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>IDEX Corporation reported a strong start to fiscal year 2026 with first quarter results exceeding expectations across several key financial metrics.</li><li>The company posted organic sales growth of 5%, driven primarily by the Health & Science Technologies (HST) segment, which grew 11% organically.</li><li>Orders increased 10% organically, led by a 17% rise in HST orders and 9% growth in Fluid & Metering Technologies (FMT) orders, while Fire & Safety/Diversified Products (FSDP) orders declined 4% organically.</li></ul>

IDEX Corporation reported a strong start to fiscal year 2026 with first quarter results exceeding expectations across several key financial metrics.The company posted organic sales growth of 5%, driven primarily by the Health & Science Technologies (HST) segment, which grew 11% organically.Orders increased 10% organically, led by a 17% rise in HST orders and 9% growth in Fluid & Metering Technologies (FMT) orders, while Fire & Safety/Diversified Products (FSDP) orders declined 4% organically.

IDEX: The Life Sciences Headwind And China Pressure Are What The Hold Reflects!

<ul><li>IDEX Corporation's recent financial performance and strategic outlook present a multi-faceted picture for investors.</li><li>In the fourth quarter of 2025, IDEX exhibited signs of solid growth with organic sales increasing across its portfolio.</li><li>The company achieved a notable 34% organic order growth in its Health & Science Technologies (HST) segment, driven by strong demand in data center construction, semiconductor filtration, and space and defense markets.</li></ul>

IDEX Corporation's recent financial performance and strategic outlook present a multi-faceted picture for investors.In the fourth quarter of 2025, IDEX exhibited signs of solid growth with organic sales increasing across its portfolio.The company achieved a notable 34% organic order growth in its Health & Science Technologies (HST) segment, driven by strong demand in data center construction, semiconductor filtration, and space and defense markets.

IDEX Corporation (IEX): Why Exposure to Water, Life Sciences & Semiconductors Matters Right Now!

<ul><li>IDEX Corporation's third quarter 2025 results and strategic direction reveal both opportunities and challenges.</li><li>The company's performance exceeded expectations, marked by organic order growth of 7% and sales growth of 5%, particularly driven by its Health & Science Technologies (HST) segment.</li><li>Key drivers of HST's momentum include growth in markets such as pharmaceutical, data centers, semiconductor consumables, and space and defense.</li></ul>

IDEX Corporation's third quarter 2025 results and strategic direction reveal both opportunities and challenges.The company's performance exceeded expectations, marked by organic order growth of 7% and sales growth of 5%, particularly driven by its Health & Science Technologies (HST) segment.Key drivers of HST's momentum include growth in markets such as pharmaceutical, data centers, semiconductor consumables, and space and defense.

IDEX Corporation: Is The Growth Momentum in Health and Science Technologies Here To Stay?

<ul><li>IDEX Corporation delivered a mixed performance in the second quarter of 2025, presenting both opportunities and challenges for investors.</li><li>On the positive side, the company exceeded expectations in terms of adjusted EBITDA margin and adjusted EPS, reflecting strong operational execution and cost management.</li><li>Organic orders increased by 2% over the previous year, driven by robust demand in pharmaceutical, energy, and agriculture markets, along with stability in diversified industrial and water segments.</li></ul>

IDEX Corporation delivered a mixed performance in the second quarter of 2025, presenting both opportunities and challenges for investors.On the positive side, the company exceeded expectations in terms of adjusted EBITDA margin and adjusted EPS, reflecting strong operational execution and cost management.Organic orders increased by 2% over the previous year, driven by robust demand in pharmaceutical, energy, and agriculture markets, along with stability in diversified industrial and water segments.

IDEX Corporation: Will Its Focus on Emerging Markets & Strategic Acquisitions Yield Concrete Results?

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>In last week's Compass (July 26) we discussed positive signals that we believe suggested the lows for this bear market may have already been established, or that downside is limited.</li>
<li>We continue to see more evidence that supports this claim; as a result, we are upgrading our outlook to neutral.</li>
<li>The SPX is reversing topside its 4-month downtrend, and the Russell 2000 (IWM), Russell Micro-Caps (IWC), and Russell 2000Growth (IWO) are each reversing topside their 9-month downtrends; the bottom's in.</li>
</ul>


In last week's Compass (July 26) we discussed positive signals that we believe suggested the lows for this bear market may have already been established, or that downside is limited.
We continue to see more evidence that supports this claim; as a result, we are upgrading our outlook to neutral.
The SPX is reversing topside its 4-month downtrend, and the Russell 2000 (IWM), Russell Micro-Caps (IWC), and Russell 2000Growth (IWO) are each reversing topside their 9-month downtrends; the bottom's in.


S&P 500 Reverses 4-Month Downtrend; Upgrading Consumer Discretionary to Market Weight

United States

IDEX Corporation designs, manufactures, and markets a variety of pump products, dispensing equipment, and other engineered products.  The Company's products include industrial pumps, lubrication systems, banding and clamping devices, and rescue tools.  IDEX markets its products to customers in the United States and overseas.

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Idex Corp (IEX US)

IDEX: The Life Sciences Headwind And China Pressure Are What The Hold Reflects!

IDEX Corporation reported a strong start to fiscal year 2026 with first quarter results exceeding expectations across several key financial...

Baptista Research

IDEX Corporation (IEX): Why Exposure to Water, Life Sciences & Semiconductors Matters Right Now!

IDEX Corporation's recent financial performance and strategic outlook present a multi-faceted picture for investors. In the fourth quarter of...

Baptista Research

IDEX Corporation: Is The Growth Momentum in Health and Science Technologies Here To Stay?

IDEX Corporation's third quarter 2025 results and strategic direction reveal both opportunities and challenges. The company's performance exceeded...

Baptista Research

IDEX Corporation: Will Its Focus on Emerging Markets & Strategic Acquisitions Yield Concrete Results?

IDEX Corporation delivered a mixed performance in the second quarter of 2025, presenting both opportunities and challenges for investors. On the...

Baptista Research

S&P 500 Reverses 4-Month Downtrend; Upgrading Consumer Discretionary to Market Weight

We continue to see more evidence suggesting the lows are in; as a result, we are upgrading our outlook to neutral. 4-month downtrend reversal for...

Vermilion Research

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