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>The Mosaic Company reported mixed results for the second quarter of 2026 amid a challenging agricultural input market characterized by high raw material costs and supply constraints, particularly in sulfur availability and pricing.</li><li>Management emphasized its strategic response focusing on operational flexibility, cost control, and capital reallocation to navigate these market headwinds while positioning for a future recovery.</li><li>Production and sales of phosphate fertilizers were curtailed due to elevated sulfur costs and logistical disruptions impacting supply, notably the ongoing Strait of Hormuz closure and a blockade in Kazakhstan.</li></ul>

The Mosaic Company reported mixed results for the second quarter of 2026 amid a challenging agricultural input market characterized by high raw material costs and supply constraints, particularly in sulfur availability and pricing.Management emphasized its strategic response focusing on operational flexibility, cost control, and capital reallocation to navigate these market headwinds while positioning for a future recovery.Production and sales of phosphate fertilizers were curtailed due to elevated sulfur costs and logistical disruptions impacting supply, notably the ongoing Strait of Hormuz closure and a blockade in Kazakhstan.

Mosaic’s $2.5 Billion Liquidity Cushion — Can It Weather The Phosphate Squeeze?

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


April Themes and Thematic Portfolio Review

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>We expect 2 changes during the September 2026 index rebal event, with three possible intra-review changes before the regular rebalance announcement.</li>
<li>SpaceX's CI/TMI addition on 18 June 2026 does not affect SP 500 eligibility, which we see no earlier than September 2027.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
We expect 2 changes during the September 2026 index rebal event, with three possible intra-review changes before the regular rebalance announcement.
SpaceX's CI/TMI addition on 18 June 2026 does not affect SP 500 eligibility, which we see no earlier than September 2027.


Quiddity Leaderboard SP500/600 Sep26 Rebal: Two M&A Deals in Play; One Spin-Off ADD Imminent

<ul><li>The Mosaic Company’s first quarter 2026 results reflect a business operating in a challenging and volatile global fertilizer market, heavily influenced by geopolitical conflicts, particularly in the Persian Gulf region.</li><li>These conflicts have significantly disrupted supply chains for key raw materials, including phosphate, sulfur, ammonia, and urea, intensifying an already tight market and exerting upward pressure on input prices.</li><li>The company’s phosphorus segment capitalized on deferred demand from the end of 2025, achieving its highest quarterly sales volumes in five years (1.9 million tonnes), supported by strategic investments in U.S. phosphate assets that improved production capabilities.</li></ul>

The Mosaic Company’s first quarter 2026 results reflect a business operating in a challenging and volatile global fertilizer market, heavily influenced by geopolitical conflicts, particularly in the Persian Gulf region.These conflicts have significantly disrupted supply chains for key raw materials, including phosphate, sulfur, ammonia, and urea, intensifying an already tight market and exerting upward pressure on input prices.The company’s phosphorus segment capitalized on deferred demand from the end of 2025, achieving its highest quarterly sales volumes in five years (1.9 million tonnes), supported by strategic investments in U.S. phosphate assets that improved production capabilities.

Mosaic’s Sulfur Cost Shock: Is The Fertilizer Margin Squeeze Getting Worse?

<ul><li>The Mosaic Company reported mixed conditions in late 2025 and entered 2026 with improving production but ongoing market headwinds.</li><li>The fourth quarter was weaker than expected as U.S. phosphate demand fell sharply when farmers delayed purchases due to affordability concerns and uncertainty around government support payments.</li><li>North American phosphate shipments declined during the year, though the company said its own sales held up better than the broader market, suggesting some market share gains.</li></ul>

The Mosaic Company reported mixed conditions in late 2025 and entered 2026 with improving production but ongoing market headwinds.The fourth quarter was weaker than expected as U.S. phosphate demand fell sharply when farmers delayed purchases due to affordability concerns and uncertainty around government support payments.North American phosphate shipments declined during the year, though the company said its own sales held up better than the broader market, suggesting some market share gains.

The Mosaic Company: Phosphate Production Rebound

United States

The Mosaic Company produces and distributes crop nutrients to the agricultural communities located in North America and other countries.  The Company's principal products include concentrated phosphates, and potash.

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Mosaic Co/The (MOS US)

Mosaic’s $2.5 Billion Liquidity Cushion — Can It Weather The Phosphate Squeeze?

The Mosaic Company reported mixed results for the second quarter of 2026 amid a challenging agricultural input market characterized by high raw...

Baptista Research

April Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Quiddity Leaderboard SP500/600 Sep26 Rebal: Two M&A Deals in Play; One Spin-Off ADD Imminent

Honeywell Aerospace (HONA US), the aerospace business spun off from SP 500 member Honeywell International, will be added to the SP 500, replacing...

Anjana Amarasuriya

Mosaic’s Sulfur Cost Shock: Is The Fertilizer Margin Squeeze Getting Worse?

The Mosaic Company’s first quarter 2026 results reflect a business operating in a challenging and volatile global fertilizer market, heavily...

Baptista Research

The Mosaic Company: Phosphate Production Rebound

The Mosaic Company reported mixed conditions in late 2025 and entered 2026 with improving production but ongoing market headwinds. The fourth...

Baptista Research

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