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

Lyondellbasell Indu Cl A / Equity Bottom-Up

<ul>
<li>LyondellBasell's second-quarter financial results reflect a significant improvement driven by global supply disruptions attributable to the conflict in the Middle East, which affected production, feedstock availability, logistics, and trade flows.</li>
<li>The company recorded an EBITDA of $2.1 billion and earnings of $4.30 per diluted share, more than tripling sequentially, supported by a 23% EBITDA margin.</li>
<li>This performance was attributed to the company's value enhancement program and cash improvement plans executed during favorable market conditions.</li>
</ul>


LyondellBasell's second-quarter financial results reflect a significant improvement driven by global supply disruptions attributable to the conflict in the Middle East, which affected production, feedstock availability, logistics, and trade flows.
The company recorded an EBITDA of $2.1 billion and earnings of $4.30 per diluted share, more than tripling sequentially, supported by a 23% EBITDA margin.
This performance was attributed to the company's value enhancement program and cash improvement plans executed during favorable market conditions.


LyondellBasell Industries’ Middle East Disruption Unlocks A Powerful Margin Tailwind!

<ul>
<li>LyondellBasell Industries’ first quarter performance reflects a complex interplay of global geopolitical disruptions, operational adjustments, and ongoing strategic transformation efforts.</li>
<li>The company reported diluted earnings of $0.49 per share and an EBITDA of $615 million, marking a nearly 50% improvement supported by seasonal factors and a significant uptick in market conditions during March.</li>
<li>Cash and liquidity remained robust at $2.6 billion and $7.3 billion respectively, with the company demonstrating strong cash conversion at 111% of EBITDA over the past year, exceeding its long-term target of 80%.</li>
</ul>


LyondellBasell Industries’ first quarter performance reflects a complex interplay of global geopolitical disruptions, operational adjustments, and ongoing strategic transformation efforts.
The company reported diluted earnings of $0.49 per share and an EBITDA of $615 million, marking a nearly 50% improvement supported by seasonal factors and a significant uptick in market conditions during March.
Cash and liquidity remained robust at $2.6 billion and $7.3 billion respectively, with the company demonstrating strong cash conversion at 111% of EBITDA over the past year, exceeding its long-term target of 80%.


LyondellBasell Faces Feedstock Volatility Despite 111% Cash Conversion!

<ul>
<li>LyondellBasell Industries entered the final quarter of 2025 operating in one of the most prolonged and severe downturns the petrochemical industry has experienced, with margins across core products well below historical averages.</li>
<li>The company’s results reflect a business focused on liquidity preservation, operational discipline, and portfolio positioning rather than volume or margin expansion.</li>
<li>Full year earnings of $1.70 per diluted share and EBITDA of $2.5 billion were achieved despite industry margins estimated to be roughly forty five percent below long-term norms, underscoring the resilience of the operating model but also highlighting the depth of the cycle.</li>
</ul>


LyondellBasell Industries entered the final quarter of 2025 operating in one of the most prolonged and severe downturns the petrochemical industry has experienced, with margins across core products well below historical averages.
The company’s results reflect a business focused on liquidity preservation, operational discipline, and portfolio positioning rather than volume or margin expansion.
Full year earnings of $1.70 per diluted share and EBITDA of $2.5 billion were achieved despite industry margins estimated to be roughly forty five percent below long-term norms, underscoring the resilience of the operating model but also highlighting the depth of the cycle.


LyondellBasell Industries: Can Portfolio Reshaping Rewrite Its Earnings Power?

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>After downgrading our outlook to neutral in our 3/3/26 Compass, we further downgraded our outlook to bearish last week (3/31/26 Compass)...</li>
<li>...with the S&amp;P 500 (SPX) violating major support at 6480-6520, Nasdaq futures (NQ) violating 24,000 support, and the Russell 2000 (IWM) breaking down below crucial $245 support.</li>
<li>Quick reclaims are technically bullish, but we discussed last week how we'd be sellers on rallies to 6480-6520 and the 200-day MA on SPX(currently 6648), and that remains our playbook.</li>
</ul>


After downgrading our outlook to neutral in our 3/3/26 Compass, we further downgraded our outlook to bearish last week (3/31/26 Compass)...
...with the S&amp;P 500 (SPX) violating major support at 6480-6520, Nasdaq futures (NQ) violating 24,000 support, and the Russell 2000 (IWM) breaking down below crucial $245 support.
Quick reclaims are technically bullish, but we discussed last week how we'd be sellers on rallies to 6480-6520 and the 200-day MA on SPX(currently 6648), and that remains our playbook.


Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

<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

LyondellBasell Industries NV manufactures plastic, chemical, and fuel products. The Company offers products for the manufacturing of personal care products, fresh food packaging, lightweight plastics, construction materials, automotive components, durable textiles, medical applications, and biofuels. LyondellBasell Industries conducts its business worldwide.

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Lyondellbasell Indu Cl A (LYB US)

LyondellBasell Industries’ Middle East Disruption Unlocks A Powerful Margin Tailwind!

LyondellBasell's second-quarter financial results reflect a significant improvement driven by global supply disruptions attributable to the...

Baptista Research

LyondellBasell Faces Feedstock Volatility Despite 111% Cash Conversion!

LyondellBasell Industries’ first quarter performance reflects a complex interplay of global geopolitical disruptions, operational adjustments, and...

Baptista Research

LyondellBasell Industries: Can Portfolio Reshaping Rewrite Its Earnings Power?

The company’s results reflect a business focused on liquidity preservation, operational discipline, and portfolio positioning rather than volume or...

Baptista Research

Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

Concerns Persist; $SPX Testing Resistance at 21-day EMA and Near 200-day MA; Bearish Outlook Intact. Actionable ideas within Staples $XLP and...

Vermilion 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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