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>Valero Energy Corporation recorded strong financial results for the fourth quarter of 2023 and the highest fourth quarter and full-year adjusted earnings in the company's history, excluding the results of 2022.</li><li>The refining system achieved a mechanical availability of 97.4%, the highest to date, highlighting the benefits from Valero's commitment to safe, reliable, and environmentally responsible operations.</li><li>Valero also set a record for sales volume in 2023, capturing around 1 million barrels per day, exemplifying the strength of its branded and wholesale marketing network.</li></ul>

Valero Energy Corporation recorded strong financial results for the fourth quarter of 2023 and the highest fourth quarter and full-year adjusted earnings in the company's history, excluding the results of 2022.The refining system achieved a mechanical availability of 97.4%, the highest to date, highlighting the benefits from Valero's commitment to safe, reliable, and environmentally responsible operations.Valero also set a record for sales volume in 2023, capturing around 1 million barrels per day, exemplifying the strength of its branded and wholesale marketing network.

Valero Energy Corporation: Can The Turnaround In Refinery Operations & The Focus On Renewables Be A Game Changer? - Major Drivers

Energy Transition | AI | Shifting World Order, Mint Finance

Suhas Reddy

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").</li>
<li>Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.</li>
<li>This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.</li>
</ul>


This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").
Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.
This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.


Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

<ul><li>Valero Energy Corporation delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>The refineries of Valero ran well with the throughput capacity utilization because refinery margins were supported by continuous demand balances and tight product supply.</li><li>We give Valero Energy Corporation a 'Hold' rating with a revised target price.</li></ul>

Valero Energy Corporation delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.The refineries of Valero ran well with the throughput capacity utilization because refinery margins were supported by continuous demand balances and tight product supply.We give Valero Energy Corporation a 'Hold' rating with a revised target price.

Valero Energy Corporation: 4 Major Drivers Responsible For Their Future Growth - Financial Forecasts

<ul><li>Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat.</li><li>Notably, Valero achieved a significant milestone by completing and successfully starting up the Port Arthur Coker project, which is expected to enhance the refinery's capacity and operational efficiency.</li><li>The company also initiated the production of a new coker at Port Arthur as a capacity expansion initiative.</li></ul>

Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat.Notably, Valero achieved a significant milestone by completing and successfully starting up the Port Arthur Coker project, which is expected to enhance the refinery's capacity and operational efficiency.The company also initiated the production of a new coker at Port Arthur as a capacity expansion initiative.

Valero Energy Corporation: Capacity Expansion Update & Other Drivers

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

United States

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

Valero Energy (VLO US)

Valero Energy Corporation: Can The Turnaround In Refinery Operations & The Focus On Renewables Be A Game Changer? - Major Drivers

Valero Energy Corporation recorded strong financial results for the fourth quarter of 2023 and the highest fourth quarter and full-year adjusted...

Baptista Research

Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

Pure play crude oil refining and marketing firms outperformed integrated oil E&P companies during times of widening crack oil spreads.

Mint Finance

Valero Energy Corporation: 4 Major Drivers Responsible For Their Future Growth - Financial Forecasts

Valero Energy Corporation delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but...

Baptista Research

Valero Energy Corporation: Capacity Expansion Update & Other Drivers

Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat. Notably, Valero...

Baptista Research

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