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>Fortis Inc. presented its 2025 annual results, reflecting steady progression in its operational and financial strategy.</li><li>The year was marked by significant capital investments and steady service delivery across its operations.</li><li>Fortis invested CAD 5.6 billion in capital expenditures to enhance system resilience and long-term needs, fueling robust earnings and rate base growth.</li></ul>

Fortis Inc. presented its 2025 annual results, reflecting steady progression in its operational and financial strategy.The year was marked by significant capital investments and steady service delivery across its operations.Fortis invested CAD 5.6 billion in capital expenditures to enhance system resilience and long-term needs, fueling robust earnings and rate base growth.

Fortis Inc.: Investing for the Long Run as Energy Demand Accelerates Across North America!

<ul><li>Fortis Inc.'s third-quarter 2025 earnings call highlights a structured approach towards achieving regulated growth, complemented by strategic asset sales to refine their investment profile.</li><li>The recent divestiture of Fortis Turks and Caicos (FortisTCI) and investments in Belize underscore a transition to 100% regulated assets, which aims at streamlining the company's operational framework towards reducing risk and volatility.</li><li>Operational efficiency remains a core tenet of Fortis’s strategy.</li></ul>

Fortis Inc.'s third-quarter 2025 earnings call highlights a structured approach towards achieving regulated growth, complemented by strategic asset sales to refine their investment profile.The recent divestiture of Fortis Turks and Caicos (FortisTCI) and investments in Belize underscore a transition to 100% regulated assets, which aims at streamlining the company's operational framework towards reducing risk and volatility.Operational efficiency remains a core tenet of Fortis’s strategy.

Fortis Inc.: Infrastructure Expansion Uncertainty & Other Critical Challenges In Its Path!

<ul><li>Fortis Inc.'s second-quarter 2025 performance showcased a mix of significant achievements and challenges, characteristic of a large utility company's complex operating environment.</li><li>The firm reported an increase in its earnings, with a notable rate of $0.76 per share, up from $0.67 in the same period the previous year.</li><li>This improvement was attributed mainly to enhanced rate base investments and favorable outcomes in regulatory matters.</li></ul>

Fortis Inc.'s second-quarter 2025 performance showcased a mix of significant achievements and challenges, characteristic of a large utility company's complex operating environment.The firm reported an increase in its earnings, with a notable rate of $0.76 per share, up from $0.67 in the same period the previous year.This improvement was attributed mainly to enhanced rate base investments and favorable outcomes in regulatory matters.

Fortis Inc’s Strategic Moves – What’s Driving Its Market Position In Clean Energy?

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 downgraded our global (MSCI ACWI) near-term outlook to neutral in our 3/17/26 Int'l Macro Vision, following ACWI-US breaking below $141.50 support.</li>
<li>The bottom line is that we do not see the S&amp;P 500 (SPX) or MSCI ACWI breaking out to new highs –at least not until we see more downside first.</li>
<li>The growing list of concerns that we have discussed since early-February remains a problem for global equities. Crucial <a href="https://www.smartkarma.com/entities/ishares-msci-acwi-etf" target="_blank" data-smartkarma-citation="entities:24402:1" rel="noopener">iShares MSCI ACWI ETF (ACWI US)</a>  support at $134-$135.70 testing now.</li>
</ul>


We downgraded our global (MSCI ACWI) near-term outlook to neutral in our 3/17/26 Int'l Macro Vision, following ACWI-US breaking below $141.50 support.
The bottom line is that we do not see the S&amp;P 500 (SPX) or MSCI ACWI breaking out to new highs –at least not until we see more downside first.
The growing list of concerns that we have discussed since early-February remains a problem for global equities. Crucial iShares MSCI ACWI ETF (ACWI US)  support at $134-$135.70 testing now.


Stay Defensive. Buys in Global Energy, Materials, Transports, Communications, Utilities, Staples

Suzhou Dongshan Precision A / Technical Analysis

<ul>
<li>We remain near-term bullish as long as $141.50 support on ACWI-US continues to hold. We discussed last week (2/26/26 Int'l Compass) to trim exposure to Korea and Taiwan...</li>
<li>...Noting for Korea that "with recent upside acceleration there is risk of a larger pullback following the current parabolic upside period."</li>
<li>That pullback has begun to materialize, and the growing list of concerns that we have highlighted since early-February remains a problem for global equities near-term</li>
</ul>


We remain near-term bullish as long as $141.50 support on ACWI-US continues to hold. We discussed last week (2/26/26 Int'l Compass) to trim exposure to Korea and Taiwan...
...Noting for Korea that "with recent upside acceleration there is risk of a larger pullback following the current parabolic upside period."
That pullback has begun to materialize, and the growing list of concerns that we have highlighted since early-February remains a problem for global equities near-term


Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Canada

Fortis, Inc. operates as a gas and electric distribution company. The Company offers regulated utilities comprised of electric and gas as well as engages in non-regulated hydroelectric operations. Fortis serves customers across Canada and in the United States and the Caribbean.

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Fortis /Canada (FTS CN)

Fortis Inc.: Investing for the Long Run as Energy Demand Accelerates Across North America!

Fortis Inc. presented its 2025 annual results, reflecting steady progression in its operational and financial strategy. The year was marked by...

Baptista Research

Fortis Inc.: Infrastructure Expansion Uncertainty & Other Critical Challenges In Its Path!

Fortis Inc.'s third-quarter 2025 earnings call highlights a structured approach towards achieving regulated growth, complemented by strategic...

Baptista Research

Fortis Inc’s Strategic Moves – What’s Driving Its Market Position In Clean Energy?

Fortis Inc.'s second-quarter 2025 performance showcased a mix of significant achievements and challenges, characteristic of a large utility...

Baptista Research

Stay Defensive. Buys in Global Energy, Materials, Transports, Communications, Utilities, Staples

Thursday's International Compass: Stay Defensive. Actionable Global Sectors: Energy, Materials, Transportation, Communications, Utilities, and...

Vermilion Research

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on $ACWI Holding for Now; Discussed to trim exposure to Korea $EWY and Taiwan...

Vermilion Research

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