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>Enbridge Inc. reported a stable first quarter of 2026, reaffirming its full-year guidance and maintaining a medium-term outlook with a targeted debt-to-EBITDA ratio of 4.5 to 5 times.</li><li>The company demonstrated strong operational performance, including record Q1 volumes on its liquids pipelines and high utilization across its gas transmission and distribution systems.</li><li>Notable completions in the quarter include the Ingleside tank storage expansion and the 120,000 barrels-per-day Gray Oak pipeline expansion, which enhance export capabilities and storage capacity along the U.S. Gulf Coast.</li></ul>

Enbridge Inc. reported a stable first quarter of 2026, reaffirming its full-year guidance and maintaining a medium-term outlook with a targeted debt-to-EBITDA ratio of 4.5 to 5 times.The company demonstrated strong operational performance, including record Q1 volumes on its liquids pipelines and high utilization across its gas transmission and distribution systems.Notable completions in the quarter include the Ingleside tank storage expansion and the 120,000 barrels-per-day Gray Oak pipeline expansion, which enhance export capabilities and storage capacity along the U.S. Gulf Coast.

Enbridge’s Record Q1 Volumes: Can Gulf Coast Expansions Unlock The Next Leg?

<ul><li>Enbridge Inc. reported record financial results for 2025, exceeding the midpoint of its guidance for both EBITDA and distributable cash flow (DCF) per share.</li><li>The company marked its 20th consecutive year of meeting or surpassing guidance and extended its dividend streak to 31 years, affirming its status as a dividend aristocrat in its sector.</li><li>Its leverage ratio remained within the targeted range of 4.5 to 5 times debt-to-EBITDA, maintaining a strong investment-grade credit profile while supporting increased investment capacity.</li></ul>

Enbridge Inc. reported record financial results for 2025, exceeding the midpoint of its guidance for both EBITDA and distributable cash flow (DCF) per share.The company marked its 20th consecutive year of meeting or surpassing guidance and extended its dividend streak to 31 years, affirming its status as a dividend aristocrat in its sector.Its leverage ratio remained within the targeted range of 4.5 to 5 times debt-to-EBITDA, maintaining a strong investment-grade credit profile while supporting increased investment capacity.

Enbridge Incorporated: From Pipelines To Power—Is This The Ultimate Infrastructure Growth Engine In North America?

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

Hong Kong Exchanges and Clearing / Index Rebalance

Hong Kong Exchanges and Clearing (388 HK)

<ul>
<li>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

<ul><li>Enbridge Inc. has reported a robust second quarter for 2025, with record-setting EBITDA primarily driven by its U.S. gas utilities and advantageous rate settlements in their Gas Transmission business.</li><li>The organization is on track to reach the higher end of its EBITDA guidance for the year and expects to meet its Distributable Cash Flow (DCF) per share midpoint.</li><li>The company's sound financial position, evidenced by a debt-to-EBITDA ratio of 4.7x as of June 30, is buttressed by earnings gains from recent U.S. gas utility acquisitions and sustained high asset utilization.</li></ul>

Enbridge Inc. has reported a robust second quarter for 2025, with record-setting EBITDA primarily driven by its U.S. gas utilities and advantageous rate settlements in their Gas Transmission business.The organization is on track to reach the higher end of its EBITDA guidance for the year and expects to meet its Distributable Cash Flow (DCF) per share midpoint.The company's sound financial position, evidenced by a debt-to-EBITDA ratio of 4.7x as of June 30, is buttressed by earnings gains from recent U.S. gas utility acquisitions and sustained high asset utilization.

Enbridge’s $1.4 Billion Pipeline Gamble: How It Could Shake Up Global Oil Markets?

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/enbridge-inc-a5c708c9-0ffa-4d77-8498-c481be8ed56a">Enbridge </a>is a dominant North American energy infrastructure company with a vast and difficult-to-replicate network of pipelines for crude oil and natural gas, forming the backbone of its operations.</li>
  <li>The company's business model is primarily fee-based, relying on long-term, volume-committed contracts that provide stable, predictable cash flows and insulate it from direct commodity price volatility.</li>
  <li>While <a href="https://smartkarma.com/entities/enbridge-inc-a5c708c9-0ffa-4d77-8498-c481be8ed56a">Enbridge </a>offers a strong dividend history and is strategically expanding its natural gas and renewable energy segments, it faces significant risks from regulatory hurdles, environmental opposition to key projects, and a high debt load.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Enbridge is a dominant North American energy infrastructure company with a vast and difficult-to-replicate network of pipelines for crude oil and natural gas, forming the backbone of its operations.
  The company's business model is primarily fee-based, relying on long-term, volume-committed contracts that provide stable, predictable cash flows and insulate it from direct commodity price volatility.
  While Enbridge offers a strong dividend history and is strategically expanding its natural gas and renewable energy segments, it faces significant risks from regulatory hurdles, environmental opposition to key projects, and a high debt load.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Canada

Enbridge Inc. provides energy transportation, distribution, and related services in North America and internationally.  The Company operates a crude oil and liquids pipeline system, is involved in international energy projects, and is involved in natural gas transmission and midstream businesses. Enbridge also distributes natural gas and electricity, and provides retail energy products.

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Enbridge Inc. (ENB US)

Enbridge’s Record Q1 Volumes: Can Gulf Coast Expansions Unlock The Next Leg?

Enbridge Inc. reported a stable first quarter of 2026, reaffirming its full-year guidance and maintaining a medium-term outlook with a targeted...

Baptista Research

Enbridge Incorporated: From Pipelines To Power—Is This The Ultimate Infrastructure Growth Engine In North America?

Enbridge Inc. reported record financial results for 2025, exceeding the midpoint of its guidance for both EBITDA and distributable cash flow (DCF)...

Baptista Research

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Enbridge’s $1.4 Billion Pipeline Gamble: How It Could Shake Up Global Oil Markets?

Enbridge Inc. has reported a robust second quarter for 2025, with record-setting EBITDA primarily driven by its U.S. gas utilities and...

Baptista Research

Primer: Enbridge (ENB CN) - Sep 2025

Enbridge is a dominant North American energy infrastructure company with a vast and difficult-to-replicate network of pipelines for crude oil...

αSK

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