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>M/I Homes recently reported results for the fourth quarter and full year 2025, celebrating its 50th year in business as one of the nation's largest homebuilders.</li><li>The company's operations showed resilience amidst a complex economic backdrop, which included challenges like affordability, economic uncertainty, and choppy demand.</li><li>Despite these hurdles, M/I Homes delivered 8,921 homes and recorded $4.4 billion in revenue for the year.</li></ul>

M/I Homes recently reported results for the fourth quarter and full year 2025, celebrating its 50th year in business as one of the nation's largest homebuilders.The company's operations showed resilience amidst a complex economic backdrop, which included challenges like affordability, economic uncertainty, and choppy demand.Despite these hurdles, M/I Homes delivered 8,921 homes and recorded $4.4 billion in revenue for the year.

M/I Homes Is Opening Stores at Scale—and Refreshing Its Growth Runway!

<ul><li>M/I Homes, a notable homebuilding company, delivered a mixed financial performance in the third quarter of 2025 amidst challenging market conditions.</li><li>The company reported a pretax income of $140 million, a 26% decline from its record pretax income a year ago.</li><li>The pretax income constituted 12% of the company's revenue, with gross margins captured at 24%, a decrease attributed mainly to increased spending on mortgage rate buydowns to incentivize sales.</li></ul>

M/I Homes, a notable homebuilding company, delivered a mixed financial performance in the third quarter of 2025 amidst challenging market conditions.The company reported a pretax income of $140 million, a 26% decline from its record pretax income a year ago.The pretax income constituted 12% of the company's revenue, with gross margins captured at 24%, a decrease attributed mainly to increased spending on mortgage rate buydowns to incentivize sales.

M/I Homes: An Insight Into Its Land Development Strategy & How They Are Reinventing Homebuying!

<ul><li>M/I Homes reported a robust second quarter, marked by record-setting revenue and home deliveries.</li><li>Revenue reached $1.2 billion, a growth of 5% year-over-year, and 2,348 homes were delivered, indicating a 6% increase.</li><li>Despite challenging market conditions, the company maintained a strong gross margin of 25%, demonstrating efficient cost management against rising material costs and other economic headwinds.</li></ul>

M/I Homes reported a robust second quarter, marked by record-setting revenue and home deliveries.Revenue reached $1.2 billion, a growth of 5% year-over-year, and 2,348 homes were delivered, indicating a 6% increase.Despite challenging market conditions, the company maintained a strong gross margin of 25%, demonstrating efficient cost management against rising material costs and other economic headwinds.

M/I Homes: Quietly Building A Growth Empire Across 17 Markets—Why Investors Should Pay Attention!

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 remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish outlook as long as...</li>
<li>...market dynamics remain healthy and the SPX is above 6028-6059. Short-term supports on SPX include 6400-6410, the 3-month uptrend (currently at ~6380), 6200, 6100-6150, and 6028-6059</li>
<li>Bullish Developments Continue: DJI and Russell 2000 Breakouts and Much More</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish outlook as long as...
...market dynamics remain healthy and the SPX is above 6028-6059. Short-term supports on SPX include 6400-6410, the 3-month uptrend (currently at ~6380), 6200, 6100-6150, and 6028-6059
Bullish Developments Continue: DJI and Russell 2000 Breakouts and Much More


DJI and Russell 2000 Breaking Out; Staying Bullish; Bullish Developments Continue

<ul>
<li>We still recommend a tactical overweight to defensives (Staples, Utilities, Healthcare, and gold miners) as the SPX tests our 4165-4200 resistance range, and also resistance from the prior 1.5-month uptrend.</li>
<li>As we await Wednesdays FOMC announcement, the DJIA and Nasdaq Composite are testing 1-year resistances at 34,280 and 12,300, the DXY appears to be inflecting higher, and breadth remains weak.</li>
<li>While we still see a reach to 4300-4325 as possible, we believe playing for more upside is akin to picking up pennies in front of a steamroller.</li>
</ul>


We still recommend a tactical overweight to defensives (Staples, Utilities, Healthcare, and gold miners) as the SPX tests our 4165-4200 resistance range, and also resistance from the prior 1.5-month uptrend.
As we await Wednesdays FOMC announcement, the DJIA and Nasdaq Composite are testing 1-year resistances at 34,280 and 12,300, the DXY appears to be inflecting higher, and breadth remains weak.
While we still see a reach to 4300-4325 as possible, we believe playing for more upside is akin to picking up pennies in front of a steamroller.


S&P 500 Testing 4165-4200, DJIA Testing 34,280, Nasdaq Composite Testing 12,300; Stay Defensive

United States

M/I Homes, Inc. builds single-family homes that are marketed and sold under the M/I Homes and Showcase Homes trade names.  M/I Homes has homebuilding operations in Ohio, Indiana, Florida, North Carolina, Virginia, and Maryland.

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M/I Homes Inc (MHO US)

M/I Homes Is Opening Stores at Scale—and Refreshing Its Growth Runway!

M/I Homes recently reported results for the fourth quarter and full year 2025, celebrating its 50th year in business as one of the nation's...

Baptista Research

M/I Homes: An Insight Into Its Land Development Strategy & How They Are Reinventing Homebuying!

M/I Homes, a notable homebuilding company, delivered a mixed financial performance in the third quarter of 2025 amidst challenging market...

Baptista Research

M/I Homes: Quietly Building A Growth Empire Across 17 Markets—Why Investors Should Pay Attention!

M/I Homes reported a robust second quarter, marked by record-setting revenue and home deliveries. Revenue reached $1.2 billion, a growth of 5%...

Baptista Research

DJI and Russell 2000 Breaking Out; Staying Bullish; Bullish Developments Continue

$DJI and Russell 2000 $IWM Breaking Out; Staying Bullish $SPX $QQQ; Bullish Developments Continue: DJI, IWM, $RSP Breakouts, RS on $XLP at new...

Vermilion Research

S&P 500 Testing 4165-4200, DJIA Testing 34,280, Nasdaq Composite Testing 12,300; Stay Defensive

$SPX testing our 4165-4200 resistance range, $DJI testing 34,280 1-yr resistance, Nasdaq Comp $COMPQ testing critical 12,300 resistance. All while...

Vermilion Research

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