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

Penske Automotive Group / Equity Bottom-Up

<ul><li>Penske Automotive Group’s third-quarter earnings report for 2025 presented a nuanced picture of the company's performance amid a challenging environment.</li><li>For the quarter, revenue reached $7.7 billion, which reflects a modest 1% year-over-year increase.</li><li>Net income was reported at $213 million with earnings per share at $3.23, indicating a 5% growth in same-store revenue led by service and parts, albeit offset by strategic divestitures and dealership closures amounting to an approximate $200 million annualized revenue impact.</li></ul>

Penske Automotive Group’s third-quarter earnings report for 2025 presented a nuanced picture of the company's performance amid a challenging environment.For the quarter, revenue reached $7.7 billion, which reflects a modest 1% year-over-year increase.Net income was reported at $213 million with earnings per share at $3.23, indicating a 5% growth in same-store revenue led by service and parts, albeit offset by strategic divestitures and dealership closures amounting to an approximate $200 million annualized revenue impact.

Penske Automotive Group Reveals the Secret Behind Its 54% EBT Surge in Germany—What’s Next?

<ul><li>Penske Automotive Group's recent financial results for the second quarter of 2025 showcased a mixed performance, reflecting both achievements and challenges.</li><li>The revenue stood at $7.7 billion, consistent with the previous year, although it was affected by strategic divestitures and dealership closures amounting to approximately $200 million in revenue.</li><li>Notably, the company's earnings before taxes increased by 4%, net income by 4%, and earnings per share by 5% compared to the previous year.</li></ul>

Penske Automotive Group's recent financial results for the second quarter of 2025 showcased a mixed performance, reflecting both achievements and challenges.The revenue stood at $7.7 billion, consistent with the previous year, although it was affected by strategic divestitures and dealership closures amounting to approximately $200 million in revenue.Notably, the company's earnings before taxes increased by 4%, net income by 4%, and earnings per share by 5% compared to the previous year.

Penske Automotive Group: Initiation Of Coverage- Diversification & Risk Management to Capitalize On Emerging Opportunities Across Different Market Segments & Economic Conditions!

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

Super Micro Computer / Technical Analysis

<ul>
<li>We are seeing signs that this 2+ month consolidation in the S&amp;P 500 and Nasdaq 100 (QQQ) is ready to break out to the upside. Buy/stay long.</li>
<li>Part of that is the obvious; both the SPX and QQQ are breaking out to marginal new highs. </li>
<li>The other part that has kept us bullish this whole time is that market dynamics have remained risk-on, which we have discussed on a weekly basis.</li>
</ul>


We are seeing signs that this 2+ month consolidation in the S&amp;P 500 and Nasdaq 100 (QQQ) is ready to break out to the upside. Buy/stay long.
Part of that is the obvious; both the SPX and QQQ are breaking out to marginal new highs. 
The other part that has kept us bullish this whole time is that market dynamics have remained risk-on, which we have discussed on a weekly basis.


S&P 500 and Nasdaq 100 Breaking Out; Upside Resuming; DXY and Yields Forming Major Tops?

<ul>
<li>Our outlook remains bullish, and since late-December we have been suggesting to use the pullback as a buying opportunity.</li>
<li>Most recent/highest conviction "buy-the-dip" call came last week (1/14/25) amid all major indexes testing supports (SPX, QQQ, DJI, IJH, VXF, IWM, ARKK, SMH), bullish breadth divergences, other ongoing bullish signals.</li>
<li>Those dip buys are finally paying off, with all these indexes breaking out from 1+month consolidations. The SPX has gapped-up on four of past five trading days, indicating significant strength</li>
</ul>


Our outlook remains bullish, and since late-December we have been suggesting to use the pullback as a buying opportunity.
Most recent/highest conviction "buy-the-dip" call came last week (1/14/25) amid all major indexes testing supports (SPX, QQQ, DJI, IJH, VXF, IWM, ARKK, SMH), bullish breadth divergences, other ongoing bullish signals.
Those dip buys are finally paying off, with all these indexes breaking out from 1+month consolidations. The SPX has gapped-up on four of past five trading days, indicating significant strength


Local Tops for 10-Year Treasury Yield, DXY, and Crude Oil; All Major Indexes Breaking Out. Bullish

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Pinewood Technologies Group / Event-Driven

<ul>
<li>On 17 October, <a href="https://www.smartkarma.com/entities/autonation-inc" target="_blank" data-smartkarma-citation="entities:16548:1" rel="noopener">Autonation Inc (AN US)</a> also withdrew its proposal for <a href="https://www.smartkarma.com/entities/pendragon-plc" target="_blank" data-smartkarma-citation="entities:22080:1" rel="noopener">Pendragon PLC (PDG LN)</a>. Lithia's deal is likely to obtain shareholder's approval, for lack of a better offer.</li>
<li>Holding on would mean receiving 24.5p and staying in a small cap SaaS, whose shares are implicitly valued at 6.5p, instead of the 10.9p that Pendragon claims it is worth.</li>
<li>Readacross: Hedin, AutoNation, or someone else, could take a closer look at <a href="https://www.smartkarma.com/entities/vertu-motors-plc" target="_blank" data-smartkarma-citation="entities:23247:1" rel="noopener">Vertu Motors (VTU LN)</a>.</li>
</ul>


On 17 October, Autonation Inc (AN US) also withdrew its proposal for Pendragon PLC (PDG LN). Lithia's deal is likely to obtain shareholder's approval, for lack of a better offer.
Holding on would mean receiving 24.5p and staying in a small cap SaaS, whose shares are implicitly valued at 6.5p, instead of the 10.9p that Pendragon claims it is worth.
Readacross: Hedin, AutoNation, or someone else, could take a closer look at Vertu Motors (VTU LN).


United States

Penske Automotive Group, Inc. operates franchised automobile dealerships. The Company's franchises are located throughout the United States, Puerto Rico and the United Kingdom.  Penske Automotive sells new and used vehicles as well as offers maintenance and repair services on all brands it represents.

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Penske Automotive Group (PAG US)

Penske Automotive Group Reveals the Secret Behind Its 54% EBT Surge in Germany—What’s Next?

Penske Automotive Group’s third-quarter earnings report for 2025 presented a nuanced picture of the company's performance amid a challenging...

Baptista Research

Penske Automotive Group: Initiation Of Coverage- Diversification & Risk Management to Capitalize On Emerging Opportunities Across Different Market Segments & Economic Conditions!

Penske Automotive Group's recent financial results for the second quarter of 2025 showcased a mixed performance, reflecting both achievements and...

Baptista Research

S&P 500 and Nasdaq 100 Breaking Out; Upside Resuming; DXY and Yields Forming Major Tops?

S&P 500 $SPX and Nasdaq 100 $QQQ Breaking Out; Upside Resuming; Dip Buys Bearing Fruit; $DXY and 10-year Treasury Yield Forming Major Tops?;...

Vermilion Research

Local Tops for 10-Year Treasury Yield, DXY, and Crude Oil; All Major Indexes Breaking Out. Bullish

Local Tops for 10-Yr Treasury Yield $TNX, U.S. Dollar $DXY, & WTI Crude Oil $CL_F, Now Tailwinds for Equities; All Major Indexes We Discussed...

Vermilion Research

AutoNation Drops from the Race

On 17 October, Autonation Inc (AN US) also withdrew its proposal for Pendragon PLC (PDG LN). Lithia's deal is likely to obtain shareholder's...

Jesus Rodriguez Aguilar

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