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 delivered a strong performance during the second quarter of 2025, highlighted by record revenue, adjusted net earnings, and operating cash flow.</li><li>The company reported revenue of $503 million, a 68% increase compared to the previous year, driven by higher commodity prices and increased sales volumes.</li><li>Net earnings rose by 139% to $292 million, and operating cash flow was up by 77% to $450 million.</li></ul>

Wheaton Precious Metals delivered a strong performance during the second quarter of 2025, highlighted by record revenue, adjusted net earnings, and operating cash flow.The company reported revenue of $503 million, a 68% increase compared to the previous year, driven by higher commodity prices and increased sales volumes.Net earnings rose by 139% to $292 million, and operating cash flow was up by 77% to $450 million.

Wheaton Precious Metals Flexes $3 Billion War Chest for Game-Changing Deals; Is Inorganic Growth The Way Forward?

<ul><li>Wheaton Precious Metals reported a strong start to 2025 during their first quarter results, showcasing both operational and financial highlights.</li><li>On the operational side, Wheaton indicated robust performance from several core assets, notably the Salobo mine, which delivered an impressive 71,300 ounces of attributable gold production.</li><li>This represented a 16% increase from the previous year, driven by successful throughput at the Salobo III expansion.</li></ul>

Wheaton Precious Metals reported a strong start to 2025 during their first quarter results, showcasing both operational and financial highlights.On the operational side, Wheaton indicated robust performance from several core assets, notably the Salobo mine, which delivered an impressive 71,300 ounces of attributable gold production.This represented a 16% increase from the previous year, driven by successful throughput at the Salobo III expansion.

Wheaton Precious Metals: 6 Critical Factors That Will Define Its Success in 2025 & Beyond!

<ul><li>Wheaton Precious Metals' recent financial results and operational updates offer an intricate view of their current position and strategies moving forward.</li><li>Throughout 2024, Wheaton demonstrated strong operational performance with record revenue and significantly increased net earnings driven by high production levels, especially from key assets such as Salobo and Constancia.</li><li>Notably, the company exceeded its production guidance, realizing an annual production of 635,000 gold equivalent ounces (GEOs), and set a strong forecast indicating a production increase to 870,000 GEOs by 2029.</li></ul>

Wheaton Precious Metals' recent financial results and operational updates offer an intricate view of their current position and strategies moving forward.Throughout 2024, Wheaton demonstrated strong operational performance with record revenue and significantly increased net earnings driven by high production levels, especially from key assets such as Salobo and Constancia.Notably, the company exceeded its production guidance, realizing an annual production of 635,000 gold equivalent ounces (GEOs), and set a strong forecast indicating a production increase to 870,000 GEOs by 2029.

Wheaton Precious Metals: An Insight Into The Impact Of Gold and Copper Market Dynamics & Key Growth Drivers!

<ul><li>Wheaton Precious Metals reported its third-quarter results for 2024, demonstrating notable operational and financial metrics.</li><li>The highlights included record quarterly operating cash flows of $254 million and robust production levels from its portfolio, consisting of long-life, low-cost mining assets.</li><li>The reported production for the year to date was approximately 450,000 gold equivalent ounces, with the company on track to meet its annual production guidance ranging between 550,000 and 620,000 gold equivalent ounces.</li></ul>

Wheaton Precious Metals reported its third-quarter results for 2024, demonstrating notable operational and financial metrics.The highlights included record quarterly operating cash flows of $254 million and robust production levels from its portfolio, consisting of long-life, low-cost mining assets.The reported production for the year to date was approximately 450,000 gold equivalent ounces, with the company on track to meet its annual production guidance ranging between 550,000 and 620,000 gold equivalent ounces.

Wheaton Precious Metals: Cobalt Production Ramp-up & Strategic Partnerships Driving Our ‘Outperform’ Rating! - Major Drivers

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

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 Precious Metals Flexes $3 Billion War Chest for Game-Changing Deals; Is Inorganic Growth The Way Forward?

Wheaton Precious Metals delivered a strong performance during the second quarter of 2025, highlighted by record revenue, adjusted net earnings,...

Baptista Research

Wheaton Precious Metals: 6 Critical Factors That Will Define Its Success in 2025 & Beyond!

Wheaton Precious Metals reported a strong start to 2025 during their first quarter results, showcasing both operational and financial...

Baptista Research

Wheaton Precious Metals: An Insight Into The Impact Of Gold and Copper Market Dynamics & Key Growth Drivers!

Wheaton Precious Metals' recent financial results and operational updates offer an intricate view of their current position and strategies moving...

Baptista Research

Wheaton Precious Metals: Cobalt Production Ramp-up & Strategic Partnerships Driving Our ‘Outperform’ Rating! - Major Drivers

Wheaton Precious Metals reported its third-quarter results for 2024, demonstrating notable operational and financial metrics. The highlights...

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

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