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>Cameco Corporation's recent earnings provided a detailed overview of the company's strong performance in the nuclear energy sector, bolstered by a favorable market environment.</li><li>The corporation maintained its disciplined approach to operations and financial management, demonstrating resilience amidst the evolving geopolitical landscape and growing interest in nuclear energy as a clean energy solution.</li><li>The positives from the earnings call highlighted Cameco's strategic positioning and robust financial health.</li></ul>

Cameco Corporation's recent earnings provided a detailed overview of the company's strong performance in the nuclear energy sector, bolstered by a favorable market environment.The corporation maintained its disciplined approach to operations and financial management, demonstrating resilience amidst the evolving geopolitical landscape and growing interest in nuclear energy as a clean energy solution.The positives from the earnings call highlighted Cameco's strategic positioning and robust financial health.

Cameco Corporation: Initiation of Coverage- McArthur River & Cigar Lake Developments AS a Crucial Factor Influencing The Company's Outlook!

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Cameco’s earnings have rebounded strongly with operating leverage from higher uranium prices and conversion margins.</li>
<li>The company is scaling its uranium volumes, upgrading fuel assets, and leveraging its 49% stake in Westinghouse to gain downstream exposure to SMRs and nuclear services.</li>
<li>While valuations appear stretched in the near term, Cameco’s integrated nuclear platform offers attractive long-term optionality, albeit with execution and geopolitical risks.</li>
</ul>


Cameco’s earnings have rebounded strongly with operating leverage from higher uranium prices and conversion margins.
The company is scaling its uranium volumes, upgrading fuel assets, and leveraging its 49% stake in Westinghouse to gain downstream exposure to SMRs and nuclear services.
While valuations appear stretched in the near term, Cameco’s integrated nuclear platform offers attractive long-term optionality, albeit with execution and geopolitical risks.


Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What are major global bond markets telling us about the world?</li>
<li>We look at potential beneficiaries  of the next wave of inflation </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What are major global bond markets telling us about the world?
We look at potential beneficiaries  of the next wave of inflation 


Overview #27 – The Big Beautiful Tragi-Comedy Continues

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>Based on prices and turnover from 22 January, there could be one deletion from the index in January. Plus there will be capping and float changes.</li>
<li>There are four stocks that meet the inclusion criteria, but all are non-pure play companies, and the index is already at the limit of 15 non-pure play companies.</li>
<li>Estimated one-way turnover is 6.8% resulting in a round-trip trade of US$506m. There are many stocks with multiple days of ADV to trade.</li>
</ul>


Based on prices and turnover from 22 January, there could be one deletion from the index in January. Plus there will be capping and float changes.
There are four stocks that meet the inclusion criteria, but all are non-pure play companies, and the index is already at the limit of 15 non-pure play companies.
Estimated one-way turnover is 6.8% resulting in a round-trip trade of US$506m. There are many stocks with multiple days of ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Potential Changes Next Week

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>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure</li>
<li>And we continue to see a high probability of significant upside going into year-end and the early part of 2025.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure
And we continue to see a high probability of significant upside going into year-end and the early part of 2025.


Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Canada

Cameco Corporation explores, develops, mines, refines, converts, and fabricates uranium. The Company offers uranium for sale as fuel for generating electricity in nuclear power reactors. Cameco operates worldwide.

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Cameco Corp (CCO CN)

Cameco Corporation: Initiation of Coverage- McArthur River & Cigar Lake Developments AS a Crucial Factor Influencing The Company's Outlook!

Cameco Corporation's recent earnings provided a detailed overview of the company's strong performance in the nuclear energy sector, bolstered by a...

Baptista Research

Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle

Cameco's strong earnings rebound driven by higher uranium prices and strategic growth initiatives, offering long-term potential despite near-term...

Rahul Jain

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Potential Changes Next Week

There could be 1 delete in Jan. There are unlikely to be any adds; one name is close. Estimated 1-way turnover is 6.8% resulting in a round-trip...

Brian Freitas

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

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52-week Range

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Cameco Corporation: Initiation of Coverage- McArthur River & Cigar Lake Developments AS a Crucial Factor Influencing The Company's Outlook!

Cameco Corporation's recent earnings provided a detailed overview of the company's strong performance in the nuclear energy sector, bolstered by a...

Baptista Research

Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle

​Cameco's strong earnings rebound driven by higher uranium prices and strategic growth initiatives, offering long-term potential despite near-term...

Rahul Jain

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Potential Changes Next Week

There could be 1 delete in Jan. There are unlikely to be any adds; one name is close. Estimated 1-way turnover is 6.8% resulting in a round-trip...

Brian Freitas

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

Cameco's strong earnings rebound driven by higher uranium prices and strategic growth initiatives, offering long-term potential despite near-term...