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’s second quarter of 2026 results reflect operational stability amid a evolving leadership structure and ongoing strategic initiatives.</li><li>The company reported production of 1.3 million ounces of gold, 17,000 tonnes of copper, and 7 million ounces of silver, generating $2.9 billion in cash flow from operations and setting a quarterly record with $2.2 billion in free cash flow.</li><li>These outcomes contributed to a year-to-date production figure aligning with guidance and demonstrated modest production advancement, notably from assets such as Yanacocha and Lihir, which delivered ounces ahead of schedule.</li></ul>

Newmont Corporation’s second quarter of 2026 results reflect operational stability amid a evolving leadership structure and ongoing strategic initiatives.The company reported production of 1.3 million ounces of gold, 17,000 tonnes of copper, and 7 million ounces of silver, generating $2.9 billion in cash flow from operations and setting a quarterly record with $2.2 billion in free cash flow.These outcomes contributed to a year-to-date production figure aligning with guidance and demonstrated modest production advancement, notably from assets such as Yanacocha and Lihir, which delivered ounces ahead of schedule.

Newmont Corporation’s $4,414 Gold Price Windfall Reshapes The Earnings Story!

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Oil is likely to be the next commodity to join the party </li>
<li>We see an asymmetric opportunity in the oil and gas sector</li>
<li>We introduce a basket of Asian oil and gas E&amp;P stocks to take advantage of the opportunity </li>
</ul>


Oil is likely to be the next commodity to join the party 
We see an asymmetric opportunity in the oil and gas sector
We introduce a basket of Asian oil and gas E&amp;P stocks to take advantage of the opportunity 


High Conviction Idea: Oil Is the New Gold!

Commodities

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Volatility remains high in many sectors, but leadership changes are clear.</li>
<li>The technology sector continues to face challenges from the market </li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Volatility remains high in many sectors, but leadership changes are clear.
The technology sector continues to face challenges from the market 


Overview #49 – The Return of the Real Economy

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>There is 1 add for the MarketVector Global Gold Miners Index but 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</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

<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

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 Corporation’s $4,414 Gold Price Windfall Reshapes The Earnings Story!

Newmont Corporation’s second quarter of 2026 results reflect operational stability amid a evolving leadership structure and ongoing strategic...

Baptista Research

High Conviction Idea: Oil Is the New Gold!

We would be looking to trim SOME OIL and GAS stock exposure this week as the spot price rises. This would be to buy more in the inevitable...

Rikki Malik

Overview #49 – The Return of the Real Economy

A review of recent events/data impacting our investment themes and outlook. US data confirms the cyclical upturn, while China awaits the Two Sessions

Rikki Malik

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

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

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