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>Flex Ltd. recently reported its second quarter fiscal 2026 earnings, highlighting both favorable outcomes and areas of concern.</li><li>The company reported a 4% year-over-year increase in revenue, reaching $6.8 billion, solidifying momentum across its business segments.</li><li>Flex Ltd.'s operating margin held steady at an impressive 6%, with an adjusted EPS of $0.79, marking a 23% increase from the previous year.</li></ul>

Flex Ltd. recently reported its second quarter fiscal 2026 earnings, highlighting both favorable outcomes and areas of concern.The company reported a 4% year-over-year increase in revenue, reaching $6.8 billion, solidifying momentum across its business segments.Flex Ltd.'s operating margin held steady at an impressive 6%, with an adjusted EPS of $0.79, marking a 23% increase from the previous year.

Flex Ltd: Medical Devices & Health Solutions Expansion & Critical Growth Catalysts!

<ul><li>Flex completed a notable first quarter in fiscal 2026, recording revenues of $6.6 billion, a 4% increase from the previous year.</li><li>The company's global footprint and strategic positioning appear to play key roles in driving this growth, particularly within the data center sector, which contributed significantly to the revenue.</li><li>Flex reported a robust adjusted operating margin of 6% and an adjusted EPS of $0.72, the highest for a first quarter in the company's history.</li></ul>

Flex completed a notable first quarter in fiscal 2026, recording revenues of $6.6 billion, a 4% increase from the previous year.The company's global footprint and strategic positioning appear to play key roles in driving this growth, particularly within the data center sector, which contributed significantly to the revenue.Flex reported a robust adjusted operating margin of 6% and an adjusted EPS of $0.72, the highest for a first quarter in the company's history.

Flex Ltd.: Business Diversification into High-Growth Markets to Capitalize On Emerging Trends & Shifts In Market Demands!

<ul><li>Flex finished the fiscal year 2025 with a notable performance, showcasing growth and resilience despite a challenging macroeconomic environment.</li><li>The company recorded revenues of $6.4 billion for Q4, reflecting a year-over-year increase of approximately 4%.</li><li>Adjusted operating margins reached a record high of 6.2%, marking the second consecutive quarter with margins above 6%.</li></ul>

Flex finished the fiscal year 2025 with a notable performance, showcasing growth and resilience despite a challenging macroeconomic environment.The company recorded revenues of $6.4 billion for Q4, reflecting a year-over-year increase of approximately 4%.Adjusted operating margins reached a record high of 6.2%, marking the second consecutive quarter with margins above 6%.

Flex Ltd. Boosts Margins and Market Reach — Can Operational Excellence Deliver a 6% Surprise Ahead of Schedule?

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

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

Seagate Technology Holdings PL / Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday's close. </li>
<li>We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday's close. 
We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?


Downgrading Staples to Underweight; New Leaders Still Leading As Prior Leaders Consolidate

United States

Flex Ltd. operates as an electronics manufacturing services company. The Company designs and develops original design manufacturing (ODM) products for aerospace and defense, cloud, digital health, lighting, housing, energy, industrial, and communication industries. Flex serves customers worldwide.

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Flex (FLEX US)

Flex Ltd: Medical Devices & Health Solutions Expansion & Critical Growth Catalysts!

Flex Ltd. recently reported its second quarter fiscal 2026 earnings, highlighting both favorable outcomes and areas of concern. The company...

Baptista Research

Flex Ltd.: Business Diversification into High-Growth Markets to Capitalize On Emerging Trends & Shifts In Market Demands!

Flex completed a notable first quarter in fiscal 2026, recording revenues of $6.6 billion, a 4% increase from the previous year. The company's...

Baptista Research

Flex Ltd. Boosts Margins and Market Reach — Can Operational Excellence Deliver a 6% Surprise Ahead of Schedule?

Flex finished the fiscal year 2025 with a notable performance, showcasing growth and resilience despite a challenging macroeconomic...

Baptista Research

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Downgrading Staples to Underweight; New Leaders Still Leading As Prior Leaders Consolidate

Downgrading Staples $XLP to Underweight; New Leaders Still Leading While Prior Leaders Consolidate; $SMH Above $280, 10-yr Treasury yield below key...

Vermilion Research

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