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>Stellantis reported its second-quarter 2026 financial results reflecting continued year-over-year improvements across key metrics, aligned with its broader FaSTLAne 2030 strategic plan.</li>
<li>Consolidated shipments increased 10% to 1.6 million units, driven primarily by growth in North America and Europe, with net revenues rising 13% to EUR 43.5 billion.</li>
<li>Adjusted operating income (AOI) improved by EUR 560 million to EUR 773 million, with the AOI margin expanding by 120 basis points to 1.8%.</li>
</ul>


Stellantis reported its second-quarter 2026 financial results reflecting continued year-over-year improvements across key metrics, aligned with its broader FaSTLAne 2030 strategic plan.
Consolidated shipments increased 10% to 1.6 million units, driven primarily by growth in North America and Europe, with net revenues rising 13% to EUR 43.5 billion.
Adjusted operating income (AOI) improved by EUR 560 million to EUR 773 million, with the AOI margin expanding by 120 basis points to 1.8%.


Stellantis N.V.’s Leapmotor Push — Could EV Growth Reshape Its European Recovery?

<ul>
<li>Stellantis appears to be regaining momentum in North America after a difficult period marked by product gaps, falling market share and pressure on dealer relationships.</li>
<li>The automaker estimated that its global shipments increased 10% year over year to roughly 1.6 million vehicles in the second quarter of 2026, led by a striking 38% increase in North America.</li>
<li>That regional jump represented approximately 122,000 additional vehicles and reflected the arrival of new or refreshed models across the Jeep, Ram, Dodge and Chrysler portfolios.</li>
</ul>


Stellantis appears to be regaining momentum in North America after a difficult period marked by product gaps, falling market share and pressure on dealer relationships.
The automaker estimated that its global shipments increased 10% year over year to roughly 1.6 million vehicles in the second quarter of 2026, led by a striking 38% increase in North America.
That regional jump represented approximately 122,000 additional vehicles and reflected the arrival of new or refreshed models across the Jeep, Ram, Dodge and Chrysler portfolios.


Stellantis’ Jeep, Ram & Dodge Revival Is Turning Heads!

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.</li>
<li>A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.</li>
<li>Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.</li>
</ul>


Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.
A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.
Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.


Global Autos:  Falling Investor Confidence

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Both TSMC and UMC saw about 20% cut in automotive industry wafer sales in 3Q23, which was 20% worse than customers' guidance.</li>
<li>Reasons for discrepancies: 1. IDMs cut foundry orders but keep in house utilization higher; 2. Worse than expected US auto factories strike; 3. Rate hike results in worse car sales.</li>
<li>We suggest clients to be cautious on the investment of automotive supply chain for the next 3-6 months</li>
</ul>


Both TSMC and UMC saw about 20% cut in automotive industry wafer sales in 3Q23, which was 20% worse than customers' guidance.
Reasons for discrepancies: 1. IDMs cut foundry orders but keep in house utilization higher; 2. Worse than expected US auto factories strike; 3. Rate hike results in worse car sales.
We suggest clients to be cautious on the investment of automotive supply chain for the next 3-6 months


Top Foundries See Cut in Automotive Industry Wafer Sales, Implications

<ul>
<li>Stellantis has given investors and auto watchers a headline that almost writes itself: Jeep vehicles are set to be manufactured in China as part of a new $1.17 billion partnership with Dongfeng.</li>
<li>The plan covers two new Peugeot new-energy vehicles and two Jeep new-energy vehicles, with production expected to begin in 2027 at the companies’ joint-venture factory in Wuhan.</li>
<li>The vehicles are intended for both the Chinese market and overseas sales, making this more than a local production story.</li>
</ul>


Stellantis has given investors and auto watchers a headline that almost writes itself: Jeep vehicles are set to be manufactured in China as part of a new $1.17 billion partnership with Dongfeng.
The plan covers two new Peugeot new-energy vehicles and two Jeep new-energy vehicles, with production expected to begin in 2027 at the companies’ joint-venture factory in Wuhan.
The vehicles are intended for both the Chinese market and overseas sales, making this more than a local production story.


Stellantis’ Wild EV Twist: China-Made Jeeps Are Coming!

Netherlands

Stellantis is a multinational automotive manufacturing corporation that designs, engineers, manufactures, distributes, and sells vehicles and components. Formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group, the company offers a portfolio of 14 iconic vehicle brands including Jeep, Peugeot, Citroën, Fiat, and Dodge. Stellantis is headquartered in Hoofddorp, Netherlands, and was founded on January 17, 2021.

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Stellantis (STLAM IM)

Stellantis N.V.’s Leapmotor Push — Could EV Growth Reshape Its European Recovery?

Stellantis reported its second-quarter 2026 financial results reflecting continued year-over-year improvements across key metrics, aligned with its...

Baptista Research

Stellantis’ Jeep, Ram & Dodge Revival Is Turning Heads!

Stellantis appears to be regaining momentum in North America after a difficult period marked by product gaps, falling market share and pressure on...

Baptista Research

Global Autos: Falling Investor Confidence

Tesla overtakes Stellantis as the most widely held Auto company. General Motors is ahead of the almost uninvestable Ford Motor Co.

Steven Holden

Top Foundries See Cut in Automotive Industry Wafer Sales, Implications

Top foundries see worse than expected automotive wafer sales, implying more automotive supply chain members are going to miss earnings expectation...

Andrew Lu

Stellantis’ Wild EV Twist: China-Made Jeeps Are Coming!

Stellantis has given investors and auto watchers a headline that almost writes itself: Jeep vehicles are set to be manufactured in China as part of...

Baptista Research

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