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>Third-quarter 2024 results for Freeport-McMoRan demonstrated a company executing well against its strategic plans while capitalizing on favorable market conditions for copper and gold.</li><li>During the period, the company reported substantial earnings with EBITDA reaching $2.7 billion and operating cash flows at $1.9 billion, driven by strong sales volumes that exceeded guidance for both copper and gold, alongside favorable unit cash cost performance.</li><li>However, there were notable incidents and challenges that could influence the company's operational and financial performance moving forward.</li></ul>

Third-quarter 2024 results for Freeport-McMoRan demonstrated a company executing well against its strategic plans while capitalizing on favorable market conditions for copper and gold.During the period, the company reported substantial earnings with EBITDA reaching $2.7 billion and operating cash flows at $1.9 billion, driven by strong sales volumes that exceeded guidance for both copper and gold, alongside favorable unit cash cost performance.However, there were notable incidents and challenges that could influence the company's operational and financial performance moving forward.

Freeport-McMoRan Inc.:  Expansion & Efficiency At Key Operations As A Crucial Growth Lever! - Major Drivers

<ul><li>Freeport-McMoRan's second quarter results underscore both strengths and areas for further improvement within its operations and strategic initiatives.</li><li>As a dominant player in the copper industry, the company continues to benefit from strong global demand for copper, essential for various sectors like electrification and renewable energies.</li><li>Freeport-McMoRan highlights robust EBITDA of $2.7 billion and an impressive $2 billion in operating cash flow, driven by steady production volumes and recovering commodity prices.</li></ul>

Freeport-McMoRan's second quarter results underscore both strengths and areas for further improvement within its operations and strategic initiatives.As a dominant player in the copper industry, the company continues to benefit from strong global demand for copper, essential for various sectors like electrification and renewable energies.Freeport-McMoRan highlights robust EBITDA of $2.7 billion and an impressive $2 billion in operating cash flow, driven by steady production volumes and recovering commodity prices.

Freeport-McMoRan Inc.: Innovative Smelter Operations in Indonesia & Other Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>On 4 June, <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> announced plans to raise HK$9.1bn (US$1.2bn) through 2 rights shares for every five existing shares rights offering, with a rights price of HK$2.62.</li>
<li>Since the rights issue announcement, MMG shares have declined by 16.2% to the undisturbed price and by 8.0% compared to the TERP of HK$3.48 per share. </li>
<li>MMG’s trading pattern has diverged from Link REIT/Yuexiu’s rights trading due to the statement on 18 May that the Peruvian mine is not liable for a 30% withholding tax.</li>
</ul>


On 4 June, MMG (1208 HK) announced plans to raise HK$9.1bn (US$1.2bn) through 2 rights shares for every five existing shares rights offering, with a rights price of HK$2.62.
Since the rights issue announcement, MMG shares have declined by 16.2% to the undisturbed price and by 8.0% compared to the TERP of HK$3.48 per share. 
MMG’s trading pattern has diverged from Link REIT/Yuexiu’s rights trading due to the statement on 18 May that the Peruvian mine is not liable for a 30% withholding tax.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">Mmg Ltd (1208 HK)</a> will raise HK$9.1bn (US$1.2bn) through 2 rights shares for every 5 existing shares rights offering. The rights price is HK$2.62, a 24.7% discount to the TERP.</li>
<li>The rights proceeds will be used to repay existing debt, which will allow it to use other funds to better support the ongoing development of the operating mines.</li>
<li>MMG shares should continue to decline heading into the ex-rights date. The shares go ex-rights on 11 June, and the rights start trading from 24 June to 2 July (inclusive).</li>
</ul>



Mmg Ltd (1208 HK) will raise HK$9.1bn (US$1.2bn) through 2 rights shares for every 5 existing shares rights offering. The rights price is HK$2.62, a 24.7% discount to the TERP.
The rights proceeds will be used to repay existing debt, which will allow it to use other funds to better support the ongoing development of the operating mines.
MMG shares should continue to decline heading into the ex-rights date. The shares go ex-rights on 11 June, and the rights start trading from 24 June to 2 July (inclusive).


MMG (1208 HK): US$1.2bn Highly Dilutive Rights Issue

Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

<ul>
<li>S&amp;P 5700 year end target remains intact after MONTHLY breakout. </li>
<li>Copper and silver rally to resume with dollar potentially falling.</li>
<li>Semis continue to lead tech and look for software to join.</li>
</ul>


S&amp;P 5700 year end target remains intact after MONTHLY breakout. 
Copper and silver rally to resume with dollar potentially falling.
Semis continue to lead tech and look for software to join.


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 Inc.: Expansion & Efficiency At Key Operations As A Crucial Growth Lever! - Major Drivers

Third-quarter 2024 results for Freeport-McMoRan demonstrated a company executing well against its strategic plans while capitalizing on favorable...

Baptista Research

Freeport-McMoRan Inc.: Innovative Smelter Operations in Indonesia & Other Major Drivers

Freeport-McMoRan's second quarter results underscore both strengths and areas for further improvement within its operations and strategic...

Baptista Research

MMG (1208 HK): Rights Trade Playbook

The rights start trading on 24 June. We expect MMG shares to claw back some losses over the rights trading period, particularly towards the end.

Arun George

MMG (1208 HK): US$1.2bn Highly Dilutive Rights Issue

The rights price is HK$2.62, a 24.7% discount to the TERP. Precedents suggest that MMG shares should continue to decline heading into the ex-rights...

Arun George

Commodity Comeback

S&P 5700 year-end target remains intact after breakout, copper and silver rally expected as dollar falls, semis leading tech with software to follow.

Douglas Busch

Price Gauge

52-week Range

Market Cap (USDm)

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Freeport-McMoRan Inc.: Expansion & Efficiency At Key Operations As A Crucial Growth Lever! - Major Drivers

Third-quarter 2024 results for Freeport-McMoRan demonstrated a company executing well against its strategic plans while capitalizing on favorable...

Baptista Research

Freeport-McMoRan Inc.: Innovative Smelter Operations in Indonesia & Other Major Drivers

Freeport-McMoRan's second quarter results underscore both strengths and areas for further improvement within its operations and strategic...

Baptista Research

MMG (1208 HK): Rights Trade Playbook

The rights start trading on 24 June. We expect MMG shares to claw back some losses over the rights trading period, particularly towards the end.

Arun George

MMG (1208 HK): US$1.2bn Highly Dilutive Rights Issue

The rights price is HK$2.62, a 24.7% discount to the TERP. Precedents suggest that MMG shares should continue to decline heading into the ex-rights...

Arun George

Commodity Comeback

​S&P 5700 year-end target remains intact after breakout, copper and silver rally expected as dollar falls, semis leading tech with software to follow.

Douglas Busch

S&P 5700 year-end target remains intact after breakout, copper and silver rally expected as dollar falls, semis leading tech with software to follow.