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>Cummins Inc. delivered noteworthy second-quarter results for 2025, driven by exceptional performance in its Power Systems and Distribution segments, offsetting challenges faced in the North American truck market.</li><li>During the quarter, revenues totaled $8.6 billion, reflecting a 2% decrease year-over-year, primarily due to a 6% drop in North American sales amidst a slump in the heavy- and medium-duty truck markets.</li><li>Despite this revenue dip, Cummins achieved an increase in EBITDA to $1.6 billion, or 18.4% of sales, up from $1.3 billion (15.3% of sales) in the previous year, showcasing significant profitability improvement.</li></ul>

Cummins Inc. delivered noteworthy second-quarter results for 2025, driven by exceptional performance in its Power Systems and Distribution segments, offsetting challenges faced in the North American truck market.During the quarter, revenues totaled $8.6 billion, reflecting a 2% decrease year-over-year, primarily due to a 6% drop in North American sales amidst a slump in the heavy- and medium-duty truck markets.Despite this revenue dip, Cummins achieved an increase in EBITDA to $1.6 billion, or 18.4% of sales, up from $1.3 billion (15.3% of sales) in the previous year, showcasing significant profitability improvement.

Cummins Inc.: Power Systems Surge Sparks Big Profit Gains What Broader Challenges Does The Company Face?

<ul><li>Cummins Inc. reported its first quarter results for 2025, revealing a complex mix of strengths and challenges.</li><li>Despite a robust showing from certain segments, the company faces increasing uncertainty due to geopolitical factors, particularly trade tariffs, and unpredictability around future regulations.</li><li>From a positive standpoint, Cummins delivered strong performance in Q1, notably achieving record results in its Power Systems segment.</li></ul>

Cummins Inc. reported its first quarter results for 2025, revealing a complex mix of strengths and challenges.Despite a robust showing from certain segments, the company faces increasing uncertainty due to geopolitical factors, particularly trade tariffs, and unpredictability around future regulations.From a positive standpoint, Cummins delivered strong performance in Q1, notably achieving record results in its Power Systems segment.

Cummins Inc.: An Insight Into Its Critical Growth Levers & Tariff Mitigation Strategies To Handle Geopolitical Uncertainties!

<ul><li>Cummins Inc. has delivered performance with a mix of achievement and challenge throughout the fiscal year 2024, as captured in the recent Q4 earnings discussion.</li><li>Cummins faces both tough industrial conditions and strategic evolutions but shows resilience with a solid financial footing and growth initiatives.</li><li>The company hit record highs in revenues, EBITDA, and earnings per share for the year.</li></ul>

Cummins Inc. has delivered performance with a mix of achievement and challenge throughout the fiscal year 2024, as captured in the recent Q4 earnings discussion.Cummins faces both tough industrial conditions and strategic evolutions but shows resilience with a solid financial footing and growth initiatives.The company hit record highs in revenues, EBITDA, and earnings per share for the year.

Cummins’ Efforts Towards Margin Expansion Paying Off? A Strategic Cost-Slaying Masterplan In Progress!

<ul><li>Cummins Inc. presented its third-quarter 2024 results, highlighting several achievements and ongoing challenges.</li><li>The company reported a stable sales figure of $8.5 billion, reflecting a flat performance compared to the same period in 2023 due to various offsetting factors.</li><li>The North American market experienced a slight 1% decline, with softer heavy-duty truck sales balanced by strong demand in medium-duty trucks and power generation sectors.</li></ul>

Cummins Inc. presented its third-quarter 2024 results, highlighting several achievements and ongoing challenges.The company reported a stable sales figure of $8.5 billion, reflecting a flat performance compared to the same period in 2023 due to various offsetting factors.The North American market experienced a slight 1% decline, with softer heavy-duty truck sales balanced by strong demand in medium-duty trucks and power generation sectors.

Cummins Inc.: An Analysis Of Its Natural Gas Engine Market Penetration & Other Major Drivers

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 Bitcoin Trust ETF / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>Short-Term support on the SPX is at 6100-6150, 6028-6059, and the 20-day MA, with additional supports at 5804-5854 and 5700-5785.</li>
<li>We view any pullbacks to the these supports as buying opportunities, though we do not expect there to be another test of 5700-5785 any time soon.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
Short-Term support on the SPX is at 6100-6150, 6028-6059, and the 20-day MA, with additional supports at 5804-5854 and 5700-5785.
We view any pullbacks to the these supports as buying opportunities, though we do not expect there to be another test of 5700-5785 any time soon.


Bitcoin Breaking Out; Bullish Outlook Intact; Many Areas Breaking Out or Bottoming: XLY, XME, KRE ++

United States

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.

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Cummins Inc (CMI US)

Cummins Inc.: Power Systems Surge Sparks Big Profit Gains What Broader Challenges Does The Company Face?

Cummins Inc. delivered noteworthy second-quarter results for 2025, driven by exceptional performance in its Power Systems and Distribution...

Baptista Research

Cummins Inc.: An Insight Into Its Critical Growth Levers & Tariff Mitigation Strategies To Handle Geopolitical Uncertainties!

Cummins Inc. reported its first quarter results for 2025, revealing a complex mix of strengths and challenges. Despite a robust showing from...

Baptista Research

Cummins’ Efforts Towards Margin Expansion Paying Off? A Strategic Cost-Slaying Masterplan In Progress!

Cummins Inc. has delivered performance with a mix of achievement and challenge throughout the fiscal year 2024, as captured in the recent Q4...

Baptista Research

Cummins Inc.: An Analysis Of Its Natural Gas Engine Market Penetration & Other Major Drivers

Cummins Inc. presented its third-quarter 2024 results, highlighting several achievements and ongoing challenges. The company reported a stable...

Baptista Research

Bitcoin Breaking Out; Bullish Outlook Intact; Many Areas Breaking Out or Bottoming: XLY, XME, KRE ++

Bitcoin Breaking Out; Bullish Outlook Intact on $SPX $QQQ $IWM; Many Areas Breaking Out or Bottoming $XLY $XME $KRE $KBE $JETS $ITB $XBI $TAN...

Vermilion Research

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