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>In a transformative move with far-reaching implications for Canada’s telecom and sports entertainment landscape, Rogers Communications is edging closer to acquiring full control of Maple Leaf Sports & Entertainment (MLSE), the multi-billion-dollar entity behind the Toronto Maple Leafs, Toronto Raptors, and Scotiabank Arena.</li><li>Having recently secured a 75% controlling stake by triggering a buyout clause for billionaire Larry Tanenbaum’s remaining 25% share, Rogers is now laying the groundwork for combining MLSE with its other marquee assets, including the Toronto Blue Jays and Sportsnet.</li><li>As this consolidation unfolds, CEO Tony Staffieri has confirmed that the company is actively exploring monetization strategies—either via an IPO or a private stake sale—to attract new equity investors.</li></ul>

In a transformative move with far-reaching implications for Canada’s telecom and sports entertainment landscape, Rogers Communications is edging closer to acquiring full control of Maple Leaf Sports & Entertainment (MLSE), the multi-billion-dollar entity behind the Toronto Maple Leafs, Toronto Raptors, and Scotiabank Arena.Having recently secured a 75% controlling stake by triggering a buyout clause for billionaire Larry Tanenbaum’s remaining 25% share, Rogers is now laying the groundwork for combining MLSE with its other marquee assets, including the Toronto Blue Jays and Sportsnet.As this consolidation unfolds, CEO Tony Staffieri has confirmed that the company is actively exploring monetization strategies—either via an IPO or a private stake sale—to attract new equity investors.

Rogers' $15B Power Play: Nears Full MLSE Buyout

<ul><li>Rogers Corporation reported its second-quarter 2025 performance, centering on their efforts to maintain execution speed and operational effectiveness amidst a challenging market landscape.</li><li>Interim CEO Ali El-Haj emphasized a strategic focus on improving flexibility and efficiency without altering the core strategy, ensuring the company's competitive position remains steady.</li><li>In terms of financial performance, Rogers Corp reported a 6.5% increase in sales compared to the previous quarter, influenced by stronger demand in industrial, portable electronics, aerospace and defense (A&D), and advanced driver-assistance systems (ADAS) markets.</li></ul>

Rogers Corporation reported its second-quarter 2025 performance, centering on their efforts to maintain execution speed and operational effectiveness amidst a challenging market landscape.Interim CEO Ali El-Haj emphasized a strategic focus on improving flexibility and efficiency without altering the core strategy, ensuring the company's competitive position remains steady.In terms of financial performance, Rogers Corp reported a 6.5% increase in sales compared to the previous quarter, influenced by stronger demand in industrial, portable electronics, aerospace and defense (A&D), and advanced driver-assistance systems (ADAS) markets.

Rogers Corporation’s 9% Shock: Why Starboard’s Move Could Spark A $1.3 Billion Takeover Drama!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> shares were up 19.1% based on a <a href="https://news.bloombergtax.com/private-equity/taiyo-holdings-gets-buyout-proposals-from-firms-including-kkr" target="_blank" rel="noopener">Bloomberg report</a> that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko. </li>
<li>Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an <a href="https://www.corpgovfortaiyo.com/taiyo-corp-gov" target="_blank" rel="noopener">activist campaign</a>. </li>
<li>At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.</li>
</ul>



Taiyo Holdings (4626 JP) shares were up 19.1% based on a Bloomberg report that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko. 
Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign. 
At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.


Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Elections have consequences. The November 2024 elections in the US have ushered in not just a change in political landscape for the country and the makeup of the federal government but are likely to result in material changes to government policies and priorities for 2025 and beyond.</li><li>These include international trade, the federal regulatory environment, and tax policies that can affect consumer sentiment, company strategies when it comes to capital deployment, and end market dynamics.</li><li>While specifics could emerge in the coming months, we expect modest inflationary pressures from expected tariffs on imported goods to be largely offset by more constructive energy policies, tax incentives, and a reduced federal regulatory burden, along with a reduced federal government role in economic decision-making to lead to an improvement in economic growth in 2025.</li></ul>

Elections have consequences. The November 2024 elections in the US have ushered in not just a change in political landscape for the country and the makeup of the federal government but are likely to result in material changes to government policies and priorities for 2025 and beyond.These include international trade, the federal regulatory environment, and tax policies that can affect consumer sentiment, company strategies when it comes to capital deployment, and end market dynamics.While specifics could emerge in the coming months, we expect modest inflationary pressures from expected tariffs on imported goods to be largely offset by more constructive energy policies, tax incentives, and a reduced federal regulatory burden, along with a reduced federal government role in economic decision-making to lead to an improvement in economic growth in 2025.

The US Elections' Impact on 2025 Outlook - November 13, 2024

<ul><li>WTR-CMI this week. In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy S&amp;P 500 declined 1.4%, with the Russell 2000 inching up 0.1%.</li><li>Strong rebounds in NGVT, ECVT, LAC, PLL, and AXTA nearly offset sharp declines in EAF, CMP, and HXL. YTD, our index is slightly outperforming the Russell 2000, increasing 10.4% versus the broader index’s 9.0% improvement, although both trail the S&amp;P 500’s 20.1% increase.</li><li>On a Y/Y basis, the WTR-CMI Index has narrowed the performance gap with the S&amp;P 500, improving 32.9% versus the large-cap index’s 35.2% appreciation, with the Russell 2000 bringing up the rear with a 32.4% rebound.</li></ul>

WTR-CMI this week. In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy S&amp;P 500 declined 1.4%, with the Russell 2000 inching up 0.1%.Strong rebounds in NGVT, ECVT, LAC, PLL, and AXTA nearly offset sharp declines in EAF, CMP, and HXL. YTD, our index is slightly outperforming the Russell 2000, increasing 10.4% versus the broader index’s 9.0% improvement, although both trail the S&amp;P 500’s 20.1% increase.On a Y/Y basis, the WTR-CMI Index has narrowed the performance gap with the S&amp;P 500, improving 32.9% versus the large-cap index’s 35.2% appreciation, with the Russell 2000 bringing up the rear with a 32.4% rebound.

Mat-Chem Notes - Supply-Demand Balancing Act and Geopolitics of Energy Transition

United States

Rogers Corporation manufactures and markets specialty materials and components for applications in the communications, computer, imaging, consumer, and transportation markets.  The Company's products include elastomers, high frequency circuit materials, flexible circuit materials, molding materials, and composite materials.  Rogers sells its products around the world.

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Rogers Corp (ROG US)

Rogers' $15B Power Play: Nears Full MLSE Buyout

In a transformative move with far-reaching implications for Canada’s telecom and sports entertainment landscape, Rogers Communications is edging...

Baptista Research

Rogers Corporation’s 9% Shock: Why Starboard’s Move Could Spark A $1.3 Billion Takeover Drama!

Rogers Corporation reported its second-quarter 2025 performance, centering on their efforts to maintain execution speed and operational...

Baptista Research

Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign. My analysis suggests that...

Arun George

The US Elections' Impact on 2025 Outlook - November 13, 2024

While specifics could emerge in the coming months, we expect modest inflationary pressures from expected tariffs on imported goods to be largely...

Water Tower Research

Mat-Chem Notes - Supply-Demand Balancing Act and Geopolitics of Energy Transition

In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy...

Water Tower Research

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