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>Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.</li><li>The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.</li><li>This result aligns with its strategy to leverage Delta's brand power, focusing on improving the customer experience and enhancing operational reliability.</li></ul>

Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.This result aligns with its strategy to leverage Delta's brand power, focusing on improving the customer experience and enhancing operational reliability.

Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!

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>Rising DXY, Treasury yields, and now energy commodities breaking out (Bloomberg Commodity index $DJP and WTI crude oil) suggests upside is likely to be capped, but...</li>
<li>...we still continue to see many other risk-on signals. As a result, we view this pullback as a buying opportunity, with all the major indexes testing/holding at support</li>
<li>Looking for support on the S&amp;P 500 at 5850, the 100-day MA (currently 5820), 5765-5770, and 5600-5670. As long as the S&amp;P 500 remains above 5600-5670, our outlook remains bullish</li>
</ul>


Rising DXY, Treasury yields, and now energy commodities breaking out (Bloomberg Commodity index $DJP and WTI crude oil) suggests upside is likely to be capped, but...
...we still continue to see many other risk-on signals. As a result, we view this pullback as a buying opportunity, with all the major indexes testing/holding at support
Looking for support on the S&amp;P 500 at 5850, the 100-day MA (currently 5820), 5765-5770, and 5600-5670. As long as the S&amp;P 500 remains above 5600-5670, our outlook remains bullish


S&P 500, Nasdaq 100 Testing Bull Flag Supports; Bullish Breadth Divergences; Buy the Pullback

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,352/1,345 points and the resistance at 1,370/1,375 points.</li><li>In the medium term, the index remains in a large sideways range between 1,273 and 1,716 points.</li><li>Investment strategy: It is recommended to wait for a new buy signal, which requires the formation of a higher high and higher low pattern.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,352/1,345 points and the resistance at 1,370/1,375 points.In the medium term, the index remains in a large sideways range between 1,273 and 1,716 points.Investment strategy: It is recommended to wait for a new buy signal, which requires the formation of a higher high and higher low pattern.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 4 September, numerous local media accounts mentioned that Japan Airlines has acquired a stake in Hanjin KAL Corp (180640 KS), the holding company of Korean Air Lines.</li>
<li>There is an increasing speculation that Japan Airlines could act as a "white knight" for Hanjin Kal.</li>
<li>Hoban Group recently increased its stake in Hanjin KAL to 20.15%, narrowing the gap with Chairman Cho to just 0.41 percentage points.</li>
</ul>


On 4 September, numerous local media accounts mentioned that Japan Airlines has acquired a stake in Hanjin KAL Corp (180640 KS), the holding company of Korean Air Lines.
There is an increasing speculation that Japan Airlines could act as a "white knight" for Hanjin Kal.
Hoban Group recently increased its stake in Hanjin KAL to 20.15%, narrowing the gap with Chairman Cho to just 0.41 percentage points.


Japan Airlines - To Acquire A Portion of Hanjin Kal Shares and Become a White Knight?

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,325/1,330 points (50-day EMA) and the support at 1,316/1,312 points (25-day EMA and 10-day EMA).</li><li>US: Companies will gradually announce their 2Q24 earnings, led by Pepsi (EPS expected at USD2.17 vs. USD2.09 in the previous quarter); Progressive (EPS expected at USD2.10 vs. USD0.40 in the previous quarter); and Delta Airlines (EPS expected at USD2.36 vs. USD2.68 in the previous quarter).</li><li>US - Inflation in June: The consensus expects June's inflation at +0.1% MoM and +3.1% YoY (vs. May at +0% MoM and +3.3% YoY), and core inflation is forecast to remain unchanged at +0.2% MoM and +3.4% YoY (vs. May at +0.2% MoM and +3.4% YoY); if inflation continues to show signs of moderating, the likelihood that the Fed would cut the fed funds rate this year will increase.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,325/1,330 points (50-day EMA) and the support at 1,316/1,312 points (25-day EMA and 10-day EMA).US: Companies will gradually announce their 2Q24 earnings, led by Pepsi (EPS expected at USD2.17 vs. USD2.09 in the previous quarter); Progressive (EPS expected at USD2.10 vs. USD0.40 in the previous quarter); and Delta Airlines (EPS expected at USD2.36 vs. USD2.68 in the previous quarter).US - Inflation in June: The consensus expects June's inflation at +0.1% MoM and +3.1% YoY (vs. May at +0% MoM and +3.3% YoY), and core inflation is forecast to remain unchanged at +0.2% MoM and +3.4% YoY (vs. May at +0.2% MoM and +3.4% YoY); if inflation continues to show signs of moderating, the likelihood that the Fed would cut the fed funds rate this year will increase.

United States

Delta Air Lines, Inc. provides scheduled air transportation for passengers, freight, and mail over a network of routes throughout the United States and internationally.

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Delta Air Lines (DAL US)

Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!

Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas. The company achieved a...

Baptista Research

S&P 500, Nasdaq 100 Testing Bull Flag Supports; Bullish Breadth Divergences; Buy the Pullback

$SPX and $QQQ $NDX Testing Bull Flag Supports; Bullish Breadth Divergences (SPX and $IWM % above 20-dma); All Major Indexes Above Key Supports $DJI...

Vermilion Research

Today's Dominant Ideas

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,352/1,345 points and the resistance at...

Krungthai XSpring

Japan Airlines - To Acquire A Portion of Hanjin Kal Shares and Become a White Knight?

Numerous local media accounts mentioned that Japan Airlines has acquired a stake in Hanjin Kal. There is an increasing speculation that Japan...

Douglas Kim

US Inflation

Technically, the SET Index is expected to move sideways up, with the resistance at 1,325/1,330 points (50-day EMA) and the support at 1,316/1,312...

Krungthai XSpring

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