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>Crown Holdings concluded the fourth quarter of 2025 with a notable mix of financial performances.</li><li>The reported earnings for the quarter fell to $1.31 per share from $3.02 per share in the same period the previous year, primarily influenced by a $2.32 per share gain from the prior year’s sale of Eviosys.</li><li>However, on an adjusted basis, earnings per share rose by 9% to $1.74, compared to $1.59 in the previous year.</li></ul>

Crown Holdings concluded the fourth quarter of 2025 with a notable mix of financial performances.The reported earnings for the quarter fell to $1.31 per share from $3.02 per share in the same period the previous year, primarily influenced by a $2.32 per share gain from the prior year’s sale of Eviosys.However, on an adjusted basis, earnings per share rose by 9% to $1.74, compared to $1.59 in the previous year.

Crown Holdings: From North America to Asia—How Geographic Strength Is Driving Resilience!

<ul><li>Crown Holdings, Inc. released its third quarter results of 2025, providing a complex mixture of financial performance across geographies and product lines.</li><li>The company reported earnings of $1.85 per share, a significant improvement from the loss of $1.47 per share in the same quarter last year.</li><li>When adjusted, the earnings per share stood at $2.24, compared to $1.99 in the prior year.</li></ul>

Crown Holdings, Inc. released its third quarter results of 2025, providing a complex mixture of financial performance across geographies and product lines.The company reported earnings of $1.85 per share, a significant improvement from the loss of $1.47 per share in the same quarter last year.When adjusted, the earnings per share stood at $2.24, compared to $1.99 in the prior year.

Crown Holdings: How Is Signode Unlocking Massive Efficiency Gains?

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>While markets are ever-changing, the pace has felt much faster over the last few years. Two related shifts stand out.</li><li>First, gambling – on sports, geopolitics, and stocks/options – is absolutely everywhere. This is a big and unfortunate cultural shift. Second, AI is also everywhere – particularly on the desktops of buyside analysts and PMs.</li><li>I suspect this technological shift is part of a not-so-virtuous cycle with the cultural shift towards gambling. A couple years ago legendary investor Stan Druckenmiller noted how he made a quick bet on Argentinian stocks with an assist from AI</li></ul>

While markets are ever-changing, the pace has felt much faster over the last few years. Two related shifts stand out.First, gambling – on sports, geopolitics, and stocks/options – is absolutely everywhere. This is a big and unfortunate cultural shift. Second, AI is also everywhere – particularly on the desktops of buyside analysts and PMs.I suspect this technological shift is part of a not-so-virtuous cycle with the cultural shift towards gambling. A couple years ago legendary investor Stan Druckenmiller noted how he made a quick bet on Argentinian stocks with an assist from AI

Upslope's Quarterly Investor Letter 2025-Q4 Update

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

Thematic (Sector/Industry)

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel   exporters to the US.Steel exports to US from China are low at about 2.9mt in November. If the US adds more steel tariffs, it will have little impact to the steel market or prices but it will possibly cause a retaliation by the Chinese.China only exports 26% of Global Steel Exports, far lower than the 50% of their total global steel production. Most of Chinese steel exports go to other Asian…

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel   exporters to the US.Steel exports to US from China are low at about 2.9mt in November. If the US adds more steel tariffs, it will have little impact to the steel market or prices but it will possibly cause a retaliation by the Chinese.China only exports 26% of Global Steel Exports, far lower than the 50% of their total global steel production. Most of Chinese steel exports go to other Asian…

Market Is Wrong on US Tariffs for Chinese Steel

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of skyrocketing steel prices, the perception of improved supply discipline in China, and protectionist trade cases, the consensus narrative now argues that the worst is over. We strongly disagree and see more pain ahead for U.S. steelmakers. Barring a significant improvement in demand, we are hard-pressed to buy into the thesis that elevated steel prices are sustainable. We contend that the peak has already been realized and that prices will move materially lower by the end of 2016. Based on our outlook, every U.S. steelmaker we cover is trading above fair value. In particular, we urge investors to avoid highly leveraged blast furnace operators, as their future cash flows are most sensitive to falling steel prices. We see the most considerable downside for <a href="https://www.smartkarma.com/entities/11502" target="_blank" data-smartkarma-citation="entities:11502:1">Ak Steel Holding Corp (AKS US)</a>, <a href="https://www.smartkarma.com/entities/202" target="_blank" data-smartkarma-citation="entities:202:1">United States Steel Corp (X US)</a>, and <a href="https://www.smartkarma.com/entities/21125" target="_blank" data-smartkarma-citation="entities:21125:1">ArcelorMittal (MT NA)</a>.Analyst: Andrew Lane

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of skyrocketing steel prices, the perception of improved supply discipline in China, and protectionist trade cases, the consensus narrative now argues that the worst is over. We strongly disagree and see more pain ahead for U.S. steelmakers. Barring a significant improvement in demand, we are hard-pressed to buy into the thesis that elevated steel prices are sustainable. We contend that the peak has already been realized and that prices will move materially lower by the end of 2016. Based on our outlook, every U.S. steelmaker we cover is trading above fair value. In particular, we urge investors to avoid highly leveraged blast furnace operators, as their future cash flows are most sensitive to falling steel prices. We see the most considerable downside for Ak Steel Holding Corp (AKS US), United States Steel Corp (X US), and ArcelorMittal (MT NA).Analyst: Andrew Lane

Avoid the Steel Trap: Fundamentals Indicate Trouble Ahead

United States

Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods through plants located in countries around the world.  The Company's primary products include steel and aluminum cans for food, beverage, household, and other consumer products.  Crown also provides a variety of metal caps, closures, and dispensing systems.

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Crown Holdings (CCK US)

Crown Holdings: From North America to Asia—How Geographic Strength Is Driving Resilience!

Crown Holdings concluded the fourth quarter of 2025 with a notable mix of financial performances. The reported earnings for the quarter fell to...

Baptista Research

Crown Holdings: How Is Signode Unlocking Massive Efficiency Gains?

Crown Holdings, Inc. released its third quarter results of 2025, providing a complex mixture of financial performance across geographies and...

Baptista Research

Upslope's Quarterly Investor Letter 2025-Q4 Update

While markets are ever-changing, the pace has felt much faster over the last few years. Two related shifts stand out. First, gambling – on sports,...

Upslope Capital Management

Market Is Wrong on US Tariffs for Chinese Steel

The market is expecting US tariffs on Chinese steel exports wrongly believing Chinese are major steel exporters to the US.Steel exports to US...

Scott Laprise/ 乐天虎

Avoid the Steel Trap: Fundamentals Indicate Trouble Ahead

With U.S. steelmaker stocks having rallied sharply after a painful 2015, shares are now pricing in much better times ahead. Given the impact of...

Morningstar, Inc.

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