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>CSW Industrials, Inc. reported its fiscal 2027 first-quarter results demonstrating significant growth, largely driven by acquisitions and operational execution.</li><li>The company achieved record revenue of $351 million, a 33% increase year-over-year, supported by all three business segments—Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions.</li><li>Organic growth contributed 5.3% overall, indicating solid fundamental demand alongside acquisition-driven growth.</li></ul>

CSW Industrials, Inc. reported its fiscal 2027 first-quarter results demonstrating significant growth, largely driven by acquisitions and operational execution.The company achieved record revenue of $351 million, a 33% increase year-over-year, supported by all three business segments—Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions.Organic growth contributed 5.3% overall, indicating solid fundamental demand alongside acquisition-driven growth.

CSW Industrials’ Record Growth Engine: 33% Revenue Growth Meets Expanding Margins!

<ul><li>CSW Industrials has delivered a record fiscal third quarter for 2026, showcasing growth in revenue and adjusted EBITDA despite challenging market conditions and economic uncertainty.</li><li>Organic revenue performance exhibited some weakness, particularly within the Contractor Solutions segment due to customer destocking in the residential HVAC/R market, but overall company growth was bolstered by recent acquisitions.</li><li>These acquisitions, namely MARS Parts, Hydrotex Holdings, and ProAction Fluids, have significantly enhanced CSW Industrials' portfolio and driven inorganic revenue growth.</li></ul>

CSW Industrials has delivered a record fiscal third quarter for 2026, showcasing growth in revenue and adjusted EBITDA despite challenging market conditions and economic uncertainty.Organic revenue performance exhibited some weakness, particularly within the Contractor Solutions segment due to customer destocking in the residential HVAC/R market, but overall company growth was bolstered by recent acquisitions.These acquisitions, namely MARS Parts, Hydrotex Holdings, and ProAction Fluids, have significantly enhanced CSW Industrials' portfolio and driven inorganic revenue growth.

CSW Industrials’ Margin Story Is Getting Sharper—How Early Synergies Are Powering Profits!

<ul><li>CSW Industrials, a multifaceted company operating in diverse industrial segments, reported a robust performance in its fiscal 2026 second quarter.</li><li>The company's financial achievements were underpinned by strategic acquisitions and disciplined capital allocation.</li><li>Revenue soared to a record $277 million, marking a 22% increase year-over-year, although largely driven by acquisitions like Aspen Manufacturing, PSP Products, and PF Waterworks.</li></ul>

CSW Industrials, a multifaceted company operating in diverse industrial segments, reported a robust performance in its fiscal 2026 second quarter.The company's financial achievements were underpinned by strategic acquisitions and disciplined capital allocation.Revenue soared to a record $277 million, marking a 22% increase year-over-year, although largely driven by acquisitions like Aspen Manufacturing, PSP Products, and PF Waterworks.

CSW Industrials Just Entered a High-Gear Growth Cycle — Powered by M&A

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 market remains relentlessly strong, shrugging off the latest "bearish" headline regarding Moody's U.S. debt downgrade on Friday.</li>
<li>This is exactly what we would expect to happen in a bull market, particularly during this "lockout rally," and helps confirm our bullish outlook.</li>
<li>Our outlook will remain bullish as long as the SPX is above 5500, while short-term gap support is at 5700-5785. We expect a test of all-time highs soon.</li>
</ul>


The market remains relentlessly strong, shrugging off the latest "bearish" headline regarding Moody's U.S. debt downgrade on Friday.
This is exactly what we would expect to happen in a bull market, particularly during this "lockout rally," and helps confirm our bullish outlook.
Our outlook will remain bullish as long as the SPX is above 5500, while short-term gap support is at 5700-5785. We expect a test of all-time highs soon.


Expecting a Test of All-Time Highs; Crypto (MSTR, HOOD, BTDR) And Quantum (QBTS, IONQ, RGTI) Leading

<ul>
<li>Considering constructive market dynamics and the recent $SPX breakout above 5783 following several months of consolidation, we upgraded our outlook to bullish as of our 10/15/24 U.S. Macro Vision report</li>
<li>Since late-July, we have been neutral on the SPX, preferring to buy near 5100-5200 support and sell near 5670-5783 resistance until there is a break in either direction.</li>
<li>The verdict of the market is the only one that matters, and the breakout above 5783 is the market's way of saying the path of least resistance is higher.</li>
</ul>


Considering constructive market dynamics and the recent $SPX breakout above 5783 following several months of consolidation, we upgraded our outlook to bullish as of our 10/15/24 U.S. Macro Vision report
Since late-July, we have been neutral on the SPX, preferring to buy near 5100-5200 support and sell near 5670-5783 resistance until there is a break in either direction.
The verdict of the market is the only one that matters, and the breakout above 5783 is the market's way of saying the path of least resistance is higher.


Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

United States

CSW Industrials, Inc. manufactures and distributes industrial chemical products. The Company offers coatings, sealants and adhesives, lubricants, paint products, and other chemicals. CSW Industrials serves customers worldwide.

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Csw Industrials (CSWI US)

CSW Industrials’ Record Growth Engine: 33% Revenue Growth Meets Expanding Margins!

CSW Industrials, Inc. reported its fiscal 2027 first-quarter results demonstrating significant growth, largely driven by acquisitions and...

Baptista Research

CSW Industrials’ Margin Story Is Getting Sharper—How Early Synergies Are Powering Profits!

CSW Industrials has delivered a record fiscal third quarter for 2026, showcasing growth in revenue and adjusted EBITDA despite challenging market...

Baptista Research

CSW Industrials Just Entered a High-Gear Growth Cycle — Powered by M&A

CSW Industrials, a multifaceted company operating in diverse industrial segments, reported a robust performance in its fiscal 2026 second...

Baptista Research

Expecting a Test of All-Time Highs; Crypto (MSTR, HOOD, BTDR) And Quantum (QBTS, IONQ, RGTI) Leading

Expecting a Test of All-Time Highs; Crypto $MSTR $HOOD $BTDR $COIN and Quantum $QBTS $IONQ $RGTI $QUBT) Leading. Bullish outlook intact as long as...

Vermilion Research

Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

Bullish Outlook Focused on Large- and Mid-Caps $SPX $NDX $QQQ $IJH $MDY $IWR as of the Oct 11 close above 5783; Russell 2000 $IWM Still Below...

Vermilion Research

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