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 reported strong financial performance for the fourth quarter of 2025, reflecting a sharp increase in tanker freight rates and improving operating efficiency across its fleet.</li><li>The company generated profit of $228 million, or $1.02 per share, while adjusted profit reached $230 million, or $1.03 per share.</li><li>This marked a substantial increase from the prior quarter, primarily driven by higher time charter equivalent earnings, which rose from $248 million to $424.5 million.</li></ul>

Frontline plc reported strong financial performance for the fourth quarter of 2025, reflecting a sharp increase in tanker freight rates and improving operating efficiency across its fleet.The company generated profit of $228 million, or $1.02 per share, while adjusted profit reached $230 million, or $1.03 per share.This marked a substantial increase from the prior quarter, primarily driven by higher time charter equivalent earnings, which rose from $248 million to $424.5 million.

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

Rikki Malik

COSCO SHIPPING Energy Transportation / Equity Bottom-Up

COSCO SHIPPING Energy Transportation (1138 HK)

<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

<ul><li>Frontline Ltd., a prominent player in the global tanker industry, has released its third-quarter 2025 financial results, revealing a mixed performance.</li><li>On the positive side, the company demonstrated robust gains in time charter equivalent (TCE) rates across different fleet segments.</li><li>Achievements included $34,300 per day for Very Large Crude Carriers (VLCCs), $35,100 per day for Suezmax tankers, and $31,400 per day for LR2/Aframax tankers.</li></ul>

Frontline Ltd., a prominent player in the global tanker industry, has released its third-quarter 2025 financial results, revealing a mixed performance.On the positive side, the company demonstrated robust gains in time charter equivalent (TCE) rates across different fleet segments.Achievements included $34,300 per day for Very Large Crude Carriers (VLCCs), $35,100 per day for Suezmax tankers, and $31,400 per day for LR2/Aframax tankers.

Frontline Ltd. Is Optimizing Fleet Utilization Amid Sanctioned Oil Trade Distortions — Here’s the Real Earnings Setup!

<ul><li>Frontline plc's recent quarterly earnings report indicates a mixed performance amidst a dynamic market environment.</li><li>The company's financial outcomes and strategic position involve both positive aspects as well as areas of concern, which collectively emphasize management's cautious optimism.</li><li>During the first quarter of 2025, Frontline reported a profit of $33.3 million, or $0.15 per share, while adjusted profit totaled $40.4 million, or $0.18 per share.</li></ul>

Frontline plc's recent quarterly earnings report indicates a mixed performance amidst a dynamic market environment.The company's financial outcomes and strategic position involve both positive aspects as well as areas of concern, which collectively emphasize management's cautious optimism.During the first quarter of 2025, Frontline reported a profit of $33.3 million, or $0.15 per share, while adjusted profit totaled $40.4 million, or $0.18 per share.

Frontline Ltd Eyes a Spot Market Surge—Will Regulatory Shifts Unlock a New Profit Cycle?

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 will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $141.50 on ACWI-US continue to hold.</li>
<li>We are not fighting the bullish trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring potential concerns--notably...</li>
<li>...global defensives Staples (KXI-US), Utilities (JXI-US), RealEstate (RWO-US) at 5+ month RS highs, U.S. dollar (DXY) holding above $96.40, crude oil prices bottoming, gasoline (UGA) breaking out from 3.5+year downtrend.</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $141.50 on ACWI-US continue to hold.
We are not fighting the bullish trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring potential concerns--notably...
...global defensives Staples (KXI-US), Utilities (JXI-US), RealEstate (RWO-US) at 5+ month RS highs, U.S. dollar (DXY) holding above $96.40, crude oil prices bottoming, gasoline (UGA) breaking out from 3.5+year downtrend.


Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, Transports

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 Plc: $74

Frontline plc reported strong financial performance for the fourth quarter of 2025, reflecting a sharp increase in tanker freight rates and...

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

Frontline Ltd. Is Optimizing Fleet Utilization Amid Sanctioned Oil Trade Distortions — Here’s the Real Earnings Setup!

Frontline Ltd., a prominent player in the global tanker industry, has released its third-quarter 2025 financial results, revealing a mixed...

Baptista Research

Frontline Ltd Eyes a Spot Market Surge—Will Regulatory Shifts Unlock a New Profit Cycle?

Frontline plc's recent quarterly earnings report indicates a mixed performance amidst a dynamic market environment. The company's financial...

Baptista Research

Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, Transports

Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, and Transports. Remain Overweight Emerging Markets $EEM,...

Vermilion Research

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