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>Cheniere Energy's financial performance in the fourth quarter and full year 2025 underlines both achievements and challenges.</li><li>The company reported robust numbers with consolidated adjusted EBITDA reaching approximately $6.94 billion, which topped the high end of guidance, indicating successful operational execution.</li><li>This was supported by LNG production reaching new heights, achieving over 46 million tonnes across 670 cargoes for the year.</li></ul>

Cheniere Energy's financial performance in the fourth quarter and full year 2025 underlines both achievements and challenges.The company reported robust numbers with consolidated adjusted EBITDA reaching approximately $6.94 billion, which topped the high end of guidance, indicating successful operational execution.This was supported by LNG production reaching new heights, achieving over 46 million tonnes across 670 cargoes for the year.

Cheniere Energy Is Riding a Global LNG Demand Surge — Is Asia the Game-Changing Opportunity Ahead?

<ul><li>Cheniere Energy's third quarter 2025 results highlight several key operational and financial developments, presenting a balanced picture with both positive achievements and challenges.</li><li>The company reported strong financial outcomes, including a consolidated adjusted EBITDA of approximately $1.6 billion, distributable cash flow of the same amount, and net income of around $1 billion.</li><li>Cheniere reaffirmed its full-year 2025 EBITDA guidance range of $6.6 billion to $7 billion and increased its distributable cash flow guidance from the initial range of $4.4 billion to $4.8 billion to a new range of $4.8 billion to $5.2 billion.</li></ul>

Cheniere Energy's third quarter 2025 results highlight several key operational and financial developments, presenting a balanced picture with both positive achievements and challenges.The company reported strong financial outcomes, including a consolidated adjusted EBITDA of approximately $1.6 billion, distributable cash flow of the same amount, and net income of around $1 billion.Cheniere reaffirmed its full-year 2025 EBITDA guidance range of $6.6 billion to $7 billion and increased its distributable cash flow guidance from the initial range of $4.4 billion to $4.8 billion to a new range of $4.8 billion to $5.2 billion.

Cheniere Energy: Incremental Expansion Strategy

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.</li>
<li>We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.
We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.


Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Commodities

<h3><strong>This Week's Key Take Aways</strong></h3>
<ul>
<li>Lithium stock run may already be out of steam</li>
<li>Like Oil, the Natural Gas markets appear well supplied and are showing near-term weakness.</li>
<li>No love for North American lumber</li>
<li>Copper continues to have us on edge, love the long-term story, but we have got to survive the short and medium term to get there.</li>
<li>Renewable tax credit qualification has a new physical work standard; the race is on to build.</li>
</ul>

This Week's Key Take Aways

Lithium stock run may already be out of steam
Like Oil, the Natural Gas markets appear well supplied and are showing near-term weakness.
No love for North American lumber
Copper continues to have us on edge, love the long-term story, but we have got to survive the short and medium term to get there.
Renewable tax credit qualification has a new physical work standard; the race is on to build.


Real Asset Chartbook Week #18: Lithium Blinks, Gas Slips, Copper Stalls—Who Survives the Grind?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,296 and 1,304 points and the support at 1,281/1,274 points.</li><li>If there are signals supporting rate cuts in the September FOMC meeting, it will be positive for the market.</li><li>This increase may raise market concerns about the risk of a recession in the US once again.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,296 and 1,304 points and the support at 1,281/1,274 points.If there are signals supporting rate cuts in the September FOMC meeting, it will be positive for the market.This increase may raise market concerns about the risk of a recession in the US once again.

Keep a Close Watch on US Employment Figures

United States

Cheniere Energy, Inc. is an energy company focused on LNG-related businesses. The Company owns and operates liquefied natural gas (LNG) receiving terminals and liquefied natural gas (LNG) pipelines. Cheniere Energy manages and operates projects in Louisiana and Texas.

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Cheniere Energy (LNG US)

Cheniere Energy Is Riding a Global LNG Demand Surge — Is Asia the Game-Changing Opportunity Ahead?

Cheniere Energy's financial performance in the fourth quarter and full year 2025 underlines both achievements and challenges. The company reported...

Baptista Research

Cheniere Energy: Incremental Expansion Strategy

Cheniere Energy's third quarter 2025 results highlight several key operational and financial developments, presenting a balanced picture with both...

Baptista Research

Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

SP DJI could announce the addition of Vylor (VYLR US), the seed business spun off from Corteva (CTVA US), to the SP 500 within this week. Our...

Anjana Amarasuriya

Real Asset Chartbook Week #18: Lithium Blinks, Gas Slips, Copper Stalls—Who Survives the Grind?

This Week's Key Take Aways Lithium stock run may already be out of steam Like Oil, the Natural Gas markets appear well supplied and are showing...

Massif Capital Research

Keep a Close Watch on US Employment Figures

Technically, the SET Index is expected to move sideways up, with the resistance at 1,296 and 1,304 points and the support at 1,281/1,274...

Krungthai XSpring

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