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>Rockwell Automation recently presented its fourth-quarter and fiscal year 2025 results, marked by a noteworthy transition in business performance, strategic redirections, and organizational adjustments.</li><li>The company faced a year filled with opposing market forces but successfully executed turnaround strategies resulting in notable sales and earnings growth.</li><li>This formed the basis for their strategic plans moving into fiscal 2026.</li></ul>

Rockwell Automation recently presented its fourth-quarter and fiscal year 2025 results, marked by a noteworthy transition in business performance, strategic redirections, and organizational adjustments.The company faced a year filled with opposing market forces but successfully executed turnaround strategies resulting in notable sales and earnings growth.This formed the basis for their strategic plans moving into fiscal 2026.

Rockwell Automation: Are These Mission-Critical Growth Factors Strong Enough to Beat Economic Headwinds?

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>ENSO to set up carbon-neutral tire production unit for US$500 million  </li><li>New US legislative proposal to propel tire retreading  </li><li>Lower farm tire demand forces Bridgestone Americas to trim workforce</li></ul>

ENSO to set up carbon-neutral tire production unit for US$500 million  New US legislative proposal to propel tire retreading  Lower farm tire demand forces Bridgestone Americas to trim workforce

US Tire Industry Getting Greener With Twin Initiatives

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>Key supports that we highlighted in last week's Compass (Sept. 7) held strong, including 3900-3910 on the SPX, $293 on the Nasdaq 100 (QQQ), $177-178 on the Russell 2000 (IWM).</li>
<li>We got the bounce where bulls needed to hold, but these levels could be tested again following this morning's hotter-than-expected CPI report.</li>
<li>As long as the aforementioned supports continue to hold, we continue to believe the lows are likely in for this bear market -- something we noted throughout late-July and August.</li>
</ul>


Key supports that we highlighted in last week's Compass (Sept. 7) held strong, including 3900-3910 on the SPX, $293 on the Nasdaq 100 (QQQ), $177-178 on the Russell 2000 (IWM).
We got the bounce where bulls needed to hold, but these levels could be tested again following this morning's hotter-than-expected CPI report.
As long as the aforementioned supports continue to hold, we continue to believe the lows are likely in for this bear market -- something we noted throughout late-July and August.


Supports to Be Tested Again Following CPI? Stick With Solar Stocks, Buying Manufacturing Names

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>ikeGPS (IKE)s 1Q27 update came in weaker than expected, largely reflecting a material miss in Transaction revenue.</li><li>Despite this, group revenue remained broadly flat year on year, with the companys higher-margin Subscription segment seeing continued momentum (albeit below FY27 guided growth).</li><li>Despite ongoing weakness in the Transactions business, with continued momentum within IKEs core Subscription business and better-than-expected progress on new product delivery, we remain constructive on the medium-term outlook.</li></ul>

ikeGPS (IKE)s 1Q27 update came in weaker than expected, largely reflecting a material miss in Transaction revenue.Despite this, group revenue remained broadly flat year on year, with the companys higher-margin Subscription segment seeing continued momentum (albeit below FY27 guided growth).Despite ongoing weakness in the Transactions business, with continued momentum within IKEs core Subscription business and better-than-expected progress on new product delivery, we remain constructive on the medium-term outlook.

Managing Director

Elan Gore

TMI Data Science

TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade & traditional media.  Our proprietary software, TMI Machine, is a text-mining platform designed with the buy-side & capital markets professional in mind, text-mining the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income & individual equities.  TMI provides custom leading indicators and systematic trading strategies, operating at the nexus of linguistics & statistics drawing on vast experience in investment banking and hedge fund settings in senior quantitative and fundamental roles.  

TMI Data Science was founded by Elan Gore, an award-winning Senior Global Basic Materials Equity Analyst & China Economist with 15 years of experience in North American hedge funds & institutional managers; and Alessandro Porrino, Ph.D., an Algorithmic Trading Analyst and Programmer with 10 years of front-office experience ranging from complex FX option pricing to auto-hedging strategies at Bank of America Merrill Lynch and Standard Chartered.  Mr. Gore holds an MBA in Finance from New York University Stern School of Business, and Mr. Porrino holds a Ph.D. in Systems Engineering from Brunel University London.

Macroeconomics

<ul>
<li>This year's narrative from US treasuries suggests a short-lived inflation/overheating scare in Q1, which coincided with Winter Storm Uri and the Texas power crisis, along with an initial phase of tapering talk from regional Fed presidents which subsequently faded; since the March peak, 10yr yields are down -45bps or a whopping -26%, representing the view that inflationary pressures have been entirely transitory</li>
<li>The picture from 5yr TIPS breakevens and the 5yr5yr has been more closely attuned to commodities:  In the past 6 months, 5yr TIPS breakevens and 5yr5yr have been 74% and 70% correlated with copper prices vs. the 10yr yield's 46%, though correlations with oil have been low; breakevens peaked with copper in May and bottomed in June-July</li>
<li>While 10yr yields continued to grind lower in July, our text mining is picking up a new surge in reports of supply constraints, which have been strongly correlated with breakevens and reflect corporate commentary in the current earnings season</li>
<li>The inflation narrative from treasuries appears to be asynchronous with the Q2 earnings season narrative from cyclical corporates, who are uniformly reporting worsening raw materials inflation expected in Q3 and lingering supply constraints</li>
<li>Nonetheless, our text mining acknowledges that talk of tightening financial conditions last spiked in March and has not resurfaced since, and expectations of a massive US infrastructure package have faded</li>
</ul><div class="content-highlight"><p>TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary software text-mines the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. </p></div>


This year's narrative from US treasuries suggests a short-lived inflation/overheating scare in Q1, which coincided with Winter Storm Uri and the Texas power crisis, along with an initial phase of tapering talk from regional Fed presidents which subsequently faded; since the March peak, 10yr yields are down -45bps or a whopping -26%, representing the view that inflationary pressures have been entirely transitory
The picture from 5yr TIPS breakevens and the 5yr5yr has been more closely attuned to commodities:  In the past 6 months, 5yr TIPS breakevens and 5yr5yr have been 74% and 70% correlated with copper prices vs. the 10yr yield's 46%, though correlations with oil have been low; breakevens peaked with copper in May and bottomed in June-July
While 10yr yields continued to grind lower in July, our text mining is picking up a new surge in reports of supply constraints, which have been strongly correlated with breakevens and reflect corporate commentary in the current earnings season
The inflation narrative from treasuries appears to be asynchronous with the Q2 earnings season narrative from cyclical corporates, who are uniformly reporting worsening raw materials inflation expected in Q3 and lingering supply constraints
Nonetheless, our text mining acknowledges that talk of tightening financial conditions last spiked in March and has not resurfaced since, and expectations of a massive US infrastructure package have faded
TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary software text-mines the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. 

TMI Snapshot:  Asynchronous Inflation Narratives

United States

Rockwell Automation, Inc. produces industrial automation products. The Company offers products such as control systems, motor control devices, sensors, and industrial control panels. Rockwell Automation markets its products worldwide.

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Rockwell Automation (ROK US)

Rockwell Automation: Are These Mission-Critical Growth Factors Strong Enough to Beat Economic Headwinds?

Rockwell Automation recently presented its fourth-quarter and fiscal year 2025 results, marked by a noteworthy transition in business performance,...

Baptista Research

US Tire Industry Getting Greener With Twin Initiatives

UK-based tire company ENSO, which makes eco-friendly tires, chiefly for electric vehicles, has unveiled plans to set up a carbon-neutral factory in...

Helixtap

Supports to Be Tested Again Following CPI? Stick With Solar Stocks, Buying Manufacturing Names

Supports discussed in recent weeks have held, including 3900 on $SPX, $293 on $QQQ, and $177-178 on $IWM. These levels could be tested again...

Vermilion Research

ikeGPS 1Q27: Gives and Takes

ikeGPS (IKE)s 1Q27 update came in weaker than expected, largely reflecting a material miss in Transaction revenue. Despite this, group revenue...

Forsyth Barr

TMI Snapshot: Asynchronous Inflation Narratives

While the bond market continues to dismiss inflationary pressures, our text mining picked up a recent spike in mentions of supply constraints as...

Elan Gore

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