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>Magna International reported second quarter 2026 results showing modest top-line growth, improved profitability, and strong cash flow generation amid a mixed global automotive production environment.</li><li>Sales increased by 3% year-over-year to $11 billion, outpacing global light vehicle production, which declined approximately 2%.</li><li>Adjusted EBIT rose 16%, with margin expansion of 70 basis points to 6.2%, and adjusted earnings per share reached a second-quarter record of $1.86, a 29% increase over the prior year.</li></ul>

Magna International reported second quarter 2026 results showing modest top-line growth, improved profitability, and strong cash flow generation amid a mixed global automotive production environment.Sales increased by 3% year-over-year to $11 billion, outpacing global light vehicle production, which declined approximately 2%.Adjusted EBIT rose 16%, with margin expansion of 70 basis points to 6.2%, and adjusted earnings per share reached a second-quarter record of $1.86, a 29% increase over the prior year.

Magna International’s Unseen Growth Engine — Power & Vision Gains As New Programs Ramp!

<ul><li>Magna International reported solid financial results for the first quarter of 2026, reflecting a 3% increase in sales and a significant 58% rise in adjusted EBIT to $558 million, which translated to a 190 basis point expansion of the adjusted EBIT margin to 5.4%.</li><li>Adjusted earnings per share rose 77% to $1.38, supported by operational excellence initiatives, favorable commercial recoveries related to past electric vehicle (EV) investments, and disciplined cost management.</li><li>Notably, the company generated strong operating cash flow of $677 million and free cash flow of $372 million, bolstered by recoveries from previous EV program expenditures.</li></ul>

Magna International reported solid financial results for the first quarter of 2026, reflecting a 3% increase in sales and a significant 58% rise in adjusted EBIT to $558 million, which translated to a 190 basis point expansion of the adjusted EBIT margin to 5.4%.Adjusted earnings per share rose 77% to $1.38, supported by operational excellence initiatives, favorable commercial recoveries related to past electric vehicle (EV) investments, and disciplined cost management.Notably, the company generated strong operating cash flow of $677 million and free cash flow of $372 million, bolstered by recoveries from previous EV program expenditures.

Can Magna International Sustain Growth As Resin Costs Rise?

<ul><li>Magna International reported its third-quarter 2025 financial results that reflect a strong operational performance, overcoming several challenges in the industry.</li><li>The company experienced a 2% increase in sales, reaching $10.5 billion, and a 3% rise in adjusted EBIT, up to $613 million.</li><li>The adjusted EBIT margin expanded by 10 basis points, despite facing a significant 35 basis point headwind from unrecovered tariffs.</li></ul>

Magna International reported its third-quarter 2025 financial results that reflect a strong operational performance, overcoming several challenges in the industry.The company experienced a 2% increase in sales, reaching $10.5 billion, and a 3% rise in adjusted EBIT, up to $613 million.The adjusted EBIT margin expanded by 10 basis points, despite facing a significant 35 basis point headwind from unrecovered tariffs.

Magna International: A Deep Dive Into New Launches at Magna Steyr & the Operational Flexibility That Can Change the Earnings Curve!

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 had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).</li>
<li>We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $134-135.70 on ACWI-US continue to hold</li>
</ul>


We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $134-135.70 on ACWI-US continue to hold


Upgrading Spain to Overweight; EM Uptrend Break; Buys in Discretionary, Financials, Materials

Gan & Lee Pharmaceuticals / 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), with Int’l Compass reports all echoing this sentiment</li>
<li>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</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), with Int’l Compass reports all echoing this sentiment
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

Canada

Magna International Inc. retails auto parts. The Company offers body exteriors, chassis structures, transmissions, lighting, seating, and fuel systems. Magna International serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Magna International (MGA US)

Magna International’s Unseen Growth Engine — Power & Vision Gains As New Programs Ramp!

Magna International reported second quarter 2026 results showing modest top-line growth, improved profitability, and strong cash flow generation...

Baptista Research

Can Magna International Sustain Growth As Resin Costs Rise?

Magna International reported solid financial results for the first quarter of 2026, reflecting a 3% increase in sales and a significant 58% rise...

Baptista Research

Magna International: A Deep Dive Into New Launches at Magna Steyr & the Operational Flexibility That Can Change the Earnings Curve!

Magna International reported its third-quarter 2025 financial results that reflect a strong operational performance, overcoming several challenges...

Baptista Research

Upgrading Spain to Overweight; EM Uptrend Break; Buys in Discretionary, Financials, Materials

Upgrading Spain $EWP to Overweight; EM Uptrend Break $EEM $VWO; Lows likely "in" on $SPX and $ACWI; Buys Focused in global Discretionary,...

Vermilion Research

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)