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 reported strong first quarter results in 2026, despite the inherent seasonality of Q1 being their softest quarter.</li><li>The quarter’s performance included record revenue of $856 million and EBITDA of $475 million, reflecting increases of 18% in silver production and 11% in gold production year-over-year.</li><li>These improvements were partially driven by contributions from newly acquired assets—specifically, 11 days of production from the New Afton and Rainy River mines following the acquisition of New Gold.</li></ul>

Coeur Mining reported strong first quarter results in 2026, despite the inherent seasonality of Q1 being their softest quarter.The quarter’s performance included record revenue of $856 million and EBITDA of $475 million, reflecting increases of 18% in silver production and 11% in gold production year-over-year.These improvements were partially driven by contributions from newly acquired assets—specifically, 11 days of production from the New Afton and Rainy River mines following the acquisition of New Gold.

Coeur Mining’s $856 Million Record Quarter: Can New Gold Assets Unlock More Upside?

<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 Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 27 adds, 3 deletes and 3 listing changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in March. There are capping and float changes too.</li>
<li>Estimated one-way turnover is 17.4% resulting in a round-trip trade of US$3.8bn. There is a lot of stock to buy in the inclusions.</li>
<li>Capping results in some big flows for the other stocks in the index, mainly <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a>, <a href="https://www.smartkarma.com/entities/endeavour-mining-plc" target="_blank" data-smartkarma-citation="entities:40926:1" rel="noopener">Endeavour Mining (EDV LN)</a>, <a href="https://www.smartkarma.com/entities/coeur-mining-inc" target="_blank" data-smartkarma-citation="entities:2622:1" rel="noopener">Coeur Mining (CDE US)</a> and <a href="https://www.smartkarma.com/entities/equinox-gold-corp" target="_blank" data-smartkarma-citation="entities:38705:1" rel="noopener">Equinox Gold (EQX US)</a>. </li>
</ul>


There are 27 adds, 3 deletes and 3 listing changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in March. There are capping and float changes too.
Estimated one-way turnover is 17.4% resulting in a round-trip trade of US$3.8bn. There is a lot of stock to buy in the inclusions.
Capping results in some big flows for the other stocks in the index, mainly Evolution Mining (EVN AU), Endeavour Mining (EDV LN), Coeur Mining (CDE US) and Equinox Gold (EQX US). 


MV Global Junior Gold Miners Index Rebalance: 27 Adds; 3 Deletes; US$3.8bn Trade

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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed globally.</li>
<li>We see roughly US$236mm on one-way capping flow in June 2026.</li>
<li>We also present our ADDs/DELs for the next semiannual index review in September 2026.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed globally.
We see roughly US$236mm on one-way capping flow in June 2026.
We also present our ADDs/DELs for the next semiannual index review in September 2026.


[Quiddity Index] MV Junior Gold Miners Jun26/Sep26: Capping in Jun26 and 20+ ADDs Likely in Sep26

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 $856 Million Record Quarter: Can New Gold Assets Unlock More Upside?

Coeur Mining reported strong first quarter results in 2026, despite the inherent seasonality of Q1 being their softest quarter. The quarter’s...

Baptista Research

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

MV Global Junior Gold Miners Index Rebalance: 27 Adds; 3 Deletes; US$3.8bn Trade

There are 27 adds, 3 deletes and 3 listing changes for the GDXJ. Estimated one-way turnover is 17.4% and round-trip trade is US$3.8bn. Capping...

Brian Freitas

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

[Quiddity Index] MV Junior Gold Miners Jun26/Sep26: Capping in Jun26 and 20+ ADDs Likely in Sep26

The MV Junior Gold Miners Index reviews its constituents twice a year in March and September but runs a capping exercise every quarter. The June26...

Travis Lundy

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