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>Diamondback Energy's third quarter 2025 results reflect a nuanced position within the energy sector, particularly given the prevailing macroeconomic uncertainties.</li><li>The company continues to emphasize capital efficiency and conservative fiscal management, showcasing a 36% reinvestment rate with an aim to generate free cash flow over expanding cash flow operations.</li><li>This cautious deployment of capital aligns with their broader strategy of maintaining financial flexibility and a low cost structure amidst a volatile oil price environment.</li></ul>

Diamondback Energy's third quarter 2025 results reflect a nuanced position within the energy sector, particularly given the prevailing macroeconomic uncertainties.The company continues to emphasize capital efficiency and conservative fiscal management, showcasing a 36% reinvestment rate with an aim to generate free cash flow over expanding cash flow operations.This cautious deployment of capital aligns with their broader strategy of maintaining financial flexibility and a low cost structure amidst a volatile oil price environment.

Diamondback Energy: Inside the Sitio Acquisition- How Private Data Is Becoming Its Secret Weapon!

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Replenishing oil reserves likely to set higher near-term oil price floor. </li><li>Regardless of when the latest Iran war military escalation hopefully ends in another ceasefire and resumption of peace negotiations, we expect crude oil demand to refill global oil inventories and strategic petroleum reserves will provide upward pressure on oil prices, resulting in a higher floor price than would otherwise be expected. </li><li>As Figure 1 highlights, the additional crude oil demand associated with replenishing global stockpiles could exceed 500 thousand barrels per day and continue at least throughout 2027. </li></ul>

Replenishing oil reserves likely to set higher near-term oil price floor. Regardless of when the latest Iran war military escalation hopefully ends in another ceasefire and resumption of peace negotiations, we expect crude oil demand to refill global oil inventories and strategic petroleum reserves will provide upward pressure on oil prices, resulting in a higher floor price than would otherwise be expected. As Figure 1 highlights, the additional crude oil demand associated with replenishing global stockpiles could exceed 500 thousand barrels per day and continue at least throughout 2027. 

Energy Roundup : Restocking Global Oil Storage Should Pressure Oil Prices...

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 weaken, with the support at 1,306/1,302 points and the resistance at 1,320/1,324 points (50-day EMA).</li><li>The Fed is expected to cut interest rates by 50 bps in September and November and another 25 bps in December, as the US economy is at risk of falling into a recession.</li><li>The aforementioned factors tend to support the SET to continue to rebound, with the short-term target at 1,375 points.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,306/1,302 points and the resistance at 1,320/1,324 points (50-day EMA).The Fed is expected to cut interest rates by 50 bps in September and November and another 25 bps in December, as the US economy is at risk of falling into a recession.The aforementioned factors tend to support the SET to continue to rebound, with the short-term target at 1,375 points.

Global Services PMIs in July and Thai Inflation

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>We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.</li>
<li>This still hasn't happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)</li>
<li>If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys</li>
</ul>


We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.
This still hasn't happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)
If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys


Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support

<ul>
<li>Over the last two weeks we discussed expectations for an oversold bounce; the bounce has continued. We believe it is possible we've seen the lows for this pause/pullback on SPX.</li>
<li>We see low probability of a meaningful correction if SPX is above 4300-4325 (1.5-year support), but would not be surprised to see another month+ of consolidation between 4325 and 4600.</li>
<li>Shorter-Term, as long as 4460 short-term support holds, we expect a test of 4600. Today we highlight several buys within Energy.</li>
</ul>


Over the last two weeks we discussed expectations for an oversold bounce; the bounce has continued. We believe it is possible we've seen the lows for this pause/pullback on SPX.
We see low probability of a meaningful correction if SPX is above 4300-4325 (1.5-year support), but would not be surprised to see another month+ of consolidation between 4325 and 4600.
Shorter-Term, as long as 4460 short-term support holds, we expect a test of 4600. Today we highlight several buys within Energy.


Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy

United States

Diamondback Energy Inc is an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.

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Diamondback Energy (FANG US)

Diamondback Energy: Inside the Sitio Acquisition- How Private Data Is Becoming Its Secret Weapon!

Diamondback Energy's third quarter 2025 results reflect a nuanced position within the energy sector, particularly given the prevailing...

Baptista Research

Energy Roundup : Restocking Global Oil Storage Should Pressure Oil Prices...

Regardless of when the latest Iran war military escalation hopefully ends in another ceasefire and resumption of peace negotiations, we expect...

Water Tower Research

Global Services PMIs in July and Thai Inflation

Technically, the SET Index is expected to weaken, with the support at 1,306/1,302 points and the resistance at 1,320/1,324 points (50-day...

Krungthai XSpring

Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support

Upgrading Materials $XLB to Market Weight; Rotation into Commodity Sectors $XLE. $SPX and $QQQ holding above gap supports at 4983-5050 and $425...

Vermilion Research

Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy

Expectations over the past two weeks for an oversold bounce in $SPX have played out. 4300-4325 (1.5-year support) remains solid floor, but could...

Vermilion Research

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