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>Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of 2024.</li><li>The company has shown significant progress in its defense segment, with the acquisition of a contract for Batch-5, which consists of 42 Rafale aircraft for the French Air Force.</li><li>This contract signifies a continued demand for the Rafale, ensuring sustained production into the next decade.</li></ul>

Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of 2024.The company has shown significant progress in its defense segment, with the acquisition of a contract for Batch-5, which consists of 42 Rafale aircraft for the French Air Force.This contract signifies a continued demand for the Rafale, ensuring sustained production into the next decade.

Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> partners with Denmark’s Salling Group for AI-based digital and cloud transformation across 2,100 stores, aligning with its ‘Aspire 28’ growth vision.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-zinc-ltd" target="_blank" data-smartkarma-citation="entities:8688:1" rel="noopener">Hindustan Zinc (HZ IN)</a> announces INR 12,000 crore capex to double metal capacity in 36 months, aiming to meet surging demand and enhance long-term stakeholder value.</li>
<li>
<a href="https://www.smartkarma.com/entities/dassault-aviation-sa" target="_blank" data-smartkarma-citation="entities:21389:1" rel="noopener">Dassault Aviation SA (AM FP)</a> and <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> will build Falcon 2000 jets in India by 2028, making Nagpur a global hub for jet manufacturing and assembly excellence.</li>
</ul>



Tata Consultancy Svcs (TCS IN) partners with Denmark’s Salling Group for AI-based digital and cloud transformation across 2,100 stores, aligning with its ‘Aspire 28’ growth vision.

Hindustan Zinc (HZ IN) announces INR 12,000 crore capex to double metal capacity in 36 months, aiming to meet surging demand and enhance long-term stakeholder value.

Dassault Aviation SA (AM FP) and Reliance Industries (RIL IN) will build Falcon 2000 jets in India by 2028, making Nagpur a global hub for jet manufacturing and assembly excellence.


#164 India Insights: TCS-Salling AI Deal, Hindustan Zinc 12k Cr Capex, Falcon Jets by 2028

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>
<a href="https://www.smartkarma.com/entities/hyundai-rotem-company" target="_blank" data-smartkarma-citation="entities:1554:1" rel="noopener">Hyundai Rotem</a>, RENK Group and <a href="https://www.smartkarma.com/entities/karman-holdings-inc" target="_blank" data-smartkarma-citation="entities:44289:1" rel="noopener">Karman Holdings</a> will be added to the MV Global Defense Industry Index after the close of trading on 20 June.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.</li>
<li>The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.</li>
</ul>



Hyundai Rotem, RENK Group and Karman Holdings will be added to the MV Global Defense Industry Index after the close of trading on 20 June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.
The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.


MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global Defense Industry Index represents the performance of companies in national defense industries.</li>
<li>There will be 3 ADDs for the MV Global Defense Index in June 2025. </li>
<li>We expect one-way flow of US$505mn for June 2025, which translates to a turnover of 8.8%. </li>
</ul>


The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be 3 ADDs for the MV Global Defense Index in June 2025. 
We expect one-way flow of US$505mn for June 2025, which translates to a turnover of 8.8%. 


[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

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>Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.</li>
<li>We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.</li>
<li>With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.
We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.
With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.


Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

France

Dassault Aviation SA manufactures aircraft.  The Company manufactures the Mirage and Rafale military jets and the Falcon series executive jets.

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Dassault Aviation SA (AM FP)

Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!

Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of...

Baptista Research

#164 India Insights: TCS-Salling AI Deal, Hindustan Zinc 12k Cr Capex, Falcon Jets by 2028

TCS partners with Salling Group for AI transformation, Hindustan Zinc plans capex for capacity expansion, Dassault Aviation and Reliance to build...

Sudarshan Bhandari

MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

There are 3 adds to the index. Estimated turnover is 8.8% and round-trip trade is US$1.1bn. The index has moved up a lot and stocks have soared....

Brian Freitas

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

The MV Global Defense Index sees 3 ADDs for June 2025. This is an index family which gives short notice. We expect $500mm+ of one-way flows for...

Travis Lundy

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

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Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!

Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of...

Baptista Research

#164 India Insights: TCS-Salling AI Deal, Hindustan Zinc 12k Cr Capex, Falcon Jets by 2028

​TCS partners with Salling Group for AI transformation, Hindustan Zinc plans capex for capacity expansion, Dassault Aviation and Reliance to build...

Sudarshan Bhandari

MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

There are 3 adds to the index. Estimated turnover is 8.8% and round-trip trade is US$1.1bn. The index has moved up a lot and stocks have soared....

Brian Freitas

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

The MV Global Defense Index sees 3 ADDs for June 2025. This is an index family which gives short notice. We expect $500mm+ of one-way flows for...

Travis Lundy

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

TCS partners with Salling Group for AI transformation, Hindustan Zinc plans capex for capacity expansion, Dassault Aviation and Reliance to build...