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>PJT Partners reported robust financial performance in the second quarter of 2025, with a record-setting trajectory in revenues, adjusted pretax income, and adjusted EPS.</li><li>Revenues stood at $407 million, marking a 13% yearover-year increase.</li><li>Correspondingly, adjusted pretax income and adjusted EPS surged by 22% and 29%, respectively.</li></ul>

PJT Partners reported robust financial performance in the second quarter of 2025, with a record-setting trajectory in revenues, adjusted pretax income, and adjusted EPS.Revenues stood at $407 million, marking a 13% yearover-year increase.Correspondingly, adjusted pretax income and adjusted EPS surged by 22% and 29%, respectively.

PJT Partners: Initiation of Coverage- Restructuring Leadership & Demand to Up Their Game!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>PJT Partners is a global investment bank with strong strategic and restructuring advisory services</li><li>The company's partnership structure results in a tax drag on free cash flow, leading to an expensive valuation compared to peers</li><li>Despite lower growth than expected, PJT shares trade at high multiples, making a short position recommended due to estimated overvaluation of over 40% compared to normalized earnings</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

PJT Partners is a global investment bank with strong strategic and restructuring advisory servicesThe company's partnership structure results in a tax drag on free cash flow, leading to an expensive valuation compared to peersDespite lower growth than expected, PJT shares trade at high multiples, making a short position recommended due to estimated overvaluation of over 40% compared to normalized earningsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Pjt Partners Inc. (PTJ) - Monday, Aug 19, 2024

<ul><li dir="ltr">PTJ is benefiting from an exceptionally favorable operating environment that is unlikely to persist</li><li dir="ltr">PJT’s partnership structure creates a significant tax drag on free cash flow making valuation more expensive than implied by the EBITDA multiple.</li><li dir="ltr">Even so, shares trade at well above peer multiples despite lower than expected growth</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

PTJ is benefiting from an exceptionally favorable operating environment that is unlikely to persistPJT’s partnership structure creates a significant tax drag on free cash flow making valuation more expensive than implied by the EBITDA multiple.Even so, shares trade at well above peer multiples despite lower than expected growthThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Pjt Partners Inc. (PJT) - Monday, Aug 19, 2024

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>Breadth has expanded significantly in recent weeks with the Russell 2000 (IWM) breaking above major 2.5-year resistance at $210; $210 is now critical support moving forward.</li>
<li>Technology/Large-Cap growth/Nasdaq 100 (QQQ) has consolidated after getting extended, and with June 12 gap support on QQQ getting filled/breaking today, it appears this pullback is likely to continue.</li>
<li>The SPX is breaking its 20-day MA. June 12th gap at 5375-5409 is potential support, but it appears a pullback in the SPX and QQQ may be headed to 5191/$449.</li>
</ul>


Breadth has expanded significantly in recent weeks with the Russell 2000 (IWM) breaking above major 2.5-year resistance at $210; $210 is now critical support moving forward.
Technology/Large-Cap growth/Nasdaq 100 (QQQ) has consolidated after getting extended, and with June 12 gap support on QQQ getting filled/breaking today, it appears this pullback is likely to continue.
The SPX is breaking its 20-day MA. June 12th gap at 5375-5409 is potential support, but it appears a pullback in the SPX and QQQ may be headed to 5191/$449.


Monitoring Small- Vs. Large-Caps and Growth Vs. Value; $SPX, $QQQ in Pullback Mode

United States

PJT Partners, Inc. operates as a global advisory-focused investment bank. The Company provides a wide array of strategic advisory, restructuring and reorganization, and fund placement and secondary advisory services. PJT offers its services to corporations, financial sponsors, real estate funds, institutional investors, private equity funds, and governments globally.

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

Pjt Partners (PJT US)

PJT Partners: Initiation of Coverage- Restructuring Leadership & Demand to Up Their Game!

PJT Partners reported robust financial performance in the second quarter of 2025, with a record-setting trajectory in revenues, adjusted pretax...

Baptista Research

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

Pjt Partners Inc. (PTJ) - Monday, Aug 19, 2024

The company's partnership structure results in a tax drag on free cash flow, leading to an expensive valuation compared to peers

Value Investors Club (VIC)

Pjt Partners Inc. (PJT) - Monday, Aug 19, 2024

PJT’s partnership structure creates a significant tax drag on free cash flow making valuation more expensive than implied by the EBITDA multiple.

Value Investors Club (VIC)

Monitoring Small- Vs. Large-Caps and Growth Vs. Value; $SPX, $QQQ in Pullback Mode

Monitoring Small- Vs. Large-Caps and Growth Vs. Value; $IWM Still Above Major Support at $210, but $SPX $QQQ are in Pullback Mode. Possible this...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)