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>Range Resources Corporation showcased a robust set of financial and operational results in the first quarter of 2024, as detailed in the recent update.</li><li>The company's strategic initiatives have been closely aligned with industry demands and market conditions, facilitating a balanced approach towards capital allocation, operational efficiency, and shareholder returns.</li><li>Range Resources reported successful operational outcomes with a focus on driving operational improvements and efficiency across the board.</li></ul>

Range Resources Corporation showcased a robust set of financial and operational results in the first quarter of 2024, as detailed in the recent update.The company's strategic initiatives have been closely aligned with industry demands and market conditions, facilitating a balanced approach towards capital allocation, operational efficiency, and shareholder returns.Range Resources reported successful operational outcomes with a focus on driving operational improvements and efficiency across the board.

Range Resources Corporation: How Are They Responding To Industry Trends With Their Operational Strategy? - Major Drivers

<ul><li>Range Resources' management highlighted strong operational performance from Q4 2023 earnings.</li><li>The company successfully executed its 2023 plan, driving operational improvements, generating free cash flow with leading capital efficiency, and prudently allocating that cash flow to balance returns for shareholders and further debt reduction.</li><li>The reserves update revealed 16 positive performance revisions, demonstrating the repeatable nature of the company's Marcellus inventory.</li></ul>

Range Resources' management highlighted strong operational performance from Q4 2023 earnings.The company successfully executed its 2023 plan, driving operational improvements, generating free cash flow with leading capital efficiency, and prudently allocating that cash flow to balance returns for shareholders and further debt reduction.The reserves update revealed 16 positive performance revisions, demonstrating the repeatable nature of the company's Marcellus inventory.

Range Resources Corporation: Initiation Of Coverage - Does Their Capital Expenditure Cadence & Guidance Warrant A Bullish Rating? - Major Drivers

Podcast by S&P analysing commodity market trends, Commodities Focus

Commodities Focus

Podcast by S&P analysing commodity market trends

S&P Global Commodity Insights analysis of key news and pricing issues from across the global shipping, natural gas, power, petrochemicals, agriculture, and coal markets.

Cross Asset Strategy

<ul><li>Gas producers are responding to weak prices in 2024 by cutting capital spending by 8-17%.</li><li>Production hit all-time highs at the end of 2023, but has since decreased with a surplus in gas storage.</li><li>Operators are managing risks of potential future demand by building up duck inventory and focusing on operational momentum.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Gas producers are responding to weak prices in 2024 by cutting capital spending by 8-17%.Production hit all-time highs at the end of 2023, but has since decreased with a surplus in gas storage.Operators are managing risks of potential future demand by building up duck inventory and focusing on operational momentum.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How Are Gas Operators Navigating the Difficult Gas Environment in 2024?

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">Mineral Resources (MIN AU)</a> is looking to raise up to A$229m (US$150m) via a secondary block trade in <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, which will be a clean-up. 
</li>
<li>The deal is a large one to digest, at approximately 51.6 days of three month ADV and 13.8% of current mcap. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Mineral Resources (MIN AU) is looking to raise up to A$229m (US$150m) via a secondary block trade in Azure Minerals (AZS AU), which will be a clean-up. 

The deal is a large one to digest, at approximately 51.6 days of three month ADV and 13.8% of current mcap. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Azure Minerals Block - Removal of Overhang but Still a Risky Bet

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

<ul>
<li>Over the last two weeks we discussed expectations for an oversold bounce; the bounce has continued. We believe it is possible we've seen the lows for this pause/pullback on SPX.</li>
<li>We see low probability of a meaningful correction if SPX is above 4300-4325 (1.5-year support), but would not be surprised to see another month+ of consolidation between 4325 and 4600.</li>
<li>Shorter-Term, as long as 4460 short-term support holds, we expect a test of 4600. Today we highlight several buys within Energy.</li>
</ul>


Over the last two weeks we discussed expectations for an oversold bounce; the bounce has continued. We believe it is possible we've seen the lows for this pause/pullback on SPX.
We see low probability of a meaningful correction if SPX is above 4300-4325 (1.5-year support), but would not be surprised to see another month+ of consolidation between 4325 and 4600.
Shorter-Term, as long as 4460 short-term support holds, we expect a test of 4600. Today we highlight several buys within Energy.


Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy

United States

Range Resources Corporation is an independent oil and gas company  that explore, develops, and acquires oil and gas properties. The Company conducts operations primarily in the Southwestern, Appalachian and Gulf Coast regions of the United States.

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Range Resources (RRC US)

Range Resources Corporation: How Are They Responding To Industry Trends With Their Operational Strategy? - Major Drivers

Range Resources Corporation showcased a robust set of financial and operational results in the first quarter of 2024, as detailed in the recent...

Baptista Research

Range Resources Corporation: Initiation Of Coverage - Does Their Capital Expenditure Cadence & Guidance Warrant A Bullish Rating? - Major Drivers

Range Resources' management highlighted strong operational performance from Q4 2023 earnings. The company successfully executed its 2023 plan,...

Baptista Research

How Are Gas Operators Navigating the Difficult Gas Environment in 2024?

Operators in gas basins are cutting capital spending due to weak prices, with production levels decreasing and gas storage levels above average,...

Commodities Focus

Azure Minerals Block - Removal of Overhang but Still a Risky Bet

Mineral Resources (MIN AU) is looking to raise up to A$229m (US$150m) via a secondary block trade in Azure Minerals (AZS AU), which will be a clean...

Ethan Aw

Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy

Expectations over the past two weeks for an oversold bounce in $SPX have played out. 4300-4325 (1.5-year support) remains solid floor, but could...

Vermilion Research

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