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 reported second-quarter 2026 results reflecting continued progress in scaling its rare earth materials and magnetics businesses.</li><li>The company produced 840 metric tons of neodymium-praseodymium oxide, up 41% year-over-year and in line with internal expectations despite a planned plant shutdown.</li><li>NdPr sales exceeded 1,000 metric tons for the second consecutive quarter, rising 127% year-over-year as demand remained ahead of production capacity.</li></ul>

MP Materials reported second-quarter 2026 results reflecting continued progress in scaling its rare earth materials and magnetics businesses.The company produced 840 metric tons of neodymium-praseodymium oxide, up 41% year-over-year and in line with internal expectations despite a planned plant shutdown.NdPr sales exceeded 1,000 metric tons for the second consecutive quarter, rising 127% year-over-year as demand remained ahead of production capacity.

MP Materials & General Motors — Commercial Magnet Shipments Could Mark A Tipping Point!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered permanent magnets.</li>
<li>Chinese official policy holds that applying export controls to rare earths is consistent with international practice because they can be used for both civilian and military purposes.  </li>
<li>U.S. is 80% import-dependent on REEs, with China supplying 80% of those imports. It is a 100% net importer of REEs produced via China's magnet rare earth concentrate (mREC) process.</li>
</ul>


As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered permanent magnets.
Chinese official policy holds that applying export controls to rare earths is consistent with international practice because they can be used for both civilian and military purposes.  
U.S. is 80% import-dependent on REEs, with China supplying 80% of those imports. It is a 100% net importer of REEs produced via China's magnet rare earth concentrate (mREC) process.


Rare Earth Elements: U.S. SMUGGLING ILLICITS CHINA CRACKDOWN !!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>MP Materials represents a strategic investment in the Western hemisphere's rare earth supply chain, centered on its ownership of the world-class Mountain Pass mine in California.</li>
 <li>The company is executing a multi-stage vertical integration strategy to evolve from a rare earth concentrate producer into a fully integrated 'mine-to-magnet' manufacturer, aiming to capture more of the value chain and de-risk critical supply chains.</li>
 <li>Financial performance is inherently volatile, tied to fluctuating rare earth commodity prices and significant capital expenditures for its downstream expansion projects, which presents both substantial growth potential and considerable execution risk.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  MP Materials represents a strategic investment in the Western hemisphere's rare earth supply chain, centered on its ownership of the world-class Mountain Pass mine in California.
  The company is executing a multi-stage vertical integration strategy to evolve from a rare earth concentrate producer into a fully integrated 'mine-to-magnet' manufacturer, aiming to capture more of the value chain and de-risk critical supply chains.
  Financial performance is inherently volatile, tied to fluctuating rare earth commodity prices and significant capital expenditures for its downstream expansion projects, which presents both substantial growth potential and considerable execution risk.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: MP Materials Corp (MP US) - Aug 2026

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

Rikki Malik

Commodities

<ul>
<li>Critical Minerals Outside of China Will Command A Strategic Premium</li>
<li>As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies</li>
<li>We highlight eight companies as a basket of such miners which should benefit from these trends</li>
</ul>


Critical Minerals Outside of China Will Command A Strategic Premium
As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies
We highlight eight companies as a basket of such miners which should benefit from these trends


A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 1

<ul><li>MP Materials reported a robust start to 2026, building on the momentum achieved in 2025.</li><li>The company delivered strong operational and financial results, particularly within its Materials segment, where production of neodymium-praseodymium (NdPr) oxide reached a record 917 metric tons—representing a 63% increase year-over-year and a 28% sequential rise.</li><li>NdPr oxide sales more than doubled from the prior year, driven by initial shipments to a new U.S. customer and higher overall volumes.</li></ul>

MP Materials reported a robust start to 2026, building on the momentum achieved in 2025.The company delivered strong operational and financial results, particularly within its Materials segment, where production of neodymium-praseodymium (NdPr) oxide reached a record 917 metric tons—representing a 63% increase year-over-year and a 28% sequential rise.NdPr oxide sales more than doubled from the prior year, driven by initial shipments to a new U.S. customer and higher overall volumes.

MP Materials’ Rare Earth Breakthrough: From Record Oxide Output To Magnet Deliveries!

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 & General Motors — Commercial Magnet Shipments Could Mark A Tipping Point!

MP Materials reported second-quarter 2026 results reflecting continued progress in scaling its rare earth materials and magnetics businesses. The...

Baptista Research

Rare Earth Elements: U.S. SMUGGLING ILLICITS CHINA CRACKDOWN !!

As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered...

David Mudd

Primer: MP Materials Corp (MP US) - Aug 2026

MP Materials represents a strategic investment in the Western hemisphere's rare earth supply chain, centered on its ownership of the world-class...

αSK Primers

A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 1

US/Oz have signed The Critical Minerals Framework -commits the countries to invest more than $3 B over 6 months jointly and supports a pipeline of...

Rikki Malik

MP Materials’ Rare Earth Breakthrough: From Record Oxide Output To Magnet Deliveries!

MP Materials reported a robust start to 2026, building on the momentum achieved in 2025. The company delivered strong operational and financial...

Baptista Research

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