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>Omnicom Group Inc. has recently presented its third-quarter 2025 financial results, alongside strategic updates, including the anticipated closing of the Interpublic acquisition.</li><li>Their organic growth stood at 2.6% for the quarter and 3% for the first nine months, aligning with the company’s annual guidance.</li><li>Omnicom's non-GAAP adjusted EBITDA grew to $551.6 million, with a slight increase in the adjusted EBITDA margin of 10 basis points compared to the previous year.</li></ul>

Omnicom Group Inc. has recently presented its third-quarter 2025 financial results, alongside strategic updates, including the anticipated closing of the Interpublic acquisition.Their organic growth stood at 2.6% for the quarter and 3% for the first nine months, aligning with the company’s annual guidance.Omnicom's non-GAAP adjusted EBITDA grew to $551.6 million, with a slight increase in the adjusted EBITDA margin of 10 basis points compared to the previous year.

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

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>Since January 2023 we have anticipated 4165-4200 would cap upside on the S&amp;P 500 for 2023, but that a rally to 4300-4325 is also possible; this remains our view.</li>
<li>So far there has not been much traction above 4200. Obvious problem is weak breadth, but this does not <em>have to</em> end badly if large-caps pause, and capital disperses elsewhere</li>
<li>To that end, we're watching the Russell 2000 (IWM) which is testing 2.5-month resistance at $180; a break above resistance would signal improving breadth and would be a positive development</li>
</ul>


Since January 2023 we have anticipated 4165-4200 would cap upside on the S&amp;P 500 for 2023, but that a rally to 4300-4325 is also possible; this remains our view.
So far there has not been much traction above 4200. Obvious problem is weak breadth, but this does not have to end badly if large-caps pause, and capital disperses elsewhere
To that end, we're watching the Russell 2000 (IWM) which is testing 2.5-month resistance at $180; a break above resistance would signal improving breadth and would be a positive development


Russell 2000 (IWM) Testing $180 Resistance; Rising Treasury Yields & DXY To Become a Problem?

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.</li>
<li>There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.
There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.


Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>I’ve been underweight consumer staples on valuation and business model disruption risks since 2015 and the sector has de-rated significantly versus the wider market and consumer discretionary.</li>
<li>I’ve also highlighted the disintermediation shock facing the advertising industry – heavy brand advertising to guarantee prime supermarket shelf space is becoming a defunct business model.</li>
<li>Recent results from FMCG giants like Nestle and the advertising sector have disappointed, with tighter client spending…</li>
</ul>


I’ve been underweight consumer staples on valuation and business model disruption risks since 2015 and the sector has de-rated significantly versus the wider market and consumer discretionary.
I’ve also highlighted the disintermediation shock facing the advertising industry – heavy brand advertising to guarantee prime supermarket shelf space is becoming a defunct business model.
Recent results from FMCG giants like Nestle and the advertising sector have disappointed, with tighter client spending…


With ‘Brand Building’ Ad Era Over, Can Food Inflation Rescue FMCG Margins?

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<p>2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the central government and the economic downturn as well as China’s latest effort to curb wrongdoing in luxury consumption in a crackdown on the grey market.</p>

2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the central government and the economic downturn as well as China’s latest effort to curb wrongdoing in luxury consumption in a crackdown on the grey market.

China's Luxury Market Set for Steady Performance Amid Unfavourable Market Environment

United States

Omnicom Group Inc. provides advertising, marketing and corporate communications services. The Company's agencies, which operate in major markets around the world, provide a comprehensive range of services including traditional media advertising; customer relationship management ("CRM"); public relations; and specialty communications.

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

Omnicom Group (OMC US)

Omnicom Group: AI

Omnicom Group Inc. has recently presented its third-quarter 2025 financial results, alongside strategic updates, including the anticipated closing...

Baptista Research

Russell 2000 (IWM) Testing $180 Resistance; Rising Treasury Yields & DXY To Become a Problem?

So far there has been little traction above $SPX 4200. Weak breadth remains an obvious problem. We are watching the $IWM which is testing $180; a...

Vermilion Research

Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

Select Sector flows for the September 2026 SP 500 rebalance are ~US$14bn across 11 sectors, versus ~US$5bn in the SP 500 and ~US$6bn in SP 500...

Anjana Amarasuriya

With ‘Brand Building’ Ad Era Over, Can Food Inflation Rescue FMCG Margins?

I’ve been underweight consumer staples on valuation and business model disruption risks since 2015 and the sector has de-rated significantly...

Sean Maher

China's Luxury Market Set for Steady Performance Amid Unfavourable Market Environment

2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the...

Euromonitor International Ltd.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)