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>TELUS Corporation reported its second quarter 2026 results amid a transition phase under new leadership following the appointment of Victor Dodig as President and CEO.</li><li>The company’s strategy centers around restoring financial strength, simplifying operations, and focusing on core telecom and digital infrastructure investments to position for long-term value creation.</li><li>Financially, TELUS posted service revenues of CAD 4.4 billion, down 1% year-over-year, with adjusted EBITDA declining 2%.</li></ul>

TELUS Corporation reported its second quarter 2026 results amid a transition phase under new leadership following the appointment of Victor Dodig as President and CEO.The company’s strategy centers around restoring financial strength, simplifying operations, and focusing on core telecom and digital infrastructure investments to position for long-term value creation.Financially, TELUS posted service revenues of CAD 4.4 billion, down 1% year-over-year, with adjusted EBITDA declining 2%.

TELUS’ 55% Dividend Cut — A Bold Reset To Tackle 3.5x Leverage!

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>Crude prices remain elevated on tight supply.</li>
<li>US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.</li>
<li>Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).</li>
</ul>


Crude prices remain elevated on tight supply.
US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.
Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).


<ul>
<li>(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.</li>
<li>(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.</li>
<li>(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.</li>
</ul>


(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.
(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.
(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.


<ul><li>The latest financial results and strategic update from TELUS Corporation reveal a company undergoing a significant transformation while operating with a strong foundational position in the Canadian telecommunications market.</li><li>TELUS continues to benefit from its leadership in the PureFibre network and 5G deployments, which underpin sustained customer loyalty and growth, particularly in mobility services.</li><li>However, the company faces headwinds including competitive pressures, macroeconomic factors such as reduced immigration affecting addressable market size, and specific challenges within its digital portfolio.</li></ul>

The latest financial results and strategic update from TELUS Corporation reveal a company undergoing a significant transformation while operating with a strong foundational position in the Canadian telecommunications market.TELUS continues to benefit from its leadership in the PureFibre network and 5G deployments, which underpin sustained customer loyalty and growth, particularly in mobility services.However, the company faces headwinds including competitive pressures, macroeconomic factors such as reduced immigration affecting addressable market size, and specific challenges within its digital portfolio.

TELUS Corporation’s CAD 2.1 Billion Digital Hit — Can The AI Pivot Repair The Damage?

<ul><li>Electronics stocks are supported by easing US Treasury yields.</li><li>Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).</li><li>The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.</li></ul>

Electronics stocks are supported by easing US Treasury yields.Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.

Canada

TELUS Corporation is a telecommunications company providing a variety of communications products and services. The Company provides voice, data, Internet, and wireless services to businesses and consumers in Canada.

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TELUS (TU US)

TELUS’ 55% Dividend Cut — A Bold Reset To Tackle 3.5x Leverage!

TELUS Corporation reported its second quarter 2026 results amid a transition phase under new leadership following the appointment of Victor Dodig...

Baptista Research

SET Index Outlook

Crude prices remain elevated on tight supply. US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US...

Krungthai XSpring

SET Index Outlook

(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected...

Krungthai XSpring

TELUS Corporation’s CAD 2.1 Billion Digital Hit — Can The AI Pivot Repair The Damage?

The latest financial results and strategic update from TELUS Corporation reveal a company undergoing a significant transformation while operating...

Baptista Research

SET Index Outlook

Electronics stocks are supported by easing US Treasury yields. Chinese refiners will suspend oil-product exports in October to preserve domestic...

Krungthai XSpring

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