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>Pernod Ricard's recent fiscal year 2024 financial performance reflects a mix of challenges and strategic responses.</li>
<li>The company's overall organic net sales showed stability, registering a slight decline of 1%, which would have been a 1% increase excluding the exit from Russia.</li>
<li>A significant performance disparity was observed between markets: strength in mature and emerging markets was counterbalanced by a slower recovery in the United States and weaker results in China.</li>
</ul>


Pernod Ricard's recent fiscal year 2024 financial performance reflects a mix of challenges and strategic responses.
The company's overall organic net sales showed stability, registering a slight decline of 1%, which would have been a 1% increase excluding the exit from Russia.
A significant performance disparity was observed between markets: strength in mature and emerging markets was counterbalanced by a slower recovery in the United States and weaker results in China.


Pernod Ricard- An Insight Into The Various Macro-Economic Factors

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Mandarin Oriental International / Equity Bottom-Up

<ul>
<li>While traditional luxury brands may encounter challenges as affluent Chinese consumers shift to local high-end brands, there are still opportunities within small niches in the luxury sector.</li>
<li>Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in the luxury sector.</li>
<li>The thriving luxury travel market opens up investment potential in sectors such as luxury hotels and premium cosmetics.</li>
</ul>


While traditional luxury brands may encounter challenges as affluent Chinese consumers shift to local high-end brands, there are still opportunities within small niches in the luxury sector.
Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in the luxury sector.
The thriving luxury travel market opens up investment potential in sectors such as luxury hotels and premium cosmetics.


APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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.

Index Rebalance

<ul>
<li>The main forecasted additions are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a> as they are both surpassing the entry rank.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a> and <a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> as they are both below the exit rank.</li>
<li>
<a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard Sa (RI FP)</a> and <a href="https://www.smartkarma.com/entities/volkswagen-ag-2754ab9c-fd60-43d7-a087-b4ce4465a0eb" target="_blank" data-smartkarma-citation="entities:734:1" rel="noopener">Volkswagen (Pref) (VOW3 GR)</a> are near the exit threshold and can potentially be replaced by <a href="https://www.smartkarma.com/entities/e-on-se" target="_blank" data-smartkarma-citation="entities:21616:1" rel="noopener">E.ON (EOAN GR)</a> and <a href="https://www.smartkarma.com/entities/engie-sa" target="_blank" data-smartkarma-citation="entities:21449:1" rel="noopener">Engie SA (ENGI FP)</a>. </li>
</ul>


The main forecasted additions are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR) as they are both surpassing the entry rank.
The main forecasted deletions are Stellantis NV (STLAM IM) and Nokia OYJ (NOKIA FH) as they are both below the exit rank.

Pernod Ricard Sa (RI FP) and Volkswagen (Pref) (VOW3 GR) are near the exit threshold and can potentially be replaced by E.ON (EOAN GR) and Engie SA (ENGI FP). 


EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

<ul>
<li>If <a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> remains ranked above 26 on 30 May, it will replace <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> in EURO STOXX50 at the June 2025 quarterly review.</li>
<li>Main forecasted additions to EURO STOXX50 at the September 2025 annual review are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a>.</li>
<li>Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are <a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard SA (RI FP)</a> and <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a>. </li>
</ul>


If Rheinmetall AG (RHM GR) remains ranked above 26 on 30 May, it will replace Kering (KER FP) in EURO STOXX50 at the June 2025 quarterly review.
Main forecasted additions to EURO STOXX50 at the September 2025 annual review are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR).
Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are Pernod Ricard SA (RI FP) and Stellantis NV (STLAM IM). 


Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.</li>
<li>Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. </li>
<li>RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> is the main deletion candidate.</li>
</ul>



Rheinmetall AG (RHM GR) surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.
Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. 
RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. Kering (KER FP) is the main deletion candidate.


EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

France

Pernod Ricard SA produces wines and spirits.  The Company produces wines, bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and white spirits and rums.  Pernod Ricard markets its products worldwide.

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Pernod Ricard Sa (RI FP)

Pernod Ricard- An Insight Into The Various Macro-Economic Factors

A significant performance disparity was observed between markets: strength in mature and emerging markets was counterbalanced by a slower recovery...

Baptista Research

APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods

Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in...

Oshadhi Kumarasiri

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

ENR and DBK are poised to join EURO STOXX50, while STLA and NOKIA are expected to exit. RI and VOW3 face potential removal, with EOAN and ENGI...

Dimitris Ioannidis

Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

Rheinmetall is expected to replace Kering through fast-entry into EURO STOXX50 at the June 2025 review, while Siemens Energy and Deutsche Bank are...

Dimitris Ioannidis

EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

Rheinmetall AG (RHM) is now ranked 26th in Euro STOXX50, after surpassing the Industrial sector coverage threshold and is ~4% away from fast-entry...

Dimitris Ioannidis

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