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

Viper Energy Partners LP / Equity Bottom-Up

<ul><li>Viper Energy's recent earnings sheds light on the company's strategic maneuvers and financial outcomes for the third quarter of 2025, providing an opportunity to assess both positive aspects and challenges facing the business.</li><li>On the positive side, Viper Energy has demonstrated continued execution of its growth strategy, successfully closing the Sitio acquisition, which has augmented its asset base.</li><li>The strategic consolidation has allowed Viper Energy to anticipate a 20% increase in oil production per share for the fourth quarter of 2025 compared to the same period last year.</li></ul>

Viper Energy's recent earnings sheds light on the company's strategic maneuvers and financial outcomes for the third quarter of 2025, providing an opportunity to assess both positive aspects and challenges facing the business.On the positive side, Viper Energy has demonstrated continued execution of its growth strategy, successfully closing the Sitio acquisition, which has augmented its asset base.The strategic consolidation has allowed Viper Energy to anticipate a 20% increase in oil production per share for the fourth quarter of 2025 compared to the same period last year.

Viper Energy Partners: Will New AI & Automation Moves Transform Its Entire Cost Structure?

<ul><li>Viper Energy is sharpening its strategic lens on the Permian Basin as it evaluates potential sales of non-core, non-Permian assets.</li><li>Following its recent drop-down transaction with Diamondback and the pending merger with Sitio Royalties, management has signaled a clear intent to focus on concentrated royalty acreage in the Permian, which offers both operational alignment and long-term production visibility.</li><li>The Sitio deal—expected to close imminently—will significantly expand Viper’s inventory depth and increase its scale, but it also introduces assets outside the Permian footprint.</li></ul>

Viper Energy is sharpening its strategic lens on the Permian Basin as it evaluates potential sales of non-core, non-Permian assets.Following its recent drop-down transaction with Diamondback and the pending merger with Sitio Royalties, management has signaled a clear intent to focus on concentrated royalty acreage in the Permian, which offers both operational alignment and long-term production visibility.The Sitio deal—expected to close imminently—will significantly expand Viper’s inventory depth and increase its scale, but it also introduces assets outside the Permian footprint.

Viper Energy’s Strategic Pivot: Selling Non-Core Assets To Strengthen Its Permian Focus!

<ul><li>Viper Energy has recently completed the acquisition of Sitio Royalties, signaling a transformative moment in the royalty space.</li><li>This all-equity transaction follows the approval by Sitio shareholders and adds meaningful scale and operational depth to Viper’s portfolio.</li><li>The acquisition, which closed in mid-August 2025, is expected to immediately enhance cash available for distribution by 8%–10%, thanks to the incremental 43 days of Sitio contribution factored into Viper’s revised Q3 2025 production guidance.</li></ul>

Viper Energy has recently completed the acquisition of Sitio Royalties, signaling a transformative moment in the royalty space.This all-equity transaction follows the approval by Sitio shareholders and adds meaningful scale and operational depth to Viper’s portfolio.The acquisition, which closed in mid-August 2025, is expected to immediately enhance cash available for distribution by 8%–10%, thanks to the incremental 43 days of Sitio contribution factored into Viper’s revised Q3 2025 production guidance.

Viper Energy's $1.5 Billion Bet On Sitio Royalties: Is This The Perfect Match Or A Costly Gamble?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> were finally added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and there is huge size to trade in the stocks.</li>
<li>There will also be big buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> following a float increase driven by <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> selling last quarter.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.

Dell Technologies (DELL US) and Palantir Technologies (PLTR US) were finally added to the S&amp;P 500 INDEX (SPX INDEX) and there is huge size to trade in the stocks.
There will also be big buying in Apple (AAPL US) following a float increase driven by Berkshire Hathaway Inc Cl A (BRK/A US) selling last quarter.


S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

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>The latest bear market rally came to a close last week after the S&amp;P 500 and Nasdaq 100 (QQQ) broke below their respective flag supports at 4070 and $304. </li>
<li>Last week we noted a break of these levels would likely mean a trip back to YTD lows and downtrend channel support, which is precisely where we are now.</li>
<li>We remain bearish as long as the downtrends remain intact on the S&amp;P 500, Nasdaq 100 (QQQ), Russell 2000 (IWM), S&amp;P 600 (IJR), and Russell Micro-Caps (IWC)</li>
</ul>


The latest bear market rally came to a close last week after the S&amp;P 500 and Nasdaq 100 (QQQ) broke below their respective flag supports at 4070 and $304. 
Last week we noted a break of these levels would likely mean a trip back to YTD lows and downtrend channel support, which is precisely where we are now.
We remain bearish as long as the downtrends remain intact on the S&amp;P 500, Nasdaq 100 (QQQ), Russell 2000 (IWM), S&amp;P 600 (IJR), and Russell Micro-Caps (IWC)


US Dollar & 10-Year Treasury Yield Breaking Out; Stick With Energy, Also Buying China Education Svcs

United States

Viper Energy Partners LP owns, acquires, exploits, and develops oil and natural gas properties in North America.

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Viper Energy Partners LP (VNOM US)

Viper Energy Partners: Will New AI & Automation Moves Transform Its Entire Cost Structure?

Viper Energy's recent earnings sheds light on the company's strategic maneuvers and financial outcomes for the third quarter of 2025, providing an...

Baptista Research

Viper Energy’s Strategic Pivot: Selling Non-Core Assets To Strengthen Its Permian Focus!

Viper Energy is sharpening its strategic lens on the Permian Basin as it evaluates potential sales of non-core, non-Permian assets. Following its...

Baptista Research

Viper Energy's $1.5 Billion Bet On Sitio Royalties: Is This The Perfect Match Or A Costly Gamble?

Viper Energy has recently completed the acquisition of Sitio Royalties, signaling a transformative moment in the royalty space. This all-equity...

Baptista Research

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

US Dollar & 10-Year Treasury Yield Breaking Out; Stick With Energy, Also Buying China Education Svcs

US Dollar $DXY & 10-Year Treasury Yield $TNX Breaking Out; Broad Equity Market Not Likely to Bottom Until the USD and Treasury Yields Start Moving...

Vermilion Research

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