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>Coeur Mining recently reported its fourth quarter and full-year results for 2025, showcasing a particularly strong performance with several record achievements.</li><li>On the production side, the company saw a year-over-year increase of 57% in silver production and 23% in gold production, propelled by the Rochester expansion and the acquisition of SilverCrest.</li><li>Coeur’s revenue composition indicates a significant reliance on silver, attributing 35% of total revenue to the metal in 2025.</li></ul>

Coeur Mining recently reported its fourth quarter and full-year results for 2025, showcasing a particularly strong performance with several record achievements.On the production side, the company saw a year-over-year increase of 57% in silver production and 23% in gold production, propelled by the Rochester expansion and the acquisition of SilverCrest.Coeur’s revenue composition indicates a significant reliance on silver, attributing 35% of total revenue to the metal in 2025.

Coeur Mining's Silver Output Jumps 57% Reshaping The Earnings Profile!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Junior Gold Miners index tracks the performance of small-cap gold and silver mining companies listed around the world. Lots of AUM on the ETF means big impact sometimes.</li>
<li>There will be no index changes for the December 2026 rebal event. However, we currently expect a one-way flow of US$43mm for December 2026 due to capping/re-capping.</li>
<li>The Vault-Genesis deal is expected to complete before the December 2026 rebal. Vault faces over two months of ADV to sell and Genesis over a month to buy, both US$1bn+.</li>
</ul>


The MV Junior Gold Miners index tracks the performance of small-cap gold and silver mining companies listed around the world. Lots of AUM on the ETF means big impact sometimes.
There will be no index changes for the December 2026 rebal event. However, we currently expect a one-way flow of US$43mm for December 2026 due to capping/re-capping.
The Vault-Genesis deal is expected to complete before the December 2026 rebal. Vault faces over two months of ADV to sell and Genesis over a month to buy, both US$1bn+.


[Quiddity Index] MV Junior Gold Miners Index Dec26: Vault-Genesis Deal Has Massive Passive Flows

David Blennerhassett

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a> announced two major downgrades this year, hampered by old hardware, leading to a ~19% single-day share price fall on the second cut.</li>
<li>NST made some concessions, mollifying activist Elliott (and the market). For now. I discussed this situation in <a href="https://www.smartkarma.com/insights/stay-the-course-as-northern-star-nst-au-extends-olive-branch-to-elliott" target="_blank" data-smartkarma-citation="insights:268277" rel="noopener">Stay The Course As Northern Star (NST AU) Extends Olive Branch To Elliott</a>.</li>
<li>NST announced this morning that three days prior my note it received, and (has now) summarily rejected a cash/scrip Offer from <a href="https://www.smartkarma.com/entities/gold-fields-ltd" target="_blank" data-smartkarma-citation="entities:25109:1" rel="noopener">Gold Fields (GFI SJ)</a>, or a A$27/share implied price.</li>
</ul>



Northern Star Resources (NST AU) announced two major downgrades this year, hampered by old hardware, leading to a ~19% single-day share price fall on the second cut.
NST made some concessions, mollifying activist Elliott (and the market). For now. I discussed this situation in Stay The Course As Northern Star (NST AU) Extends Olive Branch To Elliott.
NST announced this morning that three days prior my note it received, and (has now) summarily rejected a cash/scrip Offer from Gold Fields (GFI SJ), or a A$27/share implied price.


Northern Star (NST AU) Rejects Gold Fields (GFI SJ)'s Terms

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>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Speculative Growth Themes Still Leading; Nuclear Stocks are Going... Nuclear. We highlight many speculative stocks to buy that we believe will continue to outperform into year-end</li>
<li>Software (IGV), semiconductors (XSD), (IPO), ARK (ARKK and ARKW), uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), A.I., nuclear, robotics, drones, autonomous driving, EV batteries, energy storage,bitcoin,data centers</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Speculative Growth Themes Still Leading; Nuclear Stocks are Going... Nuclear. We highlight many speculative stocks to buy that we believe will continue to outperform into year-end
Software (IGV), semiconductors (XSD), (IPO), ARK (ARKK and ARKW), uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), A.I., nuclear, robotics, drones, autonomous driving, EV batteries, energy storage,bitcoin,data centers


Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.</li>
<li>Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.
Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL


Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

United States

Coeur Mining, Inc., through its subsidiaries, explores, develops, operates, and/or owns silver and gold mining properties and companies.  The Company's properties are located primarily in the United States, Australia, and South America.

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Coeur Mining (CDE US)

Coeur Mining's Silver Output Jumps 57% Reshaping The Earnings Profile!

Coeur Mining recently reported its fourth quarter and full-year results for 2025, showcasing a particularly strong performance with several record...

Baptista Research

[Quiddity Index] MV Junior Gold Miners Index Dec26: Vault-Genesis Deal Has Massive Passive Flows

There isn't much flow int eh MV Junior Gold Miners Index rebal in December but there will be big flow in the interim with the deletion of Vault...

Travis Lundy

Northern Star (NST AU) Rejects Gold Fields (GFI SJ)'s Terms

I previously advocated the mantra of “stay the course and let the expanded mill re‑rate the stock.” I stand by that. The pushback? Another...

David Blennerhassett

Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

Going Nuclear $LTBR $LEU $OKLO $NNE $LEU; Russell 2000 Breakout to All-Time Highs; Still Bullish; Continue to Overweight Spec Growth Themes into...

Vermilion Research

Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

Downgrading Utilities $XLU to Market Weight; Bullish Outlook Intact; Time for Prior Leadership to Shine? $IGV $PLTR $APP $SOUN $RZLV $SHOP $FROG $U...

Vermilion Research

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