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 global companies with sustainable competitive advantages and are Shariah compliant.</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><li>Previous portfolio returned 4.1% vs. MSCI World (4.2%) – underperformed the benchmark by -0.1%.</li></ul>

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.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.Previous portfolio returned 4.1% vs. MSCI World (4.2%) – underperformed the benchmark by -0.1%.

Global Competitive Barrier (Shariah) Portfolio (18-Aug-2026)

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

Cf Industries Holdings / Equity Bottom-Up

<ul><li>CF Industries presented its third-quarter results for 2025, revealing key financial and operational developments.</li><li>The company provided an adjusted EBITDA of $2.1 billion for the first nine months, indicating solid performance and strong execution across the business.</li><li>These results point towards a robust operational environment, with a high utilization rate of 97% for ammonia production despite a quarter marked by significant maintenance activities.</li></ul>

CF Industries presented its third-quarter results for 2025, revealing key financial and operational developments.The company provided an adjusted EBITDA of $2.1 billion for the first nine months, indicating solid performance and strong execution across the business.These results point towards a robust operational environment, with a high utilization rate of 97% for ammonia production despite a quarter marked by significant maintenance activities.

CF Industries Pushes Into a Tight Ammonia Market—Could Prices Explode?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Although the conflict in the Middle East has caused fertilizer prices to surge, Chinese manufacturers have not benefited because of Beijing's price and export controls.</li>
<li>China is protecting fertilizer supplies for its farmers while the Strait of Hormuz is closed.  Global dependence on the Middle East for products such as urea and DAP is high.</li>
<li>Share prices of Chinese fertilizer companies in both the A-share market and Hong Kong have declined since the start of the war.  </li>
</ul>


Although the conflict in the Middle East has caused fertilizer prices to surge, Chinese manufacturers have not benefited because of Beijing's price and export controls.
China is protecting fertilizer supplies for its farmers while the Strait of Hormuz is closed.  Global dependence on the Middle East for products such as urea and DAP is high.
Share prices of Chinese fertilizer companies in both the A-share market and Hong Kong have declined since the start of the war.  


CHINA FERTILIZER INDUSTRY: Waiting for the Harvest!

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 as of last week (3/3/26 Compass) remains near-term neutral on the S&amp;P 500 (SPX), after being bullish for all but one week since 4/22/25 (we went neutral 11/19/25-11/25/25).</li>
<li>However, signs point to a local low being made yesterday after indexes went from heavily red, to firmly green as Trump signaled the war with Iran is nearing an end</li>
<li>Russell 2000 (IWM) held at 4+year base support $245 , S&amp;P 500 futures(ES) held at its 200-day MA and Nasdaq 100 futures(NQ) held above 6-month support at 24,000 late-Sunday night</li>
</ul>


Our outlook as of last week (3/3/26 Compass) remains near-term neutral on the S&amp;P 500 (SPX), after being bullish for all but one week since 4/22/25 (we went neutral 11/19/25-11/25/25).
However, signs point to a local low being made yesterday after indexes went from heavily red, to firmly green as Trump signaled the war with Iran is nearing an end
Russell 2000 (IWM) held at 4+year base support $245 , S&amp;P 500 futures(ES) held at its 200-day MA and Nasdaq 100 futures(NQ) held above 6-month support at 24,000 late-Sunday night


Local Low in Place; Russell 2000 (IWM) Holds at $245; Semiconductors (SMH) Hold at $375

<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?

United States

CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate fertilizer products globally. The Company's principal products in the nitrogen segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate, diesel exhaust fluid and aqua ammonia. The principal products in the phosphate segment are diammonium phosphate and  monoammonium phosphate.

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Cf Industries Holdings (CF US)

Global Competitive Barrier (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant. By adopting a portfolio of...

Crea8

CF Industries Pushes Into a Tight Ammonia Market—Could Prices Explode?

CF Industries presented its third-quarter results for 2025, revealing key financial and operational developments. The company provided an adjusted...

Baptista Research

CHINA FERTILIZER INDUSTRY: Waiting for the Harvest!

Although the conflict in the Middle East has caused fertilizer prices to surge, Chinese manufacturers have not benefited because of Beijing's price...

David Mudd

Local Low in Place; Russell 2000 (IWM) Holds at $245; Semiconductors (SMH) Hold at $375

Local Low in Place $SPX; Russell 2000 $IWM Holds at $245; Semiconductors $SMH Hold at $365-$375; Cannot be too Bearish if these supports hold....

Vermilion 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

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