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>Cenovus Energy delivered solid operational and financial results in the first quarter of 2026, underpinned by strong upstream production, particularly in the oil sands segment, and resilient downstream performance.</li><li>The company reported upstream production exceeding 972,000 barrels of oil equivalent per day, with record volumes following the acquisition of MEG Energy.</li><li>Key assets such as Christina Lake, Narrows Lake, Foster Creek, Sunrise, and Lloydminster Thermals exhibited robust production growth and operational efficiencies.</li></ul>

Cenovus Energy delivered solid operational and financial results in the first quarter of 2026, underpinned by strong upstream production, particularly in the oil sands segment, and resilient downstream performance.The company reported upstream production exceeding 972,000 barrels of oil equivalent per day, with record volumes following the acquisition of MEG Energy.Key assets such as Christina Lake, Narrows Lake, Foster Creek, Sunrise, and Lloydminster Thermals exhibited robust production growth and operational efficiencies.

Cenovus Energy’s 972,000 boe/d Quarter — Can Oil Sands Momentum Offset Policy Risk?

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

TSMC (Taiwan Semiconductor Manufacturing) / Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).</li>
<li>We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass. There is no reason to be anything but bullish as long as ACWI-US is above $158-$159,...</li>
<li>...MSCI ACWI ex-U.S. (ACWX-US) is above $76.50, MSCI EAFE (EFA-US) is above its 6-month base at $105-$105.50, and MSCI EM (EEM-US) is above $63-$63.50.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).
We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass. There is no reason to be anything but bullish as long as ACWI-US is above $158-$159,...
...MSCI ACWI ex-U.S. (ACWX-US) is above $76.50, MSCI EAFE (EFA-US) is above its 6-month base at $105-$105.50, and MSCI EM (EEM-US) is above $63-$63.50.


Opportunity in A.I. Names, Energy, and Materials; Bullish Outlook Intact as $ACWI Tests $158-$159

<ul>
<li>ACWI-US remains above its 2-month base and EAFE(EFA-US) remains above its 5.5+month base, however, 2-week flag patterns have resolved to the downside, giving us reason for pause in the near-term.</li>
<li>We view Tuesday's price action as "a day to take notice" and suggests that the bounce in MSCI EM (EEM-US) and A.I. names since late-July has potentially run its course</li>
<li>We are much more neutral on EEM-US and A.I. names and see more choppiness ahead. We still see plenty of opportunity in non-A.I. names.</li>
</ul>


ACWI-US remains above its 2-month base and EAFE(EFA-US) remains above its 5.5+month base, however, 2-week flag patterns have resolved to the downside, giving us reason for pause in the near-term.
We view Tuesday's price action as "a day to take notice" and suggests that the bounce in MSCI EM (EEM-US) and A.I. names since late-July has potentially run its course
We are much more neutral on EEM-US and A.I. names and see more choppiness ahead. We still see plenty of opportunity in non-A.I. names.


Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys: Energy, Healthcare, Shipping

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul>
<li>The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services.</li>
<li>These companies support our societal well-being and are less likely to be subject to hype.</li>
<li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li>
</ul>


The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services.
These companies support our societal well-being and are less likely to be subject to hype.
By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.


Global Life Essential (Shariah) Portfolio (18-Aug-2026)

<ul><li>Cenovus Energy's third-quarter 2025 financial results demonstrate both strengths and challenges as the company navigates significant operational and strategic milestones.</li><li>On the positive side, the company's upstream production reached its highest-ever level at 833,000 barrels of oil equivalent per day, with substantial contributions from its oil sands operations, notably at Christina Lake and Foster Creek.</li><li>These achievements are bolstered by strategic investments and optimizations, such as the steam capacity expansion at Foster Creek and continued progress at the Narrows Lake development area.</li></ul>

Cenovus Energy's third-quarter 2025 financial results demonstrate both strengths and challenges as the company navigates significant operational and strategic milestones.On the positive side, the company's upstream production reached its highest-ever level at 833,000 barrels of oil equivalent per day, with substantial contributions from its oil sands operations, notably at Christina Lake and Foster Creek.These achievements are bolstered by strategic investments and optimizations, such as the steam capacity expansion at Foster Creek and continued progress at the Narrows Lake development area.

Cenovus Energy: Record Upstream Momentum—What 833

Canada

Cenovus Energy Inc. operates as an oil and gas company. The Company focuses on production of integrated oils. Cenovus Energy serves clients in Canada.

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Cenovus Energy (CVE US)

Cenovus Energy’s 972,000 boe/d Quarter — Can Oil Sands Momentum Offset Policy Risk?

Cenovus Energy delivered solid operational and financial results in the first quarter of 2026, underpinned by strong upstream production,...

Baptista Research

Opportunity in A.I. Names, Energy, and Materials; Bullish Outlook Intact as $ACWI Tests $158-$159

Premarket Report: Opportunity in A.I. Names, Energy, and Materials; Bullish Outlook Intact as $ACWI Tests $158-$159. $SOXX $CHAT $DRAM

Vermilion Research

Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys: Energy, Healthcare, Shipping

Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys in Energy $XLE $FTI $CVE $CNQ, Health Care, and Marine Shipping. Tuesday's...

Vermilion Research

Global Life Essential (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services. These companies support our societal...

Crea8

Cenovus Energy: Record Upstream Momentum—What 833

Cenovus Energy's third-quarter 2025 financial results demonstrate both strengths and challenges as the company navigates significant operational...

Baptista Research

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