPU access portal for startups/researchers with bids from major firms; ITC Hotels faces fund outflows, Larsen & Toubro...

Sudarshan Bhandari

IndiaAI Mission launches GPU access portal for startups/researchers with bids from major firms; ITC Hotels faces fund outflows, Larsen & Toubro...