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>Vale S.A. posted solid results for the first quarter of 2024, echoing a promising start with a range of laudable accomplishments amid some challenges.</li><li>The Brazilian multinational showed serious commitment to safety and delivered encouraging results with a 77% reduction in accidents for some critical activities through technological advancements and innovative strategies.</li><li>The de risking strategy furthered with the key Peneirinha dam receiving safety certification.</li></ul>

Vale S.A. posted solid results for the first quarter of 2024, echoing a promising start with a range of laudable accomplishments amid some challenges.The Brazilian multinational showed serious commitment to safety and delivered encouraging results with a 77% reduction in accidents for some critical activities through technological advancements and innovative strategies.The de risking strategy furthered with the key Peneirinha dam receiving safety certification.

Vale S.A.: Why It Lacks A Competitive Edge? - Major Drivers

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>The short term is suddenly looking bullish for iron ore, as rumors abound that tier-1 cities in China may remove home-buying restrictions in May, and <a href="https://www.barrons.com/news/china-offers-nearly-1-400-for-car-trade-ins-2da76711?mod=news_archive" target="_blank" rel="noopener">auto stimulus</a> measures were announced. </li>
<li>Cities like <a href="https://www.businesstimes.com.sg/property/chinese-city-chengdu-relaxes-home-buying-rule-revive-sales" target="_blank" rel="noopener">Chengdu</a> and Nanjing have already announced measures to make home-buying more attractive, such as removing purchase qualifications and pilot programs for old-for-new home housing. </li>
<li>We like 62% Fe and see it trade up to its upper limit of 130 USD/ton (vs. current 117 USD/ton). On equities, we like <a href="https://www.smartkarma.com/entities/vale-sa" target="_blank" data-smartkarma-citation="entities:23731:1" rel="noopener">Vale (VALE US)</a> .</li>
</ul>


The short term is suddenly looking bullish for iron ore, as rumors abound that tier-1 cities in China may remove home-buying restrictions in May, and auto stimulus measures were announced. 
Cities like Chengdu and Nanjing have already announced measures to make home-buying more attractive, such as removing purchase qualifications and pilot programs for old-for-new home housing. 
We like 62% Fe and see it trade up to its upper limit of 130 USD/ton (vs. current 117 USD/ton). On equities, we like Vale (VALE US) .


Iron Ore and The China Property/Auto Stimulus Angle

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN IJ)</a> raised around US$714m in its Indonesia IPO, after pricing the deal at IDR1,695/share. Its eight-month lockup will expire on 21st Feb 2024.</li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, and processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Amman Mineral Internasional (AMMN IJ) raised around US$714m in its Indonesia IPO, after pricing the deal at IDR1,695/share. Its eight-month lockup will expire on 21st Feb 2024.
Amman Mineral International (AMI) carries out exploration, development, mining, and processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Amman Mineral International Lockup Expiry - Large Lockup Expiry, Sitting on Sizeable Profits

Merdeka Battery Materials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-battery-materials-tbk" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (MBMA IJ)</a> was listed on 18th Apr 2023, when it raised around US$591m in its Indonesian IPO. Its eight-month lockup will expire on 11th Dec 2023.</li>
<li>MBMA owns one of the world’s largest nickel mines in terms of contained nickel at the Konawe Nickel Mine. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Merdeka Battery Materials (MBMA IJ) was listed on 18th Apr 2023, when it raised around US$591m in its Indonesian IPO. Its eight-month lockup will expire on 11th Dec 2023.
MBMA owns one of the world’s largest nickel mines in terms of contained nickel at the Konawe Nickel Mine. 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Merdeka Battery Materials Lockup Expiry - US$1.5bn Lockup Expiry, Some Have Sold Beforehand

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


Brazil

Vale S.A. is a Brazilian multinational corporation primarily engaged in metals and mining, and one of the largest logistics operators in Brazil. It is a leading global producer of iron ore and nickel, also producing copper, manganese, ferroalloys, and other base metals. The company operates integrated logistics systems including railways, maritime terminals, and ports. Headquartered in Rio de Janeiro, Brazil, the company was founded in 1942.

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Vale (VALE3 BR)

Vale S.A.: Why It Lacks A Competitive Edge? - Major Drivers

Vale S.A. posted solid results for the first quarter of 2024, echoing a promising start with a range of laudable accomplishments amid some...

Baptista Research

Iron Ore and The China Property/Auto Stimulus Angle

We outline the latest measures taken by China to boost property and auto consumption. Collectively accounting for 35% of steel demand in China....

Sameer Taneja

Amman Mineral International Lockup Expiry - Large Lockup Expiry, Sitting on Sizeable Profits

Amman Mineral Internasional (AMMN IJ) raised around US$714m in its Indonesia IPO, after pricing the deal at IDR1,695/share. Its eight-month lockup...

Ethan Aw

Merdeka Battery Materials Lockup Expiry - US$1.5bn Lockup Expiry, Some Have Sold Beforehand

Merdeka Battery Materials (MBMA IJ) was listed on 18th Apr 2023, when it raised around US$591m in its Indonesian IPO. Its eight-month lockup will...

Ethan Aw

Screening for GEMs: November 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

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