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>Fresnillo presented its recent financial and operational results during the half-year call, providing a comprehensive overview of the company's current standing and future outlook.</li><li>The results show a significant improvement in several areas, though there are also challenges and risks that the company acknowledges.</li><li>Financially, Fresnillo has demonstrated robust performance.</li></ul>

Fresnillo presented its recent financial and operational results during the half-year call, providing a comprehensive overview of the company's current standing and future outlook.The results show a significant improvement in several areas, though there are also challenges and risks that the company acknowledges.Financially, Fresnillo has demonstrated robust performance.

Fresnillo plc’s Next Big Move — Will Brownfield Projects Unlock the Next Growth Wave?

<ul><li>Commercial Metals Company is expanding beyond rebar and into concrete.</li><li>In a pivotal move announced on October 16, 2025, CMC revealed a definitive agreement to acquire Foley Products, a leading supplier of precast concrete infrastructure solutions in the Southeastern U.S., for $1.84 billion in cash.</li><li>The acquisition, along with the earlier announced acquisition of CP&P, marks the company's formal entry into the precast concrete space and positions it to become the third-largest precast platform in the United States.</li></ul>

Commercial Metals Company is expanding beyond rebar and into concrete.In a pivotal move announced on October 16, 2025, CMC revealed a definitive agreement to acquire Foley Products, a leading supplier of precast concrete infrastructure solutions in the Southeastern U.S., for $1.84 billion in cash.The acquisition, along with the earlier announced acquisition of CP&P, marks the company's formal entry into the precast concrete space and positions it to become the third-largest precast platform in the United States.

Fresnillo PLC - Commercial Metals Goes All-In on Infrastructure—Will This $1.8 Billion Deal Pay Off?

<ul><li>Fresnillo plc's latest half-year financial report reflects a mix of strategic moves and operational performance outcomes that define the company's current standing and future outlook in the precious metals market.</li><li>The company's underlying strengths are seen through its robust production capabilities, strategic asset management, and responses to market conditions.</li><li>However, there are also significant challenges and considerations that investors need to be mindful of.</li></ul>

Fresnillo plc's latest half-year financial report reflects a mix of strategic moves and operational performance outcomes that define the company's current standing and future outlook in the precious metals market.The company's underlying strengths are seen through its robust production capabilities, strategic asset management, and responses to market conditions.However, there are also significant challenges and considerations that investors need to be mindful of.

Fresnillo Rides the Precious Metals Supercycle While Streamlining for Maximum Profitability; Are Its Goals Achievable?

<ul><li>Fresnillo plc reported its preliminary results for the fiscal year 2024, revealing a mixed performance that highlights both strengths and challenges faced by the company.</li><li>Production has stabilized across its operations after overcoming significant operational challenges, such as declining ore grades and increased dilution in some mine sites.</li><li>The company also navigated external pressures like inflation and labor reforms in Mexico, impacting its contractor-based workforce model.</li></ul>

Fresnillo plc reported its preliminary results for the fiscal year 2024, revealing a mixed performance that highlights both strengths and challenges faced by the company.Production has stabilized across its operations after overcoming significant operational challenges, such as declining ore grades and increased dilution in some mine sites.The company also navigated external pressures like inflation and labor reforms in Mexico, impacting its contractor-based workforce model.

Fresnillo Plc: Initiation of Coverage- An Insight into Its Strategic CapEx

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

Mexico

Fresnillo plc is a silver and gold mining and exploration company.  The Company owns and operates silver and gold mines in Mexico.  Fresnillo also holds a portfolio of development and exploration projects located along the silver and gold belts of Mexico.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fresnillo PLC (FRES LN)

Fresnillo plc’s Next Big Move — Will Brownfield Projects Unlock the Next Growth Wave?

Fresnillo presented its recent financial and operational results during the half-year call, providing a comprehensive overview of the company's...

Baptista Research

Fresnillo PLC - Commercial Metals Goes All-In on Infrastructure—Will This $1.8 Billion Deal Pay Off?

Commercial Metals Company is expanding beyond rebar and into concrete. In a pivotal move announced on October 16, 2025, CMC revealed a definitive...

Baptista Research

Fresnillo Rides the Precious Metals Supercycle While Streamlining for Maximum Profitability; Are Its Goals Achievable?

Fresnillo plc's latest half-year financial report reflects a mix of strategic moves and operational performance outcomes that define the company's...

Baptista Research

Fresnillo Plc: Initiation of Coverage- An Insight into Its Strategic CapEx

Fresnillo plc reported its preliminary results for the fiscal year 2024, revealing a mixed performance that highlights both strengths and...

Baptista Research

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)