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>SM Energy's second quarter 2025 financial results and operations update highlights a strategic focus on targeted growth and leveraging their technical expertise in unconventional resource development.</li><li>Over the past five years, SM Energy has successfully increased net proved reserves and net production by over 60% each, while enhancing their oil percentage and production margins.</li><li>This growth has been achieved without any dilution in share count, and they have effectively reduced leverage by more than a turn since 2020, substantially de-risking the balance sheet.</li></ul>

SM Energy's second quarter 2025 financial results and operations update highlights a strategic focus on targeted growth and leveraging their technical expertise in unconventional resource development.Over the past five years, SM Energy has successfully increased net proved reserves and net production by over 60% each, while enhancing their oil percentage and production margins.This growth has been achieved without any dilution in share count, and they have effectively reduced leverage by more than a turn since 2020, substantially de-risking the balance sheet.

SM Energy: The Uinta Basin Is Finally Scaling — A Look at Rail

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,372 points (200-day EMA) and the support at 1,343 points (25-week EMA)/1,336 points.</li><li>We maintain our recommendation that investors accumulate when the index weakens and wait to take profit at the resistance at 1,372 points.</li><li>In August, foreign investment in Thailand became more pronounced.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,372 points (200-day EMA) and the support at 1,343 points (25-week EMA)/1,336 points.We maintain our recommendation that investors accumulate when the index weakens and wait to take profit at the resistance at 1,372 points.In August, foreign investment in Thailand became more pronounced.

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>Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).</li>
<li>The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.</li>
<li>If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership</li>
</ul>


Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership


Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,330/1,320 points and the resistance at 1,345/1,352 points (10-day EMA).</li><li>We concur with the consensus view that the ECB may cut the policy interest rate by 0.25% to 4.25% (from 4.50%) at the meeting on June 6.</li><li>The index is expected to move sideways because we believe it has absorbed the selling force and is waiting for a reversal signal; hence, we recommend holding cash.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,330/1,320 points and the resistance at 1,345/1,352 points (10-day EMA).We concur with the consensus view that the ECB may cut the policy interest rate by 0.25% to 4.25% (from 4.50%) at the meeting on June 6.The index is expected to move sideways because we believe it has absorbed the selling force and is waiting for a reversal signal; hence, we recommend holding cash.

Keep a Close Watch on Interest Rate Cut Trend From ECB Meeting

<ul>
<li>Over the last two weeks we discussed expectations for an oversold bounce; the bounce has continued. We believe it is possible we've seen the lows for this pause/pullback on SPX.</li>
<li>We see low probability of a meaningful correction if SPX is above 4300-4325 (1.5-year support), but would not be surprised to see another month+ of consolidation between 4325 and 4600.</li>
<li>Shorter-Term, as long as 4460 short-term support holds, we expect a test of 4600. Today we highlight several buys within Energy.</li>
</ul>


Over the last two weeks we discussed expectations for an oversold bounce; the bounce has continued. We believe it is possible we've seen the lows for this pause/pullback on SPX.
We see low probability of a meaningful correction if SPX is above 4300-4325 (1.5-year support), but would not be surprised to see another month+ of consolidation between 4325 and 4600.
Shorter-Term, as long as 4460 short-term support holds, we expect a test of 4600. Today we highlight several buys within Energy.


Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy

United States

SM Energy Company is an independent energy company that explores for and produces natural gas and crude oil.  The Company's operations are focused on The ArkLaTex, Gulf Coast, Mid-Continent, Rocky Mountains, and Permian Basin regions.

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Sm Energy Co (SM US)

SM Energy: The Uinta Basin Is Finally Scaling — A Look at Rail

SM Energy's second quarter 2025 financial results and operations update highlights a strategic focus on targeted growth and leveraging their...

Baptista Research

Thai Trade Balance in July

Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,372 points (200-day EMA) and the support at 1,343...

Krungthai XSpring

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

Keep a Close Watch on Interest Rate Cut Trend From ECB Meeting

Technically, the SET Index is expected to move sideways, with the support at 1,330/1,320 points and the resistance at 1,345/1,352 points (10-day...

Krungthai XSpring

Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy

Expectations over the past two weeks for an oversold bounce in $SPX have played out. 4300-4325 (1.5-year support) remains solid floor, but could...

Vermilion Research

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