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>Kinross Gold's fourth-quarter 2024 earnings call highlights a year of strong operational performance, financial outcomes, and strategic progress across its mining operations and projects.</li><li>The company achieved noteworthy results, delivering 2.1 million ounces of gold in 2024 and over 500,000 ounces in the fourth quarter alone, reinforcing its adherence to production and cost guidance.</li><li>The cost of sales and all-in sustaining costs were tightly managed, indicating effective cost discipline.</li></ul>

Kinross Gold's fourth-quarter 2024 earnings call highlights a year of strong operational performance, financial outcomes, and strategic progress across its mining operations and projects.The company achieved noteworthy results, delivering 2.1 million ounces of gold in 2024 and over 500,000 ounces in the fourth quarter alone, reinforcing its adherence to production and cost guidance.The cost of sales and all-in sustaining costs were tightly managed, indicating effective cost discipline.

Kinross Gold’s Permitting Wins – The Key to Unlocking Billions in Future Mining!

<ul><li>Kinross Gold's third-quarter 2024 performance demonstrated notable progress in both operational and financial aspects.</li><li>The company produced 564,000 ounces of gold with a cost of sales under $1,000 per ounce, maintaining a strong momentum seen earlier in the year.</li><li>Noteworthy is the company's ability to capitalize on rising gold prices, resulting in a 14% increase in operating margins compared to a 6% increase in gold prices, thereby generating a record quarterly free cash flow of $450 million.</li></ul>

Kinross Gold's third-quarter 2024 performance demonstrated notable progress in both operational and financial aspects.The company produced 564,000 ounces of gold with a cost of sales under $1,000 per ounce, maintaining a strong momentum seen earlier in the year.Noteworthy is the company's ability to capitalize on rising gold prices, resulting in a 14% increase in operating margins compared to a 6% increase in gold prices, thereby generating a record quarterly free cash flow of $450 million.

Kinross Gold Corporation: An Insight Into Its Recent Exploration & Development Projects & Other Major Drivers

<ul><li>Kinross Gold Corporation expressed a strong performance in the second quarter of 2024, which boosted the company's financial and operational outlook.</li><li>The company reported a substantial 20% growth in operating margins compared to the previous quarter, largely driven by optimal functioning at its major mines, notably Tasiast and Paracatu.</li><li>The increase in gold prices positively impacted the profitability, enhancing free cash flow to $346 million for the quarter.</li></ul>

Kinross Gold Corporation expressed a strong performance in the second quarter of 2024, which boosted the company's financial and operational outlook.The company reported a substantial 20% growth in operating margins compared to the previous quarter, largely driven by optimal functioning at its major mines, notably Tasiast and Paracatu.The increase in gold prices positively impacted the profitability, enhancing free cash flow to $346 million for the quarter.

Kinross Gold Corporation: An Insight Into Its Competitive Positioning! - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 2 adds and 3 deletes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in September. Plus there are capping and float changes.</li>
<li>Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The largest inflows are expected in <a href="https://www.smartkarma.com/entities/b2gold-corp-fee72de9-9219-4f08-9e4a-eff9db71e070" target="_blank" data-smartkarma-citation="entities:33420:1" rel="noopener">B2Gold Corp</a>, <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining</a> and <a href="https://www.smartkarma.com/entities/pan-american-silver-corp" target="_blank" data-smartkarma-citation="entities:25399:1" rel="noopener">Pan American Silver</a> while the largest outflows are from <a href="https://www.smartkarma.com/entities/kinross-gold-corp-4566bc5d-6053-4c59-9b54-891e37079607" target="_blank" data-smartkarma-citation="entities:33288:1" rel="noopener">Kinross Gold</a> and <a href="https://www.smartkarma.com/entities/cia-de-minas-buenaventura-saa" target="_blank" data-smartkarma-citation="entities:27674:1" rel="noopener">Cia de Minas Buenaventura SAA</a>.</li>
</ul>


There are 2 adds and 3 deletes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in September. Plus there are capping and float changes.
Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 stocks with over 1x ADV to trade from passive trackers.
The largest inflows are expected in B2Gold Corp, Evolution Mining and Pan American Silver while the largest outflows are from Kinross Gold and Cia de Minas Buenaventura SAA.


MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

<ul><li>Kinross Gold Corporation reported a financially robust first quarter for the year 2024, characterized by strong operational performance and strategic developmental advancements, despite the inherent challenges and complexities in the mining sector.</li><li>During this quarter, Kinross Gold produced 527,000 ounces of gold, with its key operations at Tasiast, Paracau, and La Coipa contributing significantly to the output, demonstrating cost-effective production with an All-In Sustaining Cost (ASIC) below $1,000 per ounce.</li><li>The favorable gold prices provided a financial tailwind, enhancing the company’s profitability margins.</li></ul>

Kinross Gold Corporation reported a financially robust first quarter for the year 2024, characterized by strong operational performance and strategic developmental advancements, despite the inherent challenges and complexities in the mining sector.During this quarter, Kinross Gold produced 527,000 ounces of gold, with its key operations at Tasiast, Paracau, and La Coipa contributing significantly to the output, demonstrating cost-effective production with an All-In Sustaining Cost (ASIC) below $1,000 per ounce.The favorable gold prices provided a financial tailwind, enhancing the company’s profitability margins.

Kinross Gold Corporation: A Tale Of Continued Exploration & Resource Expansion! - Major Drivers

Canada

Kinross Gold Corporation is involved in the exploration, development, and production of gold in countries located around the world.  The Company currently has operations in the United States, Brazil, Chile, Mauritania, Ghana and Russia.

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Kinross Gold Corp (KGC US)

Kinross Gold’s Permitting Wins – The Key to Unlocking Billions in Future Mining!

Kinross Gold's fourth-quarter 2024 earnings call highlights a year of strong operational performance, financial outcomes, and strategic progress...

Baptista Research

Kinross Gold Corporation: An Insight Into Its Recent Exploration & Development Projects & Other Major Drivers

Kinross Gold's third-quarter 2024 performance demonstrated notable progress in both operational and financial aspects. The company produced...

Baptista Research

Kinross Gold Corporation: An Insight Into Its Competitive Positioning! - Major Drivers

Kinross Gold Corporation expressed a strong performance in the second quarter of 2024, which boosted the company's financial and operational...

Baptista Research

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

2 adds and 3 deletes result in a 1-way turnover of 11.4% and a round-trip trade of US$1.14bn for the GDXJ. Kinross Gold is the big sell while...

Brian Freitas

Kinross Gold Corporation: A Tale Of Continued Exploration & Resource Expansion! - Major Drivers

Kinross Gold Corporation reported a financially robust first quarter for the year 2024, characterized by strong operational performance and...

Baptista Research

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