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>CME Group Inc. demonstrated strong performance in the second quarter of 2025, characterized by recordbreaking trading volumes and financial results.</li><li>The average daily volume (ADV) exceeded 30 million contracts for the first time in the company's history, representing a 16% increase over the same period last year.</li><li>This broad-based growth was observed across all six asset classes, with notable records in interest rates, agricultural commodities, and metals, reflecting a heightened demand for risk management solutions amidst global macroeconomic uncertainties.</li></ul>

CME Group Inc. demonstrated strong performance in the second quarter of 2025, characterized by recordbreaking trading volumes and financial results.The average daily volume (ADV) exceeded 30 million contracts for the first time in the company's history, representing a 16% increase over the same period last year.This broad-based growth was observed across all six asset classes, with notable records in interest rates, agricultural commodities, and metals, reflecting a heightened demand for risk management solutions amidst global macroeconomic uncertainties.

CME Group Adds 90,000 Retail Traders—Is a Futures Trading Boom Just Getting Started?

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Exchanges like the Chicago Mercantile Exchange serve the crucial function of bringing buyers and sellers together, ensuring transactions are completed smoothly and efficiently.</li><li>Clearinghouses, coordinated by exchanges, play a vital role in finalizing transactions and mitigating risks, acting as a safety net to guarantee trades will settle even if one party defaults.</li><li>CME Group specializes in futures contracts, offering a wide range of products and deep liquidity pools for global benchmark products, making it a leading marketplace for derivatives globally.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Exchanges like the Chicago Mercantile Exchange serve the crucial function of bringing buyers and sellers together, ensuring transactions are completed smoothly and efficiently.Clearinghouses, coordinated by exchanges, play a vital role in finalizing transactions and mitigating risks, acting as a safety net to guarantee trades will settle even if one party defaults.CME Group specializes in futures contracts, offering a wide range of products and deep liquidity pools for global benchmark products, making it a leading marketplace for derivatives globally.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

CME Group: The House Always Wins - [Business Breakdowns, EP.224]

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>GEM banks Bradesco, Hana and Bank of Baroda are buys due to deep value with positive returns catalysts; the sell on premium-valued Nubank is due to fundamental return headwinds emerging</li>
<li>In the Japanese banks we identify Mizuho and Resona as key beneficiaries of higher benchmark rates going forward, alongside very attractive valuations and supported by strategic share portfolios</li>
<li>CME Group is our 2025 pick in global exchanges, as a flow monster with a very strong competitive position; PagSeguro is the deep value, contrarian pick in payments</li>
</ul>


GEM banks Bradesco, Hana and Bank of Baroda are buys due to deep value with positive returns catalysts; the sell on premium-valued Nubank is due to fundamental return headwinds emerging
In the Japanese banks we identify Mizuho and Resona as key beneficiaries of higher benchmark rates going forward, alongside very attractive valuations and supported by strategic share portfolios
CME Group is our 2025 pick in global exchanges, as a flow monster with a very strong competitive position; PagSeguro is the deep value, contrarian pick in payments


EM and DM Financials - 2025 High Conviction Ideas

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>The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.</li>
<li>Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.</li>
<li>As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.</li>
</ul>


The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.
Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.
As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.


SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

United States

CME Group Inc. operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange and commodities.  The Exchange brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears.

Price Gauge
52-week Range	0.00 - 0.00
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P/E	0.00
Dividend (Yield)	0.00

CME Group (CME US)

CME Group Adds 90,000 Retail Traders—Is a Futures Trading Boom Just Getting Started?

CME Group Inc. demonstrated strong performance in the second quarter of 2025, characterized by recordbreaking trading volumes and financial...

Baptista Research

CME Group: The House Always Wins - [Business Breakdowns, EP.224]

The article discusses the importance of financial exchanges and clearinghouses, with a focus on the Chicago Mercantile Exchange (CME) as the...

Business Breakdowns

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

EM and DM Financials - 2025 High Conviction Ideas

Buy GEM banks Bradesco, Hana and Baroda, sell Nubank due to return headwinds. Japanese banks Mizuho and Resona benefit from higher benchmark...

Victor Galliano

SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

$SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 is Resistance, 2007 Analog on Track if Below 5783. Still Neutral, prefer to sell...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CME Group Adds 90,000 Retail Traders—Is a Futures Trading Boom Just Getting Started?

CME Group Inc. demonstrated strong performance in the second quarter of 2025, characterized by recordbreaking trading volumes and financial...

Baptista Research

CME Group: The House Always Wins - [Business Breakdowns, EP.224]

The article discusses the importance of financial exchanges and clearinghouses, with a focus on the Chicago Mercantile Exchange (CME) as the...

Business Breakdowns

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

This ​Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

EM and DM Financials - 2025 High Conviction Ideas

​Buy GEM banks Bradesco, Hana and Baroda, sell Nubank due to return headwinds. Japanese banks Mizuho and Resona benefit from higher benchmark...

Victor Galliano

SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

$SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 is Resistance, 2007 Analog on Track if Below 5783. Still Neutral, prefer to sell...

Vermilion Research

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Buy GEM banks Bradesco, Hana and Baroda, sell Nubank due to return headwinds. Japanese banks Mizuho and Resona benefit from higher benchmark...