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 Corporation's latest earnings call reveals several noteworthy developments and challenges in its strategic initiatives and financial performance.</li><li>The company is advancing its operations in the rare earth magnetics sector, which is critical for various industries such as automotive, consumer electronics, and AI-based systems.</li><li>The company's strategy focuses on vertical integration, ranging from raw material extraction to advanced manufacturing, aligning with national efforts to reduce dependency on overseas supply chains, particularly from China.</li></ul>

MP Materials Corporation's latest earnings call reveals several noteworthy developments and challenges in its strategic initiatives and financial performance.The company is advancing its operations in the rare earth magnetics sector, which is critical for various industries such as automotive, consumer electronics, and AI-based systems.The company's strategy focuses on vertical integration, ranging from raw material extraction to advanced manufacturing, aligning with national efforts to reduce dependency on overseas supply chains, particularly from China.

MP Materials: From Mine To Magnet—The High-Stakes Strategy Powering AI, Robotics & Electrification!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>President Trump is targeting the drone industry for sanctions and tariffs, hoping to surge domestic supply after being unable to defeat Iran's low-cost drone arsenal with US high-tech missiles.</li>
<li>Trump has announced 100% tariffs on larger drones after the Administration increased sanctions on Chinese drone makers like DJI.</li>
<li>Regardless of tariffs on drone imports, China continues to control the supply of several critical components for the global drone industry, including energy storage, motors, and optics and thermal imaging.</li>
</ul>


President Trump is targeting the drone industry for sanctions and tariffs, hoping to surge domestic supply after being unable to defeat Iran's low-cost drone arsenal with US high-tech missiles.
Trump has announced 100% tariffs on larger drones after the Administration increased sanctions on Chinese drone makers like DJI.
Regardless of tariffs on drone imports, China continues to control the supply of several critical components for the global drone industry, including energy storage, motors, and optics and thermal imaging.


<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!

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

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: From Mine To Magnet—The High-Stakes Strategy Powering AI, Robotics & Electrification!

MP Materials Corporation's latest earnings call reveals several noteworthy developments and challenges in its strategic initiatives and financial...

Baptista Research

China/Us: DRONE ATTACK !!

President Trump is targeting the drone industry for sanctions and tariffs, hoping to surge domestic supply after being unable to defeat Iran's low...

David Mudd

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

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

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