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>KBR Inc. demonstrated robust performance in Q3 2024, reflecting double-digit year-over-year growth in revenue and profitability.</li><li>Revenue for the quarter increased by 10%, while adjusted EBITDA rose by 18%.</li><li>This growth was driven by strategic business expansion and effective cost management.</li></ul>

KBR Inc. demonstrated robust performance in Q3 2024, reflecting double-digit year-over-year growth in revenue and profitability.Revenue for the quarter increased by 10%, while adjusted EBITDA rose by 18%.This growth was driven by strategic business expansion and effective cost management.

KBR Inc.: Is The Strategic Growth In Sustainable Technologies Solutions (STS) Here To Stay? - Major Drivers

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>This week, I published a deep dive into Sony’s upcoming spin-off of Sony Financial (SFGI/8729).</li>
<li>I will be watching the spin-off closely and hoping for selling pressure.</li>
<li>KBR, Inc. (KBR) announced on September 24, 2025 that it plans to spin off its Mission Technology Solutions (MTS) segment into a separate publicly traded company.</li>
</ul>


This week, I published a deep dive into Sony’s upcoming spin-off of Sony Financial (SFGI/8729).
I will be watching the spin-off closely and hoping for selling pressure.
KBR, Inc. (KBR) announced on September 24, 2025 that it plans to spin off its Mission Technology Solutions (MTS) segment into a separate publicly traded company.


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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.</li>
<li>We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.</li>
<li>We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.
We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.
We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025


Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

<ul><li>KBR's third quarter of fiscal 2024 has showcased a robust financial and operational performance indicative of strategic foresight and a firm command over its core business areas.</li><li>With a 10% year-on-year increase in group revenue and an 18% rise in adjusted EBITDA, the company has managed to not only expand its financial metrics but also enhance its profit margins by 70 basis points over the same period last year.</li><li>This performance is underscored by a disciplined approach to cost management and a focus on executing and winning the right kind of work.</li></ul>

KBR's third quarter of fiscal 2024 has showcased a robust financial and operational performance indicative of strategic foresight and a firm command over its core business areas.With a 10% year-on-year increase in group revenue and an 18% rise in adjusted EBITDA, the company has managed to not only expand its financial metrics but also enhance its profit margins by 70 basis points over the same period last year.This performance is underscored by a disciplined approach to cost management and a focus on executing and winning the right kind of work.

KBR Inc.: Capitalizing On Market Opportunities in Green and Recycling Technology! - Major Drivers

<ul>
<li>Considering constructive market dynamics and the recent $SPX breakout above 5783 following several months of consolidation, we upgraded our outlook to bullish as of our 10/15/24 U.S. Macro Vision report</li>
<li>Since late-July, we have been neutral on the SPX, preferring to buy near 5100-5200 support and sell near 5670-5783 resistance until there is a break in either direction.</li>
<li>The verdict of the market is the only one that matters, and the breakout above 5783 is the market's way of saying the path of least resistance is higher.</li>
</ul>


Considering constructive market dynamics and the recent $SPX breakout above 5783 following several months of consolidation, we upgraded our outlook to bullish as of our 10/15/24 U.S. Macro Vision report
Since late-July, we have been neutral on the SPX, preferring to buy near 5100-5200 support and sell near 5670-5783 resistance until there is a break in either direction.
The verdict of the market is the only one that matters, and the breakout above 5783 is the market's way of saying the path of least resistance is higher.


Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

United States

KBR, Inc. is a global engineering, construction, and services company supporting the energy, petrochemicals, government services, and civil infrastructure sectors.  The Company offers a wide range of services through two business segments, Energy and Chemicals (E&C) and Government and Infrastructure (G&I).

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KBR (KBR US)

KBR Inc.: Is The Strategic Growth In Sustainable Technologies Solutions (STS) Here To Stay? - Major Drivers

KBR Inc. demonstrated robust performance in Q3 2024, reflecting double-digit year-over-year growth in revenue and profitability. Revenue for the...

Baptista Research

Weekly Update (SFGI/8729, NLOP, KBR)

This week, I published a deep dive into Sony’s upcoming spin-off of Sony Financial (SFGI/8729). I will be watching the spin-off closely and hoping...

Richard Howe

Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

Buy the Pullback $SPX $QQQ $IWM $IJH $VXF; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow as market dynamics to...

Vermilion Research

KBR Inc.: Capitalizing On Market Opportunities in Green and Recycling Technology! - Major Drivers

KBR's third quarter of fiscal 2024 has showcased a robust financial and operational performance indicative of strategic foresight and a firm...

Baptista Research

Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

Bullish Outlook Focused on Large- and Mid-Caps $SPX $NDX $QQQ $IJH $MDY $IWR as of the Oct 11 close above 5783; Russell 2000 $IWM Still Below...

Vermilion Research

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