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>Siemens Energy's second-quarter performance for fiscal year 2025 reflects a robust operational execution across all key business areas, contributing to an upward revision in the company's full-year guidance.</li><li>On the positive side, the company achieved record-high order intake and revenue levels, suggesting strong market demand, particularly in gas services and grid technologies.</li><li>With a book-to-bill ratio of 1.45, the order backlog has reached a new peak of EUR 133 billion.</li></ul>

Siemens Energy's second-quarter performance for fiscal year 2025 reflects a robust operational execution across all key business areas, contributing to an upward revision in the company's full-year guidance.On the positive side, the company achieved record-high order intake and revenue levels, suggesting strong market demand, particularly in gas services and grid technologies.With a book-to-bill ratio of 1.45, the order backlog has reached a new peak of EUR 133 billion.

Siemens Energy: Initiation of Coverage- Grid Profits

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>If <a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> remains ranked above 26 on 30 May, it will replace <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> in EURO STOXX50 at the June 2025 quarterly review.</li>
<li>Main forecasted additions to EURO STOXX50 at the September 2025 annual review are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a>.</li>
<li>Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are <a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard SA (RI FP)</a> and <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a>. </li>
</ul>


If Rheinmetall AG (RHM GR) remains ranked above 26 on 30 May, it will replace Kering (KER FP) in EURO STOXX50 at the June 2025 quarterly review.
Main forecasted additions to EURO STOXX50 at the September 2025 annual review are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR).
Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are Pernod Ricard SA (RI FP) and Stellantis NV (STLAM IM). 


Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.</li>
<li>Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. </li>
<li>RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> is the main deletion candidate.</li>
</ul>



Rheinmetall AG (RHM GR) surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.
Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. 
RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. Kering (KER FP) is the main deletion candidate.


EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There is only 1 delete with implementation at the close on 31 January.</li>
<li>As expected, <a href="https://www.smartkarma.com/entities/goviex-uranium-inc" target="_blank" data-smartkarma-citation="entities:35742:1" rel="noopener">GoviEx Uranium (GXU CN)</a> will be deleted from the index and there will be a bunch of capping changes, especially for non-pure play stocks.</li>
<li>Estimated one-way turnover is 5.8% resulting in a round-trip trade of US$386m. There are many stocks with multiple days of ADV to trade.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There is only 1 delete with implementation at the close on 31 January.
As expected, GoviEx Uranium (GXU CN) will be deleted from the index and there will be a bunch of capping changes, especially for non-pure play stocks.
Estimated one-way turnover is 5.8% resulting in a round-trip trade of US$386m. There are many stocks with multiple days of ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance: DeepSeek Led Selloff & 1 Delete

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Lithium Americas Argentina Cor / Equity Bottom-Up

<ul><li>During the fourth quarter of 2024, the Massif Capital Real Assets Strategy was up 0.04% net of fees, with gross of fee gains from the long book of 0.18% and short book returns of 0.03%.</li><li>In 2024, the strategy was up 12.1% net of fees, with gross of fees gains from the long book of 12.1% and short book of 1.0%.</li><li>Through the 21st of January 2025, the portfolio is up 6.6%.</li></ul>

During the fourth quarter of 2024, the Massif Capital Real Assets Strategy was up 0.04% net of fees, with gross of fee gains from the long book of 0.18% and short book returns of 0.03%.In 2024, the strategy was up 12.1% net of fees, with gross of fees gains from the long book of 12.1% and short book of 1.0%.Through the 21st of January 2025, the portfolio is up 6.6%.

Massif Capital 4th Quarter 2024 Letter to Investors

Germany

Siemens Energy AG operates as a renewable energy company. The Company offers power generation and transmission, technical consultancy, and operation and maintenance services. Siemens Energy serves customers worldwide.

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Siemens Energy AG (ENR GR)

Siemens Energy: Initiation of Coverage- Grid Profits

Siemens Energy's second-quarter performance for fiscal year 2025 reflects a robust operational execution across all key business areas,...

Baptista Research

Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

Rheinmetall is expected to replace Kering through fast-entry into EURO STOXX50 at the June 2025 review, while Siemens Energy and Deutsche Bank are...

Dimitris Ioannidis

EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

Rheinmetall AG (RHM) is now ranked 26th in Euro STOXX50, after surpassing the Industrial sector coverage threshold and is ~4% away from fast-entry...

Dimitris Ioannidis

Solactive Global Uranium & Nuclear Components Index Rebalance: DeepSeek Led Selloff & 1 Delete

GoviEx Uranium will be deleted from the URA ETF on Friday. The deletion plus capping changes lead to a one-way turnover of 5.8% resulting in a...

Brian Freitas

Massif Capital 4th Quarter 2024 Letter to Investors

During the fourth quarter of 2024, the Massif Capital Real Assets Strategy was up 0.04% net of fees, with gross of fee gains from the long book of...

Massif Capital Research

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