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>Bureau Veritas, a global leader in testing, inspection, and certification services, reported its financial results for the first half of 2025 with several key highlights.</li><li>The firm achieved a revenue of EUR 3.2 billion, which represents an organic growth of 6.7% and a total growth of 5.7% on a reported basis.</li><li>This increase was driven by high volumes and strategic pricing programs.</li></ul>

Bureau Veritas, a global leader in testing, inspection, and certification services, reported its financial results for the first half of 2025 with several key highlights.The firm achieved a revenue of EUR 3.2 billion, which represents an organic growth of 6.7% and a total growth of 5.7% on a reported basis.This increase was driven by high volumes and strategic pricing programs.

Bureau Veritas Soars 12.7%: Inside the Explosive Growth of Its Marine & Offshore Division!

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

Royal Bank Of Canada / Technical Analysis

<ul>
<li>The SPX is breaking out after several months of consolidation. Same with the MSCI ACWI index. We are upgrading our outlook on global equities (MSCI ACWI) to bullish.</li>
<li>Breakouts could mean other countries are getting ready to break out, but the U.S. (S&amp;P 500) remains our only country overweight</li>
<li>Moreover, major indexes in the next two largest global equity markets (Europe and Japan) remain below critical resistances of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX.</li>
</ul>


The SPX is breaking out after several months of consolidation. Same with the MSCI ACWI index. We are upgrading our outlook on global equities (MSCI ACWI) to bullish.
Breakouts could mean other countries are getting ready to break out, but the U.S. (S&amp;P 500) remains our only country overweight
Moreover, major indexes in the next two largest global equity markets (Europe and Japan) remain below critical resistances of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX.


S&P 500 and MSCI ACWI Breaking Out; Upgrading MSCI ACWI to Bullish; Buys in Services, Financials

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Alibaba's "Carbon Neutrality Plan" is highly ambitious, scientifically rigorous, and thoughtfully governed. In today's greenwashed world, Alibaba's plan sets a higher standard.</li>
<li>The decarbonisation plan is a silver lining on an otherwise dark Alibaba cloud – a silver lining, not a silver bullet. It wonn't fix Alibaba's problems, with one possible exception...</li>
<li>Alibaba's plan is so ambitious it could facilitate China's national net-zero targets. China seeing Alibaba as propaganda-gold or private-sector poster child is a possible catalyst. </li>
</ul>


Alibaba's "Carbon Neutrality Plan" is highly ambitious, scientifically rigorous, and thoughtfully governed. In today's greenwashed world, Alibaba's plan sets a higher standard.
The decarbonisation plan is a silver lining on an otherwise dark Alibaba cloud – a silver lining, not a silver bullet. It wonn't fix Alibaba's problems, with one possible exception...
Alibaba's plan is so ambitious it could facilitate China's national net-zero targets. China seeing Alibaba as propaganda-gold or private-sector poster child is a possible catalyst. 


Alibaba Group's New Carbon Neutrality Plan Is a Silver Lining, But Not a Silver Bullet

In last week's Int'l Compass (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.

In last week's Int'l Compass (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

OmniVision Integrated Circuits Group / Technical Analysis

OmniVision Integrated Circuits Group (603501 CH)

New developments suggest caution is warranted, and leads us to believe the mixed market environment is poised to continue. The new and concerning developments include widening high yield spreads in the U.S. and Europe and improving relative strength for defensive Sectors -- both are clear signs of risk aversion. At the same time, global indexes remain above critical support levels; until this changes our neutral outlook remains appropriate.

New developments suggest caution is warranted, and leads us to believe the mixed market environment is poised to continue. The new and concerning developments include widening high yield spreads in the U.S. and Europe and improving relative strength for defensive Sectors -- both are clear signs of risk aversion. At the same time, global indexes remain above critical support levels; until this changes our neutral outlook remains appropriate.

Global Equity Strategy: Reason For Caution; Actionable Themes: Services/Technology & Staples

France

Bureau Veritas SA provides a range of consulting services, including global inspection  and audit, tests and certification applied to quality, hygiene and health.

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Bureau Veritas SA (BVI FP)

Bureau Veritas Soars 12.7%: Inside the Explosive Growth of Its Marine & Offshore Division!

Bureau Veritas, a global leader in testing, inspection, and certification services, reported its financial results for the first half of 2025 with...

Baptista Research

S&P 500 and MSCI ACWI Breaking Out; Upgrading MSCI ACWI to Bullish; Buys in Services, Financials

$SPX and MSCI $ACWI Breaking Out; Upgrading Outlook on ACWI and SPX to Bullish as of last Fridays close above 5783; Buys in Services, Financials;...

Vermilion Research

Alibaba Group's New Carbon Neutrality Plan Is a Silver Lining, But Not a Silver Bullet

Alibaba's decarbonisation plan is a silver lining on an otherwise dark Alibaba cloud. But it's not a silver bullet; it won't fix Alibaba's problems...

Kyle Rudden

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

Japan (TOPIX, TOPIX Small) was a big focus for us last week, and it remains the focus in today's report; this could be the start of a broad-based...

Vermilion Research

Global Equity Strategy: Reason For Caution; Actionable Themes: Services/Technology & Staples

With interest rates expected to move sideways to lower, we recommend a mix of growth and defensive Sectors. Today we focus on Services/Technology...

Vermilion Research

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