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

Rikki Malik

Equity Bottom-Up

China Oilfield Services / Equity Bottom-Up

<ul>
<li>A capital cycle story with minimal supply coming online but booming demand in the pipeline</li>
<li>Consolidation in the industry leading to better pricing not more supply</li>
<li>COSL's recent results show a marked improvement in the international business masked by FX translation losses</li>
</ul>


A capital cycle story with minimal supply coming online but booming demand in the pipeline
Consolidation in the industry leading to better pricing not more supply
COSL's recent results show a marked improvement in the international business masked by FX translation losses


China Oilfield Services - The Capital Cycle Meets a Hundred-Dollar Oil Price

<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


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.

<ul>
<li>Valaris reported third quarter 2025 results marked by continued operational efficiency, commercial progress, and disciplined cost and fleet management.</li>
<li>The company achieved a fleet-wide revenue efficiency of 95%, contributing to adjusted EBITDA of $163 million and adjusted free cash flow of $237 million for the quarter.</li>
<li>Valaris repurchased $75 million of shares, reflecting a commitment to shareholder returns amid a strong cash position of $676 million at quarter-end.</li>
</ul>


Valaris reported third quarter 2025 results marked by continued operational efficiency, commercial progress, and disciplined cost and fleet management.
The company achieved a fleet-wide revenue efficiency of 95%, contributing to adjusted EBITDA of $163 million and adjusted free cash flow of $237 million for the quarter.
Valaris repurchased $75 million of shares, reflecting a commitment to shareholder returns amid a strong cash position of $676 million at quarter-end.


Valaris: Can $2.2 Billion In New Awards Offset Fourth Quarter Pressure?

<ul>
<li>Valaris Limited (known publicly as Valaris) has presented its financial and operational performance for the third quarter of 2025, revealing both strengths and areas of concern for stakeholders.</li>
<li>On the whole, the company demonstrated substantial progress in its operational efficiency and market positioning, balanced by some headwinds related to industry cycles and economic shifts.</li>
<li>One notable highlight from Valaris’s third-quarter performance was its operational efficiency, achieving a fleet-wide revenue efficiency of 95%.</li>
</ul>


Valaris Limited (known publicly as Valaris) has presented its financial and operational performance for the third quarter of 2025, revealing both strengths and areas of concern for stakeholders.
On the whole, the company demonstrated substantial progress in its operational efficiency and market positioning, balanced by some headwinds related to industry cycles and economic shifts.
One notable highlight from Valaris’s third-quarter performance was its operational efficiency, achieving a fleet-wide revenue efficiency of 95%.


Valaris: Why Are Oil Majors Rushing Back to Offshore Projects Now?

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

United States

Valaris Limited provides offshore contract drilling services. The Company owns, operates, and manages rig fleets and provides drilling services. Valaris serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Valaris (VAL US)

China Oilfield Services - The Capital Cycle Meets a Hundred-Dollar Oil Price

Asia's top offshore oil services Co. is poised for growth with an increased industry focus on offshore & limited new supply. International business...

Rikki Malik

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

Valaris: Can $2.2 Billion In New Awards Offset Fourth Quarter Pressure?

Valaris reported third quarter 2025 results marked by continued operational efficiency, commercial progress, and disciplined cost and fleet...

Baptista Research

Valaris: Why Are Oil Majors Rushing Back to Offshore Projects Now?

Valaris Limited (known publicly as Valaris) has presented its financial and operational performance for the third quarter of 2025, revealing both...

Baptista 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)