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>Pilgrim’s Pride reported solid financial performance for fiscal year 2025, with net revenues escalating to $18.5 billion and an adjusted EBITDA of $2.3 billion, marking increases from the previous fiscal year.</li><li>Still, the company faced some challenges amid broader market dynamics, such as commodity pricing volatility, especially notable in the U.S. Big Bird operations and Mexican market.</li><li>A notable highlight from the fiscal year is the robust growth in its U.S. operations, attributed to an elevated demand in chicken consumption across diverse sectors.</li></ul>

Pilgrim’s Pride reported solid financial performance for fiscal year 2025, with net revenues escalating to $18.5 billion and an adjusted EBITDA of $2.3 billion, marking increases from the previous fiscal year.Still, the company faced some challenges amid broader market dynamics, such as commodity pricing volatility, especially notable in the U.S. Big Bird operations and Mexican market.A notable highlight from the fiscal year is the robust growth in its U.S. operations, attributed to an elevated demand in chicken consumption across diverse sectors.

Pilgrim’s Pride Corporation: Mexico Expansion, Prepared Foods Growth, and a Global Protein Tailwind!

<ul><li>Pilgrim's Pride reported third-quarter results demonstrating both strategic strengths and ongoing challenges.</li><li>With net revenues totaling $4.76 billion, a slight increase from $4.58 billion the previous year, the company showcased its ability to manage volatility in the commodity markets while aiming to drive growth across different business segments.</li><li>Adjusted EBITDA was reported at $633.1 million with a margin of 13.3%; however, this was a decrease compared to $660.4 million and a 14.4% margin in the same quarter of the previous year.</li></ul>

Pilgrim's Pride reported third-quarter results demonstrating both strategic strengths and ongoing challenges.With net revenues totaling $4.76 billion, a slight increase from $4.58 billion the previous year, the company showcased its ability to manage volatility in the commodity markets while aiming to drive growth across different business segments.Adjusted EBITDA was reported at $633.1 million with a margin of 13.3%; however, this was a decrease compared to $660.4 million and a 14.4% margin in the same quarter of the previous year.

Pilgrim's Pride Playbook: The Smart Moves That Are Turning Chicken into a Cash Machine!

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>We remain bearish as long as the YTD downtrends remain intact on the SPX and NDX (QQQ), and as long as the 7.5-month downtrend remains intact on the Russell 2000(IWM).</li>
<li>There is potential for a bounce given the SPX, QQQ, and IWM are all at downtrend channel supports.</li>
<li>The continued rise of the U.S. dollar (DXY), 10-yr Treasury yield, and WTI crude oil is what we believe is fueling the bear market in equities.</li>
</ul>


We remain bearish as long as the YTD downtrends remain intact on the SPX and NDX (QQQ), and as long as the 7.5-month downtrend remains intact on the Russell 2000(IWM).
There is potential for a bounce given the SPX, QQQ, and IWM are all at downtrend channel supports.
The continued rise of the U.S. dollar (DXY), 10-yr Treasury yield, and WTI crude oil is what we believe is fueling the bear market in equities.


Downgrading Materials; SPX, NDX, Russell 2000 Testing Downtrend Channel Support; Biotech Buys

<ul>
<li>We are getting the test of the lows we have been calling for, following some indiscriminate selling late last week which produced back-to-back 80%+ downside volume days on the NYSE.</li>
<li>There can certainly be more 80%-90%+ downside days that take the indexes to new lows.</li>
<li>We need to see back-to-back 80%+ upside volume days or one 90%+ upside day on the NYSE in order to have confidence that a major market bottom is in place</li>
</ul>


We are getting the test of the lows we have been calling for, following some indiscriminate selling late last week which produced back-to-back 80%+ downside volume days on the NYSE.
There can certainly be more 80%-90%+ downside days that take the indexes to new lows.
We need to see back-to-back 80%+ upside volume days or one 90%+ upside day on the NYSE in order to have confidence that a major market bottom is in place


Panic Selling Achieved, Now Waiting for Panic Buying; Major Indexes At/Near Support

<p>In this report we outline important technical levels to watch for U.S. indexes and highlight several negative developments which lead us to a more cautious outlook. We also highlight attractive Groups and stocks within the Consumer Staples and Materials Sectors </p>

In this report we outline important technical levels to watch for U.S. indexes and highlight several negative developments which lead us to a more cautious outlook. We also highlight attractive Groups and stocks within the Consumer Staples and Materials Sectors 

U.S. Equity Strategy: Outlook Deteriorating; Upgrading Staples

United States

Pilgrim's Pride Corporation produces prepared and fresh chicken products in the United States and Mexico.  Through vertical integration, the Company controls the breeding, hatching, and growing of chickens and the processing, preparation, and packaging of its product lines.  Pilgrim's Pride exports its products to Canada, Eastern Europe, the Far East, and other world markets.

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Pilgrim'S Pride (PPC US)

Pilgrim’s Pride Corporation: Mexico Expansion, Prepared Foods Growth, and a Global Protein Tailwind!

Pilgrim’s Pride reported solid financial performance for fiscal year 2025, with net revenues escalating to $18.5 billion and an adjusted EBITDA of...

Baptista Research

Pilgrim's Pride Playbook: The Smart Moves That Are Turning Chicken into a Cash Machine!

Pilgrim's Pride reported third-quarter results demonstrating both strategic strengths and ongoing challenges. With net revenues totaling $4.76...

Baptista Research

Downgrading Materials; SPX, NDX, Russell 2000 Testing Downtrend Channel Support; Biotech Buys

We remain bearish as long as the 6-8 month downtrends remain intact on the SPX, NDX (QQQ), and RUT (IWM). Bounce potential given SPX, QQQ, and IWM...

Vermilion Research

Panic Selling Achieved, Now Waiting for Panic Buying; Major Indexes At/Near Support

Now that we have seen indiscriminate panic selling, we are now looking for panic buying in order to have confidence that a major market bottom is...

Vermilion Research

U.S. Equity Strategy: Outlook Deteriorating; Upgrading Staples

In this report we outline important technical levels to watch for U.S. indexes and highlight several negative developments which lead us to a more...

Vermilion Research

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