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

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/nanofilm-technologies-international" target="_blank" data-smartkarma-citation="entities:29700:1" rel="noopener">Nanofilm Technologies International (NTI SP)</a> designs, manufactures, and assembles its proprietary coating equipment (and auxiliary equipment and spare parts), and develops and provides its surface solutions and advanced materials in-house. At the proposed IPO price of S$2.59 per share, Nanofilm will have a market cap of S$1.7 billion ($1.3 billion). Nanofilm will raise proceeds of S$470 million ($346 million) with primary/secondary spilt of 42.5%/57.5%. Thirteen cornerstone investors will subscriber for 104.3 million of the offer shares.  </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/nanofilm-technologies-ipo-initiation-layer-by-layer" target="_blank" rel="noopener">our initiation note</a>, we highlighted that Nanofilm is an attractive growth story underpinned by proprietary technology, growing addressable markets, high customer stickiness, attractive margin profile and strong cash conversion. Our valuation analysis suggests that the IPO valuation is attractive. </p></div></div></div>

Nanofilm Technologies International (NTI SP) designs, manufactures, and assembles its proprietary coating equipment (and auxiliary equipment and spare parts), and develops and provides its surface solutions and advanced materials in-house. At the proposed IPO price of S$2.59 per share, Nanofilm will have a market cap of S$1.7 billion ($1.3 billion). Nanofilm will raise proceeds of S$470 million ($346 million) with primary/secondary spilt of 42.5%/57.5%. Thirteen cornerstone investors will subscriber for 104.3 million of the offer shares.  In our initiation note, we highlighted that Nanofilm is an attractive growth story underpinned by proprietary technology, growing addressable markets, high customer stickiness, attractive margin profile and strong cash conversion. Our valuation analysis suggests that the IPO valuation is attractive. 

Nanofilm Technologies IPO: Valuation Insights

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

Technology Select Sector SPDR / Technical Analysis

<p>The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.</p>

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

U.S. Tech Stocks Are Leading Market Higher.

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

Nanofilm Technologies IPO: Valuation Insights

Nanofilm will raise proceeds of S$470 million ($346 million) with primary/secondary spilt of 42.5%/57.5%. Our valuation analysis suggests that the...

Arun George

U.S. Tech Stocks Are Leading Market Higher.

The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology...

Vermilion Research

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