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>Schlumberger Limited’s first quarter 2026 results were notably influenced by geopolitical disruption in the Middle East, which led to operational shutdowns and production curtailments.</li><li>The conflict’s impact was most severe in Qatar and Iraq, affecting offshore operations and contributing to a sequential revenue decline of over 10%, exceeding prior expectations.</li><li>This region accounted for a significant portion of the company’s Middle East and Asia business, and the ongoing disruption is expected to continue to pressure earnings into the second quarter, with an estimated sequential earnings per share impact of $0.06 to $0.08.</li></ul>

Schlumberger Limited’s first quarter 2026 results were notably influenced by geopolitical disruption in the Middle East, which led to operational shutdowns and production curtailments.The conflict’s impact was most severe in Qatar and Iraq, affecting offshore operations and contributing to a sequential revenue decline of over 10%, exceeding prior expectations.This region accounted for a significant portion of the company’s Middle East and Asia business, and the ongoing disruption is expected to continue to pressure earnings into the second quarter, with an estimated sequential earnings per share impact of $0.06 to $0.08.

Schlumberger (SLB) The Stress Test Is Middle East Recovery Timing Not The 87% Digital Surge!

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Since the conflict began on 28/Feb, SLB and Halliburton shares declined as Middle East disruptions forced demobilisation and activity cuts, with SLB expecting a USD 0.06–0.09 Q1 2026 EPS impact.</li>
<li>Elevated oil prices, potential production increases outside the Middle East, and structural supply tightness could boost upstream capex, creating a supportive medium-term demand environment for oilfield services companies.</li>
<li>However, prolonged geopolitical instability could delay upstream project approvals, potentially slowing the pace of recovery in oilfield services demand.</li>
</ul>


Since the conflict began on 28/Feb, SLB and Halliburton shares declined as Middle East disruptions forced demobilisation and activity cuts, with SLB expecting a USD 0.06–0.09 Q1 2026 EPS impact.
Elevated oil prices, potential production increases outside the Middle East, and structural supply tightness could boost upstream capex, creating a supportive medium-term demand environment for oilfield services companies.
However, prolonged geopolitical instability could delay upstream project approvals, potentially slowing the pace of recovery in oilfield services demand.


Oilfield Services in a Time of Conflict: Near-Term Disruptions, Medium-Term Opportunity

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.</li>
<li>A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. </li>
<li>A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. </li>
</ul>


On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.
A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. 
A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. 


US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

<ul>
<li>SLB and Halliburton entered 2026 with solid Q4 momentum and improving international fundamentals, but sharply different market reactions highlighted how expectations and positioning shaped post-earnings performance.</li>
<li>The Venezuela catalyst drove outsized gains in oilfield services as first-cycle beneficiaries. However, estimates suggest the total revenue impact may be smaller than market enthusiasm implies.</li>
<li>Analysts raised targets for both firms, but rating trends diverged: SLB retained universal Buy support, while Halliburton faced growing caution tied to North America exposure.</li>
</ul>


SLB and Halliburton entered 2026 with solid Q4 momentum and improving international fundamentals, but sharply different market reactions highlighted how expectations and positioning shaped post-earnings performance.
The Venezuela catalyst drove outsized gains in oilfield services as first-cycle beneficiaries. However, estimates suggest the total revenue impact may be smaller than market enthusiasm implies.
Analysts raised targets for both firms, but rating trends diverged: SLB retained universal Buy support, while Halliburton faced growing caution tied to North America exposure.


SLB and Halliburton: Robust Earnings and the Limits of Market Expectations

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

Schlumberger (SLB) The Stress Test Is Middle East Recovery Timing Not The 87% Digital Surge!

Schlumberger Limited’s first quarter 2026 results were notably influenced by geopolitical disruption in the Middle East, which led to operational...

Baptista Research

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Oilfield Services in a Time of Conflict: Near-Term Disruptions, Medium-Term Opportunity

Middle East conflict impacts SLB and Halliburton shares, with potential for increased oilfield services demand tempered by geopolitical instability.

Mint Finance

US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

RCP predicts a big Trump win, TheEconomist a narrow Harris one. Turnout key for Trump; his win would lower oil prices & hit China, benefitting the...

Prasenjit K. Basu

SLB and Halliburton: Robust Earnings and the Limits of Market Expectations

SLB and Halliburton start 2026 strong, but market reactions differ due to expectations and positioning. Venezuela catalyst boosts oilfield...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Schlumberger (SLB) The Stress Test Is Middle East Recovery Timing Not The 87% Digital Surge!

Schlumberger Limited’s first quarter 2026 results were notably influenced by geopolitical disruption in the Middle East, which led to operational...

Baptista Research

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Oilfield Services in a Time of Conflict: Near-Term Disruptions, Medium-Term Opportunity

​Middle East conflict impacts SLB and Halliburton shares, with potential for increased oilfield services demand tempered by geopolitical instability.

Mint Finance

US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

RCP predicts a big Trump win, TheEconomist a narrow Harris one. Turnout key for Trump; his win would lower oil prices & hit China, benefitting the...

Prasenjit K. Basu

SLB and Halliburton: Robust Earnings and the Limits of Market Expectations

​SLB and Halliburton start 2026 strong, but market reactions differ due to expectations and positioning. Venezuela catalyst boosts oilfield...

Mint Finance

Middle East conflict impacts SLB and Halliburton shares, with potential for increased oilfield services demand tempered by geopolitical instability.

SLB and Halliburton start 2026 strong, but market reactions differ due to expectations and positioning. Venezuela catalyst boosts oilfield...