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>Southern Copper Corporation’s earnings centered around its 2023 results and offered insight into the company's financial outlook.</li><li>The company reported net sales of $9,896 million in 2023, which was lower by 1.5% compared to 2022.</li><li>Despite the reduction, the company considers the results satisfactory, owing to higher sales volumes for copper and molybdenum, as well as better prices for molybdenum and silver.</li></ul>

Southern Copper Corporation’s earnings centered around its 2023 results and offered insight into the company's financial outlook.The company reported net sales of $9,896 million in 2023, which was lower by 1.5% compared to 2022.Despite the reduction, the company considers the results satisfactory, owing to higher sales volumes for copper and molybdenum, as well as better prices for molybdenum and silver.

Southern Copper Corporation: Shift in Copper Market Dynamics & How The Company Is Adapting! - Major Drivers

<ul><li>Southern Copper Corporation delivered a strong result and managed an all-around beat in the last quarter, demonstrating resilience and adaptability.</li><li>Copper, constituting a significant 75% of their sales, faced a marginal 9% decline in production, primarily due to diminished ore grades in the Cuajone mine.</li><li>Amidst these challenges, Southern Copper remained proactive, predicting a 6% increase in copper production for the year 2023, aiming for 917,000 tons.</li></ul>

Southern Copper Corporation delivered a strong result and managed an all-around beat in the last quarter, demonstrating resilience and adaptability.Copper, constituting a significant 75% of their sales, faced a marginal 9% decline in production, primarily due to diminished ore grades in the Cuajone mine.Amidst these challenges, Southern Copper remained proactive, predicting a 6% increase in copper production for the year 2023, aiming for 917,000 tons.

Southern Copper Corporation: Can It Defy The Odds? - Major Drivers

<ul><li>Southern Copper Corporation delivered disappointing results as the company could not meet the revenue and earnings expectations of Wall Street.</li><li>Another element that is having an impact on the copper market is low copper inventories.</li><li>We give Southern Copper Corporation a 'Hold' rating with a revised target price.</li></ul>

Southern Copper Corporation delivered disappointing results as the company could not meet the revenue and earnings expectations of Wall Street.Another element that is having an impact on the copper market is low copper inventories.We give Southern Copper Corporation a 'Hold' rating with a revised target price.

Southern Copper Corporation: Is the Decline of the Copper Market Affecting Their Revenue? – Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise up to US$868m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

<ul><li>Southern Copper Corporation had a great quarter despite several economic difficulties and managed an all-around beat.</li><li>The company's other open pit operations reported a decrease in annual copper production, with the exception of the Buenavista operation, where production levels were higher than those in 2021.</li><li>We give Southern Copper Corporation a 'Hold' rating with a revised target price.</li></ul>

Southern Copper Corporation had a great quarter despite several economic difficulties and managed an all-around beat.The company's other open pit operations reported a decrease in annual copper production, with the exception of the Buenavista operation, where production levels were higher than those in 2021.We give Southern Copper Corporation a 'Hold' rating with a revised target price.

Southern Copper Corporation: The Best Copper Stock To Own? – Key Drivers

United States

Southern Copper Corporation conducts mining operations in Peru and Mexico.  The Company owns and operates open pit mines and metallurgical complexes that produce copper, molybdenum, zinc, and precious metals.

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Southern Copper (SCCO US)

Southern Copper Corporation: Shift in Copper Market Dynamics & How The Company Is Adapting! - Major Drivers

Southern Copper Corporation’s earnings centered around its 2023 results and offered insight into the company's financial outlook. The company...

Baptista Research

Southern Copper Corporation: Can It Defy The Odds? - Major Drivers

Southern Copper Corporation delivered a strong result and managed an all-around beat in the last quarter, demonstrating resilience and...

Baptista Research

Southern Copper Corporation: Is the Decline of the Copper Market Affecting Their Revenue? – Major Drivers

Southern Copper Corporation delivered disappointing results as the company could not meet the revenue and earnings expectations of Wall...

Baptista Research

Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. In this note, we undertake a quick peer...

Ethan Aw

Southern Copper Corporation: The Best Copper Stock To Own? – Key Drivers

Southern Copper Corporation had a great quarter despite several economic difficulties and managed an all-around beat. The company's other open pit...

Baptista Research

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