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>MP Materials, a prominent player in the rare earths industry, recently reported its Q3 2025 financial results, showcasing a blend of operational growth and strategic advancements.</li><li>The company continues to strengthen its position as a vertically integrated producer, engaging in multiple high-profile partnerships that amplify its market presence.</li><li>A critical highlight from MP Materials' report is the substantial increase in NdPr oxide production, achieving a 21% sequential growth and a 51% year-over-year increase.</li></ul>

MP Materials, a prominent player in the rare earths industry, recently reported its Q3 2025 financial results, showcasing a blend of operational growth and strategic advancements.The company continues to strengthen its position as a vertically integrated producer, engaging in multiple high-profile partnerships that amplify its market presence.A critical highlight from MP Materials' report is the substantial increase in NdPr oxide production, achieving a 21% sequential growth and a 51% year-over-year increase.

MP Materials: Inside the Geopolitical Tailwinds — Can It Become America’s Rare Earth Champion?

<ul><li>MP Materials reported a significant transformation in its operations and strategic positioning during the second quarter of 2025.</li><li>The company has embarked on strategic partnerships with the Department of Defense (DoD) and Apple, marking a new chapter in its operational history.</li><li>These partnerships serve as significant validations of MP Materials' strategic mission and reflect substantial steps towards enhancing its supply chain capabilities and vertical integration.</li></ul>

MP Materials reported a significant transformation in its operations and strategic positioning during the second quarter of 2025.The company has embarked on strategic partnerships with the Department of Defense (DoD) and Apple, marking a new chapter in its operational history.These partnerships serve as significant validations of MP Materials' strategic mission and reflect substantial steps towards enhancing its supply chain capabilities and vertical integration.

MP Materials Just Secured Apple & DoD Backing—Here’s What It Means for U.S. Industry!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/almonty-industries-inc" target="_blank" data-smartkarma-citation="entities:23864:1" rel="noopener">Almonty Industries (AII CN)</a>, <a href="https://www.smartkarma.com/entities/standard-lithium-ltd" target="_blank" data-smartkarma-citation="entities:38824:1" rel="noopener">Standard Lithium (SLI US)</a> and <a href="https://www.smartkarma.com/entities/hubei-zhenhua-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:30013:1" rel="noopener">Hubei Zhenhua Chemical Co Ltd (603067 CH)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> in December.</li>
<li>The constituent changes, float changes and capping changes result in an estimated one-way turnover of 18.2% and in a round-trip trade of US$550m.</li>
<li>There have been large creations in <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> as strategic metals and rare earths stocks have surged in price over the last few months.</li>
</ul>



Almonty Industries (AII CN), Standard Lithium (SLI US) and Hubei Zhenhua Chemical Co Ltd (603067 CH) will be added to the VanEck Rare Earth/Strategic Me (REMX US) in December.
The constituent changes, float changes and capping changes result in an estimated one-way turnover of 18.2% and in a round-trip trade of US$550m.
There have been large creations in VanEck Rare Earth/Strategic Me (REMX US) as strategic metals and rare earths stocks have surged in price over the last few months.


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

MP Materials: Initiation of Coverage- Partnership With Apple & the DoD—Are These Deals a Guaranteed Growth Engine?

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>The U.S. Department of Defense has committed $550 million to MP Materials through preferred equity, a loan, and offtake guarantees to build a fully domestic rare earth magnet supply chain.</li>
<li>This positions MP as the U.S. government’s strategic partner for critical magnet materials, accelerating its shift from miner to fully integrated magnet producer.</li>
<li>With a 10-year NdPr price floor, guaranteed offtake, and minimum EBITDA protections, MP now has robust downside protection and earnings predictability through 2035.</li>
</ul>


The U.S. Department of Defense has committed $550 million to MP Materials through preferred equity, a loan, and offtake guarantees to build a fully domestic rare earth magnet supply chain.
This positions MP as the U.S. government’s strategic partner for critical magnet materials, accelerating its shift from miner to fully integrated magnet producer.
With a 10-year NdPr price floor, guaranteed offtake, and minimum EBITDA protections, MP now has robust downside protection and earnings predictability through 2035.


MP Materials (NYSE: MP) | Defense-Backed Integration Anchors Strategic Rerating

United States

MP Materials Corp. produces and markets rare earth specialty materials. The Company is building a fully-integrated supply chain for high strength permanent magnets for the electrification and sustainability industries.

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MP Materials Corp (MP US)

MP Materials: Inside the Geopolitical Tailwinds — Can It Become America’s Rare Earth Champion?

MP Materials, a prominent player in the rare earths industry, recently reported its Q3 2025 financial results, showcasing a blend of operational...

Baptista Research

MP Materials Just Secured Apple & DoD Backing—Here’s What It Means for U.S. Industry!

MP Materials reported a significant transformation in its operations and strategic positioning during the second quarter of 2025. The company has...

Baptista Research

MV Global Rare Earth/Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

There are 3 adds for the REMX in Dec. Estimated one-way turnover is 18.2% and round-trip trade is US$550m. There have been big creations in REMX...

Brian Freitas

MP Materials: Initiation of Coverage- Partnership With Apple & the DoD—Are These Deals a Guaranteed Growth Engine?

MP Materials reported a significant transformation in its operations and strategic positioning during the second quarter of 2025. The company has...

Baptista Research

MP Materials (NYSE: MP) | Defense-Backed Integration Anchors Strategic Rerating

The U.S. Department of Defense invests $550 million in MP Materials to establish a domestic rare earth magnet supply chain, securing strategic...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MP Materials: Inside the Geopolitical Tailwinds — Can It Become America’s Rare Earth Champion?

MP Materials, a prominent player in the rare earths industry, recently reported its Q3 2025 financial results, showcasing a blend of operational...

Baptista Research

MP Materials Just Secured Apple & DoD Backing—Here’s What It Means for U.S. Industry!

MP Materials reported a significant transformation in its operations and strategic positioning during the second quarter of 2025. The company has...

Baptista Research

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

There are 3 adds for the REMX in Dec. Estimated one-way turnover is 18.2% and round-trip trade is US$550m. There have been big creations in REMX...

Brian Freitas

MP Materials: Initiation of Coverage- Partnership With Apple & the DoD—Are These Deals a Guaranteed Growth Engine?

MP Materials reported a significant transformation in its operations and strategic positioning during the second quarter of 2025. The company has...

Baptista Research

MP Materials (NYSE: MP) | Defense-Backed Integration Anchors Strategic Rerating

​The U.S. Department of Defense invests $550 million in MP Materials to establish a domestic rare earth magnet supply chain, securing strategic...

Rahul Jain

MV Global Rare Earth/Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

The U.S. Department of Defense invests $550 million in MP Materials to establish a domestic rare earth magnet supply chain, securing strategic...