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>Expand Energy's latest quarterly results highlight both positive strides and challenges within the company's operations and strategic outlook.</li><li>The company has pursued capital efficiency, managing to reduce costs significantly while increasing production, particularly in the Haynesville region.</li><li>Expand Energy has demonstrated an impressive cost reduction in well expenses by over 25% and outperformed peers with year-to-date costs 30% lower, thanks to optimized development and completion designs.</li></ul>

Expand Energy's latest quarterly results highlight both positive strides and challenges within the company's operations and strategic outlook.The company has pursued capital efficiency, managing to reduce costs significantly while increasing production, particularly in the Haynesville region.Expand Energy has demonstrated an impressive cost reduction in well expenses by over 25% and outperformed peers with year-to-date costs 30% lower, thanks to optimized development and completion designs.

Expand Energy Eyes Western Haynesville Boom – Could This Be Its Next Big Jackpot?

<ul><li>Expand Energy recently shared its 2025 second quarter financial and operating results, highlighting some of the key aspects from their merger strategy as well as operational benchmarks.</li><li>The company has undertaken a comprehensive approach to optimize capital efficiency while accelerating synergies and leveraging technological advances.</li><li>From a strategic perspective, Expand Energy's merger with Chesapeake and Southwestern aimed to establish a deep and diverse portfolio across premium markets.</li></ul>

Expand Energy recently shared its 2025 second quarter financial and operating results, highlighting some of the key aspects from their merger strategy as well as operational benchmarks.The company has undertaken a comprehensive approach to optimize capital efficiency while accelerating synergies and leveraging technological advances.From a strategic perspective, Expand Energy's merger with Chesapeake and Southwestern aimed to establish a deep and diverse portfolio across premium markets.

Expand Energy: Initiation of Coverage- A Closer Look At Its Recent Strategic Hedging Efforts

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>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and sell the deletes, further increasing flow for the stocks.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF will be selling <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a> at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the S&amp;P500 INDEX and sell the deletes, further increasing flow for the stocks.
The VanEck Vectors Semiconductor (SMH US) ETF will be selling Broadcom (AVGO US) at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.


Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On Friday post-close, S&amp;P DJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.</li>
<li>There will be 4 changes for the S&amp;P500 and all 4 DELs from S&amp;P500 are demoted to the S&amp;P600 Index. SPDR Select and Equal-Weight Indices add up to big volumes.</li>
<li>There is a theoretical quantity to trade, and an expected quantity to trade and it is worth knowing the difference. EW, of course, is still "live" for a few days.</li>
</ul>


On Friday post-close, S&amp;P DJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.
There will be 4 changes for the S&amp;P500 and all 4 DELs from S&amp;P500 are demoted to the S&amp;P600 Index. SPDR Select and Equal-Weight Indices add up to big volumes.
There is a theoretical quantity to trade, and an expected quantity to trade and it is worth knowing the difference. EW, of course, is still "live" for a few days.


S&P500/400/600/Equal-Weight Flows for March 2025 Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.</li>
<li>In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.
In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.


[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

United States

Expand Energy Corporation operates as an exploration company. The Company focuses on discovering, developing, and acquiring conventional and unconventional natural gas, oil, and natural gas liquids reserves. Expand Energy serves customers in the United States.

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Expand Energy (EXE US)

Expand Energy Eyes Western Haynesville Boom – Could This Be Its Next Big Jackpot?

Expand Energy's latest quarterly results highlight both positive strides and challenges within the company's operations and strategic outlook. The...

Baptista Research

Expand Energy: Initiation of Coverage- A Closer Look At Its Recent Strategic Hedging Efforts

Expand Energy recently shared its 2025 second quarter financial and operating results, highlighting some of the key aspects from their merger...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

Constituent changes to the S&P 500 Index and capping changes will result in a round-trip trade of US$15.45bn across the Select Sector indices and...

Brian Freitas

S&P500/400/600/Equal-Weight Flows for March 2025 Rebalance

The S&P500/400/600 rebalance was largely as expected. Williams Sonoma was our "first" pick to get in. It did. APP was the obvious entry which we...

Travis Lundy

[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

The S&P500 is tough to predict (more often than not) because they pick from two pools, and use discretion. The "usual suspects" from last month are...

Travis Lundy

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