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>First Solar, Inc. reported its full-year 2025 results and provided guidance for 2026 amid a complex policy and trade environment.</li><li>The company recorded record module sales of 17.5 gigawatts in 2025, a 24% increase from the prior year, with net sales reaching $5.2 billion, at the high end of its guidance.</li><li>Diluted earnings per share (EPS) for the year were $14.21, within the company’s forecast range, marking an improvement from $12.02 in 2024.</li></ul>

First Solar, Inc. reported its full-year 2025 results and provided guidance for 2026 amid a complex policy and trade environment.The company recorded record module sales of 17.5 gigawatts in 2025, a 24% increase from the prior year, with net sales reaching $5.2 billion, at the high end of its guidance.Diluted earnings per share (EPS) for the year were $14.21, within the company’s forecast range, marking an improvement from $12.02 in 2024.

First Solar Record 17.5 Gigawatts Exposes An Underlying Margin Squeeze In 2026!

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

LONGi Green Energy Technology / Equity Bottom-Up

LONGi Green Energy Technology (601012 CH)

<ul><li>Private cleantech is not short of capital; it is short of proof.</li><li>Climate-tech venture and growth funding reached US$26.1bn in 1H26A on one provider's count, yet deal numbers fell 25% and about a third of the money went to data centres.</li><li>We examine whether the main risk has moved from technology to commercial and legal diligence.</li></ul>

Private cleantech is not short of capital; it is short of proof.Climate-tech venture and growth funding reached US$26.1bn in 1H26A on one provider's count, yet deal numbers fell 25% and about a third of the money went to data centres.We examine whether the main risk has moved from technology to commercial and legal diligence.

LONGi Green Energy Technology Co., Ltd. - Cleantech Future Technologies Thematic 12102026

Credit

<ul><li>First Solar, Inc. is positioned as a scaled U.S. solar manufacturer with a strategy centered on contract certainty, domestic capacity expansion, and technology differentiation, while operating in a market where policy and trade variables can move realized pricing, costs, and customer behavior.</li><li>Over the past year, the company delivered higher sales and maintained substantial liquidity, indicating that execution remained solid even as external conditions stayed uneven.</li><li>Net sales increased 24% to $5.2 billion and full-year diluted EPS was $14.21 per share, within the company’s guidance range.</li></ul>

First Solar, Inc. is positioned as a scaled U.S. solar manufacturer with a strategy centered on contract certainty, domestic capacity expansion, and technology differentiation, while operating in a market where policy and trade variables can move realized pricing, costs, and customer behavior.Over the past year, the company delivered higher sales and maintained substantial liquidity, indicating that execution remained solid even as external conditions stayed uneven.Net sales increased 24% to $5.2 billion and full-year diluted EPS was $14.21 per share, within the company’s guidance range.

First Solar Inc.: Weaponizes the 45X Tax Credit to Reinvent Its Gross Margin Engine!

<ul><li>First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.</li><li>On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.</li><li>The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.</li></ul>

First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.

First Solar’s Strategic Reset: Tax Credits, Legal Battles, & America’s Next Solar Boom!

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 remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM), and we recently recommended buying the pullback on May 19.</li>
<li>Expect short-term support at 8-day EMAs on SPX and QQQ, has been the case since early-April; if 8-day EMAs break, expect ideal buy opportunities at 20-day MAs on SPX/QQQ</li>
<li>Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight. Buys highlighted in Solar Energy, 3D Printing, Lidar Sensors, and AI Manufacturing Solutions</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM), and we recently recommended buying the pullback on May 19.
Expect short-term support at 8-day EMAs on SPX and QQQ, has been the case since early-April; if 8-day EMAs break, expect ideal buy opportunities at 20-day MAs on SPX/QQQ
Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight. Buys highlighted in Solar Energy, 3D Printing, Lidar Sensors, and AI Manufacturing Solutions


Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight

United States

First Solar, Inc. designs and manufactures solar modules.  The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

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First Solar Inc (FSLR US)

First Solar Record 17.5 Gigawatts Exposes An Underlying Margin Squeeze In 2026!

First Solar, Inc. reported its full-year 2025 results and provided guidance for 2026 amid a complex policy and trade environment. The company...

Baptista Research

LONGi Green Energy Technology Co., Ltd. - Cleantech Future Technologies Thematic 12102026

Private cleantech is not short of capital; it is short of proof. Climate-tech venture and growth funding reached US$26.1bn in 1H26A on one...

ACF Equity Research

First Solar Inc.: Weaponizes the 45X Tax Credit to Reinvent Its Gross Margin Engine!

First Solar, Inc. is positioned as a scaled U.S. solar manufacturer with a strategy centered on contract certainty, domestic capacity expansion,...

Baptista Research

First Solar’s Strategic Reset: Tax Credits, Legal Battles, & America’s Next Solar Boom!

First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges. On the one hand, the company...

Baptista Research

Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight

Downgrading Staples $XLP and Utilities $XLU to Underweight; Upgrading Services to Market Weight; Bullish Outlook Intact. Charts: FSLR, NXT, ENLT,...

Vermilion Research

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