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 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!

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

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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> is trading tight  - perhaps too tight - to terms, as every punter views the deal as a term deposit.</li>
<li>Be long <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>. Be long <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>. Buy dips. Buy big dips post-tender. Future guidance will include synergy effects.</li>
<li>Richard Li's <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT Ltd (6823 HK)</a> is in the crosshairs as FCC moves to expel the telco from U.S. networks. </li>
</ul>



Hang Seng Bank (11 HK) is trading tight  - perhaps too tight - to terms, as every punter views the deal as a term deposit.
Be long Welcia Holdings (3141 JP). Be long Tsuruha Holdings (3391 JP). Buy dips. Buy big dips post-tender. Future guidance will include synergy effects.
Richard Li's HKT Ltd (6823 HK) is in the crosshairs as FCC moves to expel the telco from U.S. networks. 


Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths

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 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

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

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

Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

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

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

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

Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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