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

Reliance Steel & Aluminum / Equity Bottom-Up

<ul><li>Reliance, Inc.</li><li>released its Fourth Quarter and Full Year 2023 financial results with officials highlighting the firm's strong operational and financial performance for 2023 despite a challenging environment.</li><li>The company's President and CEO, Karla Lewis, notably acknowledged the company's recent name change from its original name which had included the words 'steel' and 'aluminum.' Lewis noted that the name change reflected the evolution of the company beyond metal in the form of being a family of diversified businesses.</li></ul>

Reliance, Inc.released its Fourth Quarter and Full Year 2023 financial results with officials highlighting the firm's strong operational and financial performance for 2023 despite a challenging environment.The company's President and CEO, Karla Lewis, notably acknowledged the company's recent name change from its original name which had included the words 'steel' and 'aluminum.' Lewis noted that the name change reflected the evolution of the company beyond metal in the form of being a family of diversified businesses.

Reliance Steel & Aluminum: A Tale Of Expansion Through Strategic Acquisitions! - Major Drivers

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>The market remains in "lockout rally" mode, where prices continue to move higher with little-to-no pullbacks, while ignoring overbought readings.</li>
<li>We have discussed this on a weekly basis since 11/21/23. Still no reason to fight this bullish trend, and we continue to expect more upside into year-end and early 2024.</li>
<li>We highlight buys in Steel: NUE, STLD, RS, WOR, TMST, ZEUS, LatAm Banks: ITUB, BSBR, BBD, BAP, BCH, Industrials: ITT, FSS, SPXC, ATS, KAI, CR, BRC, SXI, and HSC</li>
</ul>


The market remains in "lockout rally" mode, where prices continue to move higher with little-to-no pullbacks, while ignoring overbought readings.
We have discussed this on a weekly basis since 11/21/23. Still no reason to fight this bullish trend, and we continue to expect more upside into year-end and early 2024.
We highlight buys in Steel: NUE, STLD, RS, WOR, TMST, ZEUS, LatAm Banks: ITUB, BSBR, BBD, BAP, BCH, Industrials: ITT, FSS, SPXC, ATS, KAI, CR, BRC, SXI, and HSC


Russell 2000 Testing 1.5+ Year Resistance; Downgrading Communications; Steel Buys $NUE $STLD $ZEUS

<ul><li>Reliance Steel & Aluminum Co. delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.</li><li>Reliance Steel & Aluminum delivered non-GAAP earnings per share of $5, in line with its guidance, while effectively managing working capital and generating a solid operating cash flow of $466 million for the quarter.</li><li>While pricing pressures and macro headwinds persisted, Reliance Steel & Aluminum maintained a stable gross profit margin of 29.7% and achieved earnings per share of $4.99 for the quarter.</li></ul>

Reliance Steel & Aluminum Co. delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.Reliance Steel & Aluminum delivered non-GAAP earnings per share of $5, in line with its guidance, while effectively managing working capital and generating a solid operating cash flow of $466 million for the quarter.While pricing pressures and macro headwinds persisted, Reliance Steel & Aluminum maintained a stable gross profit margin of 29.7% and achieved earnings per share of $4.99 for the quarter.

Reliance Steel & Aluminum Co.: Enhanced Inventory Management & Margin Stability As Growth Catalysts! - Major Drivers

<ul><li>Reliance Steel & Aluminum's results were a major disappointment as the company failed to meet the revenue and earnings expectations of Wall Street.</li><li>Stainless steel and aluminum products represented more than 30% of the total sales of the quarter, with stainless and aluminum aerospace products comprising around 9%.</li><li>We give Reliance Steel & Aluminum Co an 'Underperform' rating with a revised target price.</li></ul>

Reliance Steel & Aluminum's results were a major disappointment as the company failed to meet the revenue and earnings expectations of Wall Street.Stainless steel and aluminum products represented more than 30% of the total sales of the quarter, with stainless and aluminum aerospace products comprising around 9%.We give Reliance Steel & Aluminum Co an 'Underperform' rating with a revised target price.

Reliance Steel & Aluminum Co.: Discovering the Key Factors Behind The Recent Results! - Financial Forecasts

<ul>
<li>SPX is holding above its 200-day MA/3940 coinciding with its prior downtrend from 2022 near 3915; 3915-3940 remains critical support, and is the gateway to a much deeper pullback.</li>
<li>Additionally, the Nasdaq 100 (QQQ) is breaking back above $297, another important line in the sand for us.</li>
<li>The SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside on the S&amp;P 500.</li>
</ul>


SPX is holding above its 200-day MA/3940 coinciding with its prior downtrend from 2022 near 3915; 3915-3940 remains critical support, and is the gateway to a much deeper pullback.
Additionally, the Nasdaq 100 (QQQ) is breaking back above $297, another important line in the sand for us.
The SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside on the S&amp;P 500.


Still Expecting 4165-4200 on S&P 500 to Cap Upside; Buys Within Insurance and Steel/Metals

United States

Reliance Steel & Aluminum Co. distributes and processes steel and aluminum. The Company's products include carbon, alloy, stainless and specialty steel, aluminum, brass, and copper.  Reliance operates processing and distribution centers throughout the United States. Reliance Steel & Aluminum operates in Spain.

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Reliance Steel & Aluminum (RS US)

Reliance Steel & Aluminum: A Tale Of Expansion Through Strategic Acquisitions! - Major Drivers

Reliance, Inc. released its Fourth Quarter and Full Year 2023 financial results with officials highlighting the firm's strong operational and...

Baptista Research

Russell 2000 Testing 1.5+ Year Resistance; Downgrading Communications; Steel Buys $NUE $STLD $ZEUS

Market remains in a "lockout rally" where prices continue to move higher with little-to-no pullbacks, while ignoring overbought readings -- as we...

Vermilion Research

Reliance Steel & Aluminum Co.: Enhanced Inventory Management & Margin Stability As Growth Catalysts! - Major Drivers

Reliance Steel & Aluminum Co. delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par...

Baptista Research

Reliance Steel & Aluminum Co.: Discovering the Key Factors Behind The Recent Results! - Financial Forecasts

Reliance Steel & Aluminum's results were a major disappointment as the company failed to meet the revenue and earnings expectations of Wall...

Baptista Research

Still Expecting 4165-4200 on S&P 500 to Cap Upside; Buys Within Insurance and Steel/Metals

The $SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside and...

Vermilion Research

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