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>Nutrien Ltd's third-quarter earnings for 2025 demonstrate a mixed bag of achievements and challenges, offering considerable detail on the company's operational dynamics and strategic moves.</li><li>The company has evidenced strong structural earnings growth over the first nine months of the year, driven by record upstream fertilizer sales and improvements in the retail segment.</li><li>Noteworthy is the raised sales volume guidance for potash and the maintenance of retail adjusted EBITDA guidance, signifying a steady operational environment.</li></ul>

Nutrien Ltd's third-quarter earnings for 2025 demonstrate a mixed bag of achievements and challenges, offering considerable detail on the company's operational dynamics and strategic moves.The company has evidenced strong structural earnings growth over the first nine months of the year, driven by record upstream fertilizer sales and improvements in the retail segment.Noteworthy is the raised sales volume guidance for potash and the maintenance of retail adjusted EBITDA guidance, signifying a steady operational environment.

Nutrien Stuns Investors With $900 Million From Non-Core Divestitures; What Lies Ahead?

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>We first review at  Q1 performance in the major markets we follow</li>
<li>Then our outlook for Q2 with the Iran War outcome the major wild card</li>
<li>Some short-term vs  long term  implications of the ongoing Iran war </li>
</ul>


We first review at  Q1 performance in the major markets we follow
Then our outlook for Q2 with the Iran War outcome the major wild card
Some short-term vs  long term  implications of the ongoing Iran war 


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Although the conflict in the Middle East has caused fertilizer prices to surge, Chinese manufacturers have not benefited because of Beijing's price and export controls.</li>
<li>China is protecting fertilizer supplies for its farmers while the Strait of Hormuz is closed.  Global dependence on the Middle East for products such as urea and DAP is high.</li>
<li>Share prices of Chinese fertilizer companies in both the A-share market and Hong Kong have declined since the start of the war.  </li>
</ul>


Although the conflict in the Middle East has caused fertilizer prices to surge, Chinese manufacturers have not benefited because of Beijing's price and export controls.
China is protecting fertilizer supplies for its farmers while the Strait of Hormuz is closed.  Global dependence on the Middle East for products such as urea and DAP is high.
Share prices of Chinese fertilizer companies in both the A-share market and Hong Kong have declined since the start of the war.  


CHINA FERTILIZER INDUSTRY: Waiting for the Harvest!

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Short-Term market impact of the recent attack against Iran vs the longer-term outlook</li>
<li>Unintended consequences throw out investment opportunities as portfolio degrossing occurs</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Short-Term market impact of the recent attack against Iran vs the longer-term outlook
Unintended consequences throw out investment opportunities as portfolio degrossing occurs


Overview #52 – Oil Shocks, De-Grossing, and Trend Breaks?

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Short sellers made decisive moves this week ending September 26.</li><li>Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven days.</li><li>Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.</li></ul>

Short sellers made decisive moves this week ending September 26.Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven days.Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.

Bears Charge Into Energy and Real Estate; Silver Shorts Flee

Canada

Nutrien Ltd. provides crop inputs and services. The Company produces and distributes potash, nitrogen, and phosphate products for agricultural, industrial, and feed customers. Nutrien serves the agriculture industry worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nutrien (NTR US)

Nutrien Stuns Investors With $900 Million From Non-Core Divestitures; What Lies Ahead?

Nutrien Ltd's third-quarter earnings for 2025 demonstrate a mixed bag of achievements and challenges, offering considerable detail on the...

Baptista Research

Q2 Outlook – A Tale of Two Regimes

Our outlook for Q2 2026. Separating the short-term noise from our longer-term investment themes. In Part 1 we look at hard assets while we look at...

Rikki Malik

CHINA FERTILIZER INDUSTRY: Waiting for the Harvest!

Although the conflict in the Middle East has caused fertilizer prices to surge, Chinese manufacturers have not benefited because of Beijing's price...

David Mudd

Overview #52 – Oil Shocks, De-Grossing, and Trend Breaks?

A review of recent events/data impacting our investment themes and outlook. We look at the action in stock and commodity markets impacted by the...

Rikki Malik

Bears Charge Into Energy and Real Estate; Silver Shorts Flee

Short sellers made decisive moves this week ending September 26. Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven...

ORTEX Market Intel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)