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>Olin Corporation's fourth-quarter 2025 results reflect a complex interplay of operational challenges, macroeconomic pressures, and strategic actions aimed at navigating a difficult market environment.</li><li>During the quarter, Olin faced significant operational issues, including an extended turnaround at its Freeport, Texas chlorinated organics asset and raw material supply constraints, exacerbating the typically weak demand seen in the seasonally softer fourth quarter.</li><li>Additionally, a sharp decline in chlorine pipeline demand further impacted results.</li></ul>

Olin Corporation's fourth-quarter 2025 results reflect a complex interplay of operational challenges, macroeconomic pressures, and strategic actions aimed at navigating a difficult market environment.During the quarter, Olin faced significant operational issues, including an extended turnaround at its Freeport, Texas chlorinated organics asset and raw material supply constraints, exacerbating the typically weak demand seen in the seasonally softer fourth quarter.Additionally, a sharp decline in chlorine pipeline demand further impacted results.

Olin Corporation: How the Lake City Project Is Reshaping Its Earnings Profile?

Credit

<ul><li>Olin Corporation delivered mixed third quarter 2025 results that reflected resilience in its core chlor alkali value chain alongside continued pressure in downstream and consumer-exposed areas.</li><li>The investment thesis remains centered on disciplined value-first commercial execution, working capital release, and incremental self-help initiatives that can stabilize performance while the company preserves leverage to an eventual demand recovery.</li><li>Offsetting this, management indicated that end-market conditions are not yet improving across several businesses, and near-term profitability is being intentionally reduced to reset inventories and protect pricing discipline.</li></ul>

Olin Corporation delivered mixed third quarter 2025 results that reflected resilience in its core chlor alkali value chain alongside continued pressure in downstream and consumer-exposed areas.The investment thesis remains centered on disciplined value-first commercial execution, working capital release, and incremental self-help initiatives that can stabilize performance while the company preserves leverage to an eventual demand recovery.Offsetting this, management indicated that end-market conditions are not yet improving across several businesses, and near-term profitability is being intentionally reduced to reset inventories and protect pricing discipline.

Olin Corporation Lands a Critical Clean Hydrogen Win With the 45V Tax Credit Boost!

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Even though tariffs disrupt Chinese competitiveness, U.S.-centric petrochemical companies face pressures from weak demand, low prices, and higher input costs.</li>
<li>Olin has outperformed peers in a weak petrochemical cycle, supported by U.S.-centric sales, disciplined capital allocation, and investor flows, while Dow and Eastman struggled with tepid exports and margins.</li>
<li>Tariffs boosted U.S. sales but hurt exports, and while the sector remains in a downcycle, Olin’s domestic focus and shareholder-friendly strategy have fueled a sharp stock rally.</li>
</ul>


Even though tariffs disrupt Chinese competitiveness, U.S.-centric petrochemical companies face pressures from weak demand, low prices, and higher input costs.
Olin has outperformed peers in a weak petrochemical cycle, supported by U.S.-centric sales, disciplined capital allocation, and investor flows, while Dow and Eastman struggled with tepid exports and margins.
Tariffs boosted U.S. sales but hurt exports, and while the sector remains in a downcycle, Olin’s domestic focus and shareholder-friendly strategy have fueled a sharp stock rally.


Olin Stands Out as Tariffs Pressure Exports Amid Bearish Petrochemical Fundamentals

<ul><li>Olin Corporation's first quarter 2025 financial performance reflects a mixed picture, characterized by both challenges and strategic advancements within its business operations.</li><li>The company has shown resilience in its Chlor Alkali Products and Vinyls division, with a positive pricing environment and increased demand leading to outperforming expectations.</li><li>This success was partly due to planned and unplanned industry outages that reduced chlorine and caustic soda supply, prompting Olin to delay a turnaround at its Freeport, Texas facility to capture heightened customer demand.</li></ul>

Olin Corporation's first quarter 2025 financial performance reflects a mixed picture, characterized by both challenges and strategic advancements within its business operations.The company has shown resilience in its Chlor Alkali Products and Vinyls division, with a positive pricing environment and increased demand leading to outperforming expectations.This success was partly due to planned and unplanned industry outages that reduced chlorine and caustic soda supply, prompting Olin to delay a turnaround at its Freeport, Texas facility to capture heightened customer demand.

Olin Corporation: Strategic Growth in Winchester Segment As A Power Move To Secure Future Earnings Stability!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520), $610 on QQQ, and $245 on IWM continue to hold.</li>
<li>Just last week (1/6/26 Compass) we discussed the many breakouts (most notably the Russell 2000) which led us to believe immediate upside was ahead. The breakouts just keep coming.</li>
<li>Latest breakouts include SPX, space exploration (ARKX), autonomous/robotics (ARKQ), Consumer Discretionary (XLY), retail (XRT), homebuilders (ITB, XHB), small-cap growth (IWO), quantum (QTUM), China (MCHI), and Staples (XLP).</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520), $610 on QQQ, and $245 on IWM continue to hold.
Just last week (1/6/26 Compass) we discussed the many breakouts (most notably the Russell 2000) which led us to believe immediate upside was ahead. The breakouts just keep coming.
Latest breakouts include SPX, space exploration (ARKX), autonomous/robotics (ARKQ), Consumer Discretionary (XLY), retail (XRT), homebuilders (ITB, XHB), small-cap growth (IWO), quantum (QTUM), China (MCHI), and Staples (XLP).


Breakouts Just Keep Coming; Upgrading Materials to Market Weight; Still Bullish. Buys: ALB, ATI ++

United States

Olin Corporation manufactures chemicals and ammunition products. The Company manufactures and sells chlorine, caustic soda, sodium hydrosulfite, hydrochloric acid, hydrogen, sodium chlorate, bleach products, and potassium hydroxide. Olin also manufactures products that include sporting ammunition, reloading components, small caliber military ammunition and industrial cartridges.

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Olin Corp (OLN US)

Olin Corporation: How the Lake City Project Is Reshaping Its Earnings Profile?

Olin Corporation's fourth-quarter 2025 results reflect a complex interplay of operational challenges, macroeconomic pressures, and strategic...

Baptista Research

Olin Corporation Lands a Critical Clean Hydrogen Win With the 45V Tax Credit Boost!

Olin Corporation delivered mixed third quarter 2025 results that reflected resilience in its core chlor alkali value chain alongside continued...

Baptista Research

Olin Stands Out as Tariffs Pressure Exports Amid Bearish Petrochemical Fundamentals

Tariffs impact Chinese competitiveness, but U.S. petrochemical companies face challenges from weak demand and low prices. Olin outperforms peers...

Mint Finance

Olin Corporation: Strategic Growth in Winchester Segment As A Power Move To Secure Future Earnings Stability!

Olin Corporation's first quarter 2025 financial performance reflects a mixed picture, characterized by both challenges and strategic advancements...

Baptista Research

Breakouts Just Keep Coming; Upgrading Materials to Market Weight; Still Bullish. Buys: ALB, ATI ++

Breakouts Just Keep Coming $SPX $ARKX $ARKQ $XLY $XRT $ITB $IWO $QTUM $MCHI $XLP; Upgrading Materials to Market Weight $XLB $GDX $XME $REMX; Still...

Vermilion Research

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Olin Corporation: How the Lake City Project Is Reshaping Its Earnings Profile?

Olin Corporation's fourth-quarter 2025 results reflect a complex interplay of operational challenges, macroeconomic pressures, and strategic...

Baptista Research

Olin Corporation Lands a Critical Clean Hydrogen Win With the 45V Tax Credit Boost!

Olin Corporation delivered mixed third quarter 2025 results that reflected resilience in its core chlor alkali value chain alongside continued...

Baptista Research

Olin Stands Out as Tariffs Pressure Exports Amid Bearish Petrochemical Fundamentals

​Tariffs impact Chinese competitiveness, but U.S. petrochemical companies face challenges from weak demand and low prices. Olin outperforms peers...

Mint Finance

Olin Corporation: Strategic Growth in Winchester Segment As A Power Move To Secure Future Earnings Stability!

Olin Corporation's first quarter 2025 financial performance reflects a mixed picture, characterized by both challenges and strategic advancements...

Baptista Research

Breakouts Just Keep Coming; Upgrading Materials to Market Weight; Still Bullish. Buys: ALB, ATI ++

Breakouts Just Keep Coming $SPX $ARKX $ARKQ $XLY $XRT $ITB $IWO $QTUM $MCHI $XLP; Upgrading Materials to Market Weight $XLB $GDX $XME $REMX; Still...

Vermilion Research

Tariffs impact Chinese competitiveness, but U.S. petrochemical companies face challenges from weak demand and low prices. Olin outperforms peers...