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 Capital Markets

Reliance Steel & Aluminum / Equity Capital Markets

<ul><li>Reliance Steel & Aluminum had a mixed financial performance in the last quarter of 2022 and missed out on meeting the revenue expectations of Wall Street given the ongoing volatility in metal prices and general economic uncertainty.</li><li>Throughout the fourth quarter, prices fell for the majority of carbon steel, stainless steel, and aluminum products sold.</li><li>We give Reliance Steel & Aluminum Co a 'Hold' rating with a revised target price.</li></ul>

Reliance Steel & Aluminum had a mixed financial performance in the last quarter of 2022 and missed out on meeting the revenue expectations of Wall Street given the ongoing volatility in metal prices and general economic uncertainty.Throughout the fourth quarter, prices fell for the majority of carbon steel, stainless steel, and aluminum products sold.We give Reliance Steel & Aluminum Co a 'Hold' rating with a revised target price.

Reliance Steel & Aluminum Co.: 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

<ul>
<li>Despite $IWM already hitting our price target at 200-day MA/YTD downtrend, and the $SPX getting to within 1% of our target at 200-day MA, we see this 1.5-month rally continuing.</li>
<li>We expect further upside as long as the 1.5-month uptrend channels remain intact on the SPX and IWM, and we believe that breakouts above their 200-day MAs could be coming</li>
<li>Breakouts above their 200-day MAs that would likely signal the end to this bear market.</li>
</ul>


Despite $IWM already hitting our price target at 200-day MA/YTD downtrend, and the $SPX getting to within 1% of our target at 200-day MA, we see this 1.5-month rally continuing.
We expect further upside as long as the 1.5-month uptrend channels remain intact on the SPX and IWM, and we believe that breakouts above their 200-day MAs could be coming
Breakouts above their 200-day MAs that would likely signal the end to this bear market.


Small- And Mid-Cap Indexes Poised to Break Out?; Further Upside Expected; Buys Within Cyclicals

Credit

<ul><li>Reliance Steel & Aluminum Co is a renowned metals and mining company that sells over 100,000 metal products and offers various value-added services for processing metals.</li><li>Some of their products are alloy steel, stainless steel, hot-rolled and cold-finished steel, galvanized steel, brass, copper, titanium, and aluminium.</li><li>Reliance also completed two successful acquisitions, one with Admiral Metals and the other with Rotax Metals in recent times.</li></ul>

Reliance Steel & Aluminum Co is a renowned metals and mining company that sells over 100,000 metal products and offers various value-added services for processing metals.Some of their products are alloy steel, stainless steel, hot-rolled and cold-finished steel, galvanized steel, brass, copper, titanium, and aluminium.Reliance also completed two successful acquisitions, one with Admiral Metals and the other with Rotax Metals in recent times.

Reliance Steel & Aluminum Co.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on Reliance Steel & Aluminum Co, a large steelmaker known to sell over 100,000 metal products and offering value-added services for processing metals.</li><li>Some of their products are alloy steel, stainless steel, hot-rolled and cold-finished steel, galvanized steel, brass, copper, titanium, and aluminium.</li><li>Reliance also completed two successful acquisitions, one with Admiral Metals and the other with Rotax Metals in recent times.</li></ul>

This is our first report on Reliance Steel & Aluminum Co, a large steelmaker known to sell over 100,000 metal products and offering value-added services for processing metals.Some of their products are alloy steel, stainless steel, hot-rolled and cold-finished steel, galvanized steel, brass, copper, titanium, and aluminium.Reliance also completed two successful acquisitions, one with Admiral Metals and the other with Rotax Metals in recent times.

Reliance Steel & Aluminum Co.: Initiation of Coverage – Acquisition-Led Growth & Steel Macro

Energy Select Sector SPDR Fund / Technical Analysis

<ul>
<li>We still see signs suggesting a test of the lows or a break to new lows is increasingly likely on the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>One of those signs is the fact that defensives (Utilities, Staples, pharma, Real Estate) remain at new RS highs.</li>
<li>Meanwhile, WTI crude oil and the Bloomberg Commodity index (DJP) are breaking out from 1-month consolidations, signaling upside continuation. Stick with the commodity and defensive Sectors.</li>
</ul>


We still see signs suggesting a test of the lows or a break to new lows is increasingly likely on the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM).
One of those signs is the fact that defensives (Utilities, Staples, pharma, Real Estate) remain at new RS highs.
Meanwhile, WTI crude oil and the Bloomberg Commodity index (DJP) are breaking out from 1-month consolidations, signaling upside continuation. Stick with the commodity and defensive Sectors.


Sticking With Commodity and Defensive Sectors; Buying Coal, Steel, Gold Stocks

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 Co.: Major Drivers

Reliance Steel & Aluminum had a mixed financial performance in the last quarter of 2022 and missed out on meeting the revenue expectations of...

Baptista Research

Small- And Mid-Cap Indexes Poised to Break Out?; Further Upside Expected; Buys Within Cyclicals

Despite $IWM already hitting our price target at its 200-day MA/YTD downtrend, & the $SPX getting to within 1% of our target at its 200-day MA, we...

Vermilion Research

Reliance Steel & Aluminum Co.: Detailed Credit Analysis & Financial Strength Evaluation Report

Reliance Steel & Aluminum Co is a renowned metals and mining company that sells over 100,000 metal products and offers various value-added...

Baptista Research

Reliance Steel & Aluminum Co.: Initiation of Coverage – Acquisition-Led Growth & Steel Macro

This is our first report on Reliance Steel & Aluminum Co, a large steelmaker known to sell over 100,000 metal products and offering...

Baptista Research

Sticking With Commodity and Defensive Sectors; Buying Coal, Steel, Gold Stocks

Crude oil and the Bloomberg Commodity index $DJP are breaking out from 1-month consolidations, signaling upside continuation. Stick with the...

Vermilion Research

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