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>Freeport-McMoRan reported a 2025 outcome that, while disrupted by the Grasberg incident, still showed relative stability in consolidated performance and a stronger finish than initially expected.</li><li>Annual copper sales and unit net cash costs came in slightly better than adjusted guidance, with consolidated unit net cash costs of $1.65 per pound within a narrow range of the initial outlook and adjusted EBITDA near $10 billion, similar to 2024.</li><li>The company framed this as evidence of portfolio diversification, particularly the strength of the Americas operations in the prevailing price environment.</li></ul>

Freeport-McMoRan reported a 2025 outcome that, while disrupted by the Grasberg incident, still showed relative stability in consolidated performance and a stronger finish than initially expected.Annual copper sales and unit net cash costs came in slightly better than adjusted guidance, with consolidated unit net cash costs of $1.65 per pound within a narrow range of the initial outlook and adjusted EBITDA near $10 billion, similar to 2024.The company framed this as evidence of portfolio diversification, particularly the strength of the Americas operations in the prevailing price environment.

Freeport-McMoRan: Grasberg Isn’t Slowing Down—How Block Cave & Kucing Liar Could Drive a Powerful Decade of Production!

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

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Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant. </li><li><p>The fund managers followed are: Berkshire Hathaway Inc (Warren Buffet, Greg Abel) , Duquesne Family Office LLC (Stanley Druckenmiller), etc</p></li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across  countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant. The fund managers followed are: Berkshire Hathaway Inc (Warren Buffet, Greg Abel) , Duquesne Family Office LLC (Stanley Druckenmiller), etcBy adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across  countries and industries; and optimised with respect to their expected risks and returns.

Global Top Fund Managers (Shariah) Portfolio (18-Aug-2026)

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>LME and SHFE inventories have plunged 42% and 84% from their peaks, respectively, while COMEX stocks hit 653 kt as traders front-load shipments ahead of potential US tariffs.</li>
<li>COPX attracted USD 62 Mn of inflows across two trading sessions following a USD 20.2 Mn outflow, as the Fed’s decision to hold interest rates revived investor confidence.</li>
<li>Glencore’s adjusted copper EBITDA is expected to accelerate by 62% in FY26, while a potential ASX listing could strengthen capital access and unlock fresh M&amp;A opportunities.</li>
</ul>


LME and SHFE inventories have plunged 42% and 84% from their peaks, respectively, while COMEX stocks hit 653 kt as traders front-load shipments ahead of potential US tariffs.
COPX attracted USD 62 Mn of inflows across two trading sessions following a USD 20.2 Mn outflow, as the Fed’s decision to hold interest rates revived investor confidence.
Glencore’s adjusted copper EBITDA is expected to accelerate by 62% in FY26, while a potential ASX listing could strengthen capital access and unlock fresh M&amp;A opportunities.


Falling Exchange Inventories and Potential US Tariffs Lift Copper, Glencore Eyes ASX Listing

<ul><li>Freeport-McMoRan reported a quarter characterized by strong operational performance, continued strategic progress, and evolving global market dynamics.</li><li>The company benefited from favorable copper pricing, with COMEX and LME levels at multi-year highs, while achieving meaningful milestones in its Indonesian operations and advancing U.S. production initiatives.</li><li>Quarterly EBITDA reached approximately $3.2 billion, and operating cash flow stood at $2.2 billion, driven by copper realizations exceeding $4.50 per pound and sales volumes surpassing production due to reduced inventories in Indonesia.</li></ul>

Freeport-McMoRan reported a quarter characterized by strong operational performance, continued strategic progress, and evolving global market dynamics.The company benefited from favorable copper pricing, with COMEX and LME levels at multi-year highs, while achieving meaningful milestones in its Indonesian operations and advancing U.S. production initiatives.Quarterly EBITDA reached approximately $3.2 billion, and operating cash flow stood at $2.2 billion, driven by copper realizations exceeding $4.50 per pound and sales volumes surpassing production due to reduced inventories in Indonesia.

Freeport-McMoRan: The 6 Key Drivers Shaping Its Performance in 2025 and Beyond!

<ul>
<li>Chile's copper supply faces a double blow from severe weather and potential sulphuric acid shortages, raising the risk of tighter mine output and global supply.</li>
<li>Shrinking inventories and soaring Yangshan premiums highlight China's strong appetite for refined copper, providing continued support for copper prices.</li>
<li>A strong earnings beat and reaffirmed guidance underscore Teck's momentum, but mine execution and merger approvals will shape the next phase of growth.</li>
</ul>


Chile's copper supply faces a double blow from severe weather and potential sulphuric acid shortages, raising the risk of tighter mine output and global supply.
Shrinking inventories and soaring Yangshan premiums highlight China's strong appetite for refined copper, providing continued support for copper prices.
A strong earnings beat and reaffirmed guidance underscore Teck's momentum, but mine execution and merger approvals will shape the next phase of growth.


Copper's Bull Case Is No Longer a Story of Hope, but Scarcity

United States

Freeport-McMoRan Inc. is an international natural resources company. The Company operates large, long-lived, geographically diverse assets with significant reserves of copper, gold, molybdenum, cobalt, oil, and gas.

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Freeport Mcmoran (FCX US)

Freeport-McMoRan: Grasberg Isn’t Slowing Down—How Block Cave & Kucing Liar Could Drive a Powerful Decade of Production!

Freeport-McMoRan reported a 2025 outcome that, while disrupted by the Grasberg incident, still showed relative stability in consolidated...

Baptista Research

Global Top Fund Managers (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah...

Crea8

Falling Exchange Inventories and Potential US Tariffs Lift Copper, Glencore Eyes ASX Listing

Chile’s weakening output and fresh DRC export curbs are deepening concerns over mined copper supply, with China’s softer import demand emerging as...

Mint Finance

Freeport-McMoRan: The 6 Key Drivers Shaping Its Performance in 2025 and Beyond!

Freeport-McMoRan reported a quarter characterized by strong operational performance, continued strategic progress, and evolving global market...

Baptista Research

Copper's Bull Case Is No Longer a Story of Hope, but Scarcity

Physical market tightness is replacing macro narratives, as Chile's supply disruptions and China's import demand reinforce a stronger long-term...

Mint Finance

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