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

Wheaton Precious Metals / Equity Bottom-Up

<ul><li>Wheaton Precious Metals commenced 2026 with a robust first quarter, marked by record revenue, earnings, and cash flow, underpinned by strong operational performance and strategic portfolio enhancements.</li><li>Key operational assets Salobo and Peñasquito exceeded expectations, contributing notably to a 22% year-over-year increase in production to 212,000 gold equivalent ounces (GEOs).</li><li>Salobo saw a slight decline in attributable gold production due to lower grades, partially offset by higher throughput and recoveries, while Peñasquito and Antamina (following the new BHP stream acquisition effective April 1) demonstrated significant gains in silver production.</li></ul>

Wheaton Precious Metals commenced 2026 with a robust first quarter, marked by record revenue, earnings, and cash flow, underpinned by strong operational performance and strategic portfolio enhancements.Key operational assets Salobo and Peñasquito exceeded expectations, contributing notably to a 22% year-over-year increase in production to 212,000 gold equivalent ounces (GEOs).Salobo saw a slight decline in attributable gold production due to lower grades, partially offset by higher throughput and recoveries, while Peñasquito and Antamina (following the new BHP stream acquisition effective April 1) demonstrated significant gains in silver production.

Wheaton’s $4.3 Billion Antamina Stream — A Mega Bet On High-Quality Silver Growth!

<ul><li>Wheaton Precious Metals delivered a strong financial and operational performance in 2025, underscoring its position as a leading precious metals streaming company.</li><li>The company exceeded its production guidance by achieving 690,000 gold equivalent ounces (GEOs), supported by key assets such as Salobo, Antamina, and Peñasquito.</li><li>The ramp-up of assets like Blackwater and Goose further diversified and strengthened its production base.</li></ul>

Wheaton Precious Metals delivered a strong financial and operational performance in 2025, underscoring its position as a leading precious metals streaming company.The company exceeded its production guidance by achieving 690,000 gold equivalent ounces (GEOs), supported by key assets such as Salobo, Antamina, and Peñasquito.The ramp-up of assets like Blackwater and Goose further diversified and strengthened its production base.

Wheaton Precious Metals Corp.: With Record Cash Flow and New Streaming Deals

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 is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.</li>
<li>The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.</li>
<li>The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.
The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.


Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

<ul><li>Wheaton Precious Metals presented its third quarter 2025 financial and operational results, projecting both accomplishments and challenges on its path forward.</li><li>The streaming company reported record figures in revenue, earnings, and cash flow, catapulting it toward the upper end of its financial objectives for the year and underscoring its focus on long-life, low-cost assets.</li><li>On the positive side, Wheaton's notable performances from key assets such as Salobo and Antamina, as well as the initiation of production at Blackwater and Goose, resulted in the production of 173,000 gold equivalent ounces for the quarter.</li></ul>

Wheaton Precious Metals presented its third quarter 2025 financial and operational results, projecting both accomplishments and challenges on its path forward.The streaming company reported record figures in revenue, earnings, and cash flow, catapulting it toward the upper end of its financial objectives for the year and underscoring its focus on long-life, low-cost assets.On the positive side, Wheaton's notable performances from key assets such as Salobo and Antamina, as well as the initiation of production at Blackwater and Goose, resulted in the production of 173,000 gold equivalent ounces for the quarter.

Wheaton Precious Metals: Why Its Cash-Rich War Chest Could Trigger a Mega Growth Cycle!

United States

Wheaton Precious Metals Corp. operates as a precious metals streaming company. The Company purchases silver and gold production from mines that it does not owns and operates. Wheaton Precious Metals serves customers worldwide.

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Wheaton Precious Metals (WPM US)

Wheaton’s $4.3 Billion Antamina Stream — A Mega Bet On High-Quality Silver Growth!

Wheaton Precious Metals commenced 2026 with a robust first quarter, marked by record revenue, earnings, and cash flow, underpinned by strong...

Baptista Research

Wheaton Precious Metals Corp.: With Record Cash Flow and New Streaming Deals

Wheaton Precious Metals delivered a strong financial and operational performance in 2025, underscoring its position as a leading precious metals...

Baptista Research

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

The change in benchmark for GDX should result in 8 adds and 25 deletes in Sep. Estimated one-way turnover is 22.9% resulting in a round-trip trade...

Brian Freitas

Wheaton Precious Metals: Why Its Cash-Rich War Chest Could Trigger a Mega Growth Cycle!

Wheaton Precious Metals presented its third quarter 2025 financial and operational results, projecting both accomplishments and challenges on its...

Baptista Research

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