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>Frontline plc, a prominent player in the tanker industry, recently held its fourth quarter 2024 results conference.</li><li>The discussion highlighted the company's financial performance, fleet status, market conditions, and potential future impacts of geopolitical factors affecting the global oil trade.</li><li>In terms of financial performance, Frontline reported a profit of $66.7 million for the quarter, translating to $0.30 per share, while the adjusted profit stood at $45.1 million or $0.20 per share.</li></ul>

Frontline plc, a prominent player in the tanker industry, recently held its fourth quarter 2024 results conference.The discussion highlighted the company's financial performance, fleet status, market conditions, and potential future impacts of geopolitical factors affecting the global oil trade.In terms of financial performance, Frontline reported a profit of $66.7 million for the quarter, translating to $0.30 per share, while the adjusted profit stood at $45.1 million or $0.20 per share.

Frontline Ltd: Will The Recent Adjustments in Crude Oil Trade Patterns Have A Positive Impact?

<ul><li>Frontline plc's Q3 2024 financial results indicate a complex and challenging environment for the company, characterized by mixed external factors influencing market dynamics.</li><li>The company recorded a profit of $60.5 million for the quarter, translating to $0.27 per share, and an adjusted profit of $75.4 million or $0.34 per share.</li><li>This represents a decline in adjusted profit by $62.8 million from the previous quarter, largely due to decreased time charter equivalent (TCE) earnings which fell from $357.7 million to $292.2 million quarter-over-quarter.</li></ul>

Frontline plc's Q3 2024 financial results indicate a complex and challenging environment for the company, characterized by mixed external factors influencing market dynamics.The company recorded a profit of $60.5 million for the quarter, translating to $0.27 per share, and an adjusted profit of $75.4 million or $0.34 per share.This represents a decline in adjusted profit by $62.8 million from the previous quarter, largely due to decreased time charter equivalent (TCE) earnings which fell from $357.7 million to $292.2 million quarter-over-quarter.

Frontline Plc.: An Analysis Of Its Fleet Modernization & Expansion! - Major Drivers

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 remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121


Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

<ul><li>Frontline plc's latest earnings report for the second quarter of 2024 presents a mixed bag of results influenced both by geopolitical complexities and market-specific challenges, as well as strategic decisions executed by the company.</li><li>Delving into the current performance and potential future scenarios gives us a balanced understanding of where Frontline stands in the volatile tanker market.</li><li>For the second quarter of 2024, Frontline reported daily earnings that, while showing robust figures, slightly tread under the first quarter with VLCCs making around $49,600, Suezmax at $45,600, and LR2/Aframax tanks earning about $53,100 per day.</li></ul>

Frontline plc's latest earnings report for the second quarter of 2024 presents a mixed bag of results influenced both by geopolitical complexities and market-specific challenges, as well as strategic decisions executed by the company.Delving into the current performance and potential future scenarios gives us a balanced understanding of where Frontline stands in the volatile tanker market.For the second quarter of 2024, Frontline reported daily earnings that, while showing robust figures, slightly tread under the first quarter with VLCCs making around $49,600, Suezmax at $45,600, and LR2/Aframax tanks earning about $53,100 per day.

Frontline Ltd.: Fleet Operational Efficiency & Modernization Driving Our Optimism! - Major Drivers

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cosco Shipping Energy Transportation Co. Ltd. (H) / Equity Bottom-Up

Cosco Shipping Energy Transportation Co. Ltd. (H)

<ul>
<li>The whole sector has been derated as the oil prices collapsed</li>
<li>The capital cycle story is still intact and gets stronger as time passes</li>
<li>There is a margin of safety in the current valuations</li>
</ul>


The whole sector has been derated as the oil prices collapsed
The capital cycle story is still intact and gets stronger as time passes
There is a margin of safety in the current valuations


Opportunities in Tankers (1138.HK) As the Sector Has Discounted Most of the Issues Facing It

Norway

Frontline PLC owns a fleet of very large crude carriers and tankers that transport crude oil and oil products between ports. The Company's vessels are managed by ship management companies. Frontline conducts activities worldwide.

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Frontline (FRO US)

Frontline Ltd: Will The Recent Adjustments in Crude Oil Trade Patterns Have A Positive Impact?

Frontline plc, a prominent player in the tanker industry, recently held its fourth quarter 2024 results conference. The discussion highlighted the...

Baptista Research

Frontline Plc.: An Analysis Of Its Fleet Modernization & Expansion! - Major Drivers

Frontline plc's Q3 2024 financial results indicate a complex and challenging environment for the company, characterized by mixed external factors...

Baptista Research

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

Frontline Ltd.: Fleet Operational Efficiency & Modernization Driving Our Optimism! - Major Drivers

Frontline plc's latest earnings report for the second quarter of 2024 presents a mixed bag of results influenced both by geopolitical complexities...

Baptista Research

Opportunities in Tankers (1138.HK) As the Sector Has Discounted Most of the Issues Facing It

The current negative narrative around the sector of higher oil production, lessening of sanctions and an upcoming recession provides an opportunity

Rikki Malik

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