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>Newmont Corporation delivered a solid financial and operational performance in the third quarter of 2025, demonstrating both resilience and adaptability amidst global economic shifts.</li><li>Positively, the company achieved a record $1.6 billion in cash flow, with the cumulative year-to-date free cash flow reaching an all-time high of $4.5 billion—despite having one quarter still to contribute.</li><li>This achievement was bolstered by robust improvements in cost discipline, resulting in an improvement in their 2025 guidance for several cost metrics.</li></ul>

Newmont Corporation delivered a solid financial and operational performance in the third quarter of 2025, demonstrating both resilience and adaptability amidst global economic shifts.Positively, the company achieved a record $1.6 billion in cash flow, with the cumulative year-to-date free cash flow reaching an all-time high of $4.5 billion—despite having one quarter still to contribute.This achievement was bolstered by robust improvements in cost discipline, resulting in an improvement in their 2025 guidance for several cost metrics.

Newmont Strikes Gold Again: Ahafo North Officially Enters Commercial Production!

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>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.</li>
<li>The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.</li>
<li>The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.
The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.


Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

<ul><li>Newmont Corporation's recent earnings for Q2 2025 highlighted several significant developments, both positive and negative, in the company's operations and financial performance.</li><li>Starting with the negatives, the quarter was notably marked by two fall of ground incidents at the Red Chris operation in British Columbia, which has temporarily halted operations there.</li><li>Three workers were trapped, though safely relocated to a designated refuge chamber amidst the complications of a disrupted underground communication system.</li></ul>

Newmont Corporation's recent earnings for Q2 2025 highlighted several significant developments, both positive and negative, in the company's operations and financial performance.Starting with the negatives, the quarter was notably marked by two fall of ground incidents at the Red Chris operation in British Columbia, which has temporarily halted operations there.Three workers were trapped, though safely relocated to a designated refuge chamber amidst the complications of a disrupted underground communication system.

Newmont Corporation: Water Treatment Infrastructure at Yanacocha Set To Enhance Reputation & Potentially Impact Future Profitability!

<ul><li>Newmont Corporation's recent quarterly results reveal a solid start to 2025, driven by strong operational performance and favorable market conditions, particularly the high gold prices.</li><li>The company produced 1.5 million ounces of gold and 35,000 tonnes of copper in the first quarter, aligning with annual guidance.</li><li>These figures have supported record first-quarter cash flows, with operating cash flows at $2 billion and free cash flow at $1.2 billion.</li></ul>

Newmont Corporation's recent quarterly results reveal a solid start to 2025, driven by strong operational performance and favorable market conditions, particularly the high gold prices.The company produced 1.5 million ounces of gold and 35,000 tonnes of copper in the first quarter, aligning with annual guidance.These figures have supported record first-quarter cash flows, with operating cash flows at $2 billion and free cash flow at $1.2 billion.

Newmont's $1.3 Billion Bet: Can Strategic Capital Allocation Spark a New Era of Growth?

<ul><li>Newmont Corporation's latest financial results and strategic roadmap indicate both challenges and opportunities inherent in its operations.</li><li>The company's leadership discussed its focus on integration, rationalization, and stabilization of assets following recent acquisitions and portfolio re-alignment.</li><li>In 2024, Newmont embarked on significant transformations, focusing on three core areas: integrating newly acquired assets, rationalizing its portfolio, and stabilizing its business amid dynamic gold market demands and industry challenges.</li></ul>

Newmont Corporation's latest financial results and strategic roadmap indicate both challenges and opportunities inherent in its operations.The company's leadership discussed its focus on integration, rationalization, and stabilization of assets following recent acquisitions and portfolio re-alignment.In 2024, Newmont embarked on significant transformations, focusing on three core areas: integrating newly acquired assets, rationalizing its portfolio, and stabilizing its business amid dynamic gold market demands and industry challenges.

Newmont Corporation: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

United States

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

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Newmont Mining (NEM US)

Newmont Strikes Gold Again: Ahafo North Officially Enters Commercial Production!

Newmont Corporation delivered a solid financial and operational performance in the third quarter of 2025, demonstrating both resilience and...

Baptista Research

Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

The change in benchmark for GDX should result in 8 adds and 25 deletes in Sep. Estimated one-way turnover is 22.9% resulting in a round-trip trade...

Brian Freitas

Newmont Corporation: Water Treatment Infrastructure at Yanacocha Set To Enhance Reputation & Potentially Impact Future Profitability!

Newmont Corporation's recent earnings for Q2 2025 highlighted several significant developments, both positive and negative, in the company's...

Baptista Research

Newmont's $1.3 Billion Bet: Can Strategic Capital Allocation Spark a New Era of Growth?

Newmont Corporation's recent quarterly results reveal a solid start to 2025, driven by strong operational performance and favorable market...

Baptista Research

Newmont Corporation: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Newmont Corporation's latest financial results and strategic roadmap indicate both challenges and opportunities inherent in its operations. The...

Baptista Research

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