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 presented its financial outcomes for the second quarter of 2024, marking a period of both strengths and challenges.</li><li>The company achieved a net income of $880 million or $2.71 per share, which, while robust, is a decrease from the previous year's $1.9 billion or $5.40 per share.</li><li>This change underscores the fluctuating nature of market conditions affecting the sector.</li></ul>

Valero Energy Corporation presented its financial outcomes for the second quarter of 2024, marking a period of both strengths and challenges.The company achieved a net income of $880 million or $2.71 per share, which, while robust, is a decrease from the previous year's $1.9 billion or $5.40 per share.This change underscores the fluctuating nature of market conditions affecting the sector.

Valero Energy Corporation: Growth in Renewable Diesel & Sustainable Aviation Fuel & Other Critical Growth Levers! - Financial Forecasts

<ul><li>Valero Energy Corp had a strong Q1 2024, achieving a net income of $1.2 billion thanks to their team's ability to maximise output despite having extensive planned maintenance across their refining system.</li><li>A large part of their achievement was due to stable refining margins that were sustained by restricted product supplies, influenced by heavy seasonal refining turnarounds and geopolitical events.</li><li>Furthermore, their diesel demand was unseasonably high, and their gasoline demand was on par with last year's levels.</li></ul>

Valero Energy Corp had a strong Q1 2024, achieving a net income of $1.2 billion thanks to their team's ability to maximise output despite having extensive planned maintenance across their refining system.A large part of their achievement was due to stable refining margins that were sustained by restricted product supplies, influenced by heavy seasonal refining turnarounds and geopolitical events.Furthermore, their diesel demand was unseasonably high, and their gasoline demand was on par with last year's levels.

Valero Energy Corporation: Growth in Renewable Diesel and Ethanol A Major Growth Catalyst? - Major Drivers

<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

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

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.

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Valero Energy (VLO US)

Valero Energy Corporation: Growth in Renewable Diesel & Sustainable Aviation Fuel & Other Critical Growth Levers! - Financial Forecasts

Valero Energy Corporation presented its financial outcomes for the second quarter of 2024, marking a period of both strengths and challenges. The...

Baptista Research

Valero Energy Corporation: Growth in Renewable Diesel and Ethanol A Major Growth Catalyst? - Major Drivers

Valero Energy Corp had a strong Q1 2024, achieving a net income of $1.2 billion thanks to their team's ability to maximise output despite having...

Baptista Research

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

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

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