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>Transocean Ltd. reported a strong operational and financial performance in the first quarter of 2026, highlighted by a 98% fleet uptime and adjusted EBITDA of $440 million, reflecting a margin exceeding 40%.</li><li>Average daily revenue reached $476,000, the highest in over ten years.</li><li>The company maintained a strong safety record with zero life-changing injuries or operational integrity issues.</li></ul>

Transocean Ltd. reported a strong operational and financial performance in the first quarter of 2026, highlighted by a 98% fleet uptime and adjusted EBITDA of $440 million, reflecting a margin exceeding 40%.Average daily revenue reached $476,000, the highest in over ten years.The company maintained a strong safety record with zero life-changing injuries or operational integrity issues.

Transocean: Can 98% Fleet Uptime Offset Cost Inflation Pressure?

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>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>SPX and QQQ are testing their 8-day EMAs which has been short-term support since early-April</li>
<li>If 8-day EMAs break, we'd expect SPX to test gap support (7259-7294) or the 20-day MA (same with QQQ), and we would be buyers on a test of this area.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
SPX and QQQ are testing their 8-day EMAs which has been short-term support since early-April
If 8-day EMAs break, we'd expect SPX to test gap support (7259-7294) or the 20-day MA (same with QQQ), and we would be buyers on a test of this area.


SPX and QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>An overlooked old economy sector in Asia ripe for a comeback</li>
<li>Industry dynamics will provide  a long-term tailwind for the company</li>
<li>Opportunity created by  deletion from an index and corporate restructuring</li>
</ul>


An overlooked old economy sector in Asia ripe for a comeback
Industry dynamics will provide  a long-term tailwind for the company
Opportunity created by  deletion from an index and corporate restructuring


Thematic (Sector/Industry)

<ul>
<li>Offshore markets softened alongside weaker oil prices and demand expectations, but producers still appear increasingly focused on long-duration supply resilience and spare-capacity stability.</li>
<li>High-Specification offshore rigs remain structurally constrained after years of underinvestment, fleet retirements and limited replacement capacity following the 2014–2020 offshore downturn.</li>
<li>Offshore utilisation and day-rate momentum softened materially after the 2024 tightening phase, although premium offshore assets continue benefiting from constrained replacement capacity, backlog visibility and limited newbuild activity.</li>
</ul>


Offshore markets softened alongside weaker oil prices and demand expectations, but producers still appear increasingly focused on long-duration supply resilience and spare-capacity stability.
High-Specification offshore rigs remain structurally constrained after years of underinvestment, fleet retirements and limited replacement capacity following the 2014–2020 offshore downturn.
Offshore utilisation and day-rate momentum softened materially after the 2024 tightening phase, although premium offshore assets continue benefiting from constrained replacement capacity, backlog visibility and limited newbuild activity.


Oil Rigs: Offshore Supply Security Is Reshaping The Rig Market

Switzerland

Transocean Ltd. is an offshore drilling contractor.  The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services.

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Transocean Ltd (RIG US)

Transocean: Can 98% Fleet Uptime Offset Cost Inflation Pressure?

Transocean Ltd. reported a strong operational and financial performance in the first quarter of 2026, highlighted by a 98% fleet uptime and...

Baptista Research

SPX and QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight

$SPX and $QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight. Ff 8-day EMAs break, we would expect SPX to test gap...

Vermilion Research

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Seatrium – Offshore Ahoy!

An old economy sector poised for a comeback with long-term growth potential due to industry dynamics. Index deletion and corporate restructuring...

Rikki Malik

Oil Rigs: Offshore Supply Security Is Reshaping The Rig Market

Offshore rig markets are softening cyclically, but long-duration supply replacement remains structurally slow after years of underinvestment and...

Duncan Chan

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