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>Steel Dynamics delivered a resilient operating performance despite a year marked by compressed steel pricing and uneven demand across end markets.</li><li>The company benefited from record steel shipments, diversified downstream exposure, and contributions from newer assets that are moving from start-up toward steady-state operations.</li><li>Financial results reflected the trade-off between volume strength and margin pressure, with profitability supported by scale, internal supply chain integration, and disciplined cost control.</li></ul>

Steel Dynamics delivered a resilient operating performance despite a year marked by compressed steel pricing and uneven demand across end markets.The company benefited from record steel shipments, diversified downstream exposure, and contributions from newer assets that are moving from start-up toward steady-state operations.Financial results reflected the trade-off between volume strength and margin pressure, with profitability supported by scale, internal supply chain integration, and disciplined cost control.

<ul><li>Steel Dynamics has taken a bold step toward global expansion by making a joint A$13.15 billion (~US$8.8 billion) acquisition offer for Australian steel producer BlueScope Steel.</li><li>The offer, made in partnership with Australian conglomerate SGH, values BlueScope at A$30 per share—a 26.8% premium to its December 11 closing price and a 22.7% premium to its most recent closing price.</li><li>Under the proposed structure, SGH would acquire BlueScope’s entire share base and subsequently divest its North American assets to Steel Dynamics.</li></ul>

Steel Dynamics has taken a bold step toward global expansion by making a joint A$13.15 billion (~US$8.8 billion) acquisition offer for Australian steel producer BlueScope Steel.The offer, made in partnership with Australian conglomerate SGH, values BlueScope at A$30 per share—a 26.8% premium to its December 11 closing price and a 22.7% premium to its most recent closing price.Under the proposed structure, SGH would acquire BlueScope’s entire share base and subsequently divest its North American assets to Steel Dynamics.

Steel Dynamics Targets BlueScope In A Surprise Bid—4 Strategic Wins If It Closes!

<ul><li>Steel Dynamics, Inc. reported its financial performance for the third quarter of 2025, presenting a mixed but overall solid outlook.</li><li>The company achieved record steel shipments of 3.6 million tons, contributing to a revenue of $4.8 billion and an adjusted EBITDA of $664 million.</li><li>The company also generated healthy cash flow from operations totaling $723 million.</li></ul>

Steel Dynamics, Inc. reported its financial performance for the third quarter of 2025, presenting a mixed but overall solid outlook.The company achieved record steel shipments of 3.6 million tons, contributing to a revenue of $4.8 billion and an adjusted EBITDA of $664 million.The company also generated healthy cash flow from operations totaling $723 million.

Steel Dynamics Inc. Fast-Tracks Aluminum Success—Could Early Product Qualification Ignite a New Growth Wave?

<ul><li>Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market environment.</li><li>Despite facing challenges, SDI demonstrated notable progress and resilience in several key areas, indicating a mixed performance with both positive achievements and persistent challenges.</li><li>The company reported net income of $299 million or $2.01 per diluted share, with adjusted EBITDA standing at $533 million.</li></ul>

Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market environment.Despite facing challenges, SDI demonstrated notable progress and resilience in several key areas, indicating a mixed performance with both positive achievements and persistent challenges.The company reported net income of $299 million or $2.01 per diluted share, with adjusted EBITDA standing at $533 million.

Steel Dynamics: Sinton Plant Development As a Pivotal Driver For Growth!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth (751 HK)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>.
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a>, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, <a href="https://www.smartkarma.com/entities/toho-titanium-co-ltd" target="_blank" data-smartkarma-citation="entities:12709:1" rel="noopener">Toho Titanium (5727 JP)</a>, <a href="https://www.smartkarma.com/entities/e-grand-co-ltd" target="_blank" data-smartkarma-citation="entities:1821:1" rel="noopener">E'grand Co Ltd (3294 JP)</a>, <a href="https://www.smartkarma.com/entities/global-ltd-the" target="_blank" data-smartkarma-citation="entities:9672:1" rel="noopener">Global Ltd/The (3271 JP)</a>. 
</li>
</ul>


I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
Highest spreads: Skyworth (751 HK), Qoria (QOR AU), European Lithium (EUR AU), ENN Energy (2688 HK), Changhong Jiahua (3991 HK), Humm Group (HUM AU), oOh!Media Ltd (OML AU).

Lowest spreads: Australian Strategic Materials (ASM AU), Taiyo Holdings (4626 JP), Sankei Real Estate (2972 JP), Toho Titanium (5727 JP), E'grand Co Ltd (3294 JP), Global Ltd/The (3271 JP). 



Merger Arb Mondays (11 May) - Altas, European Lithium, Atlantic Lithium, Vault, Emmerson, Shengmu

United States

Steel Dynamics, Inc. is a diversified carbon-steel steel producer and metals recycler in the U.S, located in Fort Wayne, IN. The Company's operating segments include Steel Operations, Metals Recycling & Ferrous Resources Operations, and Steel Fabrication Operations. Steel Dynamics products include flat rolled steel sheet, engineered bar special-bar-quality, structural beams.

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Steel Dynamics (STLD US)

Steel Dynamics Taps Infrastructure

Steel Dynamics delivered a resilient operating performance despite a year marked by compressed steel pricing and uneven demand across end...

Baptista Research

Steel Dynamics Targets BlueScope In A Surprise Bid—4 Strategic Wins If It Closes!

Steel Dynamics has taken a bold step toward global expansion by making a joint A$13.15 billion (~US$8.8 billion) acquisition offer for Australian...

Baptista Research

Steel Dynamics Inc. Fast-Tracks Aluminum Success—Could Early Product Qualification Ignite a New Growth Wave?

Steel Dynamics, Inc. reported its financial performance for the third quarter of 2025, presenting a mixed but overall solid outlook. The company...

Baptista Research

Steel Dynamics: Sinton Plant Development As a Pivotal Driver For Growth!

Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market...

Baptista Research

Merger Arb Mondays (11 May) - Altas, European Lithium, Atlantic Lithium, Vault, Emmerson, Shengmu

The Ontario Teachers’ ROFO acceptance period has expired. While the Board is exploring other opportunities, the Takeover Panel notes “that there...

Arun George

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