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

Macdonald Dettwiler & Assoc / Equity Bottom-Up

<ul><li>MDA Space has moved to reshape its geointelligence business through a firm offer to acquire roughly 70% of Collecte Localisation Satellites, or CLS, for about €567 million, equivalent to C$920 million, while France’s space agency CNES would retain 30%.</li><li>The proposal follows a strong start to 2026, including 32% first-quarter revenue growth, a 19.5% adjusted EBITDA margin, a C$3.7 billion backlog, and continued preparation for the late-2026 launch of MDA CHORUS.</li><li>CLS adds a different layer to that growth profile: 14,000 customers across about 150 countries, approximately 1,200 employees, AI-driven Earth observation analytics, satellite IoT services, and expected 2026 revenue of €286 million.</li></ul>

MDA Space has moved to reshape its geointelligence business through a firm offer to acquire roughly 70% of Collecte Localisation Satellites, or CLS, for about €567 million, equivalent to C$920 million, while France’s space agency CNES would retain 30%.The proposal follows a strong start to 2026, including 32% first-quarter revenue growth, a 19.5% adjusted EBITDA margin, a C$3.7 billion backlog, and continued preparation for the late-2026 launch of MDA CHORUS.CLS adds a different layer to that growth profile: 14,000 customers across about 150 countries, approximately 1,200 employees, AI-driven Earth observation analytics, satellite IoT services, and expected 2026 revenue of €286 million.

MDA Space's Latest Buyout Brings Huge Synergies & Bigger Risks!

<ul><li>MDA Space has moved quickly from outlining inorganic growth ambitions to signing a definitive agreement to acquire Blue Canyon Technologies from RTX in an all-cash transaction valued at US$620 million.</li><li>The proposed deal, expected to close by the end of 2026 subject to regulatory approvals, comes shortly after MDA reported a strong Q1 2026, with revenue up 32% year-over-year and adjusted EBITDA margin of 19.5%.</li><li>The timing is notable because MDA has been expanding its U.S. profile through its NYSE listing, defense wins, MDA AURORA satellite production, MDA MIDNIGHT space-control platform, and MDA CHORUS geointelligence roadmap.</li></ul>

MDA Space has moved quickly from outlining inorganic growth ambitions to signing a definitive agreement to acquire Blue Canyon Technologies from RTX in an all-cash transaction valued at US$620 million.The proposed deal, expected to close by the end of 2026 subject to regulatory approvals, comes shortly after MDA reported a strong Q1 2026, with revenue up 32% year-over-year and adjusted EBITDA margin of 19.5%.The timing is notable because MDA has been expanding its U.S. profile through its NYSE listing, defense wins, MDA AURORA satellite production, MDA MIDNIGHT space-control platform, and MDA CHORUS geointelligence roadmap.

MDA Space's Latest Acquisition Bet: Why Blue Canyon Could Change Its Growth Story!

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

Invesco S&P 500 Equal Weight E / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>Last week's Compass (May 19) was titled "SPX and QQQ Testing 8-day EMAs; Buy the Pullback," and the market bottomed that day.</li>
<li>We saw significant FUD about rising oil, yields, and the DXY in recent weeks, but we've been discussing weekly since our May 5th Compass how we were not overly concerned</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
Last week's Compass (May 19) was titled "SPX and QQQ Testing 8-day EMAs; Buy the Pullback," and the market bottomed that day.
We saw significant FUD about rising oil, yields, and the DXY in recent weeks, but we've been discussing weekly since our May 5th Compass how we were not overly concerned


RSP, QQEW, Dow Breaking Out; Downgrading Energy to Market Weight. Selling Crude Oil and Gasoline

Shanghai Stock Exchange Composite Index / Technical Analysis

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

<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).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</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 intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

Canada

Maxar Technologies Ltd. provides essential information from anywhere in the world for decision making in the workplace. The Company is active in data collection and information extraction and distribution. Maxar Technologies generates products and delivers them via private networks, internet, wireless networks, and digital media, and by traditional hardcopy methods.

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Macdonald Dettwiler & Assoc (MDA CN)

MDA Space's Latest Buyout Brings Huge Synergies & Bigger Risks!

MDA Space has moved to reshape its geointelligence business through a firm offer to acquire roughly 70% of Collecte Localisation Satellites, or...

Baptista Research

MDA Space's Latest Acquisition Bet: Why Blue Canyon Could Change Its Growth Story!

MDA Space has moved quickly from outlining inorganic growth ambitions to signing a definitive agreement to acquire Blue Canyon Technologies from...

Baptista Research

RSP, QQEW, Dow Breaking Out; Downgrading Energy to Market Weight. Selling Crude Oil and Gasoline

$RSP $QQEW Dow Breaking Out; Downgrading Energy $XLE to Market Weight. Selling Crude Oil $USO and Gasoline $UGA. FUD surrounding oil, yields, and...

Vermilion Research

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

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