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>CRH plc is extending its acquisition-driven growth strategy into the Nordic region after agreeing to acquire NCC Industry’s operations in Denmark and Finland from NCC AB.</li><li>The businesses produce and sell stone materials and asphalt products for construction and infrastructure projects, giving CRH additional exposure to two markets where management has recently pointed to improving activity.</li><li>The transaction remains subject to regulatory approvals and customary closing conditions, with completion expected in 2027 and both businesses operating independently until then.</li></ul>

CRH plc is extending its acquisition-driven growth strategy into the Nordic region after agreeing to acquire NCC Industry’s operations in Denmark and Finland from NCC AB.The businesses produce and sell stone materials and asphalt products for construction and infrastructure projects, giving CRH additional exposure to two markets where management has recently pointed to improving activity.The transaction remains subject to regulatory approvals and customary closing conditions, with completion expected in 2027 and both businesses operating independently until then.

Why CRH’s NCC Industry Acquisition Could Be A Strategic Masterstroke!

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Dan Loeb is the founder and CEO of Third Point , the New York-based investment firm he launched in 1995.</li><li>Known for his event-driven and activist investing, Loeb has built Third Point into a prominent multi-strategy investment firm.</li><li>As of June 30, 2026, Loeb’s disclosed U.S. equity portfolio totaled $4.68 billion across 39 holdings. </li></ul>

Dan Loeb is the founder and CEO of Third Point , the New York-based investment firm he launched in 1995.Known for his event-driven and activist investing, Loeb has built Third Point into a prominent multi-strategy investment firm.As of June 30, 2026, Loeb’s disclosed U.S. equity portfolio totaled $4.68 billion across 39 holdings. 

Dan Loeb Portfolio: Third Point Top Holdings (Q2 2026)

<ul><li>CRH plc reported a robust second quarter for 2026, exhibiting growth across key financial metrics amid ongoing macroeconomic and geopolitical uncertainties.</li><li>The company recorded total revenues of $10.8 billion, marking a 6% increase from the previous year, alongside adjusted EBITDA rising 7% to over $2.6 billion.</li><li>Diluted earnings per share grew by 14%, benefiting partly from a $0.16 per share net gain on divestitures.</li></ul>

CRH plc reported a robust second quarter for 2026, exhibiting growth across key financial metrics amid ongoing macroeconomic and geopolitical uncertainties.The company recorded total revenues of $10.8 billion, marking a 6% increase from the previous year, alongside adjusted EBITDA rising 7% to over $2.6 billion.Diluted earnings per share grew by 14%, benefiting partly from a $0.16 per share net gain on divestitures.

CRH’s $8.5 Billion Acquisition Sparks A Bigger Question — Why Arcosa Now?

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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

<ul><li>CRH has moved from acquisition interest to a signed agreement to acquire Arcosa, Inc. (NYSE:ACA) in an all-cash transaction valued at approximately $8.5 billion, or $150 per share.</li><li>The deal, announced on June 22, 2026, implies a 25% premium to Arcosa’s 60-day VWAP as of June 18 and would bring CRH a major U.S. aggregates platform, engineered infrastructure products, and deeper exposure to utility, grid modernization, electrification, and data center construction trends.</li><li>Management described the transaction as a direct extension of CRH’s aggregates-led connected portfolio strategy, with expected earnings, margin, and cash flow accretion within the first 12 months after closing, excluding one-off transaction costs.</li></ul>

CRH has moved from acquisition interest to a signed agreement to acquire Arcosa, Inc. (NYSE:ACA) in an all-cash transaction valued at approximately $8.5 billion, or $150 per share.The deal, announced on June 22, 2026, implies a 25% premium to Arcosa’s 60-day VWAP as of June 18 and would bring CRH a major U.S. aggregates platform, engineered infrastructure products, and deeper exposure to utility, grid modernization, electrification, and data center construction trends.Management described the transaction as a direct extension of CRH’s aggregates-led connected portfolio strategy, with expected earnings, margin, and cash flow accretion within the first 12 months after closing, excluding one-off transaction costs.

CRH Acquisition Push: Four Synergies That Could Change Everything!

Ireland

CRH Public Limited Company provides building materials. The Company manufactures and distributes a wide range of architectural, infrastructure, and construction products for infrastructure, housing, and commercial projects. CRH serves customers Worldwide.

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CRH (CRH US)

Why CRH’s NCC Industry Acquisition Could Be A Strategic Masterstroke!

CRH plc is extending its acquisition-driven growth strategy into the Nordic region after agreeing to acquire NCC Industry’s operations in Denmark...

Baptista Research

Dan Loeb Portfolio: Third Point Top Holdings (Q2 2026)

Known for his event-driven and activist investing, Loeb has built Third Point into a prominent multi-strategy investment firm.

Hedge Fund Alpha

CRH’s $8.5 Billion Acquisition Sparks A Bigger Question — Why Arcosa Now?

CRH plc reported a robust second quarter for 2026, exhibiting growth across key financial metrics amid ongoing macroeconomic and geopolitical...

Baptista Research

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

CRH Acquisition Push: Four Synergies That Could Change Everything!

CRH has moved from acquisition interest to a signed agreement to acquire Arcosa, Inc. (NYSE:ACA) in an all-cash transaction valued at...

Baptista Research

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