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>Ingredion Incorporated reported a mixed operational and financial performance for the first quarter of 2026, reflecting both challenges and areas of resilience across its business segments.</li><li>Net sales decreased by 1% year-over-year to $1.8 billion, while adjusted operating income declined 22%, largely influenced by operational difficulties at the Argo facility in the Food and Industrial Ingredients U.S./Canada segment and softer industry volumes in both U.S./Canada and Latin America.</li><li>The Argo facility’s operational challenges were the primary detractor from company-wide performance, incurring $40 million in additional costs, significantly surpassing the earlier forecast of $10 million to $15 million.</li></ul>

Ingredion Incorporated reported a mixed operational and financial performance for the first quarter of 2026, reflecting both challenges and areas of resilience across its business segments.Net sales decreased by 1% year-over-year to $1.8 billion, while adjusted operating income declined 22%, largely influenced by operational difficulties at the Argo facility in the Food and Industrial Ingredients U.S./Canada segment and softer industry volumes in both U.S./Canada and Latin America.The Argo facility’s operational challenges were the primary detractor from company-wide performance, incurring $40 million in additional costs, significantly surpassing the earlier forecast of $10 million to $15 million.

Ingredion's $40 Million Argo Hit: Can Recovery Restore Margin Momentum?

<ul><li>Ingredion Inc. reported a mixed performance for the fourth quarter and full year 2025, highlighting both achievements and challenges across its business segments.</li><li>The company reached record full-year operating income and earnings per share, supported by enduring strength in its Texture and Healthful Solutions segment and commendable results from its Food and Industrial Ingredients Latin America (LatAm) division.</li><li>Despite these successes, operational headwinds at a key facility and industry-wide demand issues tempered broader performance.</li></ul>

Ingredion Inc. reported a mixed performance for the fourth quarter and full year 2025, highlighting both achievements and challenges across its business segments.The company reached record full-year operating income and earnings per share, supported by enduring strength in its Texture and Healthful Solutions segment and commendable results from its Food and Industrial Ingredients Latin America (LatAm) division.Despite these successes, operational headwinds at a key facility and industry-wide demand issues tempered broader performance.

Ingredion's Portfolio Shift: Why Texture and Healthful Solutions Matter More Than Ever!

<ul><li>Ingredion Inc.'s third-quarter 2025 results presented a challenging picture with a decline in both net sales and adjusted operating income compared to previous guidance.</li><li>Despite the struggles, the company remains optimistic about achieving full-year operational income growth, leveraging its diversified business portfolio.</li><li>The quarter was marked by a 3% decrease in net sales, influenced by a drop in both sales volume and price/mix across various segments, although foreign exchange provided a slight offset.</li></ul>

Ingredion Inc.'s third-quarter 2025 results presented a challenging picture with a decline in both net sales and adjusted operating income compared to previous guidance.Despite the struggles, the company remains optimistic about achieving full-year operational income growth, leveraging its diversified business portfolio.The quarter was marked by a 3% decrease in net sales, influenced by a drop in both sales volume and price/mix across various segments, although foreign exchange provided a slight offset.

Ingredion Expands Its Healthful Solutions Portfolio — Will Double-Digit Profit Growth Transform Its Future?

<ul><li>Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative aspects influencing its strategic outlook.</li><li>The company achieved a historic milestone with an adjusted operating income of $273 million, marking its highest ever for a second quarter, bolstered by a 1% increase from the previous year and a 12% increase during the first half of 2025.</li><li>However, net sales declined by 2% due to the pass-through of lower corn costs, highlighting some challenges in its operational efficiency and pricing strategy.</li></ul>

Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative aspects influencing its strategic outlook.The company achieved a historic milestone with an adjusted operating income of $273 million, marking its highest ever for a second quarter, bolstered by a 1% increase from the previous year and a 12% increase during the first half of 2025.However, net sales declined by 2% due to the pass-through of lower corn costs, highlighting some challenges in its operational efficiency and pricing strategy.

Ingredion Incorporated: Geographic Market Strategy in LATAM to Further Enforce Their Competitive Edge!

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 are officially downgrading our outlook to bearish with the S&amp;P 500 (SPX) violating major support at 6480-6520, NQ violating 24,000, and Russell 2000 (IWM) breaking below crucial $245 support.</li>
<li>This comes after downgrading our outlook to neutral in our 3/3/26 Compass.</li>
<li>We view this latest rally as a selling opportunity at resistance at 6480-6520 and the 200-day MA</li>
</ul>


We are officially downgrading our outlook to bearish with the S&amp;P 500 (SPX) violating major support at 6480-6520, NQ violating 24,000, and Russell 2000 (IWM) breaking below crucial $245 support.
This comes after downgrading our outlook to neutral in our 3/3/26 Compass.
We view this latest rally as a selling opportunity at resistance at 6480-6520 and the 200-day MA


Downgrading Outlook to Bearish; Stay Defensive; $SPX Rally a Selling Opportunity?

United States

Ingredion Incorporated refines corn and produces sweeteners and starches.  The Company has customers in a wide range of industries, including the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile industries.  Ingredion has Company-owned operations, joint ventures, alliances, and technical licenses in countries around the world.

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Ingredion Inc (INGR US)

Ingredion's $40 Million Argo Hit: Can Recovery Restore Margin Momentum?

Ingredion Incorporated reported a mixed operational and financial performance for the first quarter of 2026, reflecting both challenges and areas...

Baptista Research

Ingredion's Portfolio Shift: Why Texture and Healthful Solutions Matter More Than Ever!

Ingredion Inc. reported a mixed performance for the fourth quarter and full year 2025, highlighting both achievements and challenges across its...

Baptista Research

Ingredion Expands Its Healthful Solutions Portfolio — Will Double-Digit Profit Growth Transform Its Future?

Ingredion Inc.'s third-quarter 2025 results presented a challenging picture with a decline in both net sales and adjusted operating income...

Baptista Research

Ingredion Incorporated: Geographic Market Strategy in LATAM to Further Enforce Their Competitive Edge!

Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative...

Baptista Research

Downgrading Outlook to Bearish; Stay Defensive; $SPX Rally a Selling Opportunity?

Downgrading Outlook to Bearish; Stay Defensive; Latest $SPX Rally Likely to Roll Over Here at 6480-6520 or 200-day MA resistance

Vermilion Research

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