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>Royal Bank of Canada's (RBC) latest financial performance demonstrates a strong balance between robust operational outcomes and strategic caution.</li><li>The bank reported a record third-quarter earnings of $5.4 billion, reflecting a year-over-year increase of 21%.</li><li>This was bolstered by a return on equity (ROE) exceeding 17% for the quarter, supported by a capital ratio of 13.2%.</li></ul>

Royal Bank of Canada's (RBC) latest financial performance demonstrates a strong balance between robust operational outcomes and strategic caution.The bank reported a record third-quarter earnings of $5.4 billion, reflecting a year-over-year increase of 21%.This was bolstered by a return on equity (ROE) exceeding 17% for the quarter, supported by a capital ratio of 13.2%.

Royal Bank of Canada: Strong Performance in Fixed Income

<ul><li>Royal Bank of Canada (RBC) recently reported its second-quarter financial results with earnings of $4.4 billion, or $4.5 billion on an adjusted basis, including gains from its acquisition of HSBC Bank Canada.</li><li>The quarter was marked by robust pre-provision, pretax earnings nearing $7 billion, a 16% increase from the previous year.</li><li>The growth in revenue, which climbed 11% year-over-year, was notably propelled by solid performances in Personal and Commercial Banking and strong results in Wealth Management and Capital Markets.</li></ul>

Royal Bank of Canada (RBC) recently reported its second-quarter financial results with earnings of $4.4 billion, or $4.5 billion on an adjusted basis, including gains from its acquisition of HSBC Bank Canada.The quarter was marked by robust pre-provision, pretax earnings nearing $7 billion, a 16% increase from the previous year.The growth in revenue, which climbed 11% year-over-year, was notably propelled by solid performances in Personal and Commercial Banking and strong results in Wealth Management and Capital Markets.

Royal Bank of Canada (RBC): Resilience in Housing Market & Mortgage Portfolio Prioritizing Long-Term Sustainability & Prudent Growth!

<ul><li>Royal Bank of Canada (RBC) demonstrated robust performance in its 2024 fourth-quarter results, revealing both strengths and potential challenges in its operational and financial outcomes.</li><li>The bank's reported earnings stood at $4.2 billion, which includes $265 million from its acquisition of HSBC Canada.</li><li>Adjusted earnings showed an 18% year-over-year increase to $4.4 billion, driven largely by market appreciation and strong client activities.</li></ul>

Royal Bank of Canada (RBC) demonstrated robust performance in its 2024 fourth-quarter results, revealing both strengths and potential challenges in its operational and financial outcomes.The bank's reported earnings stood at $4.2 billion, which includes $265 million from its acquisition of HSBC Canada.Adjusted earnings showed an 18% year-over-year increase to $4.4 billion, driven largely by market appreciation and strong client activities.

Royal Bank of Canada (RBC): Capital Markets Pipeline & Growth Trends Fueling Our Bullishness! - 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>Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.</li>
<li>$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.</li>
<li>We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.
$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.
We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.


Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Mitsubishi UFJ Financial (MUFG) / Technical Analysis

<ul>
<li>Our bullish outlook on global equities (MSCI ACWI) remains intact. Actionable Themes today include Financials, Energy, and Consumer Discretionary (European Luxury Retailers)</li>
<li>We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024.</li>
<li>Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact. Actionable Themes today include Financials, Energy, and Consumer Discretionary (European Luxury Retailers)
We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024.
Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX


Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts

Canada

Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. Royal Bank offers its services to personal, business, public sector and institutional clients with operations worldwide.

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Royal Bank of Canada (RY US)

Royal Bank of Canada: Strong Performance in Fixed Income

Royal Bank of Canada's (RBC) latest financial performance demonstrates a strong balance between robust operational outcomes and strategic...

Baptista Research

Royal Bank of Canada (RBC): Resilience in Housing Market & Mortgage Portfolio Prioritizing Long-Term Sustainability & Prudent Growth!

Royal Bank of Canada (RBC) recently reported its second-quarter financial results with earnings of $4.4 billion, or $4.5 billion on an adjusted...

Baptista Research

Royal Bank of Canada (RBC): Capital Markets Pipeline & Growth Trends Fueling Our Bullishness! - Major Drivers

Royal Bank of Canada (RBC) demonstrated robust performance in its 2024 fourth-quarter results, revealing both strengths and potential challenges...

Baptista Research

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI $ACWI ex-US and $EAFE; U.S. Dollar $DXY and 10-Year Yields $TNX...

Vermilion Research

Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts

Opportunity Within Europe and Japan $HEDJ $DXJ; EURO $STOXX 50 and $TOPIX/Nikkei 225 Near Major Breakouts. $ACWI above $116. Buys in Financials,...

Vermilion Research

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